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La Bolsa Project

OVERVIEW

La Bolsa is an exploration stage silver-gold property in Sonora, Mexico. Pan American acquired the property in 2012 through the acquisition of Minefinders. Silver and gold mineralization is present as epithermal disseminated iron oxides, veins, and stock work.

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

Mineral Reserves and Resources

Mineral reserves 1

Reserve Category Tonnes (million) Silver g/t Gold g/t
Proven 9.5 10.1 0.67
Probable 6.2 7.2 0.57
Total 15.6 9.0 0.63

Mineral resources 1, 2

Resource Category Tonnes (million) Silver g/t Gold g/t
Measured 1.4 10.7 0.90
Indicated 4.5 8.8 0.50
Inferred 13.7 7.6 0.51

1. La Bolsa’s Reserves and Resources as stated by Minefinders at July 31, 2010. Measured and Indicated mineral resources are exclusive of Proven and Probable mineral reserves.

2. Mineral Resources do not have demonstrated economic viability.

Location
LaBolsaMap