<SEC-DOCUMENT>0001279569-15-001005.txt : 20150512
<SEC-HEADER>0001279569-15-001005.hdr.sgml : 20150512
<ACCEPTANCE-DATETIME>20150511214206
ACCESSION NUMBER:		0001279569-15-001005
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150511
FILED AS OF DATE:		20150512
DATE AS OF CHANGE:		20150511

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:		15852625

	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>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<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"><B>May<FONT STYLE="font-family: Times New Roman, Times, Serif">
11, 2015</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">_____________________</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>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<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">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><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:   May 11, 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>KEENAN HOHOL</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">Keenan Hohol</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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<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>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 8%; border-bottom: black 1pt solid; text-align: center; vertical-align: top"><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  May 11, 2015 -</FONT> Pan American Silver to Proceed with Dolores Pulp Agglomeration and Underground Expansion Project</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>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 11, 2015
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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 to Proceed with Dolores Pulp Agglomeration
and Underground Expansion Project</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-align: center"><B>(All amounts in US$ except unless otherwise
indicated)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, May 11, 2015 /CNW/ -<B>&nbsp;Pan American Silver
Corp.</B> (NASDAQ: PAAS; TSX: PAA) (&quot;Pan American&quot;, or the &quot;Company&quot;) today announced that its Board of Directors&nbsp;has
approved the investment of $112.4 million required to expand its Dolores mine in Chihuahua, Mexico, by adding a milling and pulp
agglomeration circuit to improve silver and gold recoveries, as well as by developing an underground mine to extract mineral resources
that exist beneath and to the south of the ultimate open pit (the &quot;Project&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on the Project, Geoff Burns, CEO of Pan American
said, &quot;I am very pleased that our Board of Directors has approved the investment required to expand our Dolores mine. The
Project is a low risk, modest cost, organic growth opportunity at a property that we know very well and where we already have a
proven and capable operating team. Furthermore, it should yield excellent returns at both our reserve prices and at current prices
for silver and gold.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In its news release dated June 23, 2014, Pan American announced
positive results of a preliminary economic assessment (&quot;PEA&quot;), which indicated that the Project had the potential to
generate excellent after-tax economic returns at metal prices of $22 per silver ounce and $1,300 per gold ounce. &nbsp;A decision
on whether or not to proceed with the Project was deferred at that time, in order to further de-risk the project. Over the last
10 months the Company has refined the metallurgical, capital and operating cost estimates, and gained further confidence in the
performance of the mine's mineral resource model.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The economic model for the Project has been updated to recognize
current economic conditions, including lower costs for reagents and diesel and favorable movements in the Mexican Peso vs US Dollar
exchange rate, partially offset by modestly increased capital cost estimates for the construction of the pulp agglomeration plant,
the underground mine and additional leach pad capacity.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border: black 1pt solid">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">40% increase in the average annual silver production during the first
        five years from 4.5 million to 6.3 million ounces of silver </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">52% increase in the estimated annual gold production during the same
        period from 135,100 to 205,700 ounces </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Increased life of mine metal production to 50 million ounces of silver
        and 1.5 million ounces of gold, from 41 million ounces of silver and 1.3 million ounces of gold </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Construction of a 5,600 tonnes per day pulp agglomeration plant to
        treat the high grade portion of the mine production, increasing the overall processing rate to 20,000 tonnes per day from the current
        16,500 tonnes per day </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18% increase in estimated silver recovery and a 13% increase in estimated
        gold recovery for the high grade ore processed through the pulp agglomeration plant </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Development of a 1,500 tonnes per day mechanized underground mine beneath
