<SEC-DOCUMENT>0001279569-15-001007.txt : 20150512
<SEC-HEADER>0001279569-15-001007.hdr.sgml : 20150512
<ACCEPTANCE-DATETIME>20150512073139
ACCESSION NUMBER:		0001279569-15-001007
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150511
FILED AS OF DATE:		20150512
DATE AS OF CHANGE:		20150512

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:		15852788

	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"><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>

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<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:   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>

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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>

<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 announces 2015 first quarter results and declares the second dividend of the year</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>



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 11, 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 announces 2015 first quarter results and declares
the second dividend of the year</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, May 11, 2015 /CNW/ -&nbsp;<B>Pan American Silver
Corp.</B> (NASDAQ: PAAS; TSX: PAA) (&quot;Pan American&quot;, or the &quot;Company&quot;) today reported unaudited results for
the quarter ended March 31, 2015. The following table displays the key operational and financial highlights.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">This news release should be read in conjunction with the Financial
Statements, Notes to the Financial Statements and MD&amp;A dated March 31, 2015, which have been filed on SEDAR and are available
at www.sedar.com and on the Company website at www.panamericansilver.com.</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border: black 1pt solid">
<tr style="vertical-align: bottom">
    <td style="border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>First Quarter 2015 Highlights (unaudited) <sup>(1)</sup></b></font></td></tr>
<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">Silver production of 6.08 million 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">Gold production of 37,500 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">Consolidated All-in Sustaining Costs per Silver Ounce Sold, net of
        by-product credits (&quot;AISCSOS&quot;)<sup>(2)</sup> of $14.24 </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">Consolidated cash costs<sup>(3)</sup> of $11.71 per silver ounce, net
        of by-product credits </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">Revenue of $178.1 million </font></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><font style="font: 10pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </font><font style="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating earnings of $2.6 million </font></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><font style="font: 10pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </font><font style="font: 8pt Arial, Helvetica, Sans-Serif">Cash flow generated by operating activities of $11.9 million, or $0.08
        per share </font></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><font style="font: 10pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </font><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted loss<sup>(4)</sup> of $19.9 million or $(0.13) per share</font></P></td></tr>
<tr style="vertical-align: bottom">
    <td style="border: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Financial Position at March 31, 2015</b></font></td></tr>
<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">Cash and short term investments of $292.4 million </font></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><font style="font: 10pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </font><font style="font: 8pt Arial, Helvetica, Sans-Serif">Working capital<sup>(5)</sup> of $488.5 million </font></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: -0.25in"><font style="font: 10pt Symbol">&#183;</font><font style="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </font><font style="font: 8pt Arial, Helvetica, Sans-Serif">Total debt of $65.3 million</font></P></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(1) </sup></font></td>
    <td nowrap style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Financial information in this news release is based on International Financial Reporting Standards (&quot;IFRS&quot;); results</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">are unaudited; percentages compare the first quarter of 2015 against the first quarter of 2014.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(2) </sup></font></td>
    <td nowrap style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">All-In Sustaining Costs per Silver Ounce Sold (&quot;AISCSOS&quot;) is a non-GAAP measure of a silver mining company's</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">consolidated operating performance and the ability to generate cash flow from all operations collectively. We believe</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">(sustaining capital), general and administrative expenses, as well as other items that affect the Company's</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">consolidated earnings and cash flow. Please refer to the section &quot;Alternative Performance (non-GAAP) Measures&quot;</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">in the Company's Management Discussion &amp; Analysis for the quarter ended March 31, 2015, for a detailed description</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">of the AISCSOS calculation and a reconciliation of this measure to the unaudited condensed interim consolidated</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">financial statements for the three months ended March 31, 2015 and 2014.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(3) </sup></font></td>
