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Fri Jul 18, 2003
Pan American Silver Project Update
(all figures in US dollars unless otherwise stated)
Vancouver, Canada -- Pan American Silver Corp. (NASDAQ: PAAS; TSE: PAA) announced today that it remains on track to complete by the fourth quarter of the year, a whole ore milling feasibility study on its Alamo Dorado silver project in Mexico.
The Company continues to carry out work at the 50% owned Manantial Espejo silver project in Argentina and the San Vicente silver project in Bolivia and expects this work to result in confirmation that feasibility studies are warranted.
Pan American has also initiated a technical and economic evaluation to determine the potential to expand and significantly increase production at its 100% owned Huaron mine in Peru. Huaron is the Company's largest operation hosting over 20 years of reserves and resources at current production rates. During fiscal 2003, Huaron is expected to produce 4.9 million ounces of silver at a cash cost of approximately $3.50/oz.
The projects subject to these studies are expected to increase Pan American's silver production from 10 million ounces forecast for 2003 to nearly 20 million ounces in 2005 and decrease consolidated cash production costs to under $3.25 per ounce of silver produced.
For Further Information Contact:
Geoff Burns, President
(604) 684-1175
Brenda Radies, Vice-President Corporate Relations
(604) 806-3158
www.panamericansilver.com
CAUTIONARY NOTE
Some of the statements in this news release are forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Pan American's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected 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'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 |
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