        and to the south of the ultimate open pit to provide supplemental high grade feed to the pulp agglomeration plant </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Incremental initial capital has been estimated at $112.4 million, comprised
        of $73.0 million for the pulp agglomeration plant and $39.4 million for the underground mine </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Estimated after-tax net present value (NPV)<SUP>(2) </SUP>of the incremental
        cash flow at an 8% discount of $46 million, with an internal rate of return of 35% and a capital payback period of 23 months, using
        current reserve metal prices of $18.50 per ounce of silver and $1,250 per ounce of gold </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">At long term metal prices of $20 per ounce of silver and $1,350 per
        ounce of gold, the estimated NPV at an 8% discount is $65 million, while the estimated internal rate of return is 43% </FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per ounce of silver, net of by-product credits<SUP>(3)</SUP>,
        is estimated to average a negative ($11.28) over the first five years and a negative ($8.46) over the life of mine</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><SUP>(1)</SUP> The net present value (&quot;NPV&quot;) is
calculated based on the differential cash flow from expanding the mine versus status quo.<BR>
<SUP>(2)</SUP> Cash costs per ounce of silver, net of by-product credits, is a non-GAAP measure. Cash costs per ounce does not
have a standardized meaning prescribed by IFRS as an indicator of performance. Investors are cautioned that cash costs per ounce
should not be construed as an alternative to production costs, depreciation, and amortization, and royalties determined in accordance
with IFRS as an indicator of performance. The Company's method of calculating cash costs per ounce may differ from the methods
used by other entities, and accordingly, the Company's cash costs per ounce may not be comparable to similarly titled measures
used by other entities. Please refer to the section &quot;Alternative Performance (non-GAAP) Measures&quot; in the Company's Managements
Discussion &amp; Analysis for the quarter ended March 31, 2015, for a detailed description of the cash cost calculation, details
of the Company's by-product credits and a reconciliation of this measure to the unaudited condensed interim consolidated financial
statements for the three months ended March 31, 2015 and 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Burns added, &quot;The Dolores Expansion Project, coupled
with our La Colorada expansion that is well underway, should allow us to maintain and even increase our consolidated production
profile for silver and gold even as the final reserves are exhausted at our highly successful Alamo Dorado mine over the next couple
of years.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The results of the PEA are preliminary in nature in that they
include inferred mineral resources that are considered too geologically speculative to have the economic considerations applied
to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
Mineral resources that are not mineral reserves have no demonstrated economic viability.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The scope of the Project remains virtually unchanged from
the PEA dated effective May 31, 2014, with construction of a 5,600 tpd pulp agglomeration plant estimated over a period of approximately
18 months and development of a 1,500 tpd underground mine over the next 24 months. Upon Project completion, Dolores' total heap
ore placement rate will increase from today's 16,500 tpd to approximately 20,000 tpd, in time to capitalize and improve overall
recovery rates from the higher grade material that exists deeper in the deposit and which we have scheduled to be mined starting
in 2017 as pre-stripping waste mining continues to advance at a satisfactory pace. The higher grade material from the open pit
and underground will be ground and cement agglomerated with the crushed lower grade portion of the open pit mined material and
together conveyed to the heap leach pad for leaching. The Project contemplates commissioning the pulp agglomeration plant at the
beginning of 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Underground development of the mine access ramp has already
started and will continue through 2017 to access the high grade material, with underground production expected to reach capacity
of 1,500 tpd in 2018. A mechanized and highly-efficient open stoping mining method is planned in order to take advantage of the
anticipated good ground conditions, based on the geotechnical studies conducted on our available drill core in the area of the
mineralized zones.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The pulp agglomeration plant will allow the Company to harvest
increased silver and gold recoveries of 18% and 13%, respectively for the high-grade material fed to the pulp agglomeration plant.
In addition the time required for ultimate silver recovery will be reduced from 6 years to 2 years and the time for ultimate gold
recovery will be reduced from 3 years to 1 year for all material processed through the pulp agglomeration plant.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">After Project completion, annual silver production will increase
approximately 40% to 6.3 million ounces and gold production will rise approximately 52% to 205,700 ounces for the first five years.
