Pan American Silver announces pricing of public offering of common shares

VANCOUVER, April 11  /PRNewswire-FirstCall/ -- Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) announced today that it has priced its previously announced public offering of common shares (the "Offering"). Pursuant to the Offering, Pan American will issue 5,750,000 common shares at a price of US$23.88 per share, for aggregate proceeds of US$137,310,000. Pan American will file a final prospectus supplement to its existing base shelf prospectus with the securities regulatory au

thorities in the provinces of Canada and will make a similar filing with the SEC. Closing of the Offering is scheduled for April 18, 2006.

Pan American has granted the underwriters an option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 531,407 common shares, at a price of US$23.88 per share.

Pan American expects to use the net proceeds of this Offering primarily for the construction and development of its Manantial Espejo silver project in Argentina and the remainder for working capital and general corporate purposes.

Bear, Stearns & Co. Inc. and BMO Nesbitt Burns Inc. are acting as joint book-running managers for the Offering, and CIBC World Markets Inc., Merrill Lynch Inc., Canaccord Capital Corporation and National Bank Financial Inc. are acting as co-managers of the Offering.

Once filed, copies of the prospectus supplement and the base shelf prospectus may be obtained from:

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  Bear, Stearns & Co. Inc.             BMO Nesbitt Burns Inc.
  Attn: Prospectus Department          Prospectus Department (B-2 Level)
  383 Madison Avenue                   1 First Canadian Place
  New York, NY 10179                   Toronto, Ontario M5X 1H3
  Tel: [phone]                  Attn: Des Raposo, Dist. Centre
                                       Tel: [phone] Ext. 224
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This press release shall not constitute an offer to sell or a solicitation of an offer to buy common shares nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Pan American Silver Corp. is one of the world's largest publicly traded primary silver producers with mining operations and development projects in Mexico, Peru, Argentina, Bolivia and the United States.

For Further Information Contact: Pan American Silver Corp [phone]. 

DATASOURCE: Pan American Silver Corp.



CONTACT: Pan American Silver Corp, [phone]

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