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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (5847)	12/9/2002 4:36:44 PM
From: Eva	Read Replies (1) \| Respond to of 39344

Subj: Stockwatch: Pan American reports update on Dukat Date: 12/9/2002 3:05:18 PM Eastern Standard Time From: newsout@stockwatch.com To: newsoutlist@stockwatch.com Sent from the Internet (Details) Pan American reports update on Dukat Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) has received notice that the Dukat silver mine has started mine production. Dukat is a large primary silver mine in far eastern Russia managed by Serebro Magadana, a Russian company owned 80 percent by OAO MNPO Polimetall and 20 percent by Pan American Silver. Pan American wrote off its entire investment in Dukat in 2000 and has no management or capital obligations to the project. Polimetall announced at a recent reception in Moscow that ore is being mined from both open pit and underground sources at Dukat, and silver concentrate is being produced. This concentrate is reportedly being stockpiled for future export to refining facilities pending receipt of Russian approvals, including a presidential export decree. Pan American will report production estimates when mine production reaches sustainable levels and export approvals are received. Ross J. Beaty, Chairman and C.E.O. or Rosie Moore, Vice President, Corporate Relations, Phone (604) 684-1175 or e-mail info@panamericansilver.com CAUTIONARY NOTE Some of the statements in this news release are forward-looking statements, such as 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. Actual results and developments may differ materially from those contemplated by these statements 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. CONTACT: Ross J. Beaty, Chairman and C.E.O. or Rosie Moore, Vice President, Corporate Relations, Phone 604-684-1175 or e-mail info@panamericansilver.com