    <td nowrap style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Consolidated cost per ounce of silver is a non-GAAP measure. The Company believes that in addition to production</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">costs, depreciation and amortization, and royalties, cash cost per ounce is a useful and complementary benchmark</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">that investors use to evaluate the Company's performance and ability to generate cash flows and is well understood</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">and widely reported in the silver mining industry. However, cash cost per ounce does not have a standardized</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">meaning prescribed by IFRS as an indicator of performance. Investors are cautioned that cash costs per ounce</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">in accordance with IFRS as an indicator of performance. The Company's method of calculating cash costs per ounce</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">may differ from the methods used by other entities. Please refer to the section &quot;Alternative Performance (non-GAAP)</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">Measures&quot; in the Company's Managements Discussion &amp; Analysis for the quarter ended March 31, 2015, for a detailed</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">description of the cash cost calculation, details of the Company's by-product credits and a reconciliation of this measure</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">to the unaudited condensed interim consolidated financial statements for the three months ended March 31, 2015 and 2014.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(4) </sup></font></td>
    <td nowrap style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted loss and adjusted loss per share attributable to common shareholders are non-GAAP measures. Adjusted</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">(loss) earnings is calculated as net (loss) earnings for the period adjusting for the gains or losses recorded on fair</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">market value adjustments on the Company's outstanding derivative instruments, impairment of mineral property, unrealized</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">foreign exchange gains or losses, unrealized gain or loss on commodity contracts, net realizable value adjustment to long</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">term heap inventory, gain or loss on sale of assets and the effect for taxes on the above items. The Company considers</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">this measure to better reflect normalized earnings as it does not include items which may be volatile from period to period.</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">Please refer to the section &quot;Alternative Performance (non-GAAP) Measures&quot; in the Company's Managements Discussion</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">&amp; Analysis for the quarter ended March 31, 2015, for a detailed description of this measure.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(5) </sup></font></td>
    <td nowrap style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain</font><br>
<font style="font: 8pt Arial, Helvetica, Sans-Serif">investors use this information to evaluate whether the Company is able to meet its current obligations using its current assets.</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Commenting on the Company's 2015 first quarter results, Geoff
Burns, Chief Executive Officer said, &quot;We have had a reasonable start to 2015, albeit our silver and gold production were slightly
behind our forecast, which was reflected in our quarterly financial performance. Stacking and leaching of higher grade ore at Dolores
was about a month behind plan and similarly, we didn't mine some of the expected higher grade ore at Manantial Espejo until mid-April,
which was about 8 weeks later than scheduled.&quot; Burns continued, &quot;I am happy to report that both Dolores and Manantial
Espejo rebounded nicely through April and now into May, and we should be right where we expected to be by the end of the 2<SUP>nd</SUP>
quarter. Consequently, I remain totally confident that we will meet our annual production forecast of between 25.50 and 26.50 million
ounces of silver at cash costs of between $10.80 and $11.80 per ounce of silver, net of by-product credits, with AISCSOS of between
$15.50 and $16.50 per ounce.&quot;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the first quarter of 2015, Pan American generated $178.1
million in revenue, 15% less than revenue generated in the comparable quarter of 2014. The decline in sales was caused primarily
by lower metal prices and less silver ounces sold during the reporting quarter. The decline in revenue was partially offset by
higher quantities of gold and copper sold.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Inclusive of settlement adjustments on concentrate sales,
the Company realized an average price of $16.43 per silver ounce and $1,226 per gold ounce during the first quarter of 2015, which
were 18% and 4% lower than the prices realized in the first quarter of 2014, respectively. The average realized price of lead declined
to $1,671 per tonne from $2,103 a year ago, and the average realized price of copper declined to $5,386 per tonne, from $6,995
per tonne a year ago. The average realized price of zinc was relatively unchanged from the first quarter of 2014, at $2,032 per
tonne.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American generated a net loss of $19.8 million, or $(0.13)
per share, during the first quarter of 2015, compared to net income of $6.8 million, or $0.05 per share generated in the comparable
quarter of 2014. The loss was the result of lower silver sales volumes combined with lower realized metal prices, higher depreciation
charges and a $(6.4) million foreign exchange loss, partially offset by lower income taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">After adjusting for the $2.1 million unrealized portion of
the foreign exchange loss and reversing a $2 million net realizable value recovery on Dolores' heap leach inventory, the Company
recorded an adjusted loss of $19.9 million, or $(0.13) per share during the three months ended March 31, 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Cash flow from operations generated during the first quarter
of 2015 was $11.9 million or $0.08 per share, compared to $36.1 million or $0.24 per share generated in the first quarter of 2014.
