<SEC-DOCUMENT>0001279569-15-000282.txt : 20150219
<SEC-HEADER>0001279569-15-000282.hdr.sgml : 20150219
<ACCEPTANCE-DATETIME>20150219075158
ACCESSION NUMBER:		0001279569-15-000282
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150218
FILED AS OF DATE:		20150219
DATE AS OF CHANGE:		20150219

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:		15630247

	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%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>February
18, 2015</B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 20-F</FONT></TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 40-F</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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). _____</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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): ____</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Yes</FONT></TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;No</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
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    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pan American Silver
    Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: February 18, 2015</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/&nbsp;<B><I>ROBERT
    PIROOZ</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Robert
        Pirooz</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">General Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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<TR>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit</FONT></TD>
    <TD STYLE="width: 4%; padding-bottom: 0.75pt"></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;99.1</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News Release dated February 18, 2015 -</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
    Pan American Silver Reports Updated Silver Mineral Reserves and Resources</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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



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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 18, 2015
<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: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pan American Silver Reports Updated Silver Mineral Reserves and
Resources</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">(All amounts in US dollars unless otherwise stated and all
production figures are approximate)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Feb. 18, 2015 /CNW/ -<B>&nbsp;Pan American Silver
Corp.</B> (PAAS: NASDAQ; PAA: TSX) (&quot;Pan American&quot; or the &quot;Company&quot;) today reported on its December 31, 2014
mineral reserves and resources. Pan American's mineral reserves are estimated to contain 300 million ounces of silver and 2.32
million ounces of gold, down from the 323.5 million ounces of silver and 2.49 million ounces of gold reported a year ago. The Company
used long term metal prices assumptions of $18.50 per ounce of silver and $1,250 per ounce of gold to estimate its current reserves,
both lower than the long term prices used at the end of 2013. At the same time, the Company reported that its measured and indicated
silver mineral resources increased 2% to 731 million ounces, while measured and indicated gold mineral resources increased 13%
to 1.8 million ounces.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The following table illustrates the changes in Pan American's
estimated silver mineral reserves, year-over-year:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Silver mineral reserves as of December 31, 2013<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">323.5 million ounces</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less: Contained silver ounces mined during 2014</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(32.9) million ounces</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Less:&nbsp;Contained silver ounces recategorized</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(20.1) million ounces</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Plus: Contained silver ounces discovered by exploration during 2014 &nbsp;</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">29.4 million ounces</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Proven &amp; probable silver mineral reserves as of December 31, 2014<SUP>(2)</SUP> </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>299.9 million ounces</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Prices used to estimate mineral reserves for 2013 were $22.00 per ounce of silver, $1,300 per ounce of gold, $1,950 per tonne of lead, $1,850 per tonne of zinc, and $6,800 per tonne of copper.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>(2) </SUP></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Prices used to estimate mineral reserves for 2014 were $18.50 per ounce of silver, $1,250 per ounce of gold, $2,000 per tonne of lead, $2,000 per tonne of zinc, and $6,800 per tonne of copper, except for at Alamo Dorado due to its limited remaining mine life, where metal prices of $17.00 per ounce of silver and $1,200 per ounce of gold were used.</FONT></TD></TR>
<TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">Commenting on last year's exploration
results, Michael Steinmann, Executive Vice President Corporate Development and Geology said, &quot;2014 was another successful
exploration year as Pan American spent $16.62 million on mine-site exploration and completed over 152.5 kilometers of diamond drilling.
