<SEC-DOCUMENT>0001279569-14-001335.txt : 20140814
<SEC-HEADER>0001279569-14-001335.hdr.sgml : 20140814
<ACCEPTANCE-DATETIME>20140814131516
ACCESSION NUMBER:		0001279569-14-001335
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140813
FILED AS OF DATE:		20140814
DATE AS OF CHANGE:		20140814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAN AMERICAN SILVER CORP
		CENTRAL INDEX KEY:			0000771992
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13727
		FILM NUMBER:		141041170

	BUSINESS ADDRESS:	
		STREET 1:		1500-625 HOWE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6
		BUSINESS PHONE:		604-684-1175

	MAIL ADDRESS:	
		STREET 1:		1500 625 HOWE ST
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>__________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>FORM
6-K&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>August 13, 2014</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 24pt Times New Roman, Times, Serif"><B>Pan
American Silver Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">1500-625
HOWE STREET</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VANCOUVER BC CANADA V6C 2T6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt">000-13727</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Commission File Number)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">_____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 29%; text-align: right">&nbsp;Form 20-F</TD>
    <TD STYLE="width: 21%; text-align: center">&nbsp;<FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;Form 40-F</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 97%;"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Note: Regulation S-T Rule
    101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security
    holders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="width: 97%">Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
    Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make
    public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&rsquo;s
    &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s securities are
    traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
    to the registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K
    submission or other Commission filing on EDGAR.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 29%; text-align: right">&nbsp;Yes</TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;No</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If &quot;Yes&quot; is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b):&nbsp;<B>______</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
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    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><B>Pan American Silver Corp.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:  August 13, 2014</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/&nbsp;<B><I>ROBERT PIROOZ</I></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Robert Pirooz</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic">General Counsel</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT LIST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center; vertical-align: top">Exhibit</TD>
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"></TD>
    <TD STYLE="border-bottom: black 1pt solid">Description</TD></TR>
<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;99.1</TD>
    <TD></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News Release dated  August 13, 2014 - </FONT>Pan American Silver increases silver and gold production in the second quarter of 2014</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 13, 2014 - EARNINGS
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver increases silver and gold production in the
second quarter of 2014</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>(Unaudited Results.&nbsp;All amounts in US$ unless otherwise
stated.&nbsp;Approximate production figures.)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Aug. 13, 2014 /CNW/ - <B>Pan American Silver Corp.</B>
(NASDAQ: PAAS) (TSX: PAA) (the &quot;Company&quot;, or &quot;Pan American&quot;) produced 6.56 million ounces of silver and 37,700
ounces of gold during the second quarter of 2014, an increase of 6% and 26%, respectively from the second quarter of 2013. All-in
sustaining costs per silver ounce sold, net of by-product credits (&quot;AISCSOS&quot;), declined 14% from the second quarter of
2013 to $18.23 per silver ounce. The Company also posted consolidated cash costs per payable silver ounce produced, net of by-product
credits (&quot;Cash Costs per Ounce&quot;) of $12.06, similar to the $12.09 recorded in the second quarter of 2013. Year-to-date,
Pan American has produced 13.18 million ounces of silver and 83,600 ounces of gold at AISCSOS of $16.82 and Cash Costs per Ounce
of $10.15.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Second Quarter 2014 Highlights (unaudited)<SUP>(1)</SUP></B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Silver production of 6.56 million ounces, up 6% </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold production of 37,700 ounces, up 26% </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dolores and La Colorada mines awarded &quot;Casco de Plata&quot; Safety
        Award by Mexican Mining Chamber (&quot;CAMIMEX&quot;) for industry-leading safety performance in 2013 </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AISCSOS<SUP>(2) </SUP>of $18.23, down 14% year-on-year </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consolidated Cash Costs per Ounce<SUP>(3) </SUP>of $12.06 </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Revenue of $200.8 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mine operating earnings<SUP>(4) </SUP>of $10.2 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net loss of $5.7 million or $(0.04) per share </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted earnings<SUP>(5) </SUP>of $1.8 million or $0.01 per share
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities of $48.7 million, or
