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Tue Dec 17, 2002
Pan American And Corner Bay Extend Merger Closing Date
Vancouver, British Columbia and Toronto, Ontario...Pan American Silver Corp (Nasdaq - PAAS; TSX - PAA) and Corner Bay Silver Inc. (TSX - BAY) announce that they have extended the date for closing of the Plan of Arrangement to merge the two companies as described in their earlier news releases dated June 19 and November 15, 2002. The closing date has been extended until February 28, 2003 to allow for the fulfilling of the condition for Corner Bay to secure water rights for the Alamo Dorado silver-gold project in Mexico. An individual agricultural unit (modula) signed a letter of intent to transfer ownership for the required amount of water to Corner Bay. The Hydraulic Committee governing all users within the water district is scheduled to meet before year-end to vote on this transfer of water rights. If positive outcome is received at the Hydraulic Committee meeting and the Comision Nacional del Agua ("CoNAgua" or "CNA"), the Mexican Federal water governing board supports the arrangements, Pan American will proceed to close the merger as soon as possible.
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Ross Beaty, Chairman or
Rosie Moore, VP Corporate Relations, Pan American,
(604) 684-1175
Peter Mordaunt, Chairman or
Steve Brunelle, Vice President, Corner Bay,
(416) 368-6240
www.panamericansilver.com
CAUTIONARY NOTE
Some of the statements in this news release are forward-looking statements, such as estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Pan American/Corner Bay's future plans, objectives or goals. Actual results and developments may differ materially from those contemplated by these statements 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/Corner Bay'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 and Corner Bay's Form 20-F. |
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