GoldMinerPulse Report: Pan American Silver Corp. Metal Value

Pan American Silver Corp. (PAA) NI 43-101 Metal Value Report

The Pan American Silver Corp. web site is at www.panamericansilver.com.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2010-02-11.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Pan American Silver Corp. Metric Summary**
General Metric	Value on 2010-09-08
In Situ Metal Value per Share (MVpSh)	US$306.88
Average Ore Value per Tonne	US$109.12
Metal Value Leverage (MVL)	11.73
Market Capitalization as a Percentage of Metal Value	8.5%
Recent Closing Stock Price	C$27.5 [note 1]
Fully Diluted Share Count	123.43 M [note 2]
Percentage In Situ Proven + Probable Reserve	22%
Percentage In Situ Measured + Indicated Resource	55%
Percentage In Situ Inferred Resource	23%

**Silver Specific Metrics**
Metric	Value on 2010-09-08
Silver Reserves + Resources	1.25 B oz
Average Silver Ore Grade	118.3 g/t
Market Capitalization per oz of Silver In Situ	US$2.58 ( C$2.72 )
Silver Equivalent Ounces Estimate	1.90 B oz
Market Capitalization per oz of Silver Equivalent	US$1.70 ( C$1.79 )

Note 1: Conversion rate used: 1 Cnd$ = 0.951156 US$
Note 2: Fully diluted share count based on shares and options outstanding figure in the company's presentation RBC Capital Markets Silver Conference December 8, 2009 � New York, plus the Aquiline shares, options and warrants as documented in the February 5, 2010 Prelimineary Short Form Base Shelf Prospectus plus the additional common shares to be offered in future under the prospectus (maximum allotment is assumed).

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2010-09-08**
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Total Counts (reserves + resources)	2.75 M oz	1.25 B oz	208.91 K t	2.20 M t	1.42 M t
Metal Prices in US$ (from 2010-09-08)	$1,255.80 per oz	$19.92 per oz	$3.47320 per lb	$0.99700 per lb	$0.98940 per lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$28.00	$201.62	$12.96	$39.18	$25.12
Percentage of Total Metal Value	9.13%	65.70%	4.22%	12.77%	8.19%
Metal Value Percentage Proven + Probable	25%	19%	32%	14%	50%
Metal Value Percentage Measured + Indicated	45%	60%	46%	65%	18%
Metal Value Percentage Inferred	31%	22%	22%	21%	32%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2010-09-08**
Project	Location	Metal Value per share (% total)	Gold	Silver	Copper	Lead	Zinc	PP%	MI%	I%
Navidad	Chubut, Argentina	$150.71 ( 49.1% )		753.24 M oz	15.98 K t	1.58 M t		0	84%	16%
Huaron	, Peru	$34.82 ( 11.3% )		101.98 M oz	56.60 K t	281.46 K t	556.61 K t	62%	9%	29%
Morococha	Yauli Province, Peru	$32.05 ( 10.4% )		88.40 M oz	66.76 K t	227.88 K t	542.07 K t	44%	16%	40%
Manantial Espejo	Santa Cruz Province, Argentina	$14.88 ( 4.8% )	661.75 K oz	50.46 M oz				75%	17%	8%
La Colorada	Zacatecas State, Mexico	$14.66 ( 4.8% )	76.16 K oz	66.53 M oz		63.74 K t	113.87 K t	44%	15%	42%
La Preciosa	Durango, Mexico	$13.06 ( 4.3% )	104.22 K oz	74.34 M oz				0	47%	53%
Quiruvilica	Santiago de Chuco, Peru	$11.92 ( 3.9% )	113.33 K oz	21.57 M oz	69.58 K t	45.97 K t	121.92 K t	15%	72%	12%
Calcatreu	Rio Negro, Argentina	$10.55 ( 3.4% )	902.07 K oz	8.50 M oz				0	75%	25%
Alamo Dorado	Sonora, Mexico	$8.36 ( 2.7% )	183.36 K oz	40.26 M oz				73%	21%	6%
San Vicente	Province of Potosi, Bolivia	$8.33 ( 2.7% )		42.04 M oz			87.15 K t	66%	24%	10%
Pico Machay	Huancavelica, Peru	$7.24 ( 2.4% )	711.50 K oz					0	37%	63%
Silver Stockpiles	, Peru	$0.31 ( 0.1% )		1.93 M oz				100%	0	0

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Alamo Dorado

Updates: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: Sonora, Mexico. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.72	70.70 K oz	0.340 g/t	6.47 M t
Silver	$3.36	20.80 M oz	100.000 g/t	6.47 M t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.37	36.66 K oz	0.310 g/t	3.68 M t
Silver	$1.64	10.17 M oz	86.000 g/t	3.68 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.17	16.99 K oz	0.360 g/t	1.47 M t
Silver	$0.56	3.45 M oz	73.000 g/t	1.47 M t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.38	37.27 K oz	0.520 g/t	2.23 M t
Silver	$0.68	4.23 M oz	59.000 g/t	2.23 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.22	21.74 K oz	0.590 g/t	1.15 M t
Silver	$0.26	1.62 M oz	44.000 g/t	1.15 M t

Estimate notes:

Calcatreu

Latest NI43-101 Report: CALCATREU GOLD PROJECT Initial Feasibility Study
2007-04-05 (237 pages).

