Pan American Silver Reports: Alamo Dorado Mine Construction Complete
01 11월 2006 - 10:30PM
PR Newswire (US)
(all amounts in $US unless otherwise stated) VANCOUVER, Nov. 1
/PRNewswire-FirstCall/ -- Pan American Silver Corp. (PAAS: NASDAQ;
PAA: TSX) is pleased to announce that ore is now being processed
through the leaching circuit at its new Alamo Dorado open-pit
silver mine located in the state of Sonora, Mexico. Construction is
now complete, on schedule and virtually on the original feasibility
budget. Pan American is presently focused on ramping up production
to the plant's design capacity of 4,000 tonnes per day. Development
Highlights: - Mine development and plant construction accomplished
on schedule in 19 months. - Capital cost of $79.9 million, in line
with feasibility forecast. - Approximately 450,000 tonnes of ore
grade material now mined and stockpiled ahead of the crushing
plant. - Flawless safety record throughout construction, with zero
lost time accidents reported for 1.8 million man hours and over
1,300 days logged. Pan American Silver expects Alamo Dorado to
contribute approximately 5.0 million ounces of silver and 12,000
ounces of gold per year over a projected mine life of 8 years. For
the remainder of 2006, the mine is expected to add approximately
300,000 ounces of silver to the Company's consolidated production.
Commenting on the start-up of Pan American's newest silver mine,
Geoff Burns, President & CEO said: "It is extremely gratifying
to deliver on the commitments we made to our shareholders in
February of 2005 when we announced our decision to proceed with the
development and construction of the Alamo Dorado silver mine. On
schedule and substantially on budget, Alamo Dorado will be a core
low cost silver producer for Pan American for years to come. It is
a testament to the skills of our project team and brings us a step
closer to our targeted production of 25 million ounces of silver
annually by 2008." CAUTION REGARDING FORWARD-LOOKING STATEMENTS
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING INFORMATION" WITHIN THE
MEANING OF APPLICABLE CANADIAN SECURITIES LEGISLATION. STATEMENTS
CONTAINING FORWARD-LOOKING INFORMATION EXPRESS, AS AT THE DATE OF
THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES, FORECASTS,
PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS OR
RESULTS AND THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY
OBLIGATION TO, UPDATE SUCH STATEMENTS CONTAINING THE
FORWARD-LOOKING INFORMATION. GENERALLY, FORWARD-LOOKING INFORMATION
CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY SUCH AS
"PLANS", "PROJECTS" OR "PROJECTED", "EXPECTS" OR "DOES NOT EXPECT",
"IS EXPECTED", "ESTIMATES", "FORECASTS", "SCHEDULED", "INTENDS",
"ANTICIPATES" OR "DOES NOT ANTICIPATE", OR "BELIEVES", OR
VARIATIONS OF SUCH WORDS AND PHRASES, OR STATEMENTS THAT CERTAIN
ACTIONS, EVENTS OR RESULTS "MAY", "CAN", "COULD", "WOULD", "MIGHT"
OR "WILL BE TAKEN", "OCCUR" OR "BE ACHIEVED". STATEMENTS CONTAINING
FORWARD-LOOKING INFORMATION INCLUDE, BUT ARE NOT LIMITED TO,
STATEMENTS WITH RESPECT TO THE ESTIMATION OF FUTURE PRODUCTION
LEVELS AND EXPECTATIONS REGARDING MINE PRODUCTION COSTS AT THE
ALAMO DORADO MINE. STATEMENTS CONTAINING FORWARD-LOOKING
INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND
OTHER FACTORS THAT MAY CAUSE THE ACTUAL RESULTS, LEVEL OF ACTIVITY,
PERFORMANCE OR ACHIEVEMENTS OF PAN AMERICAN SILVER AND ITS
OPERATIONS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR
IMPLIED BY SUCH STATEMENTS. SUCH FACTORS INCLUDE, AMONG OTHERS,
RISKS RELATED TO TECHNOLOGICAL AND OPERATIONAL NATURE OF THE
COMPANY'S BUSINESS, CHANGES IN THE POLITICAL OR ECONOMIC
ENVIRONMENT, THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES,
CONCLUSIONS OF ECONOMIC EVALUATIONS, FUTURE PRICES OF SILVER, GOLD
AND OTHER BASE METALS, AS WELL AS THOSE FACTORS DESCRIBED IN THE
SECTIONS RELATING TO RISK FACTORS OF PAN AMERICAN SILVER'S BUSINESS
FILED IN THE COMPANY'S REQUIRED SECURITIES FILINGS ON SEDAR. THERE
CAN BE NO ASSURANCE THAT ANY STATEMENTS CONTAINING FORWARD-LOOKING
INFORMATION WILL PROVE TO BE ACCURATE AS ACTUAL RESULTS AND FUTURE
EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH
STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON
STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION. CONTACT: Alexis
Stewart, Director Investor & Corporate Relations at (604)
684-1175, or visit the Company's website at
http://www.panamericansilver.com/ DATASOURCE: Pan American Silver
Corp. CONTACT: Alexis Stewart, Director Investor & Corporate
Relations at (604) 684-1175, or visit the Company's website at
http://www.panamericansilver.com/
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