Overview

On October 14, 2009 Pan American Silver Corp. and Aquiline Resources Inc. announced they have signed an agreement pursuant to which Pan American will make a formal friendly take-over bid to acquire Aquiline Resources Inc.

Pan American and Aquiline mailed the take-over bid circular and the director's circular on October 30, 2009.  Pan American's offers expired on December 7th, 2009 at 9:00 pm Eastern Time. Upon expiration of the offer, Kingsdale Shareholder Services Inc., depositary of the offer, informed Pan American that 67,216,956 Aquiline common shares were deposited into the offer (approximately 81.8% of the issued and outstanding shares at December 7, 2007. Additionally, 1,925 of Aquiline's October 2008 series of common warrants were deposited to the offer to acquire each of the outstanding series of Aquiline Warrants.

Together with the Aquiline shares and common share purchase warrants owned by Pan American prior to the making of the Offers, Pan American, following the take-up of Aquiline Securities, deposited to the offers now owns 72,291,956 Aquiline shares (assuming the exercise by Pan American of all the convertible securities owned by it or taken up by it to date), representing approximately 88% of the Aquiline Shares on a diluted basis.

Pan American has now extended the expiration date of its offers to 9:00 pm Eastern Standard Time on Tuesday, December 22, 2009 in order to permit Aquiline Securityholders that have not tendered their Aquiline Shares an opportunity to do so.

With the acquisition of Aquiline, Pan American will add a world-class silver development project to its portfolio, while providing Aquiline shareholders with both a substantial premium on their shares and the opportunity to participate in Pan American's prospects of near- and long-term growth.

Upon successful completion of the transaction, Aquiline shareholders will own approximately 19% of the enlarged Pan American.

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