-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WMWQLutiiWYbSZAvh/VW01jxHafDTdrWOasgFGotNlNaDtJCFDCKpaQ6Viu4If5V uXVCpA+cw1nxpK+zplcSvA== 0000945234-03-000363.txt : 20030617 0000945234-03-000363.hdr.sgml : 20030617 20030616203003 ACCESSION NUMBER: 0000945234-03-000363 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030616 FILED AS OF DATE: 20030617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAN AMERICAN SILVER CORP CENTRAL INDEX KEY: 0000771992 STANDARD INDUSTRIAL CLASSIFICATION: SILVER ORES [1044] IRS NUMBER: 999999999 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13727 FILM NUMBER: 03746474 BUSINESS ADDRESS: STREET 1: 1500-625 HOWE STREET CITY: VANCOUVER BC CANADA STATE: A1 ZIP: V6C 2T6 MAIL ADDRESS: STREET 1: 1500 625 HOWE ST CITY: VANCOUVER BC V6C 2T6 STATE: A1 ZIP: 999999999 FORMER COMPANY: FORMER CONFORMED NAME: PAN AMERICAN MINERALS CORP DATE OF NAME CHANGE: 19950608 6-K 1 o10143e6vk.txt FORM 6-K FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For June 16, 2003 PAN AMERICAN SILVER CORP. 1500 - 625 HOWE STREET VANCOUVER, B.C. V6C 2T6 Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F____ Form 40-F__X__ Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes____ No__X__ If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-____ SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PAN AMERICAN SILVER CORP. Date: June 16, 2003 By: /s/ Ross Beaty -------------------------- Ross Beaty Chairman and C.E.O. -2- (PAN-AMERICAN SILVER CORP. LETTERHEAD) NEWS RELEASE June 16, 2003 PAN AMERICAN SILVER ADVANCES ALAMO DORADO AND MANANTIAL ESPEJO DEVELOPMENT PROJECTS (all figures in US dollars unless otherwise stated) Vancouver, Canada - Pan American Silver Corp (NASDAQ -- PAAS; TSX -- PAA) is pleased to announce excellent progress at two of its major development projects, Alamo Dorado and Manantial Espejo, as part of its aggressive growth strategy. The Alamo Dorado project in Mexico, acquired in early 2003 with the purchase of Corner Bay Silver, continues on pace to feasibility by the fourth quarter. Currently, Alamo Dorado contains proven and probable reserves of 35.5 million tonnes grading 68 g/tonne silver, or 77 million ounces of silver as reported at December 31, 2002 (John Thornton, Mintec, Qualified Person). A recently completed seven-hole drill program* returned excellent silver and gold grades and provided samples for metallurgical testwork to update the June 2002 feasibility study completed by Corner Bay. AMEC E&C Services Inc. has been retained to confirm the economic benefit of adding a conventional mill circuit to a small-scale heap leach operation. A conventional mill may improve recoveries, thereby reducing production costs. All permits for the heap leach operation have been received, except for water permits; however, the agreements to lease water and the corresponding permits are expected to be in place by October. Power supply options have been examined and discussions to source power are underway with the Mexican power authority. A production decision, complete with financing plans, is expected by the end of this year. Pan American expects Alamo Dorado to produce 6 million ounces of silver annually at an average cash cost of $3.25 per equivalent ounce of silver starting in 2005. In Argentina, a 6,000 m infill drilling program has been completed on the 50% owned Manantial Espejo silver-gold joint venture. The results have confirmed the size of the deposit and increased the Company's confidence in its geological model, leading the joint venture to accelerate the commissioning of a feasibility study on the property. The study will be initiated in the fourth quarter for completion in the fall of 2004. Over the remainder of the year, geotechnical and environmental work will proceed