GoldMinerPulse.com -- Pan American Silver Corp.: (NI) 43-101 Metal Valuation Report

Pan American Silver Corp. (PAA)

Company Web Site: www.panamericansilver.com
(NI) 43-101 reports from projects located in: Argentina (AR)  |  Bolivia (BO)  |  Mexico (MX)  |  Peru (PE)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-02-11. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-11.
External Links: Yahoo News and Quotes  |  Yahoo Message Board  |  StockCharts  |  Stockhouse
More External Links: MFFAIS  |  Q4 2008 Earnings Call Transcript  |  Canadian Insider Trading  |     |

CIBC North America Roadshow, July 14-17, 2009 PDF presentation
Recent Production
2009 : Full year: 23.0 M oz Silver and 100,704 oz Gold;
PAN AMERICAN SILVER REPORTS BEST FOURTH QUARTER IN THE COMPANY’S HISTORY
2008 : Production = 18.7 million oz Silver
Source(s):
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-11
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Lead Zinc
    Navidad AR $134.37 0 84% 16%      753.24 M oz     15.98 K t     1.58 M t
    Huaron PE $33.18 62% 9% 29%      101.98 M oz     56.60 K t     281.46 K t     556.61 K t
    Morococha PE $30.66 44% 16% 40%      88.40 M oz     66.76 K t     227.88 K t     542.07 K t
    La Colorada MX $13.23 43% 15% 42% 76.16 K oz     66.53 M oz          63.74 K t     113.87 K t
    Manantial Espejo AR $12.96 75% 17% 8% 661.75 K oz     50.46 M oz
    Quiruvilica PE $11.33 16% 72% 12% 113.33 K oz     21.57 M oz     69.58 K t     45.97 K t     121.92 K t
    La Preciosa MX $11.27 0 47% 53% 104.22 K oz     74.34 M oz
    Calcatreu AR $9.29 0 75% 25% 902.07 K oz     8.50 M oz
    San Vicente BO $7.48 66% 25% 10%      42.04 M oz               87.15 K t
    Alamo Dorado MX $7.24 73% 21% 6% 183.36 K oz     40.26 M oz
    Pico Machay PE $6.39 0 37% 63% 711.50 K oz
    Silver Stockpiles PE $0.27 100% 0 0      1.93 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal Gold Silver Copper Lead Zinc
    Metal Totals 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 2010-03-11) $1,108.90 per oz     $17.15 per oz     $3.36580 per lb     $1.01820 per lb     $1.05510 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $24.73     $173.58     $12.56     $40.01     $26.79
    Percentage of Total Metal Value 8.91%     62.51%     4.52%     14.41%     9.65%
    PP% | MI% | I% 25% | 45% | 31%     19% | 60% | 22%     32% | 46% | 22%     14% | 65% | 21%     50% | 18% | 32%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
    Metal Value per Share (MVpSh)    US$277.67
    Average Ore Value per Tonne    US$102.19
    Metal Value Leverage (MVL)    12.14
    Market Capitalization as % of Metal Value    8.2%
    Recent Stock Price    C$23.42   (TSX/TSXV close on 2010-03-11.)
Conversion rate used: 1 Cnd$ = 0.976275 US$ )
    Fully Diluted Share Count    123.43 M    ( 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). )
    PP% | MI% | I%    22% | 55% | 23%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    129.2 g/t
    Market Capitalization
    per oz of Silver In Ground    $2.26   US$  |   2.31   C$
    Silver Eq Oz Estimate    2.00 B oz   ( 1.25 B oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $1.41   US$  |   1.45   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Update    -   See February 17, 2009: PAN AMERICAN SILVER REPLACES PROVEN AND PROBABLE SILVER RESERVES MINED DURING 2008.
Silver ore grades and quantities at GoldMinerPulse have been set based on the February 17, 2009 update. Ore grades for base metals and gold have been left as defined in the 2007 Reserves and Resources Table.