The decline in quarterly revenue previously described was the primary driver behind the current quarter's decline in operating
cash flow, partially offset by $7.8 million less cash income taxes paid as compared to the first quarter of 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American posted AISCSOS of $14.24, net of by-product credits,
for the first quarter of 2015, 5% lower than AISCSOS posted for the first quarter of 2014 and well below the Company's 2015 full-year
forecast of $15.50 to $16.50, net of by-product credits. AISCSOS for the first three months of 2015 declined mainly due to lower
costs of sales as a result of lower royalties and smelting, refining, and transportation charges, as well as the forecasted reduction
in sustaining capital.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At March 30, 2015, Pan American had $292.4 million in cash
and short-term investments and working capital of $488.5 million, a decline of $38.0 and $34.2 million, respectively, as compared
to December 31, 2014. During the first quarter of 2015, the Company paid $19.0 million in cash dividends to its shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">On April 15, 2015, Pan American entered into a senior secured
revolving credit facility (the &quot;Facility&quot;) with a syndicate of eight lenders. The Facility is a US$300 million secured
revolving line of credit that matures on April 15, 2019 and is available for general corporate purposes, including organic growth
opportunities and acquisitions. The terms of the Facility provide the Company with the flexibility of various borrowing and letter
of credit options.&nbsp; No drawings have been made under the Facility to date.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American produced 6.08 million ounces of silver and 37,500
ounces of gold during the first quarter of 2015. Silver production declined 8% in comparison to silver produced in the first quarter
of 2014, primarily due to less ounces produced at Alamo Dorado and Manantial Espejo due to lower silver grades at both mines, partially
offset by more ounces produced at Huaron and La Colorada. Gold production during the reporting quarter was 37,500 ounces, 18% lower
than a year ago. Lower gold production during the reporting quarter was a result of fewer ounces produced at Manantial Espejo,
due to the delay in mining a higher grade area of the Maria pit, partially offset by more ounces produced at Dolores. The Company
expects gold production from Manantial Espejo to rise significantly in the second and third quarter of 2015 as the higher grade
ore originally scheduled to be produced in the first quarter is mined and processed over the balance of the year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the first quarter of 2015, Pan American's consolidated
copper production was 3,100 tonnes, 82% higher than copper produced in the first quarter of 2014, on account of significant increases
at the Company's Peruvian operations. Morococha's copper production grew almost three-fold due to higher grades and recoveries,
while Huaron's production rose 36% due to higher throughput and grades.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's consolidated lead production during the first
quarter of 2015 was practically unchanged from a year ago at 3,500 tonnes. In contrast, zinc production declined from 11,400 tonnes
during the first quarter of 2014 to 9,300 tonnes during the reporting quarter as a result of lower zinc grades at Morococha and
San Vicente.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the first quarter of 2015, La Colorada produced 1.26
million silver ounces at cash costs of $7.75 per ounce, net of by-product credits. Silver production rose 5% from the first quarter
of 2014 due to higher grades and this had a positive effect on cash costs, which were 5% lower due to more silver ounces produced.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the first three months of 2015, Dolores produced 1.0
million silver ounces at cash costs of $8.79 per ounce, net of by-product credits. Silver production declined 2% compared to the
first quarter of 2014 as higher silver grades were offset by lower throughput and lower recoveries due to stacking and leaching
sequencing. Cash costs declined 26% in comparison to the first quarter of 2014 as a result of higher gold by-product credits on
more gold ounces produced due to higher gold grades, partially offset by lower recoveries. Operating costs in Mexico have come
down with the effect of the weakening local currency, reduced fuel prices and decreased unit costs of certain supplies.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Alamo Dorado produced 0.69 million silver ounces during the
first quarter of 2015 at cash costs of $15.98 per ounce, net of by-product credits. As expected, silver production declined as
higher throughput was offset by lower grades given the increased proportion of lower-grade stockpile ore being fed to the plant.