        $0.32 per share </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total dividends paid to common shareholders of $18.9 million </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Financial Position at June 30, 2014</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash and short term investments of $381.6 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Working capital of $647.5 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total debt of $47.4 million </FONT></P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Financial information in this news release is based on International Financial Reporting Standards (&quot;IFRS&quot;); results are unaudited; percentages compare the second quarter of 2014 against the second quarter of 2013. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">All-in sustaining costs per silver ounce sold (&quot;AISCSOS&quot;) is a non-GAAP measure. The Company has adopted the reporting of AISCSOS as a measure of a silver mining company's consolidated operating performance and the ability to generate cash flow from all operations collectively.&nbsp; We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow. This measure including its subcomponent Sustaining Capital are non - GAAP measures and readers should refer to the table in the Alternative Performance (Non-GAAP) Measures section of the MD&amp;A for the period ending June 30, 2014 for a reconciliation of this measure to the unaudited condensed interim consolidated financial statements. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash costs per payable ounce of silver produced, net of by-product credits, is a non-GAAP measure. The Company believes that in addition to production costs, depreciation and amortization, and royalties, cash costs per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash flow and is well understood and widely reported in the silver mining industry. However, cash costs per ounce does not have a standardized meaning prescribed by IFRS as an indicator of performance. Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating cash costs per ounce may differ from the methods used by other entities and, accordingly, the Company's cash costs per ounce may not be comparable to similarly titled measures used by other entities. This measure is a non-GAAP measure and readers should refer to the table in the Alternative Performance (Non-GAAP) Measures section of the MD&amp;A for the period ending June 30, 2014 for a reconciliation of this measure to the unaudited condensed interim consolidated financial statements. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mine operating earnings is a non-GAAP measure used by the Company to assess the performance of its silver mining operations. Mine operating earnings is calculated as revenue less production costs, depreciation and amortization and royalties. The Company and certain investors use this information to evaluate the Company's performance. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted earnings/(loss) and adjusted earnings/(loss) per share attributable to common shareholders are Non-GAAP measures. Adjusted earnings/(loss) is calculated as net (loss)/earnings for the period adjusting for the gains or losses recorded on fair market value adjustments on the Company's outstanding derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss on commodity contracts, net realizable value adjustment to long-term heap inventory, gain or loss on sale of assets and the effect for taxes on the above items. The Company considers this measure to better reflect normalized earnings as it does not include items which may be volatile from period to period. </FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on the Company's second quarter results, Geoff
Burns, President &amp; CEO said, &quot;We had a solid second quarter with silver production and costs as expected. I was particularly
pleased to see our operations generate cash flow of $0.32 per share, even with the average silver price the lowest it has been
in the last 15 quarters&quot;. Burns continued, &quot;We made very good progress on our La Colorada expansion project and our Dolores
Pad 3 construction. In addition, we completed a compelling preliminary economic assessment for the Dolores pulp agglomeration project,
but made the prudent choice to defer our construction decision to further de-risk the project pending higher silver and gold prices.
All in all, it was a good business quarter for Pan American.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Financial Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American generated $200.8 million in revenue during the
second quarter of 2014, a 14% increase compared to the second quarter of 2013, due to higher quantities of all metals sold by the
Company, partially offset by substantially lower prices for silver, gold and copper. During the reporting quarter, the Company
realized average prices of $19.58 per silver ounce and $1,289 per gold ounce. Silver and gold contributed 56% and 25% respectively
to the Company's consolidated revenue, while revenue from base metals rose to 19% from 14% a year ago.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American generated a net loss of $5.7 million, or $(0.04)
per share during the second quarter of 2014 compared to a loss of $187.1 million a year ago, when an impairment charge was recorded
against mineral property. The net loss in the second quarter of 2014 includes $10.0 million in negative non-cash adjustments to
the value of inventories at Dolores and Manantial Espejo on lower consensus price estimates, as well as the effect of abnormally
high income tax expense.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Income tax expense for the second quarter of 2014 were $8.4
million, significantly higher than the $4.7 million for the comparable period of 2013. Income taxes for the current quarter were
impacted by additional mining taxes paid, withholding taxes recorded on expected dividends and interest payments, non-deductible
foreign exchange losses and a deferred tax charge related to temporary inventory movements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">After adjusting for an after-tax write down of $6.8 million
related to Dolores' long-term heap inventories and other minor items, Pan American generated adjusted earnings of $1.8 million
in the second quarter of 2014, or $0.01 per share, compared to an adjusted loss of $18.6 million during the same period a year
ago.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mine operating earnings generated during the second quarter
of 2014 increased to $10.2 million from $3.8 million in the second quarter of 2013. The improvement resulted from higher revenue
