<SEC-DOCUMENT>0001279569-14-001878.txt : 20141114
<SEC-HEADER>0001279569-14-001878.hdr.sgml : 20141114
<ACCEPTANCE-DATETIME>20141114122900
ACCESSION NUMBER:		0001279569-14-001878
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141113
FILED AS OF DATE:		20141114
DATE AS OF CHANGE:		20141114

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:		141222090

	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
<TEXT>
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<P STYLE="margin: 0"></P>

<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>

<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: 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>November 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>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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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"><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">
<TR STYLE="vertical-align: top">
    <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:  November 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>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <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 November 13, 2014 - Pan American Silver generates $38.3 million in operating cash flow during the third quarter of 2014 and declares
fourth dividend of the year</FONT></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>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 13, 2014
<TEXT>
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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: left"></P>

<P STYLE="font: 12pt Arial,sans-serif; margin: 0"><B>Pan American Silver generates $38.3 million in operating cash flow during
the third quarter of 2014 and declares fourth dividend of the year</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-align: center"><B>(Unaudited Results. All amounts in US$ unless otherwise
stated. Approximate production figures.)</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">VANCOUVER, Nov. 13, 2014 /CNW/ -&nbsp;<B>Pan American Silver Corp.</B>
(NASDAQ: PAAS; TSX: PAA) (the &quot;Company&quot;, or &quot;Pan American&quot;) today announced its unaudited financial and operating
results for the three and nine months ended September 30, 2014. The Company also announced that its Board of Directors has approved
its fourth quarterly cash dividend of 2014 in the amount of $0.125 per common share, which will be payable on or about Monday,
December 8, 2014 to holders of record of common shares as of Tuesday, November 25, 2014.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Helvetica,sans-serif; padding: 9.75pt 9.95pt 9.75pt 1.5pt"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Third Quarter 2014 Highlights (unaudited)<SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Silver production of 6.19 million ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Gold production of 34,100 ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Cash Costs<SUP>(2)</SUP> per ounce of $12.29, net of by-product credits</FONT><FONT STYLE="font: 10pt Arial,sans-serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">AISCSOS<SUP>(3)</SUP> of $20.50, including an unfavorable net realizable value
        (&quot;NRV&quot;) adjustment on inventories of $2.47 per ounce</FONT><FONT STYLE="font: 10pt Arial,sans-serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Revenue of $178.3 million</FONT><FONT STYLE="font: 10pt Arial,sans-serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Mine operating loss<SUP>(4)</SUP> of $12.4 million, including an unfavorable NRV
        adjustment on inventories of $15.4 million</FONT><FONT STYLE="font: 10pt Arial,sans-serif"> </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Net loss of $20.2 million or $0.13 per share</FONT><FONT STYLE="font: 10pt Arial,sans-serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Adjusted loss<SUP>(5)</SUP> of $14.3 million or $0.09 per share</FONT><FONT STYLE="font: 10pt Arial,sans-serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Net cash generated from operating activities of $38.3 million, or $0.25 per share</FONT><FONT STYLE="font: 10pt Arial,sans-serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Total dividends paid to common shareholders of $18.9 million</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Helvetica,sans-serif; padding: 9.75pt 9.95pt 9.75pt 1.5pt"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Financial Position at September 30, 2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Cash and short term investments of $377.5 million</FONT><FONT STYLE="font: 10pt Arial,sans-serif">
        </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Working capital of $606.9 million </FONT></P>
        <P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT><FONT STYLE="font: 7pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial,sans-serif">Total debt of $57.3 million</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Financial information in this news release is based on International Financial Reporting Standards (&quot;IFRS&quot;); results are unaudited; percentages compare the third quarter of 2014 against the third quarter of 2013.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Cash costs per payable ounce of silver produced, net of by-product credits (&quot;Cash Costs&quot;), is a non-GAAP measure. Cash Costs 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 may differ from the methods used by other entities and, accordingly, the Company's Cash Costs 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 information under the heading &quot;Non-GAAP Measure &ndash; Cash Costs Per Ounce, Net of By Product Credits&quot; at the end of this news release for more information and to the table in the Alternative Performance (Non-GAAP) Measures section of the MD&amp;A for the period ending September 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: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,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 &ndash; GAAP measures and readers should refer to the table in the Alternative Performance (Non-GAAP) Measures section of the Managements Discussion &amp; Analysis (&quot;MD&amp;A&quot;) for the period ending September 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: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Mine operating (loss)/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: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">(5)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial,sans-serif"><FONT STYLE="font: 8pt Arial,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 earnings/(loss) 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 of 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="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Commenting on the Company's third quarter results, Geoff Burns, President
