GoldMinerPulse Report: Pan American Silver Corp. Metal Value

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

The Pan American Silver Corp. website is at www.panamericansilver.com.

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CIBC North America Roadshow, July 14-17, 2009 PDF presentation

Note

Pan American Investments:

11.5M shares of Treasury Metals, May 19, 2011 news release.

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-07-04.

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 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$487.42
Average Ore Value per Tonne	US$175.63
Metal Value Leverage (MVL)	20.32
Market Capitalization as a Percentage of Metal Value	4.9%
Recent Closing Stock Price	C$23.82 [note 1]
Fully Diluted Share Count	115.92 M [note 2]
Percentage In Situ Proven + Probable Reserve	21%
Percentage In Situ Measured + Indicated Resource	58%
Percentage In Situ Inferred Resource	22%

**Silver Specific Metrics**
Metric	Value on 2012-02-03
Silver Reserves + Resources	1.28 B oz
Average Silver Ore Grade	124.1 g/t
Market Capitalization per oz of Silver In Situ	US$2.17 ( C$2.16 )
Silver Equivalent Ounces Estimate	1.68 B oz
Market Capitalization per oz of Silver Equivalent	US$1.65 ( C$1.64 )
Enterprise Value per oz of Silver Equivalent	US$1.29 ( C$1.28 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: AMENDED AND RESTATED UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND NOTES FOR THE FIRST QUARTER ENDING MARCH 31, 2011
- options (millions): 0.997879 at an average price of C$39.54
- warrants (millions): 7.938479 at an average price of C$34.67
Note 3: Current net cash = current cash (and cash equivalents) minus current liabilities
Amended and restarted March 31, 2011 Finacials.
- current cash (and short term investments) = C$397.21M
- current liabilities = C$107.76M

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 2012-02-03**
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Total Counts (reserves + resources)	2.23 M oz	1.28 B oz	207.58 K t	2.17 M t	1.41 M t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$3.89 / lb	$1.00640 / lb	$0.96490 / lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$33.22	$371.47	$15.36	$41.54	$25.83
Percentage of Total Metal Value	6.82%	76.21%	3.15%	8.52%	5.30%
Metal Value Percentage Proven + Probable	31%	18%	31%	13%	51%
Metal Value Percentage Measured + Indicated	51%	61%	45%	65%	16%
Metal Value Percentage Inferred	18%	21%	25%	21%	33%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	Copper	Lead	Zinc	PP%	MI%	I%
Navidad	Chubut, Argentina	$249.96 ( 51.3% )	US$144.09		753.24 M oz	15.98 K t	1.58 M t		0	84%	16%
Huaron	, Peru	$49.35 ( 10.1% )	US$303.16		101.64 M oz	56.78 K t	280.20 K t	561.03 K t	57%	7%	35%
Morococha	Yauli Province, Peru	$45.85 ( 9.4% )	US$311.68		92.58 M oz	68.27 K t	217.73 K t	532.83 K t	42%	16%	42%
La Preciosa	Durango, Mexico	$28.13 ( 5.8% )	US$148.20	172.87 K oz	88.08 M oz				0	71%	29%
Manantial Espejo	Santa Cruz Province, Argentina	$27.48 ( 5.6% )	US$202.23	756.53 K oz	55.89 M oz				67%	24%	9%
La Colorada	Zacatecas State, Mexico	$26.29 ( 5.4% )	US$393.11	89.88 K oz	77.95 M oz		44.59 K t	80.81 K t	53%	13%	34%
Calcatreu	Rio Negro, Argentina	$15.90 ( 3.3% )	US$161.54	902.07 K oz	8.50 M oz				0	76%	24%
Quiruvilica	Santiago de Chuco, Peru	$15.80 ( 3.2% )	US$359.20	113.80 K oz	20.38 M oz	66.56 K t	46.93 K t	129.39 K t	16%	69%	15%
Alamo Dorado	Sonora, Mexico	$14.60 ( 3.0% )	US$93.88	196.36 K oz	40.26 M oz				64%	29%	7%
San Vicente	Province of Potosi, Bolivia	$13.50 ( 2.8% )	US$350.45		39.99 M oz			103.54 K t	68%	14%	18%
Silver Stockpiles	, Peru	$0.56 ( 0.1% )	US$343.83		1.93 M oz				0	100%	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, 2010.