La Preciosa is included as a Pan American resource based on the implicit assumption that Pan American will exercise their option to acquire a 55% interest from Orko Silver (OK).
Historical Estimates for Hog Heaven and Waterloo    -   See 2007 Reserves and Resources Table.
The historical estimates at Hog Heaven and Waterloo, both in the USA, have not been included in the GoldMinerPulse tabulation.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Pan American Silver Corp. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Navidad	AR	$134.37	0	84%	16%		753.24 M oz	15.98 K t	1.58 M t
Huaron	PE	$33.18	62%	9%	29%		101.98 M oz	56.60 K t	281.46 K t	556.61 K t
Morococha	PE	$30.66	44%	16%	40%		88.40 M oz	66.76 K t	227.88 K t	542.07 K t
La Colorada	MX	$13.23	43%	15%	42%	76.16 K oz	66.53 M oz		63.74 K t	113.87 K t
Manantial Espejo	AR	$12.96	75%	17%	8%	661.75 K oz	50.46 M oz
Quiruvilica	PE	$11.33	16%	72%	12%	113.33 K oz	21.57 M oz	69.58 K t	45.97 K t	121.92 K t
La Preciosa	MX	$11.27	0	47%	53%	104.22 K oz	74.34 M oz
Calcatreu	AR	$9.29	0	75%	25%	902.07 K oz	8.50 M oz
San Vicente	BO	$7.48	66%	25%	10%		42.04 M oz			87.15 K t
Alamo Dorado	MX	$7.24	73%	21%	6%	183.36 K oz	40.26 M oz
Pico Machay	PE	$6.39	0	37%	63%	711.50 K oz
Silver Stockpiles	PE	$0.27	100%	0	0		1.93 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-11
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Metal Totals	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 2010-03-11)	$1,108.90 per oz	$17.15 per oz	$3.36580 per lb	$1.01820 per lb	$1.05510 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$24.73	$173.58	$12.56	$40.01	$26.79
Percentage of Total Metal Value	8.91%	62.51%	4.52%	14.41%	9.65%
PP% \| MI% \| I%	25% \| 45% \| 31%	19% \| 60% \| 22%	32% \| 46% \| 22%	14% \| 65% \| 21%	50% \| 18% \| 32%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-11
Metal Value per Share (MVpSh)	US$277.67
Average Ore Value per Tonne	US$102.19
Metal Value Leverage (MVL)	12.14
Market Capitalization as % of Metal Value	8.2%
Recent Stock Price	C$23.42 (TSX/TSXV close on 2010-03-11.) Conversion rate used: 1 Cnd$ = 0.976275 US$ )
Fully Diluted Share Count	123.43 M ( 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). )
PP% \| MI% \| I%	22% \| 55% \| 23%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	129.2 g/t
Market Capitalization per oz of Silver In Ground	$2.26 US$ \| 2.31 C$
Silver Eq Oz Estimate	2.00 B oz ( 1.25 B oz are in ground)
Market Capitalization per oz of Silver Equilavent	$1.41 US$ \| 1.45 C$

See terms for more about GoldMinerPulse metrics.

Alamo Dorado - ^top^

(NI) 43-101 Report:

Title:
Date: ( pages)

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

Project Location: Sonora, Mexico

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.64 70.70 K oz 0.340 g/t 6.47 M t
Silver $2.89 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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.64	70.70 K oz	0.340 g/t	6.47 M t
Silver	$2.89	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 $0.33 36.66 K oz 0.310 g/t 3.68 M t
Silver $1.41 10.17 M oz 86.000 g/t 3.68 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.33	36.66 K oz	0.310 g/t	3.68 M t
Silver	$1.41	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 $0.15 16.99 K oz 0.360 g/t 1.47 M t
Silver $0.48 3.45 M oz 73.000 g/t 1.47 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.15	16.99 K oz	0.360 g/t	1.47 M t
Silver	$0.48	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 $0.33 37.27 K oz 0.520 g/t 2.23 M t
Silver $0.59 4.23 M oz 59.000 g/t 2.23 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.33	37.27 K oz	0.520 g/t	2.23 M t
Silver	$0.59	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 $0.20 21.74 K oz 0.590 g/t 1.15 M t
Silver $0.23 1.62 M oz 44.000 g/t 1.15 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.20	21.74 K oz	0.590 g/t	1.15 M t
Silver	$0.23	1.62 M oz	44.000 g/t	1.15 M t
Estimate notes:

Calcatreu - ^top^

(NI) 43-101 Report:

Title: CALCATREU GOLD PROJECT Initial Feasibility Study
Date: 2007-04-05 (237 pages)

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

Project Location: Rio Negro, Argentina

Map View: View the Calcatreu Gold project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $6.07 676.03 K oz 2.630 g/t 8.00 M t
Silver $0.93 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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$6.07	676.03 K oz	2.630 g/t	8.00 M t
Silver	$0.93	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 $2.03 226.04 K oz 2.060 g/t 3.41 M t
Silver $0.25 1.82 M oz 16.600 g/t 3.41 M t
Estimate notes: See notes for Indicated.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.03	226.04 K oz	2.060 g/t	3.41 M t
Silver	$0.25	1.82 M oz	16.600 g/t	3.41 M t
Estimate notes: See notes for Indicated.

Huaron - ^top^

(NI) 43-101 Report:

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

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

Project Location: , Peru

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $5.35    38.49 M oz     185.000 g/t     6.47 M t
   Copper $1.21    20.06 K t       3,100.000 g/t     6.47 M t
   Lead $1.84    100.95 K t       15,600.000 g/t     6.47 M t
   Zinc $3.84    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$5.35	38.49 M oz	185.000 g/t	6.47 M t
Copper	$1.21	20.06 K t	3,100.000 g/t	6.47 M t
Lead	$1.84	100.95 K t	15,600.000 g/t	6.47 M t
Zinc	$3.84	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 $3.59    25.86 M oz     184.000 g/t     4.37 M t
   Copper $0.76    12.68 K t       2,900.000 g/t     4.37 M t
   Lead $1.26    69.06 K t       15,800.000 g/t     4.37 M t
   Zinc $2.64    140.31 K t       32,100.000 g/t     4.37 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.59	25.86 M oz	184.000 g/t	4.37 M t
Copper	$0.76	12.68 K t	2,900.000 g/t	4.37 M t
Lead	$1.26	69.06 K t	15,800.000 g/t	4.37 M t
Zinc	$2.64	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 $0.58    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 $0.39    21.21 K t       25,900.000 g/t     819.00 K t
   Zinc $0.60    31.70 K t       38,700.000 g/t     819.00 K t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.58	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	$0.39	21.21 K t	25,900.000 g/t	819.00 K t
Zinc	$0.60	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 $0.37    2.63 M oz     157.000 g/t     521.00 K t
   Copper $0.26    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 $0.40    21.00 K t       40,300.000 g/t     521.00 K t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.37	2.63 M oz	157.000 g/t	521.00 K t
Copper	$0.26	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	$0.40	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 $4.28    30.82 M oz     177.000 g/t     5.42 M t
   Copper $0.91    15.16 K t       2,800.000 g/t     5.42 M t
   Lead $1.42    77.99 K t       14,400.000 g/t     5.42 M t
   Zinc $3.01    159.77 K t       29,500.000 g/t     5.42 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$4.28	30.82 M oz	177.000 g/t	5.42 M t
Copper	$0.91	15.16 K t	2,800.000 g/t	5.42 M t
Lead	$1.42	77.99 K t	14,400.000 g/t	5.42 M t
Zinc	$3.01	159.77 K t	29,500.000 g/t	5.42 M t
Estimate notes:

La Colorada - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT FOR THE LA COLORADA PROPERTY ZACATECAS, MÉXICO
Date: 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

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.18    19.56 K oz     0.550 g/t     1.11 M t
   Silver $1.98    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 $0.29    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.18	19.56 K oz	0.550 g/t	1.11 M t
Silver	$1.98	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	$0.29	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 $0.15    16.89 K oz     0.470 g/t     1.12 M t
   Silver $2.14    15.41 M oz     429.000 g/t     1.12 M t
   Lead $0.28    15.31 K t       13,700.000 g/t     1.12 M t
   Zinc $0.60    32.08 K t       28,700.000 g/t     1.12 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.15	16.89 K oz	0.470 g/t	1.12 M t
Silver	$2.14	15.41 M oz	429.000 g/t	1.12 M t
Lead	$0.28	15.31 K t	13,700.000 g/t	1.12 M t
Zinc	$0.60	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 $0.13    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:

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	$0.13	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 $0.07    7.69 K oz     0.190 g/t     1.26 M t
   Silver $1.21    8.70 M oz     215.000 g/t     1.26 M t
   Lead $0.20    10.83 K t       8,600.000 g/t     1.26 M t
   Zinc $0.32    17.00 K t       13,500.000 g/t     1.26 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.07	7.69 K oz	0.190 g/t	1.26 M t
Silver	$1.21	8.70 M oz	215.000 g/t	1.26 M t
Lead	$0.20	10.83 K t	8,600.000 g/t	1.26 M t
Zinc	$0.32	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 $0.28    30.95 K oz     0.350 g/t     2.75 M t
   Silver $3.78    27.23 M oz     308.000 g/t     2.75 M t
   Lead $0.54    29.70 K t       10,800.000 g/t     2.75 M t
   Zinc $0.92    48.68 K t       17,700.000 g/t     2.75 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.28	30.95 K oz	0.350 g/t	2.75 M t
Silver	$3.78	27.23 M oz	308.000 g/t	2.75 M t
Lead	$0.54	29.70 K t	10,800.000 g/t	2.75 M t
Zinc	$0.92	48.68 K t	17,700.000 g/t	2.75 M t
Estimate notes:

La Preciosa - ^top^

(NI) 43-101 Report:

Title: Technical Report on the La Preciosa Project, Durango State, Mexico
Date: 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 / Mining Region: Sierra Madre Occidental

Map View: View Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.46 50.79 K oz 0.270 g/t 10.64 M t
Silver $4.84 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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.46	50.79 K oz	0.270 g/t	10.64 M t
Silver	$4.84	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 $0.48 53.43 K oz 0.250 g/t 12.09 M t
Silver $5.49 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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.48	53.43 K oz	0.250 g/t	12.09 M t
Silver	$5.49	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 - ^top^

(NI) 43-101 Report:

Title: Manantial-Espejo Project Canadian Standard NI 43-101
Date: 2006-03 (204 pages)

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

Project Location: Santa Cruz Province, Argentina

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $2.90 322.72 K oz 2.330 g/t 4.31 M t
Silver $3.14 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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.90	322.72 K oz	2.330 g/t	4.31 M t
Silver	$3.14	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 $1.75 195.03 K oz 2.000 g/t 3.03 M t
Silver $1.87 13.46 M oz 138.000 g/t 3.03 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.75	195.03 K oz	2.000 g/t	3.03 M t
Silver	$1.87	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 $0.24 26.73 K oz 1.020 g/t 815.00 K t
Silver $0.36 2.62 M oz 100.000 g/t 815.00 K t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.24	26.73 K oz	1.020 g/t	815.00 K t
Silver	$0.36	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 $0.61 67.87 K oz 0.980 g/t 2.15 M t
Silver $0.99 7.13 M oz 103.000 g/t 2.15 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.61	67.87 K oz	0.980 g/t	2.15 M t
Silver	$0.99	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 $0.44 49.41 K oz 1.090 g/t 1.41 M t
Silver $0.65 4.67 M oz 103.000 g/t 1.41 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.44	49.41 K oz	1.090 g/t	1.41 M t
Silver	$0.65	4.67 M oz	103.000 g/t	1.41 M t
Estimate notes:

Morococha - ^top^

(NI) 43-101 Report:

Title: MOROCOCHA PROPERTY TECHNICAL REPORT YAULI PROVINCE, PERU
Date: 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