Life of mine, the Project will boost silver production by approximately 8.9 million ounces and gold production by 257,400 ounces.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Cost savings currently being realized and the increased production
rates from the addition of the pulp agglomeration plant and underground mine will significantly reduce operating unit costs. These
unit cost savings will drive cash costs per ounce down 63% to a negative $(11.28) per silver ounce, net of by-product gold credits
for the first five years of operation, and 13% to a negative $(8.46) over the life of the project when compared to continuing with
the existing open pit and heap leach circuit.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The new initial capital investment has been estimated at $112.4
million, $7.9 million higher than the original estimate disclosed in the PEA, primarily due to some necessary scope additions.
The pulp agglomeration plant will require an investment of $73 million, while underground mine development and construction is
estimated to be $39.4 million.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Sustaining capital costs over life-of-mine are estimated at
$173.9 million, $3.6 million higher than the original estimate disclosed in the PEA, primarily due to anticipated increases in
heap leach pad construction cost estimates, offset by reduced underground tonnages (due to lower metal prices and a deeper ultimate
pit design). The differential sustaining capital over the life of the mine is now $42.5 million versus the differential capital
in the PEA of $51.5 million.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Project's estimated life-of-mine internal rate of return
(&quot;IRR&quot;), NPV and payback period at the different price scenarios used is detailed in the following table:</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 STYLE="border: black 1pt solid; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Scenario</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>IRR</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>NPV @ 8%</B></FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Payback Period</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">Low Case (Ag $17.00/oz, Au $1,150/oz)</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">$28 million</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">26 months</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">Base Case (Ag $18.50/oz, Au $1,250/oz) </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">$46 million</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">23 months</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">High Case (Ag $20.00/oz, Au $1,350/oz</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">43%</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">$65 million</FONT></TD>
    <TD STYLE="border: black 1pt solid; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">21 months</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company believes that Dolores' expansion provides a healthy
IRR at the Company's current long-term reserve prices and can be entirely financed using its current balance sheet. The Project
is considered relatively low-risk given it is an organic growth project of a stable operating asset in Mexico, at a time when industry
costs are trending downward, particularly in engineering, equipment procurement and construction contracting for the execution
of the Project.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Technical information contained in this news release with
respect to Pan American has been reviewed and approved by Michael Steinmann, P.Geo., President, Martin Wafforn, P.Eng., VP Technical
Services, and Americo Delgado, P.Eng., Director Metallurgy, who are Qualified Persons for the purposes of National Instrument 43-101
- Standards of Disclosure for Mineral Projects (''NI 43-101''). For further technical information relating to the Project, please
refer the NI 43-101 technical report entitled &quot;Technical Report for the Dolores Property, Chihuahua, Mexico - Preliminary
Economic Assessment of a Pulp Agglomeration Treatment and Underground Option&quot; with an effective date of May 31, 2014, filed
