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Calcatreu Project

OVERVIEW

Calcatreu is an exploration stage silver-gold property located in the province of Rio Negro, Argentina. Pan American acquired the property in 2010 through the acquisition of Aquiline Resources Inc. Silver and gold mineralization is present as low sulphidation epithermal veins.

The property is not considered material to the company and there is no activity on the property at this time.

OPERATING UPDATE

The Calcatreu project is in care and maintenance and the Company is currently not carrying out any activities in the property. Pan American continues to fulfil all its legal obligations to maintain the project’s legal title in good standing.

Mineral Resource Estimates

At this time, no economic or practical processing route for treating the Calcatreu mineralization is available due to legislative restrictions placed on the use of cyanide by the government of the province of Rio Negro. Therefore, no estimate of a mineral reserve can be made. However, an estimate has been made of the potential mining inventory which may become available in the event that the restrictions are lifted.

The Calcatreu deposit is a Feasibility Stage deposit, with an Initial Feasibility Study (“IFS”) published in 2005 by Ausenco Limited. The IFS demonstrated that cyanide is required to deliver proven economics in developing Calcatreu; consequently, development of Calcatreu will require Rio Negro Province to act to remove or modify the existing ban on the use of cyanide in mining.

Current mineral resources at Calcatreu are detailed in the table below:

Calcatreu mineral resource estimate 1

Resource Category Tonnes (Mt) Silver g/t Gold g/t
Indicated 8.0 26 2.63
Inferred 3.4 17 2.06

1. Mineral resources do not have demonstrated economic viability.

Location
CalcatreuMap