Updates: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: Rio Negro, Argentina. View the Calcatreu Gold project on a Google Map.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.88	676.03 K oz	2.630 g/t	8.00 M t
Silver	$1.08	6.68 M oz	26.000 g/t	8.00 M t

Estimate notes: See PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009
See press release for surface, leach and underground cutoff assumptions.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.30	226.04 K oz	2.060 g/t	3.41 M t
Silver	$0.29	1.82 M oz	16.600 g/t	3.41 M t

Estimate notes: See notes for Indicated.

Huaron

Latest NI43-101 Report: 43-101 Technical Report Huaron Property Cerro de Pasco, Peru
2006-12-31 (157 pages).

Updates: See PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: , Peru. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$6.21	38.49 M oz	185.000 g/t	6.47 M t
Copper	$1.24	20.06 K t	3,100.000 g/t	6.47 M t
Lead	$1.80	100.95 K t	15,600.000 g/t	6.47 M t
Zinc	$3.60	203.84 K t	31,500.000 g/t	6.47 M t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$4.17	25.86 M oz	184.000 g/t	4.37 M t
Copper	$0.79	12.68 K t	2,900.000 g/t	4.37 M t
Lead	$1.23	69.06 K t	15,800.000 g/t	4.37 M t
Zinc	$2.48	140.31 K t	32,100.000 g/t	4.37 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.68	4.19 M oz	159.000 g/t	819.00 K t
Copper	$0.27	4.42 K t	5,400.000 g/t	819.00 K t
Lead	$0.38	21.21 K t	25,900.000 g/t	819.00 K t
Zinc	$0.56	31.70 K t	38,700.000 g/t	819.00 K t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.42	2.63 M oz	157.000 g/t	521.00 K t
Copper	$0.27	4.27 K t	8,200.000 g/t	521.00 K t
Lead	$0.22	12.24 K t	23,500.000 g/t	521.00 K t
Zinc	$0.37	21.00 K t	40,300.000 g/t	521.00 K t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$4.97	30.82 M oz	177.000 g/t	5.42 M t
Copper	$0.94	15.16 K t	2,800.000 g/t	5.42 M t
Lead	$1.39	77.99 K t	14,400.000 g/t	5.42 M t
Zinc	$2.82	159.77 K t	29,500.000 g/t	5.42 M t

Estimate notes:

La Colorada

Latest NI43-101 Report: TECHNICAL REPORT FOR THE LA COLORADA PROPERTY ZACATECAS, M�XICO
2007-09-30 (95 pages).

Updates: See PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: Zacatecas State, Mexico. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.20	19.56 K oz	0.550 g/t	1.11 M t
Silver	$2.30	14.22 M oz	400.000 g/t	1.11 M t
Lead	$0.13	7.41 K t	6,700.000 g/t	1.11 M t
Zinc	$0.27	15.15 K t	13,700.000 g/t	1.11 M t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.17	16.89 K oz	0.470 g/t	1.12 M t
Silver	$2.49	15.41 M oz	429.000 g/t	1.12 M t
Lead	$0.27	15.31 K t	13,700.000 g/t	1.12 M t
Zinc	$0.57	32.08 K t	28,700.000 g/t	1.12 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	1.08 K oz	0.260 g/t	129.00 K t
Silver	$0.16	962.21 K oz	232.000 g/t	129.00 K t
Lead	$0.01	0.49 K t	3,800.000 g/t	129.00 K t
Zinc	$0.02	0.97 K t	7,500.000 g/t	129.00 K t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.08	7.69 K oz	0.190 g/t	1.26 M t
Silver	$1.40	8.70 M oz	215.000 g/t	1.26 M t
Lead	$0.19	10.83 K t	8,600.000 g/t	1.26 M t
Zinc	$0.30	17.00 K t	13,500.000 g/t	1.26 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.31	30.95 K oz	0.350 g/t	2.75 M t
Silver	$4.39	27.23 M oz	308.000 g/t	2.75 M t
Lead	$0.53	29.70 K t	10,800.000 g/t	2.75 M t
Zinc	$0.86	48.68 K t	17,700.000 g/t	2.75 M t

Estimate notes:

La Preciosa

Latest NI43-101 Report: Technical Report on the La Preciosa Project, Durango State, Mexico
2009-03-31 (203 pages).

