<SEC-DOCUMENT>0001279569-16-002705.txt : 20160218
<SEC-HEADER>0001279569-16-002705.hdr.sgml : 20160218
<ACCEPTANCE-DATETIME>20160218141928
ACCESSION NUMBER:		0001279569-16-002705
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160216
FILED AS OF DATE:		20160218
DATE AS OF CHANGE:		20160218

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:		161437087

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PAN AMERICAN MINERALS CORP
		DATE OF NAME CHANGE:	19950608
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>panamericansilver6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 16, 2016</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 29%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 20-F</FONT></TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Form 40-F</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 29%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Yes</FONT></TD>
    <TD STYLE="width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;No</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"></TD>
    <TD STYLE="width: 1%"></TD>
    <TD STYLE="width: 49%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Pan American Silver
    Corp.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:     February 16, 2016</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/&nbsp;<B><I>KEENAN HOHOL</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Keenan Hohol</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"></TD>
    <TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">General Counsel</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt 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: 10pt 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: 10pt 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: 10pt 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: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;99.1</FONT></TD>
    <TD></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">News Release Dated February 16, 2016 - Kootenay announces option with Pan American Silver</FONT></TD></TR></TABLE>

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


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

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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 16, 2016
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>Kootenay announces option with Pan American Silver</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0 0pt; text-align: center"><B><I>INCLUDES US$16 MILLION IN WORK AND
CASH PAYMENTS,</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><I>CDN$2.0 MILLION EQUITY INVESTMENT and a CARRIED TO PRODUCTION INTEREST</I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">VANCOUVER, Feb. 16, 2016 /CNW/ -&nbsp;<B>Kootenay Silver Inc.
(TSX.V: KTN) (&quot;Kootenay&quot;) and Pan American Silver Corp. (TSX: PAA, NASDAQ: PAAS) (&quot;Pan American&quot;) </B>are pleased
to announce that Pan American, Pan American's wholly owned subsidiary Compania Minera Dolores S.A. de C.V. (&quot;<B>Dolores</B>&quot;),
Kootenay, and Kootenay's wholly owned subsidiary Minera JM, S.A. de C.V. (&quot;<B>Minera</B>&quot;) have entered into the following
agreements:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an option agreement pursuant to which Minera will
grant Dolores an option (the &quot;<B>Option</B>&quot;) to earn a seventy-five (75%) interest in Minera's Promontorio Mineral Belt
silver properties (including the Promontorio and La Negra deposits) in consideration for: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cash payments totalling US$8,050,000 from Dolores
to Minera (the &quot;<B>Cash Payment</B>&quot;) to be made by Dolores over a four (4) year earn-in period following the execution
of the Option Agreement (the &quot;<B>Option Period</B>&quot;); and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dolores committing US$8,000,000 of exploration and
development expenditures on Minera's properties in the Promontorio Mineral Belt during the Option Period (the &quot;<B>Exploration
Payment</B>&quot;); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a subscription agreement pursuant to which Pan American
will invest CDN$2,000,000 in Kootenay by subscribing for 9,090,909 Kootenay shares at CDN$0.22 per Kootenay share (the &quot;<B>Investment</B>&quot;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Furthermore, concurrently with the closing of the Investment,
the parties anticipate entering into a property purchase option agreement pursuant to which Dolores will provide Minera with the
option to acquire up to two of its exploration properties in Mexico in return for a 2.5% net smelter return royalty on each of
the acquired properties (the &quot;<B>Exploration Grant</B>&quot; and together with the Option and the Investment, the &quot;<B>PAS
Transactions</B>&quot;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Kootenay President and CEO James McDonald stated: &quot;<I>We
are very excited to join forces to aggressively develop our Promontorio Mineral Belt assets with Pan American, one of the world's
esteemed mining companies and operators of seven silver mines in Mexico, Argentina, Peru and Bolivia. Bringing approximately US$16
million in cash payments and exploration investments and a carried interest to commercial production, along with a CDN$2 million
direct investment in Kootenay, the PAS Transactions underscore Pan American's confidence in the potential viability of La Negra
and the Promontorio Mineral Belt.&nbsp; The PAS Transactions serve as catalyst and a strong complement to our new consolidation
plan with Northair Silver, providing the amalgamation with greater financial strength and flexibility to focus on the advancement
of the La Cigarra silver asset and to pursue further potential consolidation and growth opportunities in the sector.</I>&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Michael Steinmann, Pan American President and CEO stated:
<I>&quot;Kootenay has done an excellent job exploring their large land package in the Promontorio Mineral belt, located just 190
km NW of our Alamo Dorado mine.&nbsp; La Negra is an exciting, high grade, potentially open pitable deposit, and Promontorio is
a large, lower grade silver resource, which will likely require higher metal prices or better grades to move forward. Kootenay
has already defined mineral resources at Promontorio and both deposits retain excellent exploration potential.&nbsp;&nbsp; This
is an ideal entry point for Pan American into a highly prospective mineral belt located in a preferred jurisdiction, which will
