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Wed Feb 12, 2003
PAN AMERICAN AND CORNER BAY MOVE TO COMPLETE MERGER
Vancouver, British Columbia and Toronto, Ontario.....Pan American Silver Corp (Nasdaq -- PAAS; TSX -- PAA) and Corner Bay Silver Inc. (TSX -- BAY) are pleased to announce that due to recent positive events in procuring water for the Alamo Dorado silver project in Mexico, the Companies are proceeding to complete the merger approved by shareholders of each company in September. The Hydraulic Committee governing water users within the district unanimously approved an amended agreement in mid-January that would transfer the required amount of water proportionately from all the users in the district to Corner Bay. In addition, senior officials of the Mexican Federal water-governing board (CoNAgua or CNA), at a meeting yesterday in Mexico City, endorsed the decision of the Hydraulic Committee. Pan American and Corner Bay have scheduled the closing of the transaction for February 20th, pending final Board and regulatory approvals.
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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
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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