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Gold/Mining/Energy : Silver prices -- Ignore unavailable to you. Want to Upgrade?

To: goldsheet who wrote (2518)	1/26/2000 9:38:00 PM
From: TD	Read Replies (1) \| Respond to of 8010

Bob and all more uses for silver 4bypass.com

To: goldsheet who wrote (2518)	1/27/2000 11:41:00 AM
From: long-gone	Respond to of 8010

Wednesday January 26, 6:58 pm Eastern Time Company Press Release Pan American Silver Updates Major Projects VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 26, 2000--Pan American (NASDAQ:PAAS - news; TSE:PAA. - news) Pan American Silver Corp. (TSE:PAA - news; NASDAQ: PAAS - news) announces updates on its major projects. The Company will host a conference call, which will be open to the public, in late February to further update the projects and announce year-end financial results. QUIRUVILCA MINE, PERU Production in 1999 at the Quiruvilca mine was the highest in its 76-year continuous operating history, resulting in 3.24 million ounces of silver and 23,340 tonnes of zinc. The mine treated 562,500 tonnes of ore during the year. These records were achieved despite reduced production in early 1999 due to a lightning strike disabling the mine's power supply. Production for 2000 is forecast to be 3.45 million ounces of silver and 26,100 tonnes of zinc. In December 1999, the National Society of Mines gave the Quiruvilca mine Peru's most important environmental award for the successful installation of a mine water treatment plant, improving the quality of the Rio Moche, Peru's major northern river. In mid-1999, Pan American completed its $28 million program of mine expansion and environmental upgrading at Quiruvilca. The mine has long-life reserves and is anticipated to require only limited sustaining capital in the foreseeable future. DUKAT, RUSSIA Pan American suspended construction work on the Dukat mine in December after Kaskol, a Russian company, won an auction to purchase certain assets including the old mill building, which Pan American had planned to renovate and utilize for processing Dukat ore. In January, Pan American commissioned Kilborn-SNC Lavalin to perform a study to evaluate the feasibility of constructing a new mill, which would avoid the need for any of the auctioned assets. Preliminary indications are that construction of a new mill is feasible and economically viable, and will allow compliance with the mining license, which requires production by the end of 2001. Permitting is in progress to advance this alternative. Pan American continues to assert its rights under the lease agreement. Legal action has also begun in Russian courts to challenge the auction process. Russian authorities and the Dukat project lenders remain supportive of Pan American's efforts to develop the Dukat deposit into one of the world's largest primary silver mines. LA COLORADA, MEXICO In 1999, development of the Company's La Colorada project included 5,817 meters of underground tunnelling and 4,717 meters of drilling. Independent consultant MRDI was contracted in November to audit the mineral resource, on which the mill size and final design will be based. An additional program of drilling and underground development is underway at La Colorada to augment the proven and probable reserves. MRDI will complete its final study when this work is done, anticipated in late March. Pan American's goal is to re-open the La Colorada mine to produce approximately 4.5 million ounces of silver annually. SAN VICENTE, BOLIVIA Pan American recently received encouraging results from its program of drilling (29 holes) and underground sampling (283 samples in 38 intervals) at the San Vicente project in Bolivia. These results indicate average grades of 408 g/t silver and 4.4% zinc over an average width of 4.88 meters in four main structures. These grades and thicknesses may allow low cost bulk underground mining. A new phase of exploration has begun and will include underground drilling and tunnelling to provide data for a prefeasibility study on reopening the mine. Pan American signed an agreement with Comibol, Bolivia's state mining company, in July 1999 to earn a 100% interest in the mine and its infrastructure. The mine operated from 1972 until 1993. Proven and probable reserves, as calculated in 1996 by Pincock Allen & Holt, were 1,129,065 tonnes grading 369 g/t silver and 5.72% zinc. Pan American's objective is to outline at least five million tonnes of mineral resources, which would support a long-term mine producing over 4 million ounces of silver annually. OTHER PROJECTS In Mexico, Teck Corp. recently renewed its option to acquire a 60% interest in the Company's Lucita property in Zacatecas State, Mexico and plans to drill the property in 2000. In Peru, Pan American is marketing for sale its 50% interest in the Tres Cruces gold property. The statements that are not historical facts are forward-looking statements involving known and unknown risks and uncertainties that could cause actual results to vary materially from the targeted results. Such risks and uncertainties include those described in the Company's Form 40-F as amended. All amounts are expressed in U.S. dollars. biz.yahoo.com