&amp; CEO said, &quot;Considering the heavy rains in Mexico that hampered production from our Dolores mine and the strike we experienced
at San Vicente, we had a very respectable production quarter, which has kept us on track to deliver on our full year guidance for
both silver production and Cash Costs. I was particularly pleased to see the progress we've made at our Huaron and Morococha mines
in Peru where Cash Costs for the third quarter declined to $7.63 per ounce and $6.86 per ounce, respectively, on the strength of
increased throughput and higher base metal by-product production.&quot; Burns continued, &quot;While our quarterly earnings were
hurt by significant non-cash NRV adjustments to our inventories and negative pricing adjustments on concentrates we sold in previous
periods as a consequence of the slide in silver and gold prices, we still generated over $38 million in operating cash flow. This
was more than sufficient to cover our on-going sustaining capital needs, as well as fund the major part of the third dividend payment
of 2014.&quot;</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the third quarter of 2014, Pan American generated $178.3 million
in revenue, a 16% decline in comparison to the third quarter of 2013. The lower revenue resulted primarily from less quantities
of silver and gold sold, lower realized prices obtained for silver, gold and copper, and a negative price adjustment of $8.2 million
on concentrates sold during prior periods. Compared to the third quarter of 2013, during the three months ended September 30, 2014
the prices of silver, gold and copper declined 7%, 3% and 1%, respectively. Conversely, zinc and lead appreciated 24% and 5%, respectively.
Average realized prices were $18.82 per ounce of silver and $1,284 per ounce of gold. During the current reporting quarter, 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,sans-serif; margin: 9.75pt 0">Pan American generated a net loss of $20.2 million, or $0.13 per, share
during the third quarter of 2014, compared to earnings of $14.2 million in the same quarter of 2013. The loss was mainly due to
a negative non-cash adjustment of $15.4 million on the NRV of inventories, in particular at Dolores and Manantial Espejo, a $9.8
million negative pricing and quantity settlement adjustment on concentrate sales from prior periods, and a $6.7 million foreign
exchange loss, mainly on Canadian dollar denominated cash balances.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company reported an adjusted loss of $14.3 million, or $0.09 per share,
for the third quarter of 2014, after adjusting for an $8.5 million unrealized loss on the value of heap leach inventories and a
$2.6 million unrealized loss on foreign exchange, partially offset by a $2.2 million gain on derivatives.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Pan American posted a mine operating loss of $12.4 million during the
third quarter of 2014, compared to mine operating earnings of $33.9 million in the same period of 2013. The loss resulted from
lower revenues and a $20.8 million increase in production costs, mainly due to the previously discussed NRV adjustments, offset
by lower depreciation expense.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company's cash flow from operating activities during the third quarter
of 2014 was $38.3 million, or $0.25 per share, compared to $40.7 million generated in the third quarter of 2013. The decline was
primarily the result of realizing lower prices for silver and gold sales, in addition to selling lower volumes of silver during
the current quarter.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">AISCSOS for the third quarter of 2014 were $20.50, and $18.02 for the
nine months ended September 30, 2014. &nbsp;AISCSOS were negatively affected by the non-cash NRV adjustments previously described.
Excluding the NRV adjustments of $2.47 per ounce for the third quarter and $1.45 per ounce for the nine months ended September
30, 2014, AISCSOS were $18.03 for the third quarter and $16.57 year-to-date. For a full reconciliation of the calculation of AISCSOS,
please refer to the section &quot;Alternative Performance (Non-GAAP) Measures&quot; of the Company's MD&amp;A for the period ended
September 30, 2014.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the third quarter of 2014, the Company paid a total of $18.9 million
in cash dividends to common shareholders. Year-to-date, Pan American's shareholders have received a total of $56.8 million in cash
dividends.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">At September 30, 2014 the Company had $377.5 million in cash and short
term investments and working capital of $606.9 million, a decrease of $4.1 million and $40.6 million from June 30, 2014, respectively.
At the end of the reporting quarter, Pan American's total debt was $57.3 million.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the third quarter of 2014 Pan American produced 6.19 million ounces
of silver, 8% less than in the same period of last year, due to the anticipated decline in silver production at Alamo Dorado as
the mine processes a greater quantity of lower grade ores and stockpiles, coupled with the negative effect of a two-week work stoppage
at San Vicente, and the diluting effects of heavier than usual rains on the leaching solutions at Dolores. These production declines
were partially offset by production gains at La Colorada, Huaron and Manantial Espejo.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company also produced 34,100 ounces of gold during the third quarter
of 2014, 18% less than in the same period of 2013. Consolidated gold production declined due to 29% less ounces produced at Dolores
due to the heavy rains previously mentioned, and 21% less ounces produced at Alamo Dorado on account of expected lower grades and
recoveries.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Pan American's quarterly consolidated zinc and lead production for the
