Pan American Silver Increases Proven and Probable Silver Mineral Reserves to 323.5 Million Ounces

About this update from Pan American Silver Corp.

[{"type":"text","content":"\n\n\nGold Proven and Probable Mineral Reserves Increase to 2.5 Million Ounces\n \n\n\n(All amounts in US dollars unless otherwise stated and all production\n figures are approximate)\n\n\nVANCOUVER, Feb. 19, 2014 /CNW/ - Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) (\"Pan American\" or the \"Company\") more than\n replaced the proven and probable silver and gold mineral reserves mined\n during 2013 as a result of another very successful mine-site\n exploration campaign.\n\n\nCommenting on last year's exploration results, Michael Steinmann,\n Executive Vice President Corporate Development and Geology said, \"2013\n was another successful exploration year for Pan American. Despite using\n lower metal prices and enduring cuts to our exploration budget, we not\n only replaced the silver ounces we mined, but we increased our silver\n mineral reserves by 2% to a record 323.5 million ounces. In addition to\n extending the lives of our mines', our exploration success has allowed\n us to plan an expansion at La Colorada, where we expect to increase the\n annual production to approximately 7.7 million ounces of silver by\n 2018. During the last ten years, our mine-site exploration efforts have\n paid off handsomely. We have added almost 270 million ounces of silver\n to our mineral reserves in that period, excluding acquisitions, more\n than replacing the 224.6 million ounces of silver mined.  The average\n cost of the new silver reserves added during that period is\n approximately $0.38 per ounce; without question an excellent return on\n our investment in exploration\".\n\n\nIn 2013, Pan American spent $16.3 million on mine-site exploration and\n completed nearly 150 kilometers of diamond drilling.  Through these\n exploration activities, the Company discovered 40.1 million ounces of\n new proven and probable silver mineral reserves, which has more than\n replaced the 33.7 million ounces of silver that were mined during the\n year.\n\n\nThe La Colorada mine once again returned outstanding exploration results\n in 2013 with a net addition of 16.6 million contained silver ounces to\n finish the year with 81.4 million ounces of proven and probable silver\n mineral reserves, a 26% increase year-on-year. La Colorada now hosts\n the largest silver reserves in the Company. In the past four years, Pan\n American has discov...

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