Tax Election

Pan American Silver Corp. ("Pan American") provided information regarding the tax election to assist in the disposition of shares in Aquiline Resources Inc. ("Aquiline"). A tax instruction letter was sent to those Aquiline shareholders who requested it as described in Pan American’s Offer to Purchase and Circular (the "Circular") dated October 30, 2009. Such letter detailed tax election information as well as information regarding a web hosted application to complete the tax election process that Pan American will provided up to Sunday, March 28th, 2010.

As described in the Tax Election Package, the web hosted application to complete the tax election process has been terminated. Shareholders are advised to consult their tax advisors for any further assistance.