third quarter of 2014 was similar to the third quarter of 2013; however, copper production rose by 60% to 2,400 tonnes on account
of higher grades at the Company's Peruvian operations.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the third quarter of 2014, silver production at La Colorada rose
19% from the same quarter of 2013 to 1.25 million ounces. The increase was due to higher grades and throughput from improved development
rates achieved during 2014 as part of the four-year mine expansion effort that is underway.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Silver production at Dolores during the third quarter of 2014 was 0.97
million ounces, 3% less than in the same period of 2013. The decline was due to lower throughput, slightly lower silver grades,
as well as the diluting effect of heavier than usual rains on the concentration of the leaching solutions. These losses were offset
by higher silver recoveries due to the benefit of the longer leach times on the larger area of heap leach pad 3. The heavy rains
had a greater impact on gold production, which declined from 21,600 ounces in the third quarter of 2013 to 15,400 ounces in the
third quarter of 2014. With the end of the rainy season, the Company expects that leaching solutions will return to normal concentrations
and silver and gold ounces not produced from the heaps during the third quarter will slowly start to be recovered in the fourth
quarter.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">As planned, Alamo Dorado has increased processing rates of lower grade
ores and stockpiles as availability and access to higher grade ores diminishes. During the third quarter of 2014, the mine produced
0.67 million ounces of silver and 3,600 ounces of gold, 46% and 21% less than in the third quarter of 2013, respectively.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company's Peruvian operations had a very good third quarter and continue
to benefit from the multi-year mechanization effort that is improving overall productivity. During the three months ended September
30, 2014, Huaron produced 0.93 million ounces of silver, 7% more than in the comparable period of 2013 on account of higher throughput
and recoveries. The mine also saw a significant increase in copper production, which rose from 990 tonnes a year ago to 1,550 tonnes
in the reporting quarter, on account of mine sequencing into higher copper grade stopes. More importantly, Cash Costs at Huaron
declined to $7.63 per ounce during the current quarter as a direct result of increased silver production and increased by-product
copper production.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Morococha produced 0.64 million ounces of silver during the third quarter
of 2014, 6% less than in the same period of 2013 due to lower silver grades and recoveries. However, the mine saw a significant
increase in base metals production, with zinc, lead and copper production up 15%, 31% and 71%, respectively, due to mine sequencing
that has shifted focus to ores of higher overall metal value. As a consequence, Cash Costs at Morococha declined to $6.86 per ounce
for the current quarter, down more than 50% from the comparable quarter in 2013.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Production at San Vicente was negatively affected by a two-week work stoppage
reported in July. During the third quarter of 2014, the mine produced 0.76 million ounces of silver, a 29% decline compared to
the third quarter of 2013.&nbsp; Silver production was also affected by a negative adjustment on the reconciliation of final sales
to production from prior reporting periods.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the third quarter of 2014, Manantial Espejo's silver production
rose 24% from the third quarter of 2013 to 0.97 million ounces. The increase was due to higher throughput, grades and recoveries.
As anticipated, lower gold grades mined during the reporting quarter affected gold production, which declined to 13,200 ounces,
5% less than in the comparable quarter of 2013.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the three months ended September 30, 2014, Pan American reported
consolidated Cash Costs of $12.29 per ounce, 18% higher than in the same period of last year. The increase was mainly due to lower
by-product gold credits at Dolores and Manantial Espejo, the effects of the production interruptions at San Vicente, and the processing
of greater quantities of lower grade ores at Alamo Dorado. These increases were partially offset by lower Cash Costs at La Colorada
and the significantly lower Cash Costs at the Company's Peruvian operations, where &nbsp;improved productivities and higher by-product
credits helped push costs down. Please refer to the note under the heading &quot;Non-GAAP Measure &ndash; Cash Costs per Ounce,
Net of By-Product Credits&quot; at the end of this news release and to the section &quot;Alternative Performance (Non-GAAP) Measures&quot;
of the Company's MD&amp;A for the period ended September 30, 2014, for a full description of this Non-GAAP measure.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">During the third quarter of 2014, Pan American spent $25.8 million in
sustaining capital at its seven operating mines. The expenditures were incurred mainly on pre-stripping at Manantial Espejo and
Dolores, tailings facility expansions at La Colorada and Huaron, mine development advances and equipment upgrades at Huaron and
Morococha and exploration activities at Huaron, Morococha and Dolores. Sustaining capital expenditures remained as expected and
on forecast for 2014. The Company also invested a total of $2.9 million on the La Colorada expansion project and $0.1 million for