Cash costs increased from $10.69 per silver ounce in the first quarter of 2014, due to consistent operating expenditures year-over-year
being offset by lower by-product credits from less ounces of gold produced and lower gold prices.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Huaron produced 0.90 million silver ounces during the first
quarter of 2015 at cash costs of $11.87 per ounce, net of by-product credits. Silver production rose 8% from the comparable period
of 2014 as a result of higher throughput and grades and slightly better recoveries. Cash costs were relatively unchanged from the
$11.93 per silver ounce posted during the first quarter of 2014, as the benefits of lower operating costs were almost completely
offset by lower by-product credits from lower zinc production, and lower copper and lead prices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Morococha produced 0.52 million silver ounces during the first
quarter of 2015 at cash costs of $17.11 per ounce, net of by-product credits. Silver production declined 13% from the first quarter
of 2014, due to lower silver grades and recoveries that were partly offset by higher throughput. A revised mine plan has been developed
that involves transitioning out of some marginal narrow veins into a newly discovered area of larger ore bodies with higher copper
grades known as the Esperanza area. This area contributed to the significant increase in copper production, from 500 tonnes in
the first quarter of 2014 to 1,500 tonnes in the reporting quarter. Cash costs during the first quarter of 2015 rose 15% from the
comparable quarter of 2014, as a consequence of higher smelting charges and lower silver production, offset by higher by-product
credits from more copper produced.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">San Vicente produced 0.97 million silver ounces during the
first quarter of 2015 at cash costs of $12.57 per ounce, net of by-product credits. Silver production was slightly lower than in
the first quarter of 2014 as a result of lower silver grades due to mine sequencing. Cash costs were practically unchanged from
the comparable period of 2014 as a consequence of lower royalties on lower prices, reduced operating, smelting and refining costs
being partially offset by lower by-product credits from less zinc produced, and lower prices.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Manantial Espejo produced 0.75 million ounces of silver during
the first quarter of 2015 at cash costs of $13.75 per ounce, net of by-product credits. Silver production was 27% lower than in
the first quarter of 2014 due to lower silver grades as lower-grade stockpiles compensated for less ore mined from the open pit
due to delays in open pit waste pre-stripping during the previous 6 months. Cash costs rose from $(4.82) during the first quarter
of 2014 to $13.75 during the first quarter of 2015 due to higher throughput being offset by lower silver grades and lower by-product
credits from less gold produced. The reduced gold production was also caused by the delayed pre-stripping described before.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American's consolidated cash costs during the first quarter
of 2015 rose to $11.71 per silver ounce, net of by-product credits, from $8.66 per silver ounce during the first quarter of 2014.
The increase was due to the combination of lower silver production and lower by-product credits on lower gold production. Cash
costs for the reporting quarter were at the high end of management's annual forecast of $10.80 to $11.80 per silver ounce, net
of by-product credits. However, management is confident that cash costs should decline in the second quarter (at current metal
prices) with Manantial Espejo rebounding nicely from the effects of the delay in pre-stripping at the Maria pit.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">During the first quarter of 2015, Pan American spent $16.6
million on sustaining capital. Dolores and Manantial Espejo spent $4.9 million each, mainly on pre-stripping activities. At Huaron,
$2.3 million was spent primarily on equipment replacement and maintenance, and on exploration. At La Colorada, $2.1 million was
used on equipment replacement and rehabilitation, exploration drilling, and on processing plant infrastructure.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition, the Company spent $8.7 million in long term project
capital to advance the La Colorada expansion, and another $8.0 million on projects at the Dolores mine, further described in the
Project Development section below. &nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At the La Colorada expansion project, activities focused on
engineering work and procurement of equipment for the new sulphide processing plant, where construction is scheduled to start in
the second quarter of 2015. In addition, drilling of the pilot hole for the new raise bore shaft reached a depth of 380 meters.
