Pan American Silver: Neue Mine in Betrieb

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Fünfvorzwölf

Pan American Silver Reports: Alamo Dorado Mine Construction Complete
11/1/2006
VANCOUVER, Nov. 1, 2006 (Canada NewsWire via COMTEX News Network) --

(all amounts in $US unless otherwise stated)

Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) is pleased to announce that ore is now being processed through the leaching circuit at its new Alamo Dorado open-pit silver mine located in the state of Sonora, Mexico. Construction is now complete, on schedule and virtually on the original feasibility budget. Pan American is presently focused on ramping up production to the plant's design capacity of 4,000 tonnes per day.

<<
Development Highlights:
- Mine development and plant construction accomplished on schedule in
19 months.
- Capital cost of $79.9 million, in line with feasibility forecast.
- Approximately 450,000 tonnes of ore grade material now mined and
stockpiled ahead of the crushing plant.
- Flawless safety record throughout construction, with zero lost time
accidents reported for 1.8 million man hours and over 1,300 days
logged.
>>

Pan American Silver expects Alamo Dorado to contribute approximately 5.0 million ounces of silver and 12,000 ounces of gold per year over a projected mine life of 8 years. For the remainder of 2006, the mine is expected to add approximately 300,000 ounces of silver to the Company's consolidated production.

Commenting on the start-up of Pan American's newest silver mine, Geoff Burns, President & CEO said: "It is extremely gratifying to deliver on the commitments we made to our shareholders in February of 2005 when we announced our decision to proceed with the development and construction of the Alamo Dorado silver mine. On schedule and substantially on budget, Alamo Dorado will be a core low cost silver producer for Pan American for years to come. It is a testament to the skills of our project team and brings us a step closer to our targeted production of 25 million ounces of silver annually by 2008."