the power line project at Dolores.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font-size: 8pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Third Quarter 2014 Capital Expenditures</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; text-align: center; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$&nbsp; Million</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">La Colorada</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">4.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Dolores</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">6.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Alamo Dorado</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Huaron</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">4.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Morococha</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">2.2</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">San Vicente</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">0.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Manantial Espejo</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">7.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Total Sustaining Capital Expenditures</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$25.8</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">La Colorada Expansion Project</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">2.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Dolores Project</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif">0.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Total Project Capital</B> &nbsp;<B>Expenditures</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$3.0</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 9.75pt 9.95pt 9.75pt 1.5pt; font-family: Helvetica,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Total Third Quarter 2014 Capital Expenditures </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$28.8</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B>Project Development </B></P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Year-to-date, the Company has invested $10.4 million on the La Colorada
expansion project. During the third quarter of 2014, activities focused on civil works to prepare the future shaft location and
the request for detailed proposals and cost estimates for the shaft sinking and infrastructure works, as well as for completion
of basic engineering for the new plant site. Management expects to award contracts for key components of the project in the fourth
quarter, such as the raise boring for the new shaft, construction of the new hoist, equipment orders for the plant and overall
expansion detailed engineering efforts.</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Year-to date, Pan American has invested $18.7 million on Dolores' projects.
During the third quarter of 2014, work on the expansion of leach pad 3 was suspended due to the rainy season with project work
concentrating on successfully securing the right of way agreements for the mine's new power line, which will allow filing of the
permit applications during the fourth quarter of 2014. During the three months ended September 30, 2014, the Company spent $0.1
million on Dolores' projects.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B>2014 Outlook</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Year-to-date, Pan American's consolidated production was 19.4 million
ounces of silver and 117,600 ounces of gold, which is within the Company's forecast for the first three quarters of 2014. Management
is confident that Pan American will achieve its original annual production guidance of 25.75 to 26.75 million ounces of silver
and 155,000 to 165,000 ounces of gold. In addition, year-to-date base metals production is ahead of schedule and as a result, management
is increasing its annual production guidance to approximately 44,000 tonnes of zinc, 15,000 tonnes of lead and 8,000 tonnes of
copper, which represents increases of 7%, 14% and 47% respectively to the original guidance provided for the year.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Consolidated AISCSOS and Cash Costs per ounce year-to-date were $18.02
and $10.83, respectively. Through September 2014, AISCSOS were slightly ahead of management's full year forecast of $17.00 to $18.00,
but include $1.46 per ounce in unexpected NRV adjustments, while Cash Costs were well below management's 2014 full year forecast
of $11.70 to $12.70 per ounce. Management remains confident that it will achieve its guidance for 2014 AISCSOS of $17.00 to $18.00
(assuming no further NRV adjustments in the fourth quarter) and that full-year 2014 consolidated Cash Costs are likely to be at
the lower end of guidance of $11.70 to $12.70 per ounce.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Year-to-date sustaining capital spending at September 30, 2014, was $75.6
million, in line with Pan American's guidance of $95.5 million for the full year. Project spending for the six months ended September
30, 2014 was $32.0 million and management now estimates that total project spending in 2014 will be approximately $50.0 million,
which is $17.0 million less than originally estimated, primarily due to timing differences in mobilizing the La Colorada expansion
and Dolores power line projects.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">In closing, Geoff Burns added, &quot;Since the end of the third quarter
we have seen silver and gold prices continue to decline.&nbsp; While in the long term I remain staunchly optimistic that precious
metal prices will recover to their previous highs and more, we are and we will continue to respond to the current price environment.
As we move through our 2015 planning and budgeting process we will again be looking for opportunities to further reduce our costs,
increase our productivities, eliminate the processing of uneconomic material and focus on cash generation at each and every one
of our mines. Our success in reducing costs in Peru is a clear indicator of what Pan American can accomplish when faced with adversity.
While the task ahead is difficult, I am confident we have the experience, the flexibility, the financial strength, and the team
to weather and excel during this difficult period.&quot;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B>Fourth Dividend of 2014 Approved by the Board</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The Company's Board of Directors has approved the fourth quarterly cash
dividend of 2014 in the amount of $0.125 per common share.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">The cash dividend will be distributed on or about Monday, December 8,
2014 to holders of record of common shares as of the close of business on Tuesday, November 25, 2014. Specific distribution dates
and amounts of future dividends will be determined by the Company's Board of Directors on an ongoing basis.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">Pan American's dividends are designated as eligible dividends for the
purposes of the Income Tax Act (Canada).</P>