allow us to add value by utilizing our proven expertise in exploration and project development.&quot;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Northair Silver Corp. <B>(TSX.V: INM) </B>(<B>&quot;Northair&quot;</B>)
President and CEO Andrea Zaradic commented:<I> &quot;The option agreement and investment in Kootenay are major developments that
fit seamlessly within Northair's and Kootenay's new consolidated platform. &nbsp;For shareholders of Northair and Kootenay, it
provides the consolidated company with the added leverage of a healthier treasury, removes project finance uncertainty and considerable
technical risk. Equally exciting, it is an agreement that represents a pathway to commercial silver production, supported by a
world leading silver producer. &nbsp;This will put us in a position of strength and augment our ability to further consolidate
silver assets in the future.&quot;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Kootenay and Northair recently announced a business combination
to create a leading Mexican consolidator (see press releases dated January 13 and February 8, 2016).&nbsp; The Kootenay- Northair
transaction is proceeding on the same terms as previously announced, with the additional benefits stemming from the PAS Transactions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Terms of the PAS Transactions</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">To exercise the Option, Dolores is obligated to spend at least
US$1,000,000 of the Exploration Payment in the first (1<SUP>st</SUP>) year of the Option Period and at least US$2,000,000 of the
Exploration Payment on other exploration and development targets in the Promontorio Mineral Belt other than La Negra and Promontorio.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Additional details of the timing of the Cash Payment during
the Option Period are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">a)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">US$250,000 payment at the date of the Option grant;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">b)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">US$150,000 payment at the first anniversary of the Option grant;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">c)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">US$250,000 payment at the second anniversary of the Option grant;</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">d)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">US$400,000 payment at the third anniversary of the Option grant; and</FONT></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">e)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;US$7,000,000 payment (at Pan American's discretion to pay in cash or Pan American shares or a combination thereof) at the fourth anniversary of the Option grant.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Upon exercise of the Option, the parties will enter into a
joint venture pursuant to which Kootenay will retain a twenty-five percent (25%) carried interest to production.&nbsp; Pan American
will have a preferred capital recovery period after the commencement of production, under which Kootenay will receive forty percent
(40%) of distributions on its twenty-five percent (25%) retained interest in the joint venture until Pan American fully recovers
its invested capital, which will include construction and development capital, plus any additional expenditures incurred after
the date on which Dolores exercises the Option.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Pursuant to the Exploration Grant, Dolores will present a
property package of four (4) early stage exploration projects to Minera from which Minera will have four (4) months to evaluate
and select up to two (2) properties (&quot;the &quot;<B>Selected Properties</B>&quot;).&nbsp; Upon Minera making such selection,
Dolores will transfer the Selected Properties to Minera, with Dolores retaining a 2.5% NSR on each of the Selected Properties.
&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Upon completion of the Investment, but prior to the completion
of Kootenay's acquisition of Northair announced on February 8, 2016, Pan American will hold approximately 10.3% of Kootenay's issued
and outstanding shares (calculated on non-diluted basis).&nbsp; Pan American will have the right to maintain its <I>pro rata</I>
ownership interest in Kootenay, so long as Pan American continues to hold at least five percent (5%) of Kootenay's shares on an
issued and outstanding basis.&nbsp; Pan American has agreed not to sell its Kootenay shares until the earlier of the date which
is two (2) years from the grant of the Option and the date on which the Option is terminated.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The PAS Transactions are arm's length transactions.&nbsp;
Kootenay intends to proceed with the PAS Transactions without obtaining shareholder approval.&nbsp; The closing of the PAS Transactions
will not take place for at least two (2) weeks from the date of this announcement.&nbsp; The PAS Transactions are not material
transactions to Pan American and, as such, no shareholder approval will be required from Pan American's shareholders.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Kootenay technical information in this news release has
been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed on behalf Kootenay by James
McDonald, P.Geo, President, CEO &amp; Director for Kootenay, a Qualified Person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Northair disclosure of a scientific or technical nature
contained in this news release was reviewed by David Ernst, a professional geologist and VP Exploration of Northair, who is a Qualified
Person in accordance with the requirements of NI 43-101.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Kootenay Silver Inc. is an exploration company actively
engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada.
The Company's top priority is the advancement of precious metals projects contained within its Promontorio Mineral Belt in Sonora,
Mexico. This includes its La Negra high-grade silver discovery and its Promontorio Silver Resource. Kootenay's core objective is
to develop near term discoveries and long-term sustainable growth. Management comprises proven professionals with extensive international
experience in all aspects of mineral exploration, operations and venture capital markets. Multiple, ongoing J/V partnerships in
Mexico and Canada maximize potential for additional new discoveries while maintaining minimal share dilution.</I></P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>Northair is focused on advancing its flagship La Cigarra
silver project located in the state of Chihuahua, Mexico, 26 kilometers from the historic silver mining city of Parral. The property