on account of higher sales volumes, offset by a $10.0 million non-cash negative adjustment to the value of inventories.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the second quarter of 2014, Pan American generated
strong cash flows from operations of $48.7 million, or $0.32 per share, compared to $0.5 million generated in the comparable period
of 2013. The increase was primarily attributable to higher cash mine operating earnings and significantly lower tax payments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In the second quarter of 2014, Pan American paid $18.9 million
in cash dividends to common shareholders. Year-to-date, the Company has paid $37.9 million as dividends to shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At June 30, 2014, the Company maintained its solid financial
position with $381.6 million in cash and short-term investments, and working capital of $647.5 million. Cash and short-term investments
declined by $12.7 million from the first quarter of 2014, which together with strong cash flows from operations were used to cover
sustaining capital investments of $24.4 million, project capital of $12.9 million, dividends of $18.9 million and $11.9 million
for the repayment of a short-term loan in Argentina. Pan American finished the second quarter with total debt of $47.9 million,
down from $59.7 million at the end of the first quarter of 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Operating Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American produced 6.56 million ounces of silver during
the reporting quarter, 6% more than in the same period a year ago. The increase was achieved due to production gains at all of
the Company's operations, with the exception of Alamo Dorado and Morococha. A 0.3 million ounce production increase at Dolores
and gains of 0.1 million ounces at La Colorada, Huaron and Manantial Espejo more than offset Alamo Dorado's 0.2 million silver
ounces production decline and a small decline in silver production at Morococha.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company's consolidated gold production for the second
quarter of 2014 rose 26% year on year to 37,700 ounces. The increase was achieved because Dolores and Manantial Espejo produced
3,500 more ounces as a result of higher throughputs and grades.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's quarterly consolidated base metals production
for the second quarter of 2014 rose by 7% for zinc, 13% for lead and 49% for copper to 11,400 tonnes, 4,000 tonnes and 1,900 tonnes,
respectively. Zinc production rose on the back of higher grades at Morococha and higher throughput and recoveries at both Huaron
and La Colorada; lead production rose mostly due to higher grades at Morococha; and copper production rose on substantially higher
copper grades at Huaron.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>Mexico</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">La Colorada continued to raise throughput rates during the
second quarter of 2014, producing a record 1.24 million ounces of silver, or 7% more than in the second quarter of 2013. La Colorada
is expected to continue to gradually increase access to higher grade sulphide ore deeper in the mine in coming years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Dolores' silver production in the reporting quarter rose 38%
from the same quarter of 2013 to 1.05 million ounces, a second consecutive quarterly record for the mine. The increase was achieved
on higher throughput rates and gains in recovery rates from the continued benefits of a longer primary leach cycle on Pad 3 and
the staged leaching sequence on Pad 2 and Pad 3. The mine also produced 17,000 ounces of gold in the quarter, a 26% improvement
from the comparable quarter of 2013 due to better grades and recoveries. The initial benefits of implementing staged leaching between
Pad 2 and the new Pad 3 are almost fully realized, and overall silver and gold recovery rates are expected to reduce to the mine's
forecast recovery rates towards year-end.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As expected, Alamo Dorado's silver production during the second
quarter of 2014 declined to 1.02 million ounces, 22% lower compared to the second quarter of 2013, due to lower throughput rates
and silver grades.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>Peru</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Huaron had a solid 2014 second quarter due to higher throughput
rates and better recoveries, which pushed silver production up to 0.78 million ounces from 0.70 million ounces a year ago.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Morococha recorded a 4% silver production decline during the
second quarter of 2014 and contributed 0.46 million ounces to the Company's consolidated production compared to 0.48 million produced
in the second quarter of 2013. The difference resulted from lower throughput and recoveries, partly offset by higher grades.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>Bolivia</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">San Vicente's 2014 second quarter silver production rose 4%
from a year ago to 0.98 million ounces. The gain was achieved on higher throughput rates and slightly higher grades, partially
offset by lower recoveries.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>Argentina</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Manantial Espejo's silver production in the second quarter
of 2014 continued its upward trend, rising 22% from the comparable quarter of 2013 to 0.81 million ounces. The mine also achieved
a 32% increase in gold production to 14,500 ounces from the comparable quarter of 2013. The production gains resulted from higher
throughput, grades and recoveries. However, as mentioned at the end of the first quarter of 2014, gold and silver production is
expected to decline for the next several months until the mine completes the current pre-stripping of the Maria pit. Once completed,
production should increase again towards the end of this year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>All-in Sustaining Costs per Silver Ounce Sold</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Consolidated AISCSOS for the second quarter of 2014 were $18.23,
14% lower than for the same quarter of 2013. Year-to-date, consolidated AISCSOS were $16.82, 17% down from the first half of 2013