Updates: Valuation report has been updated assuming completion of the April 14, 2009 News Release Pan American Silver And Orko Silver To Jointly Develop The "La Preciosa" Silver Project.

Project Location: Durango, Mexico in the Sierra Madre Occidental mining region. View Google Map.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.52	50.79 K oz	0.270 g/t	10.64 M t
Silver	$5.62	34.80 M oz	185.000 g/t	10.64 M t

Estimate notes: See Table 1.1 Summary of La Preciosa Silver and Gold Resources on p. 12 of 203 in the (NI) 43-101 report dated March 31, 2009.
Resource quantities adjusted for ownership percentage of 55.0%.
100 g/t of Ag equivalent cut off

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.54	53.43 K oz	0.250 g/t	12.09 M t
Silver	$6.38	39.54 M oz	185.000 g/t	12.09 M t

Estimate notes: See notes for Indicated above.
Resource quantities adjusted for ownership percentage of 55.0%.

Manantial Espejo

Latest NI43-101 Report: Manantial-Espejo Project Canadian Standard NI 43-101
2006-03 (204 pages).

Updates: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: Santa Cruz Province, Argentina. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.28	322.72 K oz	2.330 g/t	4.31 M t
Silver	$3.64	22.58 M oz	163.000 g/t	4.31 M t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.98	195.03 K oz	2.000 g/t	3.03 M t
Silver	$2.17	13.46 M oz	138.000 g/t	3.03 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.27	26.73 K oz	1.020 g/t	815.00 K t
Silver	$0.42	2.62 M oz	100.000 g/t	815.00 K t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.69	67.87 K oz	0.980 g/t	2.15 M t
Silver	$1.15	7.13 M oz	103.000 g/t	2.15 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.50	49.41 K oz	1.090 g/t	1.41 M t
Silver	$0.75	4.67 M oz	103.000 g/t	1.41 M t

Estimate notes:

Morococha

Latest NI43-101 Report: MOROCOCHA PROPERTY TECHNICAL REPORT YAULI PROVINCE, PERU
2007-12-30 (113 pages).

Updates: See PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: Yauli Province, Peru. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.51	21.77 M oz	166.000 g/t	4.42 M t
Copper	$1.04	16.72 K t	4,100.000 g/t	4.42 M t
Lead	$1.03	57.92 K t	14,200.000 g/t	4.42 M t
Zinc	$2.57	145.62 K t	35,700.000 g/t	4.42 M t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009
Resource quantities adjusted for ownership percentage of 92.2%.

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.63	16.27 M oz	187.000 g/t	2.94 M t
Copper	$0.77	12.45 K t	4,600.000 g/t	2.94 M t
Lead	$0.74	41.42 K t	15,300.000 g/t	2.94 M t
Zinc	$1.70	96.10 K t	35,500.000 g/t	2.94 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.82	5.09 M oz	145.000 g/t	1.18 M t
Copper	$0.22	3.60 K t	3,300.000 g/t	1.18 M t
Lead	$0.27	14.95 K t	13,700.000 g/t	1.18 M t
Zinc	$0.63	35.57 K t	32,600.000 g/t	1.18 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.56	9.65 M oz	213.000 g/t	1.53 M t
Copper	$0.52	8.31 K t	5,900.000 g/t	1.53 M t
Lead	$0.41	22.83 K t	16,200.000 g/t	1.53 M t
Zinc	$0.75	42.55 K t	30,200.000 g/t	1.53 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$5.75	35.62 M oz	177.000 g/t	6.79 M t
Copper	$1.59	25.67 K t	4,100.000 g/t	6.79 M t
Lead	$1.62	90.77 K t	14,500.000 g/t	6.79 M t
Zinc	$3.93	222.23 K t	35,500.000 g/t	6.79 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Navidad

Latest NI43-101 Report: Pan American Silver Corp.
2010-02 (249 pages).

Project Location: Chubut, Argentina. View the Navidad project on a Google Map.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$102.27	633.70 M oz	127.000 g/t	155.20 M t
Copper	$0.96	15.52 K t	100.000 g/t	155.20 M t
Lead	$23.49	1.32 M t	8,500.000 g/t	155.20 M t

Estimate notes: See Table 1.1 Navidad April 2009 Mineral Resources reported above a cut-off grade of 50 g/t AgEQ on p. 14 and 15 of 249 in the NI 43-101 dated February 2010.
Cutoff 50 g/t AgEQ.
Note, the copper grade was reduced to match the reported 33M lbs of copper.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$19.29	119.53 M oz	81.000 g/t	45.90 M t
Copper	$0.03	0.46 K t	10.000 g/t	45.90 M t
Lead	$4.66	261.63 K t	5,700.000 g/t	45.90 M t

Estimate notes: See notes for Measured + Indicated.
The copper grade was reduced to match the reported 1M lbs of copper.