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

Average Ore Value (all estimate types): US$93.88

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.00	67.43 K oz	0.310 g/t	6.77 M t
Silver	$5.49	18.93 M oz	87.000 g/t	6.77 M t

Estimate notes:

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.49	32.59 K oz	0.310 g/t	3.27 M t
Silver	$2.38	8.20 M oz	78.000 g/t	3.27 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.40	26.66 K oz	0.280 g/t	2.96 M t
Silver	$1.55	5.33 M oz	56.000 g/t	2.96 M t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.66	44.51 K oz	0.420 g/t	3.30 M t
Silver	$1.60	5.51 M oz	52.000 g/t	3.30 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.37	25.16 K oz	0.450 g/t	1.74 M t
Silver	$0.67	2.29 M oz	41.000 g/t	1.74 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.

Average Ore Value (all estimate types): US$161.54

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$10.07	676.03 K oz	2.630 g/t	8.00 M t
Silver	$1.94	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	$3.37	226.04 K oz	2.060 g/t	3.41 M t
Silver	$0.53	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: Pan American Silver Corporation Mineral Reserves and Resources as of December 31, 2010.

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

Average Ore Value (all estimate types): US$303.16

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$10.20	35.15 M oz	174.000 g/t	6.28 M t
Copper	$1.35	18.22 K t	2,900.000 g/t	6.28 M t
Lead	$1.76	91.75 K t	14,600.000 g/t	6.28 M t
Zinc	$3.44	187.26 K t	29,800.000 g/t	6.28 M t

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$7.00	24.12 M oz	173.000 g/t	4.34 M t
Copper	$0.83	11.27 K t	2,600.000 g/t	4.34 M t
Lead	$1.21	63.31 K t	14,600.000 g/t	4.34 M t
Zinc	$2.43	132.25 K t	30,500.000 g/t	4.34 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.99	3.42 M oz	153.000 g/t	696.00 K t
Copper	$0.29	3.90 K t	5,600.000 g/t	696.00 K t
Lead	$0.32	16.56 K t	23,800.000 g/t	696.00 K t
Zinc	$0.48	26.17 K t	37,600.000 g/t	696.00 K t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.72	2.48 M oz	152.000 g/t	507.00 K t
Copper	$0.32	4.36 K t	8,600.000 g/t	507.00 K t
Lead	$0.20	10.65 K t	21,000.000 g/t	507.00 K t
Zinc	$0.36	19.47 K t	38,400.000 g/t	507.00 K t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$10.58	36.47 M oz	161.000 g/t	7.05 M t
Copper	$1.41	19.02 K t	2,700.000 g/t	7.05 M t
Lead	$1.87	97.94 K t	13,900.000 g/t	7.05 M t
Zinc	$3.59	195.88 K t	27,800.000 g/t	7.05 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: Pan American Silver Corporation Mineral Reserves and Resources as of December 31, 2010.