Through these exploration activities, the Company discovered approximately 29.6&nbsp;million ounces of new silver mineral reserves,
while at the same time depleting&nbsp;32.9 million ounces of contained silver through production and re-categorizing&nbsp;20.1
million ounces of silver, primarily due to lower prices. Steinmann continued, &quot;It is worth noting that while reserves declined
modestly, the average reserve silver grade increased by 4.1% and average reserve gold grade rose by 5.5%.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">During the last 11 years, our mine-site
exploration efforts have been highly successful having added over 279 million ounces of silver to our mineral reserves, excluding
acquisitions, more than replacing the 257.5 million ounces of silver mined in that same period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: justify">The La Colorada mine, which holds Pan
American's largest reserves, once again returned outstanding exploration results in 2014 with a net addition of 5.5 million ounces
to finish the year with a record of 86 million ounces of silver mineral reserves, a 6% increase year-on-year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Exploration activities were restricted in certain areas at
La&nbsp;Colorada due to the development work for the mine expansion. These restrictions will continue through 2017. Once development
work is completed, it is expected that exploration efforts at La&nbsp;Colorada will return to higher yields. In the past six years,
Pan American has discovered approximately 100 million ounces of new silver mineral reserves at La Colorada, mainly in the sulphide
mineralization of the NC2 and Amolillo veins. Widely spaced, deep drilling indicates that both structures potentially extend far
beyond the current mineral reserves and these zones will continue to be targeted in the Company's exploration plans after the mine
expansion is completed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The San Vicente mine replaced all of the 4.5 million ounces
of silver mined during 2014 and added another 0.9 million ounces of new reserves. As expected, lower precious metal price assumptions
and depletion from 2014 production more than offset reserve additions at Dolores, Huaron, and Morococha. Net of 2014 production
and exploration additions, reserves at Dolores declined by 0.8 million ounces of silver and increased by 52,000 ounces of gold,
due to pit optimization. At Huaron, mineral reserves declined by 0.9 million ounces of silver and at Morococha reserves declined
by a modest 0.2 million ounces.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The largest change was at Manantial Espejo, where silver reserves
declined by 3.4 million ounces and gold diminished by 44,000 ounces. These ounces have been moved from mineral reserves to mineral
resources due to lower metal prices and may be re-classified should metal prices or cost environment improve.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In 2015, Pan American expects to invest $10.0 million to complete
approximately 83 kilometers of diamond drilling at its seven operating mines. In addition, the Company also plans to spend $2.1
million on greenfield exploration activities at selected projects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Complete mineral reserve and resource information for all
metals, including tonnage and grades is available at www.panamericansilver.com.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Complete silver and gold mineral reserve and resource information
at December 31, 2014 is shown in the following tables:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>MINERAL RESERVES &ndash; PROVEN AND PROBABLE</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Property</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Classification</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Tonnes</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Mt)</P></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ag (g/t)</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Contained</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Ag (Moz)</P></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Au g/t)</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Contained <U>Au </U>(000's oz)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Huaron</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">165</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">34.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.2</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">166</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22.6</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha (92.3%) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">181</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">202</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Colorada</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">427</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.33</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">31.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">364</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">45.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.37</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">45.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28.1</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">32</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.91</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">820.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">31.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">35</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">35.6</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.88</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">897.3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo Dorado</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">60</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.25</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22.6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.6</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">84</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.61</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Bolsa</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.1</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.67</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">203.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.2</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.57</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">113.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial Espejo</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Argentina</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">123</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.82</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">141.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">193</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.2</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.08</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">35.