on SEDAR at www.sedar.com. </I></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE CANADIAN SECURITIES LAWS.&nbsp;ALL
STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS.&nbsp;WHEN USED IN THIS NEWS RELEASE THE WORDS,
&quot;ESTIMATES&quot;, &quot;EXPECTS&quot;, &quot;PROJECTS&quot;, &quot;PLANS&quot;, &quot;CONTEMPLATES&quot;, &quot;CALCULATES&quot;,
&quot;OBJECTIVE&quot;, &quot;POTENTIAL&quot; &quot;WILL&quot; AND OTHER SIMILAR WORDS AND EXPRESSIONS&nbsp;IDENTIFY FORWARD-LOOKING
STATEMENTS OR INFORMATION.&nbsp;THESE FORWARD-LOOKING STATEMENTS OR INFORMATION RELATE TO, AMONG OTHER THINGS: THE SUCCESSFUL EXPANSION
OF THE DOLORES MINE; THE RESULTS OF THE PEA, INCLUDING FORECASTS OF IRR,&nbsp; CAPITAL, SUSTAINING AND OPERATING COSTS, AND PAYBACK
PERIOD; FUTURE PRODUCTION OF SILVER AND GOLD AND THE TIMING AND RATES FOR SUCH PRODUCTION; MINE-LIFE OF THE DOLORES MINE; EXPECTED
MINING AND PROCESSING RATES; FUTURE CASH COSTS PER OUNCE OF SILVER; THE PRICE OF SILVER AND GOLD; THE SUFFICIENCY OF PAN AMERICAN'S
CURRENT WORKING CAPITAL, ANTICIPATED OPERATING CASH FLOW OR ITS ABILITY TO RAISE NECESSARY FUNDS; THE CAPITAL NECESSARY TO EXPAND
THE DOLORES MINE AND THE TIME-LINE FOR ANY SUCH EXPANSION WORK; THE ACCURACY OF MINERAL RESOURCE AND RESERVE ESTIMATES; THE ESTIMATE
OF METALLURGICAL RECOVERIES FOR SILVER AND GOLD; THE ESTIMATED COST OF SUSTAINING CAPITAL; AND ONGOING OR FUTURE DEVELOPMENT PLANS
AND CAPITAL REPLACEMENT, IMPROVEMENT OR REMEDIATION PROGRAMS.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>THESE STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO
FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE, ARE INHERENTLY
SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES.&nbsp;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 ASSUMPTIONS
AND ESTIMATES HAVE BEEN MADE BASED ON OR RELATED TO MANY OF THESE FACTORS.&nbsp;SUCH FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS
IN PRICES FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES AND INPUTS (SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY);
THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS;
AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION &quot;RISKS RELATED TO PAN AMERICAN'S BUSINESS&quot; IN PAN AMERICAN'S MOST RECENT
FORM 40F AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN SECURITIES REGULATORY
AUTHORITIES.&nbsp;INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS.&nbsp;ALTHOUGH
PAN AMERICAN 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.&nbsp;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><I>NOTE FOR US INVESTORS</I></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 SECURITIES LAWS, WHICH DIFFER FROM THE REQUIREMENTS OF U.S. SECURITIES LAWS.&nbsp;UNLESS OTHERWISE
INDICATED, ALL ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN BASED UPON MINERAL RESOURCE ESTIMATES PREPARED IN ACCORDANCE WITH
CANADIAN NI 43-101 AND THE CANADIAN INSTITUTE OF MINING, METALLURGY AND PETROLEUM CLASSIFICATION SYSTEM.&nbsp;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, AND MINERAL 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, ESTIMATES INCLUDED IN THIS NEWS
RELEASE HAVE BEEN BASED UPON ''INDICATED RESOURCES'' AND ''INFERRED RESOURCES''.&nbsp;U.S. INVESTORS ARE ADVISED THAT, WHILE SUCH
TERMS ARE RECOGNIZED AND REQUIRED BY CANADIAN SECURITIES LAWS, THE SEC DOES NOT RECOGNIZE THEM.&nbsp;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.&nbsp;U.S. INVESTORS ARE CAUTIONED NOT TO ASSUME THAT
ANY PART OF AN &quot;INDICATED RESOURCE&quot; WILL EVER BE CONVERTED INTO A &quot;RESERVE&quot;.&nbsp;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.&nbsp;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.&nbsp;UNDER CANADIAN SECURITIES LAWS, ESTIMATED
&quot;INFERRED RESOURCES&quot; MAY NOT FORM THE BASIS OF FEASIBILITY OR PRE-FEASIBILITY STUDIES EXCEPT IN RARE CASES.&nbsp; DISCLOSURE
OF &quot;CONTAINED OUNCES&quot; IN A MINERAL RESOURCE IS PERMITTED DISCLOSURE UNDER CANADIAN SECURITIES LAWS.&nbsp;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: 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B> Kettina Cordero, Manager, Investor
Relations, (604) 684-1175,ir@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 21:30e 11-MAY-15</P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