and well within the Company's forecast for 2014. The improvement was attributable to higher by-product credits on larger quantities
of metals sold, lower sustaining capital, lower exploration and development costs and higher quantities of silver sold. For a full
reconciliation of AISCSOS calculation, please refer to the section &quot;Alternative Performance (Non-GAAP) Measures&quot; of the
Company's MD&amp;A for the period ended June 30, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>Consolidated Cash Costs Per Ounce</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the second quarter, Pan American's mines reported Cash
Costs per Ounce of $12.06, similar to the $12.09 recorded a year ago. Cash Costs per Ounce for the first six months of 2014 were
$10.15, 13% lower than in the comparable period of 2013. The reduction in Cash Costs per Ounce was a result of higher by-product
credits due to higher quantities of by-products sold and lower smelting, refining and transportation charges, but was partly offset
by higher operating costs and royalties due to increases in the quantities of all metals produced by the Company. Please refer
to the section &quot;Alternative Performance (Non-GAAP) Measures&quot; of the Company's MD&amp;A for the period ended June 30,
2014 for a full description of this non-GAAP measure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>Sustaining Capital</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the second quarter of 2014, Pan American spent $24.3
million in sustaining capital at its seven operating mines. The expenditures were incurred mainly on pre-stripping at Dolores and
Manantial Espejo, as well as on the tailings facility expansion at La Colorada. The Company also invested $12.9 million on the
La Colorada expansion project, the Dolores Pad 3 construction, and a preliminary economic assessment (&quot;PEA&quot;) of an expansion
to the Dolores operation. The following table illustrates Pan American's investment in sustaining and project capital during the
second quarter by mine:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Second Quarter 2014 Capital Expenditures</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$&nbsp; Million</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">La Colorada </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4.9 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dolores </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.4 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Alamo Dorado </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0.1 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Huaron </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.7 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Morococha </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.3 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">San Vicente </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0.8 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Manantial Espejo </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.1 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Sustaining Capital </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$24.3</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">La Colorada </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.8 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dolores </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9.1 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Project Capital</B> </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$12.9</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Second Quarter 2014 Capital Investments </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$37.2</B> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Projects </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>La Colorada Expansion</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the second quarter of 2014, the La Colorada expansion
project progressed as planned with commencement of the basic engineering work for the expansion of the processing plant and the
purchase of a used ball mill. In addition, geotechnical work to identify the optimum location of the future shaft was started and
construction of new community infrastructure continued. Underground development required prior to the commencement of sinking the
new shaft also continued on schedule.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>Dolores</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Work on phase two of Dolores' leach Pad 3 is nearing completion
with less than 10% of the pad's surface area remaining to be lined and the installation of a new leach pad loading conveyor to
be completed by year-end.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition, work for the new power line construction project
advanced as planned with right of way negotiations completed for 90% of the route and work on the environmental permits progressing
while the Company finalizes the power supply agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">On June 23, 2014, Pan American announced positive results
of a PEA of the expansion of Dolores, which would add a milling and pulp agglomeration circuit to the processing flow sheet to
enhance silver and gold recoveries of higher grade mineralization, as well as the development of an underground mine to extract
mineral resources that exist beneath the ultimate open pit floor and to the south of the current final pit. The results of the
PEA indicate that the expansion project has the potential to generate an estimated after-tax net present value of the incremental
cash flow of $90 million at an 8% discount rate. This represents an internal rate of return of 33% and a capital payback period
of 1.7 years using the Company's current reserve metal prices of $22 per ounce of silver and $1,300 per ounce of gold. The project
economics also remain robust at metal prices of $19 per ounce of silver and $1,200 per ounce of gold.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Dolores expansion project will increase the mine's average
annual silver production from 3.65 million ounces to 5.04 million ounces, while average annual gold production will increase from
an estimated 111,000 ounces to 148,000 ounces. The PEA contemplates an incremental capital investment of $105 million for the project.