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">San Vicente (95%) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Bolivia</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">460</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">425</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTALS <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Proven + Probable</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>106.9</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>87</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>299.9</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.82</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,322.5</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>MINERAL RESOURCES &ndash; MEASURED AND INDICATED</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Property</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Location</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Classification </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Tonnes</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Mt)</P></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ag (g/t)</FONT></TD>
    <TD NOWRAP STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Contained</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ag (Moz<U>)</U></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Au (g/t)</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Contained <U>Au </U>(000's oz)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Huaron</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.1</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">155</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">161</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha (92.3%) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">125</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.1</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">163</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Colorada</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">153</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.13</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">222</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.2</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.23</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.27</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">116.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.63</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">445.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo Dorado</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.2</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">50</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.23</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">79</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.39</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">12.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Bolsa</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">11</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.90</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">31.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.1</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.50</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">59.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial Espejo</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Argentina</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">66</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.79</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">70.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">113</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.50</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">97.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">San Vicente (95%) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Bolivia</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.6</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">169</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">156</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Navidad</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Argentina</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">15.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">137</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">67.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">139.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">126</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">564.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pico Machay</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Measured</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.91</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">137.5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">5.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.67</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">127.1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Calcatreu</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Argentina</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Indicated</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.6</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.63</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">676.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTALS <SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Measured + Indicated</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>230.4</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>104</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>731.5</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.82</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,800.6</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>MINERAL RESOURCES &ndash; INFERRED</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Property</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Classification</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Tonnes</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Mt)</P></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ag (g/t)</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Contained</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Ag (Moz)</P></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Au (g/t)</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Contained Au (000's oz)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Huaron</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">154</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Morococha (92.3%) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">6.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">247</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">51.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Colorada</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">251</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">27.5</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.51</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">55.