On December 29, 2011, Rio Negro's provincial legislature passed law Nr. 4738, which among other things, allows for the use of chemical substances, including sodium cyanide, in mineral processing. The new law replaced law 3981 that limited mining activity. The new legislation was signed, published and enacted into law on January 9, 2012 and it also established the evaluation process for the filing and approval of an Environmental Impact Assessment ("EIA"), which is necessary to mine and process minerals in the province.
Pan American's President & CEO, Geoff Burns, commented, "This is a very positive development for Rio Negro and for Argentina. While the previous legislation allowed open pit mining, it banned the use of cyanide in mineral processing, effectively rendering our Calcatreu gold project uneconomic. By reversing this ban, the provincial and municipal governments have clearly reaffirmed their commitment to responsible, environmentally sensitive mining development, which will bring significant investment and the associated benefits for all stakeholders, particularly the local communities".
In 2011, Pan American Silver invested $1.7 million at Calcatreu, completing 2,932 meters of diamond drilling, mostly as confirmation holes and to collect fresh metallurgical sample materials. Results on testing performed on these materials are still pending and the Company has not yet had an opportunity to confirm and update the resource estimates, which were prepared in April
2008 by Micon for Aquiline Resources Inc. According to those estimates, the Project hosts an indicated resource of 8 million tonnes grading 2.63 gpt gold and 25.7 gpt silver, with additional inferred resources of 3.4 million tonnes grading 2.06 gpt gold and 16.6 gpt silver, representing a potentially significant undeveloped gold resource within the Company's portfolio.
In 2012, the Company intends to accelerate development activities at the Project, which will include further diamond drilling, metallurgical testing, environmental baseline studies and preliminary engineering, as it works towards producing a Preliminary Assessment and an EIA for Calcatreu.
Calcatreu is less than 140 kilometres due north of Pan American's most important silver development project, Navidad, which is also located in the central Meseta region of Patagonia, just across the border, in the neighboring province of Chubut. There has clearly been a positive shift in attitude towards mining and mining investment in Argentina since the recent re-election of President Cristina Fernandez de Kirchner, and it is gratifying to see Rio Negro take a leading role in responding to this change.
About Pan AmericanPan American Silver's mission is to be the world's largest and low cost primary silver mining company by increasing its low-cost silver production and silver reserves. The Company has seven operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns the Navidad project in Chubut, Argentina and is the operator of the La Preciosa project in Durango, Mexico.
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Technical information contained in this news release has been reviewed by Michael Steinmann, P.Geo., Executive Vice President Geology & Exploration, and Martin Wafforn, P.Eng., Vice President Technical Services, who are the Company's Qualified Persons for the purposes of NI
43-101.
Information ContactKettina Cordero
Coordinator, Investor Relations
(604) 684-1175 info@panamericansilver.com www.panamericansilver.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS
RELEASE CONSTITUTE "FORWARD-LOOKING STATEMENTS"
WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND "FORWARD- LOOKING
INFORMATION" WITHIN THE MEANING OF APPLICABLE CANADIAN
PROVINCIAL SECURITIES LAWS RELATING TO THE COMPANY AND ITS
OPERATIONS. ALL STATEMENTS, OTHER THAN STATEMENTS OF
HISTORICAL FACT, ARE FORWARD- LOOKING STATEMENTS. WHEN USED
IN THIS NEWS RELEASE, THE WORDS, "BELIEVES",
"EXPECTS", "INTENDS", "PLANS",
"FORECAST", "OBJECTIVE",
"OUTLOOK", "POSITIONING",
"POTENTIAL", "ANTICIPATED",
"BUDGET", AND OTHER SIMILAR WORDS AND EXPRESSIONS,
IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION. THESE
FORWARD-LOOKING STATEMENTS OR INFORMATION RELATE TO, AMONG
OTHER THINGS: THE EFFECTS OF LAWS, REGULATIONS AND GOVERNMENT
POLICIES AFFECTING PAN AMERICAN'S OPERATIONS OR
POTENTIAL FUTURE OPERATIONS, INCLUDINGTHOSE IN THE ARGENTINA,
THE ABILITY OF THE COMPANY TO CONDUCT SUFFICIENT EXPLORATION
ORTO DEVELOP THE CALCATREU PROJECT; THE TIMING AND THE
ABILITY OF THE COMPANY TO COMPLETE AN EIA OR PRELIMINARY
ASSESSMENT; THE TIMING FOR ANY CONFIRMATION OR UPDATE OF PAST
RESOURCE ESTIMATES; AND THE COMPANY'S PLANS AND
EXPECTATIONS FOR ITS PROPERTIES AND OPERATIONS.
THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS
WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON
A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED
REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO
SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND
SOCIAL UNCERTAINTIES AND CONTINGENCIES. MANY FACTORS, BOTH
KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS,
PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR
IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS CONTAINED IN THIS
NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND
ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH
FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND
FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN
OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND
ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE
PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN
BOLIVIANO VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE
TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S
BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT,
LEGISLATION, TAXATION, CONTROLS OR REGULATIONS INCLUDING,
AMONG; POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA, THE
UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER
COUNTRIES WHERE THE COMPANY MAY CARRY ON BUSINESS IN THE
FUTURE; RISKS AND HAZARDS ASSOCIATED WITH THE BUSINESS OF
MINERAL EXPLORATION, DEVELOPMENT AND MINING (INCLUDING
ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR
UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES,
CAVEINS AND FLOODING); INADEQUATE INSURANCE, OR INABILITY TO
OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE
RELATIONS; RELATIONSHIPS WITH AND CLAIMS BY LOCAL COMMUNITIES
AND INDIGENOUS POPULATIONS; AVAILABILITY AND INCREASING COSTS
ASSOCIATED WITH MINING INPUTS AND LABOUR; THE SPECULATIVE
NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING THE
RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND THE
PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS
ON MINING; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE
COMPANY'S TITLE TO PROPERTIES AND CONTINUED OWNERSHIP
THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION
ACTIVITIES, AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION
"RISKS RELATED TO PAN AMERICAN'S BUSINESS" IN
THE COMPANY'S MOST RECENT FORM 40-F AND ANNUAL
INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES
REGULATORY AUTHORITIES. INVESTORS ARE CAUTIONED AGAINST
ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING
STATEMENTS. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY
IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT
TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED. THE
COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION,
TO UPDATE THESE FORWARD- LOOKING STATEMENTS OR INFORMATION TO
REFLECT CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR
ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR INFORMATION,
OTHER THAN AS REQUIRED BY APPLICABLE LAW.
THIS NEWS RELEASE HAS BEEN PREPARED IN ACCORDANCE WITH THE
REQUIREMENTS OF CANADIAN PROVINCIAL SECURITIES LAWS, WHICH
DIFFER FROM THE REQUIREMENTS OF U.S. SECURITIES LAWS. UNLESS
OTHERWISE INDICATED, ALL ESTIMATES INCLUDED IN THIS NEWS
RELEASE HAVE BEEN BASED UPON MINERAL RESOURCE ESTIMATES
PREPARED IN ACCORDANCE WITH CANADIAN NATIONAL INSTRUMENT
43-101 - STANDARDS OF DISCLOSURE FOR MINERAL PROJECTS
(''NI
43-101'') AND THE CANADIAN INSTITUTE OF MINING, METALLURGY
AND PETROLEUM CLASSIFICATION SYSTEM. NI 43-101 IS A RULE
DEVELOPED BY THE CANADIAN SECURITIES ADMINISTRATORS THAT
ESTABLISHES STANDARDS FOR ALL PUBLIC DISCLOSURE AN ISSUER
MAKES OF SCIENTIFIC AND TECHNICAL INFORMATION CONCERNING
MINERAL PROJECTS.
CANADIAN STANDARDS, INCLUDING NI 43-101, DIFFER SIGNIFICANTLY
FROM THE REQUIREMENTS OF THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION (THE "SEC"), AND INFORMATION CONCERNING
MINERALIZATION, DEPOSITS, AND MINERAL RESOURCE INFORMATION
CONTAINED OR REFERRED TO HEREIN MAY NOT BE COMPARABLE TO
SIMILAR INFORMATION DISCLOSED BY U.S. COMPANIES. IN
PARTICULAR, AND WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN
BASED UPON ''INDICATED RESOURCES'' AND
''INFERRED RESOURCES''. U.S. INVESTORS ARE ADVISED THAT,
WHILE SUCH TERMS ARE RECOGNIZED AND REQUIRED BY CANADIAN
SECURITIES LAWS, THE SEC DOES NOT RECOGNIZE THEM. UNDER U.S.
STANDARDS, MINERALIZATION MAY NOT BE CLASSIFIED AS A
''RESERVE'' UNLESS THE DETERMINATION HAS BEEN MADE THAT THE
MINERALIZATION COULD BE ECONOMICALLY AND LEGALLY PRODUCED OR
EXTRACTED AT THE TIME THE RESERVE DETERMINATION IS MADE. U.S.
INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ANY PART OF AN
"INDICATED RESOURCE" WILL EVER BE CONVERTED INTO A "RESERVE".
U.S. INVESTORS SHOULD ALSO UNDERSTAND THAT "INFERRED
RESOURCES" HAVE A GREAT AMOUNT OF UNCERTAINTY AS TO THEIR
EXISTENCE AND GREAT UNCERTAINTY AS TO THEIR ECONOMIC AND
LEGAL FEASIBILITY. IT CANNOT BE ASSUMED THAT ALL OR ANY PART
OF "INFERRED RESOURCES" EXIST, ARE ECONOMICALLY OR LEGALLY
MINEABLE OR WILL EVER BE UPGRADED TO A HIGHER CATEGORY. UNDER
CANADIAN SECURITIES LAWS, ESTIMATED "INFERRED RESOURCES" MAY
NOT FORM THE BASIS OF FEASIBILITY OR PRE-FEASIBILITY STUDIES
EXCEPT IN RARE CASES. DISCLOSURE OF "CONTAINED OUNCES" IN A
MINERAL RESOURCE IS PERMITTED DISCLOSURE UNDER CANADIAN
SECURITIES LAWS. HOWEVER, THE SEC NORMALLY ONLY PERMITS
ISSUERS TO REPORT MINERALIZATION THAT DOES NOT CONSTITUTE
"RESERVES" BY SEC STANDARDS AS IN PLACE TONNAGE AND GRADE,
WITHOUT REFERENCE TO UNIT MEASURES. ACCORDINGLY, INFORMATION
CONCERNING MINERAL DEPOSITS SET FORTH HEREIN MAY NOT BE
COMPARABLE WITH INFORMATION MADE PUBLIC BY COMPANIES THAT
REPORT IN ACCORDANCE WITH U.S. STANDARDS.
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