boasts nearby power, good road access, gentle topography, established infrastructure and currently hosts a NI 43-101 Resource estimate
of 51.47 million ounces of silver in the Measured &amp; Indicated categories grading 86.3 g/t silver and 11.46 million ounces of
silver in the Inferred category grading 80 g/t silver. The mineralized system at La Cigarra has been traced over 6.5 kilometers
and is defined at surface as a silver soil anomaly and by numerous historic mine workings. The La Cigarra silver deposit is open
along strike and at depth and is approximately 25km north, and along strike of Grupo Mexico's Santa Barbara mine and Minera Frisco's
San Francisco del Oro mine.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Neither the TSX Venture Exchange nor TSX Exchange or its
Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange or the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.</B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The information in this news release has been prepared as
at February 16, 2016. &nbsp;Certain statements in this news release, referred to herein as &quot;forward-looking statements&quot;,
constitute &quot;forward-looking statements&quot; under the provisions of Canadian provincial securities laws. These statements
can be identified by the use of words such as &quot;intend to&quot;, &quot;to be&quot;, &quot;expected&quot;, &quot;plans to&quot;,
&quot;may&quot;, &quot;will&quot; or similar terms.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Forward-looking statements are necessarily based upon a number
of factors and assumptions that, while considered reasonable by Kootenay and Pan American as of the date of such statements, are
inherently subject to significant business, economic and competitive uncertainties and contingencies. &nbsp;Forward-looking statements
in this press release relate to, among other things: the timing and expected closing date of the PAS Transactions; the timing and
receipt of required stock exchange and regulatory approvals for the PAS Transactions; the ability of Kootenay and Pan American
to satisfy the other conditions to, and to complete, the PAS Transactions; Minera exercising the Option, length of the current
market cycle and the requirements for an issuer to survive the current market cycle and future growth potential for Kootenay; the
ability of Kootenay and Minera to maintain their rights and title to the Promontorio and La Negra deposits during the term of the
Option; the ability of Dolores to maintain its rights and title to the Selected Properties; and Minera's properties in the Promontorio
Mineral Belt reaching production. &nbsp;There can be no assurance that such statements will prove to be accurate, and actual results
and future events could differ materially from those anticipated in such statements.&nbsp; Forward-looking statements reflect the
beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates
that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies.&nbsp; Many factors, both known and unknown, could cause actual results, performance
or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors.&nbsp;
Such factors include, without limitation: satisfaction or waiver of all applicable conditions to closing of the PAS Transactions
including, without limitation, receipt of all necessary stock exchange and regulatory approvals or consents and lack of material
changes with respect to the parties and their respective businesses; the synergies expected from the PAS Transactions not being
realized; fluctuations in general macro-economic conditions; fluctuations in securities markets and the market price of Kootenay's
shares; fluctuations in the spot and forward price of silver, base metals or certain other commodities; fluctuations in the currency
markets (such as the Canadian dollar versus the U.S. dollar); changes in national and local government, legislation, taxation,
controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins
and flooding); inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that
may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations;
availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development,
including the risks of obtaining necessary licenses, permits and approvals from government authorities; title to properties; the
failure to meet the closing conditions thereunder and the failure by counterparties to such agreements to comply with their obligations
thereunder.&nbsp; Readers should not place undue reliance on the forward-looking statements and information contained in this news
release concerning these times. &nbsp;Many factors, known and unknown, could cause actual results to be materially different from
those expressed or implied by such forward-looking statements. &nbsp;Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date made. &nbsp;Except as otherwise required by law, Kootenay, Northair,
and Pan American expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements
to reflect any change in Kootenay's, Northair's, or Pan American's expectations or any change in events, conditions or circumstances
on which any such statement is based.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Cautionary Note to United States Investors Concerning Estimates
of Measured, Indicated and Inferred Mineral Resources:</B> This news release uses the terms &quot;Measured and Indicated Resources&quot;
and &quot;Inferred Resources&quot;, which have a great amount of uncertainty as to their existence, and great uncertainty as to
their economic feasibility. It cannot be assumed that all or any part of a Measured and Indicated and/or Inferred Mineral Resource
will ever be upgraded to a higher category. &nbsp;Under Canadian rules, estimates of Inferred Resources may not form the basis
of feasibility or other economic studies. Kootenay, Northair, and Pan American advises U.S. investors that while this term is recognized
and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned
not to assume that part or all of a Measured, Indicated and Inferred resource exists, or is economically or legally minable.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B> Kootenay Silver Inc.: James McDonald:
(403) 238-6986, President, CEO &amp; Director; Ken Berry: (604) 601-5652, Chairman; Northair Silver Corp., Andrea Zaradic: (604)
687-7545, President, CEO &amp; Director; Chris Curran: (604) 687-7545, Manager of Corporate Communications; Pan American Silver
Corp.: Kettina Cordero: (604) 806-3172, Manager, Investor Relations</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 08:00e 16-FEB-16</P>



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

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