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

Average Ore Value (all estimate types): US$393.11

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.29	19.17 K oz	0.480 g/t	1.24 M t
Silver	$4.70	16.21 M oz	406.000 g/t	1.24 M t
Lead	$0.22	11.43 K t	9,200.000 g/t	1.24 M t
Zinc	$0.38	20.87 K t	16,800.000 g/t	1.24 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	$0.38	25.25 K oz	0.470 g/t	1.67 M t
Silver	$6.42	22.13 M oz	412.000 g/t	1.67 M t
Lead	$0.51	26.40 K t	15,800.000 g/t	1.67 M t
Zinc	$0.93	50.63 K t	30,300.000 g/t	1.67 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	0.68 K oz	0.190 g/t	111.00 K t
Silver	$0.23	777.98 K oz	218.000 g/t	111.00 K t
Lead	$0.01	0.69 K t	6,200.000 g/t	111.00 K t
Zinc	$0.02	1.12 K t	10,100.000 g/t	111.00 K t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.16	10.94 K oz	0.310 g/t	1.10 M t
Silver	$2.77	9.53 M oz	270.000 g/t	1.10 M t
Lead	$0.11	5.71 K t	5,200.000 g/t	1.10 M t
Zinc	$0.14	7.47 K t	6,800.000 g/t	1.10 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.50	33.85 K oz	0.290 g/t	3.63 M t
Silver	$8.50	29.29 M oz	251.000 g/t	3.63 M t
Lead	$0.01	0.36 K t	100.000 g/t	3.63 M t
Zinc	$0.01	0.73 K t	200.000 g/t	3.63 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: August 11, 2011 press release details a PEA.

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

Average Ore Value (all estimate types): US$148.20

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.89	127.18 K oz	0.290 g/t	24.80 M t
Silver	$18.07	62.27 M oz	142.000 g/t	24.80 M t

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

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.68	45.69 K oz	0.170 g/t	15.20 M t
Silver	$7.49	25.80 M oz	96.000 g/t	15.20 M t

Estimate notes:
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, 2010.

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

Average Ore Value (all estimate types): US$202.23

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.00	336.05 K oz	2.200 g/t	4.75 M t
Silver	$6.60	22.76 M oz	149.000 g/t	4.75 M t

Estimate notes:

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.95	198.29 K oz	1.910 g/t	3.23 M t
Silver	$3.95	13.60 M oz	131.000 g/t	3.23 M t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.86	57.68 K oz	1.000 g/t	1.79 M t
Silver	$1.25	4.33 M oz	75.000 g/t	1.79 M t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.64	109.84 K oz	0.870 g/t	3.93 M t
Silver	$2.75	9.47 M oz	75.000 g/t	3.93 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.81	54.68 K oz	0.830 g/t	2.05 M t
Silver	$1.66	5.73 M oz	87.000 g/t	2.05 M t

Estimate notes:

Morococha

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

Updates: Pan American Silver Corporation Mineral Reserves and Resources as of December 31, 2010.

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

Average Ore Value (all estimate types): US$311.68

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$5.91	20.38 M oz	149.000 g/t	4.61 M t
Copper	$1.26	17.02 K t	4,000.000 g/t	4.61 M t
Lead	$0.95	49.77 K t	11,700.000 g/t	4.61 M t
Zinc	$2.58	140.38 K t	33,000.000 g/t	4.61 M t

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$5.00	17.23 M oz	178.000 g/t	3.26 M t
Copper	$0.94	12.64 K t	4,200.000 g/t	3.26 M t
Lead	$0.73	37.93 K t	12,600.000 g/t	3.26 M t
Zinc	$1.72	93.91 K t	31,200.000 g/t	3.26 M t

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

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.63	5.62 M oz	142.000 g/t	1.34 M t
Copper	$0.29	3.94 K t	3,200.000 g/t	1.34 M t
Lead	$0.30	15.77 K t	12,800.000 g/t	1.34 M t
Zinc	$0.70	37.95 K t	30,800.000 g/t	1.34 M t

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

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.75	9.48 M oz	206.000 g/t	1.55 M t
Copper	$0.56	7.59 K t	5,300.000 g/t	1.55 M t
Lead	$0.43	22.34 K t	15,600.000 g/t	1.55 M t
Zinc	$0.78	42.53 K t	29,700.000 g/t	1.55 M t

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

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$11.57	39.86 M oz	174.000 g/t	7.73 M t
Copper	$2.00	27.08 K t	3,800.000 g/t	7.73 M t
Lead	$1.76	91.93 K t	12,900.000 g/t	7.73 M t
Zinc	$4.00	218.06 K t	30,600.000 g/t	7.73 M t

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

Navidad

Latest NI43-101 Report: Pan American Silver Corp. Navidad Project
2011-01-14 (198 pages).

