November 4, 2004

PAN AMERICAN SILVER MARKS TENTH ANNIVERSARY
BY OPENING THE NASDAQ STOCK MARKET ON NOVEMBER 8
(all amounts in $US unless otherwise stated)

Vancouver, Canada – Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) will celebrate its tenth anniversary by opening the Nasdaq Stock Market from New York on Monday, November 8.

In its most recent quarter, the Company posted its eighth consecutive quarter of improved operating profit and set new records for increased production, cash flow and net earnings. Record quarterly production of 3.2 million ounces of silver generated cash flow from operations of $7 million, resulting in net earnings of $3.3 million for the quarter. Pan American trades an average of 1 million shares per day on Nasdaq and has a market cap of approximately $1.2 billion.

In 2004, the Company expects to produce 11.5 million ounces of silver at an average cash cost of $3.55/oz. Silver production is expected to rise to more than 15 million ounces in 2005 and by 2007, production is expected to double from current levels to nearly 23 million ounces.

According to Pan American Silver Chairman, Ross Beaty: “We are honoured to be able to open the Nasdaq Stock Market to celebrate our tenth and most successful year yet. The silver market is strong, we have excellent operations, a full slate of growth projects ahead of us and a team dedicated to creating value for our shareholders. We’re looking forward to the next 10 years and beyond.”

-end-

For Further Information Contact:
Brenda Radies, VP Corporate Relations (604) 684-1175

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