Pan American has decided to defer making a construction decision for the next 9 to 12 months while it invests $3.0 million to $5.0
million on additional studies and delineation of the underground accessible mineralization, in order to further de-risk the project.
The PEA is available on SEDAR at www.sedar.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Subsequent Events</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><U>San Vicente Strike</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As previously disclosed, on July 7, 2014 the Company's union&nbsp;at
the San Vicente mine in Bolivia went on strike, effectively shutting down the operation and ceasing all production activities.
The union representatives were disputing recent senior management changes at the Company's wholly owned subsidiary, Pan American
Silver Bolivia S.A. The Company and the union were able to reach a solution to end the strike, and production activities at the
mine resumed on July 21, 2014. Given the short duration of the strike and the production levels achieved during the first half
of 2014, management believes that the strike will not have a negative effect on the Company's production and cost forecasts for
the full-year 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Outlook</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">With silver and gold production during the first half of 2014
at or above the Company's expectations and with Cash Costs per Ounce at or below forecast, the Company remains confident that it
will achieve its guidance of annual consolidated production of 25.75 to 26.75 million ounces of silver and 155,000 to 165,000 ounces
of gold at AISCSOS of $17.00 to $18.00 and Cash Costs per Ounce of $11.70 to $12.70.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company also confirms its forecast for 2014 annual sustaining
capital of $95.5 million and project investment capital of $67.0 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Pan American Recognized as a Leader in Mine Safety in Mexico</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">On July 21, 2014, Pan American was notified that its La Colorada
and Dolores mines were awarded the prestigious &quot;2013 Casco de Plata&quot; awards in the categories of underground mine with
more than 501 employees and open pit mine with more than 501 employees, respectively. These awards are given annually by CAMIMEX
for the best safety performance in several categories. The Company's Alamo Dorado mine, despite operating another year without
a lost time injury, was runner up in the category of open pit mine with 500 or less employees. Pan American congratulates its mining
units in Mexico and reaffirms its commitment to protecting the health and safety of all of the employees and contractors who work
at the Company's mining operations and projects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Steve Busby, Chief Operating Officer, commented on the Casco
de Plata awards, &quot;I am extremely pleased with the unwavering commitment to safety all of our employees and contractors possess
and we are honoured by the prestigious recognition CAMIMEX has bestowed on two of our mines in Mexico. It is further worth noting
that our other Mexican mine was an extremely close contender for another 2013 Casco de Plata award and at the end of June 2014,
Alamo Dorado surpassed an astounding 5 million safe work-hours without incurring a lost time accident. These performances clearly
place our Mexican workforce amongst the safest miners in the world&quot;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>About Pan American</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American Silver's mission is to be the world's pre-eminent
silver producer, with a reputation for excellence in discovery, engineering, innovation and sustainable development. The Company
has seven operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns several development projects in the USA,
Mexico, Peru and Argentina.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Technical information contained in this news release with
respect to Pan American has been reviewed by Michael Steinmann, P.Geo., Executive VP Corporate Development &amp; Geology, and Martin