Meanwhile, work on the new shaft components, hoist, and head frame advanced as planned during the quarter with fabrication of the
new hoist now substantially complete. To prepare for the increased mine production, 500 metres of underground mine development
was completed during the first quarter. In addition, the Company continues to negotiate with local authorities for the installation
of a new 115 kV power line to the mine. To date, Pan American has invested a total of $27.7 million on the expansion project.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">At Dolores, Pan American advanced the development of the new
power line and the mobilization and commencement of the new underground access ramp as part of a just approved Dolores expansion
project. Right of way agreements for the power line have been completed and the Company has awarded construction of the project
to a local company. The Company expects to receive the final environmental permit for construction of the power line in the second
quarter and completion of the power line project is scheduled for mid-2016.&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As announced earlier today, the Company's Board of Directors
has approved the $112.4 million expansion project for the Dolores mine (the &quot;Project&quot;) (see the Company's news release
dated May 11, 2015, entitled, &quot;Pan American Silver to Proceed With Dolores Pulp Agglomeration and Underground Expansion Project&quot;).
The Project involves the construction of a 5,600 tonnes per day (&quot;tpd&quot;) pulp agglomeration plant and development of a
1,500 tpd underground mine. The Project is anticipated to be built over the next 24 months and upon completion will increase the
mine's processing capacity from today's 16,500 tpd to approximately 20,000 tpd. The underground mine will provide access to higher
grade mineralization under the current open pit design and the pulp agglomeration plant should improve overall recovery rates from
the higher grade ores when the plant is scheduled to start operations in 2017. The Project is expected to increase silver production
by approximately 40% to 6.3 million ounces, and gold production by 52% to 205,700 ounces in the first five years.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Project is also expected to provide significant operating
costs savings. Once completed, cash costs are anticipated to decline by approximately $4.37 to $(11.28) per silver ounce, net of
by-product credits for the first five years and by approximately $0.99 to $(8.46) per silver ounce, net of by-product credits over
the remaining life of the mine. The Project should provide excellent economic returns at both the Company's reserves prices for
gold and silver and at current prices.&nbsp; &nbsp;Using the Company's long-term reserve prices of $18.50 per silver ounce and
$1,250 per gold ounce thereafter, the Project is expected to yield an internal rate of return of 35% and a payback period of 23
months. Using current prices of $17.00 per silver ounce and $1,150 per gold ounce, it is anticipated that the Project would yield
an internal rate of return of 26% with a payback period of 26 months.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">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, (the
&quot;PEA&quot;) filed on SEDAR at www.sedar.com. 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>Current and Future Dividends</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Board of Directors has also approved its second quarterly
cash dividend of 2015 in the amount of $0.05 per common share. The cash dividend will be payable on or about Tuesday, June 2, 2015,
to holders of record of common shares as of the close of Friday, May 22, 2015. Pan American's dividends are designated as eligible
dividends for the purposes of the Income Tax Act (Canada</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company's decision to reduce the quarterly dividend by
60%, to $0.05 per share, is directly related to the concurrent decision to invest $112.4 million in the Dolores mine expansion
project, as well as in recognition of the current challenging silver price environment.&nbsp; The savings to the Company from lowering
the quarterly dividend payments will be redirected to funding the expansion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">As is standard practice, all future dividends will be evaluated
and determined by the Board of Directors on an ongoing basis.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pan American reaffirms its annual precious metals production
forecast of between 25.50 million and 26.50 million silver ounces, and between 165,000 ounces and 175,000 ounces of gold. Provided
metal prices remain at or near current levels, the Company also believes that it will be within its annual guidance for AISCSOS
of between $15.50 and $16.60, net of by-product credits and annual consolidated cash costs of between $10.80 and $11.80 per silver
ounce, net of by-product credits.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">In addition, the Company reaffirms its forecast for 2015 annual
sustaining capital of between $71.0 and $84.0 million. With the addition of the Dolores expansion project, the Company now expects
to invest between $111.0 million and $120.0 million in project development in 2015.</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, and Martin Wafforn, P.Eng., VP
Technical Services, who are the Company's Qualified Persons for the purposes of NI 43-101.</I></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border: black 1pt solid">
<tr>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Pan American will host a conference call to discuss these results
        on Tuesday, May 12, 2015 at 10:00 am EST (07:00 am PST). To participate in the conference, please dial toll number 1-604-638-5340.</P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="color: black">A live audio webcast and Power Point presentation
        will be available at </font><font style="color: blue">http://services.choruscall.ca/links/pan150512.html</font><font style="color: black">.&nbsp;
        The call and webcast will also be available for replay for one week after the call by dialing 1-604-638-9010 and entering code&nbsp;6218
        followed by the # sign.</font></P></td></tr>
</table>
<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 Mexico,
