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Fri Oct 31, 2003
Pan American Silver Sells Tres Cruces Interest
Vancouver, Canada - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) announces it has reached agreement to sell its 50% interest in the Tres Cruces gold project in Peru to New Oroperu Resources Inc. This agreement accelerates the exercise of the option agreement entered into with Oroperu in May 2002. For its interest Pan American will receive 3.5 million shares and a 1.5% net smelter royalty on the property. The sale is expected to close in January 2004 subject to the completion of documentation and regulatory and shareholder approval by Oroperu.
For Further Information Contact:
Brenda Radies, VP Corporate Relations
(604) 684-1175
http://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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