January 19, 2005

PAN AMERICAN SILVER FILES SHELF PROSPECTUS
(all figures in US dollars unless otherwise stated)

Vancouver, Canada - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) has filed a preliminary short form shelf prospectus with the securities commissions in each of the provinces of Canada and a corresponding registration statement with the United States Securities and Exchange Commission. These filings, when made final, will allow the Company to make offerings of common shares, warrants, debt securities, subscription receipts or any combination thereof of up to $150 million during the next 25 months on similar terms to potential purchasers anywhere in these provinces and the United States.  The proceeds from any such offerings will be used by the Company to fund development of the Alamo Dorado project, development of the Manantial Espejo project, expansion of the Morococha mine, ongoing exploration programs, working capital requirements or for other general corporate purposes. At this time the Company has no immediate plans to make any offerings; however, the size, nature and timing of any offerings will be based on the Company’s future funding needs and on general market conditions. 

A registration statement relating to these securities has been filed with the United States Securities and Exchange Commission but has not yet become effective.  These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. A copy of the prospectus may be obtained from the Company’s Vice-President, Corporate Relations.

For Further Information Contact:

Brenda Radies, Vice-President Corporate Relations (604) 806-3158

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