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Dolores</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">28</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.05</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">164.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Alamo Dorado</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">41</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.65</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">La Bolsa</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mexico</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.51</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">222.4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Manantial Espejo</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Argentina</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.3</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">129</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.1</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.98</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16.8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">San Vicente (95%) <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Bolivia</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.0</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">366</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">34.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Navidad</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Argentina</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">45.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">81</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">119.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pico Machay</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Peru</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.58</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">445.7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Calcatreu</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Argentina</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3.4</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.06</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">226.0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTALS <SUP>(2) </SUP></B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Inferred</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>113.3</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>99</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>285.5</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.71</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,130.8</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>HISTORICAL ESTIMATES</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Property</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Location </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Unclassified</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Tonnes</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Mt)</P></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Ag (g/t)</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Contained</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Ag (Moz)</P></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Au (g/t)</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Contained Au</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(000's oz)</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Hog Heaven <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">USA</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Historical <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">167</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14.6</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.62</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">53.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Hog Heaven <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">USA</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Historical <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">7.6</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">133</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">32.7</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.70</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">171.9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Waterloo <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">USA</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Historical </FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">33.8</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">93</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">100.9</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">N/A</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TOTALS <SUP>(2)</SUP> </B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Historical</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>44.1</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>104</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>148.2</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>0.68</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>225.8</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Notes:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mineral reserves and resources are as defined by the Canadian Institute of Mining, Metallurgy&nbsp;and Petroleum. </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mineral resources that are not mineral reserves have no demonstrated economic viability. </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pan American does not expect these mineral reserve and resource estimates to be materially affected by metallurgical, environmental, permitting, legal, taxation, socio-economic, political, and marketing or other relevant issues.</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">See the Company's Annual Information Form dated March 28, 2014 for more information concerning associated QA/QC and data verification matters, the key assumptions, parameters and methods used by the Company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of the Company's mineral reserves and resources. </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Grades are shown as contained metal before mill recoveries are applied.</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Pan American reports mineral resources and mineral reserves separately. Reported mineral resources do not include amounts identified as mineral reserves.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Metal prices used for reserves at all mines were: $18.50 per ounce of silver, $1,250 per ounce of gold, $2,000 per tonne of lead, $2,000 per tonne of zinc, and $6,800 per tonne of copper., except at Alamo Dorado due to its limited remaining mine life, where metal prices of $17.00 per ounce of silver and $1,200 per ounce of gold were used.</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Metal prices for Dolores and Alamo Dorado resources were $30 per ounce of silver and $1,400 per ounce of gold.