Wafforn, P.Eng., VP Technical Services, who are the Company's Qualified Persons for the purposes of NI 43-101.</I></P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Pan American will host a conference call to discuss these results on Thursday, August 14, 2014 at 1:00 pm EST (10:00 am PST). To participate in the conference please dial toll number 1+ 604-638-5340. A live audio webcast and presentation will be available at http://services.choruscall.ca/links/pan140814.html.&nbsp;The call and webcast will also be available for replay for one week after the call by dialing 1-604-638-9010 and entering code # 6218 followed by the # sign. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>NON-GAAP MEASURE - CASH COSTS PER OUNCE, NET OF BY-PRODUCT
CREDITS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THIS NEWS RELEASE PRESENTS INFORMATION ABOUT OUR CASH COSTS
OF PRODUCTION OF AN OUNCE OF SILVER FOR OUR OPERATING MINES. CASH COSTS PER OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT CREDITS
IS CALCULATED AS FOLLOWS:</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>EXCEPT AS OTHERWISE NOTED, CASH COSTS PER OUNCE PRODUCED IS CALCULATED
BY DIVIDING TOTAL CASH COSTS, NET OF BY-PRODUCT CREDITS BY TOTAL SILVER OUNCES PRODUCED AT THE RELEVANT MINE OR MINES.&nbsp; </I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><I>TOTAL CASH COSTS INCLUDE MINE OPERATING COSTS SUCH AS MINING, PROCESSING,
ADMINISTRATION, ROYALTIES AND OPERATING TAXES, BUT EXCLUDE AMORTIZATION, RECLAMATION COSTS, FINANCING COSTS AND CAPITAL DEVELOPMENT
AND EXPLORATION.&nbsp; CERTAIN AMOUNTS OF STOCK-BASED COMPENSATION ARE EXCLUDED AS WELL.&nbsp; </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CASH COST PER OUNCE OF SILVER PRODUCED, NET OF BY-PRODUCT
CREDITS IS INCLUDED IN THIS NEWS RELEASE BECAUSE CERTAIN INVESTORS USE THIS INFORMATION TO ASSESS OUR PERFORMANCE AND ALSO TO DETERMINE
OUR ABILITY TO GENERATE CASH FLOW FOR USE IN INVESTING AND OTHER ACTIVITIES. THE INCLUSION OF CASH COSTS PER OUNCE PRODUCED MAY
ENABLE INVESTORS TO BETTER UNDERSTAND YEAR-OVER-YEAR CHANGES IN OUR PRODUCTION COSTS, WHICH IN TURN AFFECT PROFITABILITY AND CASH
FLOW. CASH COSTS PER OUNCE, NET OF BY-PRODUCT CREDITS DOES NOT HAVE A STANDARDIZED MEANING OR A CONSISTENT BASIS OF CALCULATION
PRESCRIBED BY CANADIAN ACCOUNTING STANDARDS. INVESTORS ARE CAUTIONED THAT CASH COSTS PER OUNCE PRODUCED, NET OF BY-PRODUCT<B> </B>CREDITS
SHOULD NOT BE CONSIDERED IN ISOLATION OR CONSTRUED AS A SUBSTITUTE TO COSTS DETERMINED IN ACCORDANCE WITH CANADIAN ACCOUNTING STANDARDS
AS PRESCRIBED UNDER IFRS AS AN INDICATOR OF PERFORMANCE. OUR METHOD OF CALCULATING CASH COSTS PER OUNCE PRODUCED, NET OF BY-PRODUCT
CREDITS MAY DIFFER FROM THE METHODS USED BY OTHER ENTITIES AND, ACCORDINGLY, OUR CASH COSTS PER OUNCE PRODUCED MAY NOT BE COMPARABLE
TO SIMILARLY TITLED MEASURED USED BY OTHER ENTITIES.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><I>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES
LAWS. ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS OR INFORMATION. FORWARD-LOOKING
STATEMENTS OR INFORMATION IN THIS NEWS RELEASE RELATE TO, AMONG OTHER THINGS: OUR ESTIMATED PRODUCTION OF SILVER, GOLD AND OTHER
METALS IN 2014; OUR FORECAST CASH COSTS PER OUNCE OF SILVER IN 2014; OUR ESTIMATED AISCSOS FOR 2014; OUR ANTICIPATED CAPITAL INVESTMENTS
FOR 2014; THE ABILITY OF THE COMPANY TO SUCCESSFULLY COMPLETE ANY CAPITAL&nbsp; INVESTMENT PROGRAMS AND PROJECTS AND THE IMPACTS
OF ANY SUCH PROGRAMS AND PROJECTS ON THE COMPANY; THE COMPANY'S ABILITY TO PREVENT FUTURE WORK STOPPAGES OR LABOUR DISPUTES AND
THE CONSEQUENCES OF ANY SUCH DISPUTES OR STOPPAGES; THE ANTICIPATED RESULTS OF ANY TECHNICAL REPORTS OR OTHER EVALUATIONS; AND
ANY ANTICIPATED LEVEL OF FINANCIAL AND OPERATIONAL SUCCESS IN 2014.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY,
ARE INHERENTLY SUBJECT TO SIGNIFICANT OPERATIONAL, BUSINESS, ECONOMIC AND REGULATORY UNCERTAINTIES AND CONTINGENCIES. THESE ASSUMPTIONS
INCLUDE: TONNAGE OF ORE TO BE MINED AND PROCESSED; ORE GRADES AND RECOVERIES; PRICES FOR SILVER, GOLD AND BASE METALS; CAPITAL,
DECOMMISSIONING AND RECLAMATION ESTIMATES; OUR MINERAL RESERVE AND RESOURCE ESTIMATES AND THE ASSUMPTIONS UPON WHICH THEY ARE BASED;
PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES AND SERVICES (INCLUDING TRANSPORTATION); NO LABOUR-RELATED DISRUPTIONS AT
ANY OF OUR OPERATIONS: NO UNPLANNED DELAYS IN OR INTERRUPTIONS IN SCHEDULED PRODUCTION; ALL NECESSARY PERMITS, LICENCES AND REGULATORY
APPROVALS FOR OUR OPERATIONS ARE RECEIVED IN A TIMELY MANNER; AND OUR ABILITY TO COMPLY WITH ENVIRONMENTAL, HEALTH AND SAFETY LAWS.