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $3.02    21.77 M oz     166.000 g/t     4.42 M t
   Copper $1.01    16.72 K t       4,100.000 g/t     4.42 M t
   Lead $1.05    57.92 K t       14,200.000 g/t     4.42 M t
   Zinc $2.74    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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.02	21.77 M oz	166.000 g/t	4.42 M t
Copper	$1.01	16.72 K t	4,100.000 g/t	4.42 M t
Lead	$1.05	57.92 K t	14,200.000 g/t	4.42 M t
Zinc	$2.74	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 $2.26    16.27 M oz     187.000 g/t     2.94 M t
   Copper $0.75    12.45 K t       4,600.000 g/t     2.94 M t
   Lead $0.75    41.42 K t       15,300.000 g/t     2.94 M t
   Zinc $1.81    96.10 K t       35,500.000 g/t     2.94 M t
Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.26	16.27 M oz	187.000 g/t	2.94 M t
Copper	$0.75	12.45 K t	4,600.000 g/t	2.94 M t
Lead	$0.75	41.42 K t	15,300.000 g/t	2.94 M t
Zinc	$1.81	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 $0.71    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 $0.67    35.57 K t       32,600.000 g/t     1.18 M t
Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.71	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	$0.67	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 $1.34    9.65 M oz     213.000 g/t     1.53 M t
   Copper $0.50    8.31 K t       5,900.000 g/t     1.53 M t
   Lead $0.42    22.83 K t       16,200.000 g/t     1.53 M t
   Zinc $0.80    42.55 K t       30,200.000 g/t     1.53 M t
Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.34	9.65 M oz	213.000 g/t	1.53 M t
Copper	$0.50	8.31 K t	5,900.000 g/t	1.53 M t
Lead	$0.42	22.83 K t	16,200.000 g/t	1.53 M t
Zinc	$0.80	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 $4.95    35.62 M oz     177.000 g/t     6.79 M t
   Copper $1.54    25.67 K t       4,100.000 g/t     6.79 M t
   Lead $1.65    90.77 K t       14,500.000 g/t     6.79 M t
   Zinc $4.19    222.23 K t       35,500.000 g/t     6.79 M t
Estimate notes:
Resource quantities adjusted for ownership percentage of 92.2%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$4.95	35.62 M oz	177.000 g/t	6.79 M t
Copper	$1.54	25.67 K t	4,100.000 g/t	6.79 M t
Lead	$1.65	90.77 K t	14,500.000 g/t	6.79 M t
Zinc	$4.19	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 - ^top^

(NI) 43-101 Report:

Title: Pan American Silver Corp.
Date: 2010-02 (249 pages)

Project Location: Chubut, Argentina

Map View: View the Navidad project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $88.05    633.70 M oz     127.000 g/t     155.20 M t
   Copper $0.93    15.52 K t       100.000 g/t     155.20 M t
   Lead $23.99    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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$88.05	633.70 M oz	127.000 g/t	155.20 M t
Copper	$0.93	15.52 K t	100.000 g/t	155.20 M t
Lead	$23.99	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 $16.61    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 $4.76    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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$16.61	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	$4.76	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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.39	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.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.00	445.67 K oz	0.580 g/t	23.90 M t
Estimate notes: Inferred (Sulphide)

Quiruvilica - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT FOR THE QUIRUVILCA PROPERTY LA LIBERTAD, PERU
Date: 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

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.09    10.08 K oz     0.770 g/t     407.00 K t
   Silver $0.31    2.20 M oz     168.000 g/t     407.00 K t
   Copper $0.16    2.73 K t       6,700.000 g/t     407.00 K t
   Lead $0.10    5.29 K t       13,000.000 g/t     407.00 K t
   Zinc $0.31    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