USA, Peru and Argentina.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE &quot;FORWARD-LOOKING STATEMENTS&quot; WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995 AND &quot;FORWARD-LOOKING INFORMATION&quot; WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES
LAWS. ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS OR INFORMATION. FORWARD-LOOKING
STATEMENTS OR INFORMATION IN THIS NEWS RELEASE RELATE TO, AMONG OTHER THINGS: THE APPROVAL OF ANY FUTURE DIVIDENDS AND THE AMOUNT
AND TIMING FOR THE SAME; OUR FORECAST PRODUCTION OF SILVER, GOLD AND OTHER METALS IN 2015; OUR FORECAST CASH COSTS PER OUNCE OF
SILVER IN 2015; OUR ESTIMATED AISCSOS FOR 2015; OUR ANTICIPATED CAPITAL INVESTMENTS FOR 2015; THE ABILITY OF THE COMPANY TO SUCCESSFULLY
COMPLETE ANY CAPITAL INVESTMENT PROGRAMS AND PROJECTS, INCLUDING THE DOLORES EXPANSION PROJECT, AND THE IMPACTS OF ANY SUCH PROGRAMS
AND PROJECTS ON THE COMPANY; AND ANY ANTICIPATED LEVEL OF FINANCIAL AND OPERATIONAL SUCCESS IN 2015.</I></P>

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

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

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Pan American Silver Corp</b>.</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Financial &amp; Operating Highlights</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td colspan="4" style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31, </b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>2014</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Consolidated Financial Highlights </b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(Unaudited in thousands of U.S. Dollars, except as noted)</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net (loss) earnings for the period</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(19,785)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">6,760</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(Loss) earnings per share attributable to common shareholders (basic)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(0.13)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">0.05</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted (loss) earnings for the period <sup>(1)</sup></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(19,907)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">12,827</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjusted (loss) earnings&nbsp;per share attributable to common shareholders (basic)<sup>(1)</sup></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(0.13)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">0.08</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Mine operating earnings</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>2,630</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">31,576</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>11,946</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">36,125</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net cash generated from operating activities per share</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>0.08</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">0.23</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Operating cash flows before changes in non-cash operating working capital </font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>7,424</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">40,198</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Capital spending</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>32,446</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">36,811</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Dividends paid</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>18,955</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">18,940</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Cash and short-term investments</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>292,449</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">394,381</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Working capital <sup>(2)</sup></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>488,453</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">680,318</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Consolidated Metal Production </b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Silver metal &ndash; million ounces</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>6.08</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">6.61</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Gold metal &ndash; thousand ounces</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>37.5</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">45.9</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Zinc metal &ndash; thousand tonnes</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>9.3</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">11.4</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Lead metal &ndash; thousand tonnes</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>3.5</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">3.6</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Copper metal &ndash; thousand tonnes</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>3.1</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">1.7</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Average Market Metal Prices</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Silver metal ($/oz)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>16.71</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">20.48</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Gold metal&nbsp; ($/oz)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>1,218</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">1,293</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="3" style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Consolidated Costs per Ounce of Silver (net of by-product credits)</b>&nbsp;</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Cash cost per payable ounce produced <sup>(3)(4)</sup></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>11.71</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">8.66</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">All-in sustaining cost per silver ounce sold <sup>(5)</sup></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>14.24</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">15.06</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Payable ounces of silver sold &ndash; million ounces</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>5.88</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">6.74</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<tr>