Pico Machay

Latest NI43-101 Report: Independent Technical Report And Resource Estimate Pico Machay Gold Deposit HUANCAVELICA PROVINCE, PERU
2009-11-25 (130 pages).

Project Location: Huancavelica, Peru. View the Pico Machay Gold project on a Google Map.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.70	265.82 K oz	0.780 g/t	10.60 M t

Estimate notes: See table on p. 10 of 130 of the NI 43-101 report dated November 2009.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.53	445.67 K oz	0.580 g/t	23.90 M t

Estimate notes: Inferred (Sulphide)

Quiruvilica

Latest NI43-101 Report: TECHNICAL REPORT FOR THE QUIRUVILCA PROPERTY LA LIBERTAD, PERU
2007-07-31 (149 pages).

Updates: See PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: Santiago de Chuco, Peru. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.10	10.08 K oz	0.770 g/t	407.00 K t
Silver	$0.35	2.20 M oz	168.000 g/t	407.00 K t
Copper	$0.17	2.73 K t	6,700.000 g/t	407.00 K t
Lead	$0.09	5.29 K t	13,000.000 g/t	407.00 K t
Zinc	$0.29	16.61 K t	40,800.000 g/t	407.00 K t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.07	6.54 K oz	0.560 g/t	363.00 K t
Silver	$0.28	1.73 M oz	148.000 g/t	363.00 K t
Copper	$0.16	2.50 K t	6,900.000 g/t	363.00 K t
Lead	$0.07	4.14 K t	11,400.000 g/t	363.00 K t
Zinc	$0.26	14.45 K t	39,800.000 g/t	363.00 K t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.59	58.30 K oz	0.760 g/t	2.39 M t
Silver	$1.67	10.36 M oz	135.000 g/t	2.39 M t
Copper	$2.66	42.95 K t	18,000.000 g/t	2.39 M t
Lead	$0.38	21.24 K t	8,900.000 g/t	2.39 M t
Zinc	$0.96	54.40 K t	22,800.000 g/t	2.39 M t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.26	25.36 K oz	0.800 g/t	986.00 K t
Silver	$0.63	3.93 M oz	124.000 g/t	986.00 K t
Copper	$1.06	17.06 K t	17,300.000 g/t	986.00 K t
Lead	$0.10	5.52 K t	5,600.000 g/t	986.00 K t
Zinc	$0.28	15.97 K t	16,200.000 g/t	986.00 K t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.13	13.06 K oz	0.440 g/t	923.00 K t
Silver	$0.54	3.35 M oz	113.000 g/t	923.00 K t
Copper	$0.27	4.34 K t	4,700.000 g/t	923.00 K t
Lead	$0.17	9.78 K t	10,600.000 g/t	923.00 K t
Zinc	$0.36	20.49 K t	22,200.000 g/t	923.00 K t

Estimate notes:

San Vicente

Latest NI43-101 Report: TECHNICAL REPORT FOR THE SAN VICENTE MINE EXPANSION PROJECT POTOS� BOLIVIA
2007-06-06 (225 pages).

Updates: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: Province of Potosi, Bolivia. View project on a Google Map.

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.40	21.05 M oz	423.000 g/t	1.63 M t
Zinc	$0.64	36.38 K t	23,500.000 g/t	1.63 M t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009
Resource quantities adjusted for ownership percentage of 95.0%.

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.18	7.33 M oz	323.000 g/t	743.16 K t
Zinc	$0.27	15.04 K t	21,300.000 g/t	743.16 K t

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.85	5.26 M oz	156.000 g/t	1.10 M t
Zinc	$0.42	23.58 K t	22,500.000 g/t	1.10 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 95.0%.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.55	3.42 M oz	187.000 g/t	598.95 K t
Zinc	$0.18	10.30 K t	18,100.000 g/t	598.95 K t

Estimate notes:
Resource quantities adjusted for ownership percentage of 95.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.80	4.98 M oz	302.000 g/t	540.00 K t
Zinc	$0.03	1.85 K t	3,610.000 g/t	540.00 K t

Estimate notes:
Resource quantities adjusted for ownership percentage of 95.0%.

Silver Stockpiles

Updates: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

Project Location: , Peru.

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.31	1.93 M oz	318.000 g/t	189.00 K t

Estimate notes: PAN AMERICAN SILVER CORPORATION Mineral Reserves and Resources As of December 31, 2009

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