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.09	10.08 K oz	0.770 g/t	407.00 K t
Silver	$0.31	2.20 M oz	168.000 g/t	407.00 K t
Copper	$0.16	2.73 K t	6,700.000 g/t	407.00 K t
Lead	$0.10	5.29 K t	13,000.000 g/t	407.00 K t
Zinc	$0.31	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 $0.06    6.54 K oz     0.560 g/t     363.00 K t
   Silver $0.24    1.73 M oz     148.000 g/t     363.00 K t
   Copper $0.15    2.50 K t       6,900.000 g/t     363.00 K t
   Lead $0.08    4.14 K t       11,400.000 g/t     363.00 K t
   Zinc $0.27    14.45 K t       39,800.000 g/t     363.00 K t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.06	6.54 K oz	0.560 g/t	363.00 K t
Silver	$0.24	1.73 M oz	148.000 g/t	363.00 K t
Copper	$0.15	2.50 K t	6,900.000 g/t	363.00 K t
Lead	$0.08	4.14 K t	11,400.000 g/t	363.00 K t
Zinc	$0.27	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 $0.52    58.30 K oz     0.760 g/t     2.39 M t
   Silver $1.44    10.36 M oz     135.000 g/t     2.39 M t
   Copper $2.58    42.95 K t       18,000.000 g/t     2.39 M t
   Lead $0.39    21.24 K t       8,900.000 g/t     2.39 M t
   Zinc $1.03    54.40 K t       22,800.000 g/t     2.39 M t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.52	58.30 K oz	0.760 g/t	2.39 M t
Silver	$1.44	10.36 M oz	135.000 g/t	2.39 M t
Copper	$2.58	42.95 K t	18,000.000 g/t	2.39 M t
Lead	$0.39	21.24 K t	8,900.000 g/t	2.39 M t
Zinc	$1.03	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 $0.23    25.36 K oz     0.800 g/t     986.00 K t
   Silver $0.55    3.93 M oz     124.000 g/t     986.00 K t
   Copper $1.03    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 $0.30    15.97 K t       16,200.000 g/t     986.00 K t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.23	25.36 K oz	0.800 g/t	986.00 K t
Silver	$0.55	3.93 M oz	124.000 g/t	986.00 K t
Copper	$1.03	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	$0.30	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 $0.12    13.06 K oz     0.440 g/t     923.00 K t
   Silver $0.47    3.35 M oz     113.000 g/t     923.00 K t
   Copper $0.26    4.34 K t       4,700.000 g/t     923.00 K t
   Lead $0.18    9.78 K t       10,600.000 g/t     923.00 K t
   Zinc $0.39    20.49 K t       22,200.000 g/t     923.00 K t
Estimate notes:

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.12	13.06 K oz	0.440 g/t	923.00 K t
Silver	$0.47	3.35 M oz	113.000 g/t	923.00 K t
Copper	$0.26	4.34 K t	4,700.000 g/t	923.00 K t
Lead	$0.18	9.78 K t	10,600.000 g/t	923.00 K t
Zinc	$0.39	20.49 K t	22,200.000 g/t	923.00 K t
Estimate notes:

San Vicente - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT FOR THE SAN VICENTE MINE EXPANSION PROJECT POTOSÍ BOLIVIA
Date: 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

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $2.93 21.05 M oz 423.000 g/t 1.63 M t
Zinc $0.69 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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$2.93	21.05 M oz	423.000 g/t	1.63 M t
Zinc	$0.69	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 $1.02 7.33 M oz 323.000 g/t 743.16 K t
Zinc $0.28 15.04 K t 21,300.000 g/t 743.16 K t
Estimate notes:
Resource quantities adjusted for ownership percentage of 95.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.02	7.33 M oz	323.000 g/t	743.16 K t
Zinc	$0.28	15.04 K t	21,300.000 g/t	743.16 K t
Estimate notes: Resource quantities adjusted for ownership percentage of 95.0%.

•Measured

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $0.73 5.26 M oz 156.000 g/t 1.10 M t
Zinc $0.44 23.58 K t 22,500.000 g/t 1.10 M t
Estimate notes:
Resource quantities adjusted for ownership percentage of 95.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.73	5.26 M oz	156.000 g/t	1.10 M t
Zinc	$0.44	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 $0.48 3.42 M oz 187.000 g/t 598.95 K t
Zinc $0.19 10.30 K t 18,100.000 g/t 598.95 K t
Estimate notes:
Resource quantities adjusted for ownership percentage of 95.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.48	3.42 M oz	187.000 g/t	598.95 K t
Zinc	$0.19	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 $0.69 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%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.69	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%.


PartyCasino is the online casino operated by PartyGaming Plc. PartyGaming Plc is listed on the London Stock Exchange and is part of the FTSE 250 in the Travel & Leisure sector.