Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	5/23/2002 10:50:49 PM
From: inchingup	Read Replies (1) of 36161

PAAS News: Thursday May 23, 8:04 pm Eastern Time Press Release SOURCE: Pan American Silver Corp. Pan American Silver buys royalty on La Colorada VANCOUVER, May 23 /PRNewswire-FirstCall/ - Pan American Silver Corp. (NASDAQ: PAAS - News; TSE: PAA - News) has exercised its right to acquire all of the existing five percent net smelter return royalty on its La Colorada silver mine in Mexico. Pending regulatory approval, Pan American will issue 390,117 common shares with a four- month hold period, for a total purchase price of US$3 million, for the royalty that was retained by the former owners when Pan American bought the mine in 1998. The royalty purchase will result in 100 percent ownership of La Colorada by Pan American, with no encumbrances, and will increase Pan American's cash flow from the mine when full scale production begins, currently planned for mid-2003. biz.yahoo.com

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