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

<P STYLE="font: 10pt Arial,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 located 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,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="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font-size: 8pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Pan American will host a conference call to discuss these results on Friday, November 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 <FONT STYLE="color: blue">http://services.choruscall.ca/links/pan141114.html</FONT>.&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,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0"><B><I>NON-GAAP MEASURE &ndash; CASH COSTS PER OUNCE, NET OF BY-PRODUCT
CREDITS</I></B></P>

<P STYLE="font: 10pt Arial,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,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">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial,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,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">&middot;</FONT></TD><TD><FONT STYLE="font: 10pt Arial,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.
CERTAIN AMOUNTS OF STOCK-BASED COMPENSATION ARE EXCLUDED AS WELL.&nbsp; </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial,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. &nbsp;INVESTORS ARE CAUTIONED THAT CASH COSTS PER OUNCE PRODUCED, NET OF BY-PRODUCT</I><B>&nbsp;</B><I>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,sans-serif; margin: 9.75pt 0"><B><I>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</I></B></P>

<P STYLE="font: 10pt Arial,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; STATEMENTS AS TO ANY FUTURE DIVIDENDS; AND ANY ANTICIPATED LEVEL OF FINANCIAL AND OPERATIONAL SUCCESS
IN 2014.</I></P>

<P STYLE="font: 10pt Arial,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,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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Pan American Silver Corp</B>.</FONT></TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Financial &amp; Operating Highlights</FONT></TD>
    <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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Three months ended</B></FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif"><B>September 30,</B></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Nine months ended</B></FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif"><B>September 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Consolidated Financial Highlights </B></FONT></TD>
    <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">&nbsp;</TD>
    <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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">(Unaudited in thousands of U.S. Dollars,&nbsp; except per share amounts)</FONT></TD>
    <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">&nbsp;</TD>
    <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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Net (loss) earnings for the period</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(20,177)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">14,236</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(19,096)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(152,783)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">(Loss) earnings per share attributable to common shareholders (basic)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(0.13)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">0.09</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(0.12)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(1.00)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjusted (loss)&nbsp; earnings for the period<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(14,262)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">12,154</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>382</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">32,127</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjusted (loss) earnings per share attributable to common shareholders (basic)<SUP> (1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(0.09)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">0.08</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>0.00</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">0.21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Mine operating (loss) earnings</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(12,378)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">33,934</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>29,443</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">112,564</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Mine operating earnings (Excludes NRV Adj.)<SUP> (2)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>3,036</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">25,262</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>57,184</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">108,007</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Net cash generated from operating activities</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>38,345</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">40,730</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>123,365</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">73,450</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Net cash generated from operating activities per share</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>0.25</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">0.27</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>0.81</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">0.48</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Capital spending</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>27,925</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">41,708</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>101,630</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">125,732</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Dividends paid</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>18,939</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">18,926</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>56,817</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">56,874</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Shares repurchased</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">6,740</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Cash and short-term investments</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>377,488</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">421,014</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>377,488</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">421,014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Working capital<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>606,923</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">699,344</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>606,923</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">699,344</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Consolidated Metal Production</B></FONT></TD>
    <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">&nbsp;</TD>
    <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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Silver metal &ndash; million ounces</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>6.19</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">6.70</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>19.37</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">19.16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Gold metal &ndash; thousand ounces</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>34.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">41.6</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>117.6</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">103.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Zinc metal &ndash; thousand tonnes</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>10.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">10.6</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>33.3</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">30.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Lead metal &ndash; thousand tonnes</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>3.5</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">3.4</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>11.1</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">10.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Copper metal &ndash; thousand tonnes</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>2.4</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">1.5</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>6.0</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">3.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Average Realized Price</B></FONT></TD>
    <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">&nbsp;</TD>