</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Metal prices for Manantial Espejo mineral resources were $30.00 per ounce of silver and $1,800 per ounce of gold.</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Metal prices used for Navidad were $12.52 per ounce of silver and $1,100 per tonne of lead.</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Metal prices used for Calcatreu were $12.50 per ounce of silver and $650 per ounce of gold</FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Metal prices used for La Bolsa were $14.00 per ounce of silver and $825 per ounce of gold.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>1</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">This information represents the portion of mineral reserves and resources attributable to Pan American based on its ownership interest in the operating entity as indicated. </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>2</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Totals may not add-up due to rounding.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>3</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The historical estimate for Hog Heaven was prepared by Gregory Hahn, Chief Geological Engineer for CoCa Mines Inc., a previous owner of the property, in a report titled &quot;Hog Heaven Project Optimization Study&quot; dated May 1989, prior to implementation of NI 43-101. The historical estimate was based on extensive diamond drilling, and was estimated using a silver price of $6.50 per ounce and a gold price of $400 per ounce (these were relevant prices at the time of the estimate). Michael Steinmann, P.Geo, has reviewed the available data, including drill sections, surface maps, and additional supporting information sources, and believes that the historic estimate was conducted in a professional and competent manner and is relevant for the purposes of the Company's decision to maintain its interest in this property. In the study, the historic estimate was sub-categorized as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP 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; text-decoration: underline"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><U>Category</U></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><U>Tons</U></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><U>oz/ton Ag</U></FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-decoration: underline"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><U>oz/ton Au</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proven Reserves</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,981,690</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.88</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.018</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Probable &amp; Possible Reserves</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">904,200</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">10.40</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Heap leach ore</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">316,100</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1.56</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Possible Resources</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,500,000</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2.41</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP 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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Inferred Resources</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,700,000</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4.44</FONT></TD>
    <TD NOWRAP STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">0.022</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<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></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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">However, the Company has not completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as current, NI 43-101-compliant mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should not be relied upon.</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></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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The Company believes that the historical estimate category of &quot;proven reserves&quot; for Hog Heaven most closely corresponds to 2,705,000 tonnes in the CIM definition category of &quot;indicated mineral resources&quot;.</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></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"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The Company believes that the historical estimate categories of &quot;proven &amp; possible reserves&quot;, &quot;heap leach ore stockpile&quot;, &quot;possible resources&quot; and &quot;inferred resources&quot; most closely correspond to 7,639,000 tonnes in the CIM definition category of &quot;inferred mineral resources&quot;.</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></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><SUP>4</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The historical estimate for Waterloo was initially prepared by Asarco Inc. in 1968. In September 1994 Robert J. Rodger, P.Eng., reviewed the Asarco reports and prepared a Technical Evaluation Report on the Waterloo property, prior to the implementation of NI 43-101. The Technical Evaluation Report confirmed that the historical estimate was based on reverse circulation drilling and underground sampling, and concluded the estimate was based on sound methodology. The historical estimate at Waterloo was prepared using a silver price of $5.00 per ounce (the relevant price at the time of the estimate). Michael Steinmann, P.Geo., has reviewed the Technical Evaluation Report and believes the historic estimate was conducted in a professional and competent manner and is relevant for purposes of the Company's decision to maintain its interest in the property. The Company believes that the historical estimate category of 37,235,000 tons (at 2.71 ounces per ton silver) of &quot;measured and indicated reserves&quot; most closely corresponds to 33,758,000 tonnes in the CIM definition category of &quot;indicated mineral resource&quot;. However, the Company has not completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the historical estimate as current, NI 43-101 compliant mineral resources based on information prepared by or under the supervision of a QP. These historical estimates should not be relied upon.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Mineral resource and reserve estimates for Huaron, Morococha,
La Colorada, Dolores, Alamo Dorado, Manantial Espejo, San Vicente, La Bolsa, Pico Machay, and Calcatreu were prepared under the
supervision of, or were reviewed by Michael Steinmann, P. Geo., Executive Vice-President Corporate Development and Geology and
Martin G. Wafforn, P. Eng., Vice-President Technical Services, each of whom are Qualified Persons as that term is defined in National
