🕐09.11.10 - 01:54 Uhr
Pan American Silver Announces Cash Dividend and Moves to Quarterly Distributions
PAN AMERICAN SILVER ANNOUNCES CASH DIVIDEND AND MOVES TO QUARTERLY
DISTRIBUTIONS
(All amounts in US dollars unless otherwise stated)
Vancouver, British Columbia - November 8, 2010 - Pan American Silver
Corp.
(PAAS: NASDAQ; PAA: TSX) ("Pan American" or the "Company") today
announced that in view of its solid operational and financial results
reported during recent quarters, the Board of Directors has approved an
increase to the frequency of the Companys dividend distributions from a
semi-annual to a quarterly basis.
In conjunction with the move to quarterly distributions, the Company
declared its third dividend in 2010 and first quarterly dividend, in the
amount of $0.025 per share, which will be paid out on or about
Wednesday, December 1, 2010 to holders of record of Pan Americans
common shares as of the close of business on Friday, November 19, 2010.
Specific distribution dates and the amounts of future quarterly
dividends will be determined by the Board on an ongoing basis.
The Companys dividends will be designated as eligible dividends for the
purposes of the Income Tax Act (Canada).
Geoff Burns, President & CEO, commented, "It is a great pleasure to be
in a position to increase the frequency of our dividend payments to our
shareholders, allowing them to benefit directly from the Companys
growing prosperity."
About Pan American Silver
Pan American Silvers mission is to be the worlds largest and lowest
cost primary silver mining company by increasing its low-cost silver
production and silver reserves.
The Company has eight mining operations
in Mexico, Peru, Argentina and Bolivia.
Pan American also owns the
Navidad project in Chubut, Argentina and is the operator of the La
Preciosa project in Durango, Mexico.
Information Contact
Kettina Cordero
Coordinator, Investor Relations
(604) 684-1175
www.panamericansilver.com
This NEWS RELEASE contains "forward-looking STATEMENTS" within the
meaning of the UNITED STATES Private Securities Litigation reform act of
1995 and "fORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF applicable
Canadian securities legislation.
All statements, other than statements
of historical fact, are forward-looking statements.
Statements
containing forward-looking information express, as at the date of this
NEWS RELEASE, the Companys plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results.
SUCH
forward-looking statements AND information include, but are not limited
to statements as to any future dividends.
These statements reflect the Companys current views with respect to
future events and are necessarily based upon a number of assumptions and
estimates that, while considered reasonable by the Company, are
inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies.
Many factors,
both known and unknown, could cause actual results, performance or
achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such
forward-looking statements contained in this News Release and the
Company has made assumptions and estimates based on or related to many
of these factors.
Such factors include, without limitation:
fluctuations in spot and forward markets for silver, gold, base metals
and certain other commodities (such as natural gas, fuel oil and
electricity); fluctuations in currency markets (such as the Peruvian
sol, Mexican peso, Argentine peso and Bolivian boliviano versus the U.S.
dollar); risks related to the technological and operational nature of
the Companys business; changes in national and local government,
legislation, taxation, controls or regulations and political or
economic developments in Canada, the United States, Mexico, Peru,
Argentina, Bolivia or other countries where the Company may carry on
business in the future; risks and hazards associated with the business
of mineral exploration, development and mining (including environmental
hazards, industrial accidents, unusual or unexpected geological or
structural formations, pressures, cave-ins and flooding); RISKS RELATING
TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS
AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS; inadequate
insurance, or inability to obtain insurance, to cover these risks and
hazards; employee relations; RELATIONSHIPS WITH AND CLAIMS BY LOCAL
COMMUNITIES AND INDIGENOUS POPULATIONS; availability and increasing
costs associated with mining inputs and labour; the speculative nature
of mineral exploration and development, including the risks of obtaining
necessary licenses and permits AND THE PRESENCE OF LAWS AND REGULATIONS
THAT MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE
PROVINCE OF CHUBUT, ARGENTINA; diminishing quantities or grades of
mineral reserves as properties are mined; global financial conditions;
business opportunities that may be presented to, or pursued by, the
Company; the Companys ability to complete and successfully integrate
acquisitions AND TO MITIGATE OTHER BUSINESS COMBINATION RISKS;
challenges to, OR DIFFICULTY IN MAINTAINING, the Companys title to
properties AND CONTINUED OWNERSHIP THEREOF; the actual results of
current exploration activities, conclusions of economic evaluations, and
changes in project parameters to deal with unanticipated economic or
other factors; increased competition in the mining industry for
properties, equipment, qualified personnel, and their costs; and those
factors identified under the caption "Risks Related to Pan Americans
Business" in the Companys most recent Form 40F and Annual Information
Form filed with the United States Securities and Exchange Commission and
Canadian provincial securities regulatory authorities.
Investors are
cautioned against attributing undue certainty or reliance on
forward-looking statements.
Although the Company has attempted to
identify important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be as
anticipated, estimated, described or intended.
The Company does not
intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events affecting
such statements or information, other than as required by applicable
law.