    <td style="vertical-align: top; padding: 1.5pt"><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">Adjusted loss and adjusted loss per share attributable to common shareholders are Non-GAAP measures. Adjusted (loss) earnings is calculated as net (loss) earnings for the period adjusting for the gains or losses recorded on fair market value adjustments on the Company's outstanding derivative instruments, impairment of mineral property, unrealized foreign exchange gains or losses, unrealized gain or loss on commodity contracts, net realizable value adjustment to long term heap inventory, gain or loss on sale of assets and the effect for taxes on the above items. The Company considers this measure to better reflect normalized earnings as it does not include items which may be volatile from period to period</font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td>
    <td colspan="4" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td>
    <td colspan="4" style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Three months ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Adjusted (loss) Earnings Reconciliation</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>2015</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">2014*</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Net (loss) earnings for the period</font></td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(19,785)</b></font></td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">6,760</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjust derivative gain</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(229)</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">99</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjust unrealized foreign exchange losses</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>2,073</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">1,704</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjust realized and unrealized gain on commodity contracts</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(544)</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">-</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjust gain on sale of mineral properties</font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(133)</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(6)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjust net realizable value of inventory </font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(2,036)</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">6,599</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Adjust for effect of taxes on above items</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>747</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">(2,329)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Adjusted (loss) earnings for the period</b></font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(19,907)</b></font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">12,827</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Weighted average shares for the period</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>151,643</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">151,500</font></td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Adjusted (loss) earnings per share for the period</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>(0.13)</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">$</font></td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif">0.08</font></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">* Beginning in Q2 2014 the Company began excluding net realizable value adjustments to long-term heap inventory from adjusted earning, certain previously reported adjusted earnings amounts have been revised to reflect this change. Adjusted earnings for the three-month period ended March 31, 2014 increased by $4,273 from the $ 8,554 earnings previously reported as result of this treatment change.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(2)</sup></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Working capital is a non-GAAP measure calculated as current assets less current liabilities. The Company and certain investors use this information to evaluate whether the Company is able to meet its current obligations using its current assets.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(3)</sup></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Consolidated cost per ounce of silver is a non-GAAP measure. The Company believes that in addition to production costs, depreciation and amortization, and royalties, cash cost per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash flows and is well understood and widely reported in the silver mining industry. However, cash cost per ounce does not have a standardized meaning prescribed by IFRS as an indicator of performance. Investors are cautioned that cash costs per ounce should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. The Company's method of calculating cash costs per ounce may differ from the methods used by other entities.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(4)</sup></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">Previously reported cash costs for the Company's Peruvian operations overstated copper by-product credits. Consolidated cash costs for 2014 have been adjusted to correct for this overstatement. The effect of these corrections on Q1 2014's cash costs was a $0.41 per ounce increase to consolidated cash.</font></td></tr>
<tr>
    <td style="vertical-align: top; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><sup>(5) </sup></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><font style="font: 8pt Arial, Helvetica, Sans-Serif">All-In Sustaining Costs per Silver Ounce Sold (&quot;AISCSOS&quot;) is a measure of a silver mining company's consolidated operating performance and the ability to generate cash flow from all operations collectively. We believe it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash and total costs per ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow.</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></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> Information Contact: 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 21:45e 11-MAY-15</P>



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