Instrument 43-101 (&quot;NI 43-101&quot;). Navidad mineral resource estimates were prepared by Pamela De Mark, P. Geo., Director,
Resources, formerly Sr. Consultant of Snowden Mining Industry Consultants, also a Qualified Person as that term is defined in NI
43-101. Mineral resource estimates for Hog Heaven and Waterloo are based on historical third party estimates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Michael Steinmann and Martin Wafforn, each of whom are Qualified
Persons, as the term is defined in NI 43-101, have reviewed and approved the contents of this press release.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THIS NEWS RELEASE CONTAINS &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 SECURITIES LEGISLATION.WHEN USED IN THIS NEWS RELEASE, THE WORDS &quot;BELIEVES&quot;,
&quot;EXPECTS&quot;, &quot;INTENDS&quot;, &quot;PLANS&quot;, &quot;TARGETS&quot;, &quot;POTENTIAL&quot;, AND OTHER SIMILAR WORDS
AND EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION. FORWARD-LOOKING STATEMENTS AND INFORMATION EXPRESS, AS AT THE
DATE OF THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES, FORECASTS, PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS
OR RESULTS AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION TO, UPDATE SUCH FORWARD-LOOKING STATEMENTS OR INFORMATION,
OTHER THAN AS REQUIRED BY APPLICABLE LAW. SUCH FORWARD-LOOKING STATEMENTS AND INFORMATION INCLUDE, BUT ARE NOT LIMITED TO STATEMENTS
AS TO: THE ACCURACY OF ESTIMATED MINERAL RESERVES AND RESOURCES, ANTICIPATED RESULTS OF FUTURE EXPLORATION; FORECAST FUTURE PRECIOUS
METAL PRICES; AND EXPECTATIONS THAT METALLURGICAL, ENVIRONMENTAL, PERMITTING, LEGAL, TITLE, TAXATION, SOCIO-ECONOMIC, POLITICAL,
MARKETING OR OTHER ISSUES WILL NOT MATERIALLY AFFECT ESTIMATES OF MINERAL RESERVES.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH
RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE
BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.MANY
FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS,
PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS 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 SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL
GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN
BOLIVIANO VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S BUSINESS; CHANGES
IN NATIONAL AND LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA,
THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE COMPANY MAY CARRY ON BUSINESS IN THE FUTURE; RISKS
AND HAZARDS ASSOCIATED WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL
ACCIDENTS, UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES, CAVE-INS AND FLOODING); EMPLOYEE RELATIONS; RELATIONSHIPS
WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS
AND LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES
AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE PROVINCE
OF CHUBUT, ARGENTINA, WHICH DO NOT CURRENTLY ALLOW FOR THE DEVELOPMENT OF THE NAVIDAD PROJECT; DIMINISHING QUANTITIES OR GRADES
OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL CONDITIONS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANY'S
TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC
EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION IN THE
MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION
&quot;RISKS RELATED TO PAN AMERICAN'S BUSINESS&quot; IN THE COMPANY'S MOST RECENT FORM 40F AND ANNUAL INFORMATION FORM FILED WITH
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES.INVESTORS ARE CAUTIONED
AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS.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. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING
STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS
OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>CAUTIONARY NOTE TO US INVESTORS CONCERNING ESTIMATES OF
MINERAL RESERVES AND RESOURCES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THIS NEWS RELEASE HAS BEEN PREPARED IN ACCORDANCE WITH
THE REQUIREMENTS OF CANADIAN PROVINCIAL SECURITIES LAWS, WHICH DIFFER FROM THE REQUIREMENTS OF U.S. SECURITIES LAWS. UNLESS OTHERWISE
INDICATED, ALL MINERAL RESERVE AND RESOURCE ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN PREPARED IN ACCORDANCE WITH CANADIAN
NATIONAL INSTRUMENT 43-101 &ndash; STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS (''NI 43-101'') AND THE CANADIAN INSTITUTE OF MINING,
METALLURGY AND PETROLEUM CLASSIFICATION SYSTEM. NI 43-101 IS A RULE DEVELOPED BY THE CANADIAN SECURITIES ADMINISTRATORS THAT ESTABLISHES
STANDARDS FOR ALL PUBLIC DISCLOSURE AN ISSUER MAKES OF SCIENTIFIC AND TECHNICAL INFORMATION CONCERNING MINERAL PROJECTS.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CANADIAN STANDARDS, INCLUDING NI 43-101, DIFFER SIGNIFICANTLY
FROM THE REQUIREMENTS OF THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &quot;SEC&quot;), AND INFORMATION CONCERNING
MINERALIZATION, DEPOSITS, MINERAL RESERVE AND RESOURCE INFORMATION CONTAINED OR REFERRED TO HEREIN MAY NOT BE COMPARABLE TO SIMILAR
INFORMATION DISCLOSED BY U.S. COMPANIES. IN PARTICULAR, AND WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THIS PRESS RELEASE
USES THE TERMS ''MEASURED RESOURCES'', ''INDICATED RESOURCES'' AND ''INFERRED RESOURCES''. U.S. INVESTORS ARE ADVISED THAT, WHILE
SUCH TERMS ARE RECOGNIZED AND REQUIRED BY CANADIAN SECURITIES LAWS, THE SEC DOES NOT RECOGNIZE THEM. THE REQUIREMENTS OF NI 43-101
FOR IDENTIFICATION OF &quot;RESERVES&quot; ARE NOT THE SAME AS THOSE OF THE SEC, AND RESERVES REPORTED BY PAN AMERICAN IN COMPLIANCE
WITH NI 43-101 MAY NOT QUALIFY AS &quot;RESERVES&quot; UNDER SEC STANDARDS. UNDER U.S. STANDARDS, MINERALIZATION MAY NOT BE CLASSIFIED
AS A ''RESERVE'' UNLESS THE DETERMINATION HAS BEEN MADE THAT THE MINERALIZATION COULD BE ECONOMICALLY AND LEGALLY PRODUCED OR EXTRACTED
AT THE TIME THE RESERVE DETERMINATION IS MADE. U.S. INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ANY PART OF A &quot;MEASURED RESOURCE&quot;
OR &quot;INDICATED RESOURCE&quot; WILL EVER BE CONVERTED INTO A &quot;RESERVE&quot;. U.S. INVESTORS SHOULD ALSO UNDERSTAND THAT
&quot;INFERRED RESOURCES&quot; HAVE A GREAT AMOUNT OF UNCERTAINTY AS TO THEIR EXISTENCE AND GREAT UNCERTAINTY AS TO THEIR ECONOMIC
AND LEGAL FEASIBILITY. IT CANNOT BE ASSUMED THAT ALL OR ANY PART OF &quot;INFERRED RESOURCES&quot; EXIST, ARE ECONOMICALLY OR LEGALLY
MINEABLE OR WILL EVER BE UPGRADED TO A HIGHER CATEGORY. UNDER CANADIAN SECURITIES LAWS, ESTIMATED &quot;INFERRED RESOURCES&quot;
MAY NOT FORM THE BASIS OF FEASIBILITY OR PRE-FEASIBILITY STUDIES EXCEPT IN RARE CASES.DISCLOSURE OF &quot;CONTAINED OUNCES&quot;
IN A MINERAL RESOURCE IS PERMITTED DISCLOSURE UNDER CANADIAN SECURITIES LAWS. HOWEVER, THE SEC NORMALLY ONLY PERMITS ISSUERS TO
REPORT MINERALIZATION THAT DOES NOT CONSTITUTE &quot;RESERVES&quot; BY SEC STANDARDS AS IN PLACE TONNAGE AND GRADE, WITHOUT REFERENCE
TO UNIT MEASURES. ACCORDINGLY, INFORMATION CONCERNING MINERAL DEPOSITS SET FORTH HEREIN MAY NOT BE COMPARABLE WITH INFORMATION
MADE PUBLIC BY COMPANIES THAT REPORT IN ACCORDANCE WITH U.S. STANDARDS.</I></P>

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 20:45e 18-FEB-15</P>



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