    <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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Silver metal ($/oz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>18.82</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">20.52</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>19.47</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">24.31</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Gold metal ($/oz)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>1,284</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">1,319</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>1,286</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">1,443</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Consolidated Cost per Ounce of Silver (net of by-product credits)</B><SUP> (4)</SUP></FONT></TD>
    <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">&nbsp;</TD>
    <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">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Cash cost per ounce</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>12.29</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">10.40</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>10.83</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">11.25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Total production cost per ounce</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>17.55</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">16.85</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>17.05</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">17.27</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>All-in Sustaining Cost per Silver Ounce Sold (net of by-product credits)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>20.50</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">16.26</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>18.02</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">18.86</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>All-in Sustaining Cost per Silver Ounce Sold (Excludes NRV Adjustment)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>18.03</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">17.51</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>16.57</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">18.62</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Payable ounces of silver (used in cost per ounce calculations) &ndash; million ounces</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>5.84</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">6.35</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">18.33</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">18.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="9" STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><SUP>(1) </SUP>Adjusted (loss) earnings and adjusted (loss) earnings per share attributable to common shareholders are Non-GAAP measures. Adjusted (loss) earnings</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">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</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss on commodity contracts, net</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">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</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">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 STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 8pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: center"><B>Three months ended</B></P>
        <P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: center"><B>September 30,</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Nine months ended </B></FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif"><B>September 30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Adjusted (loss) Earnings Reconciliation</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">2013</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Net (loss) earnings for the period</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(20,177)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">14,236</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(19,096)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(152,783)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust derivative gain</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(2,242)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(1,333)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(1,600)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(15,466)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust impairment of mineral property</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">203,443</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust unrealized foreign exchange losses</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>2,577</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(7,830)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>4,652</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(266)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust net realizable value of inventory</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>8,482</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">-</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>25,596</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">-</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust unrealized gain on commodity contracts</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">388</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(235)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust loss on silver and gold forward contract</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">6,254</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">6,254</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust severance expense</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">617</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>-</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">617</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust gain on sale of assets</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>129</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(135)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(200)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(8,099)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif">Adjust for effect of taxes </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(3,031)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(43)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(8,970)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">(1,338)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Adjusted (loss) earnings for the period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(14,262)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">12,154</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>382</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">32,127</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Weighted average shares for the period</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>151,506</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">151,411</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>151,503</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">151,525</FONT></TD></TR>
<TR>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>Adjusted (loss) earnings per share for the period</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><B>(0.09)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">0.08</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif"><B>0.00</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font: 8pt Arial,sans-serif">0.21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="9" STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><SUP>(2)</SUP> Mine operating (loss) earnings &ndash; excluding NRV Adjustment is a Non-GAAP measure. The Company uses this measure to reflect the real cost of production by removing</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">the effects of short term and volatile commodity price fluctuations.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><SUP>(3)</SUP> Working capital is a Non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">whether the Company is able to meet its current obligations using its current assets.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding: 1.5pt; font-family: Arial,sans-serif"><FONT STYLE="font: 8pt Arial,sans-serif"><SUP>(4)</SUP> 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,</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">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</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">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</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">performance. Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">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</FONT><BR>
<FONT STYLE="font: 8pt Arial,sans-serif">other entities. </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">%CIK: 0000771992</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><B>For further information:</B> Kettina Cordero, Manager, Investor Relations,
(604) 684-1175, ir@panamericansilver.com, www.panamericansilver.com</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 9.75pt 0">CNW 23:23e 13-NOV-14</P>



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