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New silver-rich zones discovered at Pan American's Morococha mine
(all amounts in $US unless otherwise stated)
VANCOUVER, July 21 /PRNewswire-FirstCall/ -- Pan American Silver Corp. (PAAS:
NASDAQ; PAA: TSX) is pleased to announce that 14,000 meters of exploration and
infill drilling conducted over the past six months at its 87% owned Morococha
mine in Peru has expanded known mineralized systems and has identified several
new silver-rich zones. As a result, proven and probable reserves, measured and
indicated resources and inferred resources have expanded significantly.
Proven and probable reserves have increased 1.2 million tonnes containing 6.4
million ounces of silver (100% basis). This increase is net of production for
the first half of this year. Measured and indicated resources have increased by
1.0 million tonnes, containing an additional 6.1 million ounces of silver, and
inferred resources have increased by 1.7 million tonnes at a grade of 241
g/tonne silver.
The reserve and resource increases come primarily from three newly discovered
mantos as well as from the expansion of two others previously identified. All
of these mantos are large mineralized ore deposits that are significantly
thicker and wider than the vein systems that have been the primary producers on
the property. As a result, it is expected that bulk mechanized mining in these
zones will be at a much lower cost.
Given the success of the exploration efforts to date, another 14,000 meters is
scheduled to be drilled through the remainder of 2005. The Company expects this
program to convert resources into proven and probable reserves and to further
add to the reserve base and mine life.
According to Pan American President and CEO, Geoff Burns, "Morococha is an
excellent example of how value can be added with a focused exploration program
properly executed on a high-potential property. We are adding high- quality
silver reserves and resources for just pennies an ounce. These discoveries are
confirming what we believed when we decided to purchase Morococha. This mine
has the potential to deliver decades of low-cost silver production."
The following table represents the Morococha mine (100%) reserves and resources
as at June 30, 2005.
-------------------------------------------------------------------------
Grade Grade Grade Grade Contained
Tonnes (g/t Ag) Zn(%) Pb(%) Cu(%) Silver (Oz.)
-------------------------------------------------------------------------
Proven Mineral
Reserves 2,309,110 201 4.19 1.52 0.41 14,922,151
Probable Mineral
Reserves 980,437 220 4.00 1.37 0.74 6,934,787
Total 3,289,547 207 4.13 1.48 0.51 21,892,592
-------------------------------------------------------------------------
Measured Mineral
Resources 1,661,942 159 3.10 1.42 0.28 8,495,789
Indicated Mineral
Resources 464,343 171 2.84 1.31 0.30 2,552,853
Total 2,126,285 162 3.04 1.40 0.28 11,074,579
-------------------------------------------------------------------------
Inferred Mineral
Resources 9,283,418 241 3.94 1.75 0.38 71,930,932
-------------------------------------------------------------------------
(Mineral reserve estimates, measured and indicated resource estimates and
inferred resource estimates were prepared under the supervision of or
were reviewed by Michael Steinmann, P.Geo, Vice-President Geology -
Operations, the Qualified Person as defined in NI 43-10. Drilling is
ongoing and future results, as well as results to date, will be reviewed
and compiled into a new reserve statement as of December 31, 2005.)
Pan American Silver Corp. will be releasing its 2005 second-quarter results on
July 28 before market open and will be hosting a conference call later that
morning. Please note that the time of the conference call has been changed to
8:30 am Pacific Time. All dial-in and replay numbers remain the same. North
American participants please call toll-free 1-877-825-5811 and international
participants call 1-973-582-2767. The call may also be accessed from the home
page of the Company's website at http://www.panamericansilver.com/ or can be
replayed from July 28 to August 4 by dialing 1-877-519-4471 using access code
6258416.
For Further Information Contact: Brenda Radies, VP Corporate Relations
(604) 684-1175
http://www.panamericansilver.com/
CAUTIONARY NOTE
Some of the statements in this news release are forward-looking statements and
as such are based on an assumed set of economic conditions and courses of
action. These include estimates of future production levels, expectations
regarding mine production costs, expected trends in mineral prices and
statements that describe Pan American's future plans, objectives or goals.
There is a significant risk that actual results will vary, perhaps materially,
from results projected depending on such factors as changes in general economic
conditions and financial markets, changes in prices for silver and other metals,
technological and operational hazards in Pan American's mining and mine
development activities, uncertainties inherent in the calculation of mineral
reserves, mineral resources and metal recoveries, the timing and availability
of financing, governmental and other approvals, political unrest or instability
in countries where Pan American is active, labor relations and other risk
factors listed from time to time in Pan American's Form 40-F
DATASOURCE: Pan American Silver Corp.
CONTACT: Brenda Radies, VP Corporate Relations,
(604) 684-1175, http://www.panamericansilver.com/