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

Average Ore Value (all estimate types): US$144.09

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$183.84	633.70 M oz	127.000 g/t	155.20 M t
Copper	$1.15	15.52 K t	100.000 g/t	155.20 M t
Lead	$25.25	1.32 M t	8,500.000 g/t	155.20 M t

Estimate notes: See Table 19-4: Navidad April 2009 Mineral Resources Reported Above a Cut-Off Grade of 50 g/t AgEQ in the January 14, 2011 Technical Report.
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	$34.68	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	$5.01	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.

Quiruvilica

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

Updates: Pan American Silver Corporation Mineral Reserves and Resources as of December 31, 2010.

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

Average Ore Value (all estimate types): US$359.20

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.19	12.84 K oz	0.920 g/t	434.00 K t
Silver	$0.64	2.22 M oz	159.000 g/t	434.00 K t
Copper	$0.21	2.78 K t	6,400.000 g/t	434.00 K t
Lead	$0.10	5.38 K t	12,400.000 g/t	434.00 K t
Zinc	$0.30	16.36 K t	37,700.000 g/t	434.00 K t

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.10	6.39 K oz	0.510 g/t	390.00 K t
Silver	$0.50	1.72 M oz	137.000 g/t	390.00 K t
Copper	$0.13	1.79 K t	4,600.000 g/t	390.00 K t
Lead	$0.09	4.91 K t	12,600.000 g/t	390.00 K t
Zinc	$0.30	16.19 K t	41,500.000 g/t	390.00 K t

Estimate notes:

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.53	35.40 K oz	0.770 g/t	1.43 M t
Silver	$1.65	5.70 M oz	124.000 g/t	1.43 M t
Copper	$1.90	25.74 K t	18,000.000 g/t	1.43 M t
Lead	$0.21	11.01 K t	7,700.000 g/t	1.43 M t
Zinc	$0.56	30.32 K t	21,200.000 g/t	1.43 M t

Estimate notes:

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.63	42.60 K oz	0.730 g/t	1.82 M t
Silver	$2.12	7.29 M oz	125.000 g/t	1.82 M t
Copper	$2.32	31.40 K t	17,300.000 g/t	1.82 M t
Lead	$0.25	13.25 K t	7,300.000 g/t	1.82 M t
Zinc	$0.65	35.39 K t	19,500.000 g/t	1.82 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.25	16.57 K oz	0.500 g/t	1.03 M t
Silver	$1.00	3.45 M oz	104.000 g/t	1.03 M t
Copper	$0.36	4.85 K t	4,700.000 g/t	1.03 M t
Lead	$0.24	12.37 K t	12,000.000 g/t	1.03 M t
Zinc	$0.57	31.14 K t	30,200.000 g/t	1.03 M 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, 2010.

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

Average Ore Value (all estimate types): US$350.45

Proven

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$6.06	20.88 M oz	383.000 g/t	1.79 M t
Zinc	$0.74	40.36 K t	23,800.000 g/t	1.79 M t

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

Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.07	7.15 M oz	325.000 g/t	720.00 K t
Zinc	$0.28	15.18 K t	22,200.000 g/t	720.00 K t

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.01	3.50 M oz	133.000 g/t	861.05 K t
Zinc	$0.30	16.61 K t	20,300.000 g/t	861.05 K t

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

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.44	1.51 M oz	138.000 g/t	357.89 K t
Zinc	$0.12	6.43 K t	18,900.000 g/t	357.89 K t

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

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.02	6.95 M oz	233.000 g/t	976.84 K t
Zinc	$0.46	24.96 K t	26,900.000 g/t	976.84 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, 2010.

Project Location: , Peru.

Average Ore Value (all estimate types): US$343.83

Measured

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.56	1.93 M oz	318.000 g/t	189.00 K t

Estimate notes:

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