THE FOREGOING LIST OF ASSUMPTIONS IS NOT EXHAUSTIVE.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THE COMPANY CAUTIONS THE READER THAT FORWARD-LOOKING STATEMENTS
AND INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND DEVELOPMENTS
TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION CONTAINED IN THIS NEWS RELEASE
AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT
LIMITATION: FLUCTUATIONS IN SILVER, GOLD AND BASE METALS PRICES; FLUCTUATIONS IN PRICES FOR ENERGY INPUTS, LABOUR, MATERIALS, SUPPLIES
AND SERVICES (INCLUDING TRANSPORTATION); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL, MEXICAN PESO
AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); OPERATIONAL RISKS AND HAZARDS INHERENT WITH THE BUSINESS OF MINING (INCLUDING ENVIRONMENTAL
ACCIDENTS AND HAZARDS, INDUSTRIAL ACCIDENTS, EQUIPMENT BREAKDOWN, UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, CAVE-INS,
FLOODING AND SEVERE WEATHER); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES
WITH WHOM THE COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS;
EMPLOYEE RELATIONS; RELATIONSHIPS WITH, AND CLAIMS BY, LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; OUR ABILITY TO OBTAIN ALL
NECESSARY PERMITS, LICENSES AND REGULATORY APPROVALS IN A TIMELY MANNER; CHANGES IN LAWS, REGULATIONS AND GOVERNMENT PRACTICES
IN THE JURISDICTIONS WHERE WE OPERATE, INCLUDING ENVIRONMENTAL, EXPORT AND IMPORT LAWS AND REGULATIONS; DIMINISHING QUANTITIES
OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; INCREASED COMPETITION IN THE MINING INDUSTRY FOR EQUIPMENT AND QUALIFIED
PERSONNEL; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION &quot;RISKS RELATED TO PAN AMERICAN'S BUSINESS&quot; IN THE COMPANY'S
MOST RECENT FORM 40-F AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN
PROVINCIAL SECURITIES REGULATORY AUTHORITIES. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE
ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED
OR INTENDED. INVESTORS ARE CAUTIONED AGAINST UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS AND INFORMATION. FORWARD-LOOKING STATEMENTS
AND INFORMATION ARE DESIGNED TO HELP READERS UNDERSTAND MANAGEMENT'S CURRENT VIEWS OF OUR NEAR AND LONGER TERM PROSPECTS AND MAY
NOT BE APPROPRIATE FOR OTHER PURPOSES. THE COMPANY DOES NOT INTEND, NOR DOES IT ASSUME ANY OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKING
STATEMENTS AND INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, CHANGES IN ASSUMPTIONS, FUTURE EVENTS OR OTHERWISE, EXCEPT
TO THE EXTENT REQUIRED BY APPLICABLE LAW.</I></P>

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    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Pan American Silver Corp</B>. </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
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    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Financial &amp; Operating Highlights </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
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    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
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    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="4" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Three months ended June 30,</B> </FONT></TD>
    <TD COLSPAN="4" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Six months ended June 30,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2013 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2013 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Consolidated Financial Highlights </B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
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    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. Dollars,&nbsp; except per share amounts) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(5,679)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(187,095) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,081</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(167,019) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(Loss) earnings per share attributable to common shareholders (basic) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(0.04)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.23) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.01</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.10) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted earnings&nbsp;(loss) for the period<SUP>(1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,817</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18,629) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>14,644</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,973 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted earnings (loss) per share attributable to common shareholders (basic)<SUP> (1)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.01</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(0.12) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.10</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0.13 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mine operating earnings </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10,245</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,814 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>41,821</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">78,630 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>48,737</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">469 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>84,862</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">32,720 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital spending </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>36,894</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">44,331 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>73,705</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">84,024 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dividends paid </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18,938</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,927 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>37,878</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">37,948 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,298 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,740 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash and short-term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>381,643</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">440,154 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>381,643</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">440,154 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Working capital<SUP>(2)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>647,475</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">701,106 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>647,475</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">701,106 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Consolidated Metal Production</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Silver metal - million ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6.56</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.19 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>13.18</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12.64 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold metal - thousand ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>37.7</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">29.9 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>83.6</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">62.0 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Zinc metal - thousand tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11.4</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10.6 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>22.8</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20.3 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lead metal - thousand tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4.0</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3.5 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7.6</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.7 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Copper metal - thousand tonnes </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1.9</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.3 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3.6</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2.3 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Average Realized Price</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Silver metal ($/oz) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>19.58</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">22.68 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>19.79</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">26.47 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gold metal ($/oz) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,289</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,423 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,286</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,523 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Consolidated Cost per Ounce of Silver (net of by-product credits)</B><SUP> (3)</SUP> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Cash cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>12.06</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12.09 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10.15</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11.71 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total production cost per ounce </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18.71</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17.69 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>16.81</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17.49 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>All-in Sustaining Cost per Silver Ounce Sold (net of by-product credits)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>18.23</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">21.11 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>16.82</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20.28 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable ounces of silver (used in cost per ounce calculations) - million ounces </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6.22 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5.86 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12.48 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11.82 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjusted earnings (loss) and adjusted earnings (loss) per share attributable to common shareholders are Non-GAAP measures. Adjusted earnings (loss) is calculated as net (loss) earnings for the period adjusting for the gains or losses recorded on fair market value adjustments on the Company's outstanding derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss on commodity contracts, net realizable value adjustment to long-term heap inventory, gain or loss on sale of assets and the effect for taxes on the above items. The Company considers this measure to better reflect normalized earnings as it does not include items which may be volatile from period to period. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Three months ended June 30,</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Six months ended June 30,</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Adjusted Earnings (Loss) Reconciliation</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2013 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2013 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net (loss) earnings for the period </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(5,679)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(187,095) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,081</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(167,019) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust derivative loss (gain) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>543</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(16,782) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>642</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(14,133) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust impairment of mineral property </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">185,187 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">203,443 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust unrealized foreign exchange losses </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>371</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,237 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,075</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,564 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust net realizable value of inventory </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10,515</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>17,114</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust unrealized gain on commodity contracts </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">645 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(623) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust gain on sale of assets </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(323)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3,896) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(329)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(7,964) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust acquisition costs </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">- </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>-</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">- </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Adjust for effect of taxes </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(3,610)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp; 75 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(5,939)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,295) </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Adjusted earnings (loss) for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,817</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(18,629) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>14,644</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,973 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Weighted average shares for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>151,503</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">151,409 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>151,501</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">151,583 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Adjusted earnings (loss) per share for the period</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.01</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(0.12) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.10</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0.13 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="3" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>(2)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Working capital is a Non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate whether the Company is able to meet its current obligations using its current assets. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><SUP>(3)</SUP>&nbsp; </FONT></TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Consolidated cost per ounce of silver is a Non-GAAP measure. The Company believes that in addition to production costs, depreciation and amortization, and royalties, cash cost per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash flows and is well understood and widely reported in the silver mining industry. However, cash cost per ounce does not have a standardized meaning prescribed by IFRS as an indicator of performance. Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating cash costs per ounce may differ from the methods used by other entities. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">%CIK: 0000771992</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Kettina Cordero<BR>
Manager, Investor Relations<BR>
(604) 684-1175<BR>
ir@panamericansilver.com<BR>
www.panamericansilver.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CO: Pan American Silver Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 19:46e 13-AUG-14</P>



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