to facilitate permitting. Currently, reported measured and indicated mineral resources at Manantial Espejo total 4.39 million tonnes grading 264 g/tonne silver and 4.51 g/tonne gold, or 37 million ounces of silver and 620,000 ounces of gold, with an additional 13 million ounces of silver and 185,000 ounces of gold identified in inferred resources of 1.59 million tonnes grading 259 g/tonne silver and 3.65 g/tonne gold (Stewart Wallis, P.Geo, Qualified Person). The feasibility study will evaluate the potential for Manantial Espejo to produce 4 million ounces of silver and 70,000 ounces of gold annually. .../2 1500-625 HOWE STREET, VANCOUVER, BC CANADA V6C 2T6. TEL 604.684.1175 FAX 604.684.0147 www.panamericansilver.com In 2003, Pan American expects to produce more than 10 million ounces of silver. The completion of the La Colorada expansion currently underway in Mexico, coupled with the successful development of Alamo Dorado and Manantial Espejo will see Pan American's production double to 20 million ounces of silver annually in 2005. For Further Information Contact: Brenda Radies, VP Corporate Relations (604) 684-1175 Ross Beaty, Chairman and CEO (604) 684-1175 www.panamericansilver.com *Most recent drill holes from Alamo Dorado:
AG AU AGEQV HOLE# FROM TO METERS (G/TONNE) (G/TONNE) (G/TONNE) - ------------------------------------------------------------------------------- ADDDH-09 33 150 117 69 0.267 86 - ------------------------------------------------------------------------------- ADDDH-10 48 195 147 110 0.331 132 - ------------------------------------------------------------------------------- ADDDH-11 27 89 62 119 0.519 153 - ------------------------------------------------------------------------------- ADDDH-11 109 145 36 47 0.171 58 - ------------------------------------------------------------------------------- ADDDH-11 169 185 16 43 0.201 56 - ------------------------------------------------------------------------------- ADDDH-12 73 238 166 118 0.209 131 - ------------------------------------------------------------------------------- ADDDH-13 137 215 78 231 0.050 234 - ------------------------------------------------------------------------------- ADDDH-14 83 171 87 149 0.814 202 - ------------------------------------------------------------------------------- ADDDH-15 63 165 102 208 0.517 242 - -------------------------------------------------------------------------------
Norm Pitcher, Chief Geologist, Mining and Development, Pan American Silver, Qualified Person. All assays were performed by IPL Division of Midas Canada Inc. with checks done by ALS Chemex Labs, with industry standard QA/QC procedures. - End - CAUTIONARY NOTE SOME OF THE STATEMENTS IN THIS NEWS RELEASE ARE FORWARD-LOOKING STATEMENTS AND AS SUCH ARE BASED ON AN ASSUMED SET OF ECONOMIC CONDITIONS AND COURSES OF ACTION. THESE INCLUDE ESTIMATES OF FUTURE PRODUCTION LEVELS, EXPECTATIONS REGARDING MINE PRODUCTION COSTS, EXPECTED TRENDS IN MINERAL PRICES AND STATEMENTS THAT DESCRIBE PAN AMERICAN'S FUTURE PLANS, OBJECTIVES OR GOALS. THERE IS A SIGNIFICANT RISK THAT ACTUAL RESULTS WILL VARY, PERHAPS MATERIALLY, FROM RESULTS PROJECTED DEPENDING ON SUCH FACTORS AS CHANGES IN GENERAL ECONOMIC CONDITIONS AND FINANCIAL MARKETS, CHANGES IN PRICES FOR SILVER AND OTHER METALS, TECHNOLOGICAL AND OPERATIONAL HAZARDS IN PAN AMERICAN'S MINING AND MINE DEVELOPMENT ACTIVITIES, UNCERTAINTIES INHERENT IN THE CALCULATION OF MINERAL RESERVES, MINERAL RESOURCES AND METAL RECOVERIES, THE TIMING AND AVAILABILITY OF FINANCING, GOVERNMENTAL AND OTHER APPROVALS, POLITICAL UNREST OR INSTABILITY IN COUNTRIES WHERE PAN AMERICAN IS ACTIVE, LABOR RELATIONS AND OTHER RISK FACTORS LISTED FROM TIME TO TIME IN PAN AMERICAN'S FORM 40-F. - 2 - -----END PRIVACY-ENHANCED MESSAGE-----