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Tue May 11, 2004
Pan American Splits Roles of Chairman and CEO
Vancouver, Canada - Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) announces that its Board of Directors was re-elected at its Annual General Meeting on May 11, 2004. Following the meeting, the Board approved the separation of the roles of Chairman and Chief Executive Officer previously held by Ross J. Beaty. Mr Beaty will remain fully engaged as Chairman and Mr Geoff Burns, formerly President and Chief Operating Officer, will become President and Chief Executive Officer.
In commenting about this change of titles, Mr. Beaty said, "The separation of the roles of Chairman and CEO is part of Pan American's continuing effort to apply the best practices of corporate governance and to adhere to current policies of regulatory agencies in both Canada and the USA. It also enables the best management of Pan American's affairs, as Geoff brings to the role very strong executive and financial management skills, which are so necessary during our current phase of very rapid growth. Geoff and I have worked together very well in the past year and I look forward to this continuing for many years to come."
Pan American Silver is focused exclusively on becoming the world's pre-eminent silver mining company. It has grown from owning one mine with silver production of 3.6 million ounces in 2000 to owning and operating five silver operations with forecast silver production of 13 million ounces in 2004. This production is expected to grow to over 20 million ounces with development of two new mines by 2007, which will position the company as the world's largest primary silver producer. Pan American is fully funded to execute this growth, with $120 million in cash and nearly no debt.
For More Information, please contact:
Brenda Radies, Vice-President Corporate Relations
(604) 806-3158
www.panamericansilver.com
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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'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'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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