PAN AMERICAN AND CORNER BAY MOVE TO COMPLETE MERGER
Re: News Releases - 2003 - Wednesday, February 12, 2003
PAN AMERICAN AND CORNER BAY MOVE TO COMPLETE MERGER
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Vancouver, British Columbia and Toronto, Ontario.....Pan American Silver
Corp (Nasdaq -- PAAS; TSX -- PAA) and Corner Bay Silver Inc. (TSX -- BAY)
are pleased to announce that due to recent positive events in procuring
water for the Alamo Dorado silver project in Mexico, the Companies are
proceeding to complete the merger approved by shareholders of each company
in September. The Hydraulic Committee governing water users within the
district unanimously approved an amended agreement in mid-January that
would transfer the required amount of water proportionately from all the
users in the district to Corner Bay. In addition, senior officials of the
Mexican Federal water-governing board (CoNAgua or CNA), at a meeting
yesterday in Mexico City, endorsed the decision of the Hydraulic Committee.
Pan American and Corner Bay have scheduled the closing of the transaction
for February 20th, pending final Board and regulatory approvals.
- End -
Ross Beaty, Chairman or Rosie Moore, VP Corporate Relations, Pan American,
604-684-1175
Peter Mordaunt, Chairman or Steve Brunelle, Vice President, Corner Bay,
416-368-6240 |
