Pan American Silver Corp. (TSX: PAA)(NASDAQ: PAAS) ("Pan American")
and Orko Silver Corp. (TSX VENTURE: OK) ("Orko") are pleased to
report the positive results of a Preliminary Economic Assessment
(the "PEA" or the "Assessment") for the La Preciosa Project (the
"Project" or "La Preciosa"), located in the State of Durango,
Mexico. Pan American and Orko are advancing the Project under a
joint venture agreement by virtue of which Pan American can earn a
55% direct interest in the Project by bringing La Preciosa into
production.
The PEA is preliminary in nature, in that it includes Inferred
Mineral Resources that are considered too speculative geologically
to have the economic considerations applied to them that would
enable them to be categorized as Mineral Reserves. There is no
certainty that the PEA will be realized.
Highlights (all estimates are for 100% of the Project)
-- Conventional surface and underground mining of 18 variably-oriented
distinct vein structures.
-- Estimated average annual production of 6.8 million ounces of silver and
11,800 ounces of gold at a cash cost(1) of $11.84 per ounce of silver,
net of by-product credits.
-- Mine life of 12 years.
-- Pre-production capital and development costs of approximately $270
million.
-- After-tax net present value at a 5% discount rate of $315 million
(assuming prices of $25.00/oz silver and $1,250/oz gold).
-- The Project generates a 24.3% IRR assuming the above metal prices.
-- 5,000-tonnes-per-day conventional cyanide leaching plant producing a
silver-gold dore.
1. Cash cost per payable ounce of silver is a non-GAAP measure. In addition
to cost of sales, cash cost per ounce is a useful and complementary
benchmark that investors use to evaluate performance and ability to
generate cash flow and is well understood and widely reported in the
silver mining industry. However, cash cost per ounce does not have a
standardized meaning prescribed by Canadian GAAP as an indicator of
performance.
Commenting on the Assessment, Mr. Geoff Burns, President and CEO
of Pan American, said: "La Preciosa is a very interesting Project,
with a solid silver production profile, long mine life and it's
located in a good mining jurisdiction, less than an hour's drive
from our existing Mexican administration offices. At the PEA's
long-term silver price the economics are very compelling; at
current silver prices the Project is extremely robust. We will be
moving forward aggressively to complete a full Feasibility Study
and to position ourselves for a construction decision in the first
half of 2012."
Mr. Gary Cope, President and CEO of Orko commented: "As we get
closer to the Feasibility Study due by April 2012, we expect that
the conservative estimates in the Preliminary Economic Assessment
will demonstrate significant upside potential as questions and
answers relating to mining methods and resources are refined. I am
confident about the success of the project which at metal prices of
$38.00/oz silver and $1,600/oz gold has a net present value of over
$900 million and generates an internal rate of return of 52.7% with
a payback period of less than 2 years."
The PEA was prepared by Allan Earl, F.AusIMM, of Snowden Mining
Industry Consultants, Michael Stewart, M.AIG of Quantitative Group,
Joshua Snider, P.E. and Thomas Drielick, P.E. both of M3
Engineering & Technology Corp., and Gary Hawthorn, P.Eng. of
Westcoast Mineral Testing, Inc.
Mineral Resource Estimate
A total of 18 variably oriented epithermal quartz veins and vein
breccia systems have demonstrated sufficient geological continuity
for estimation of Mineral Resources. The Mineral Resource estimate
was updated with a new geological interpretation based on the
results of 667 drillholes available at the end of October 2010. The
drillholes are mostly arranged on an initial grid of 100 m by 100 m
over almost the entire deposit and infilled in areas to 100 m by 50
m and in some areas to 50 m by 50 m. The estimated Mineral Resource
contains 113 million ounces of silver classified as Indicated
Mineral Resources and a further 46 million ounces of silver
classified as Inferred Mineral Resources. In addition, the deposit
contains over 222,000 ounces of gold classified as Indicated
Mineral Resources and 83,000 ounces of gold classified as Inferred
Mineral Resources.
A number of significant changes to the Mineral Resource estimate
have taken place since the previous Mineral Resource estimate
reported in March, 2009, including a 50% increase in the number of
available drillholes, updated geological interpretations,
consideration for likely minimum mining width requirements, mining
dilution, an alternate resource estimation methodology, and
different cut-off grades for resource reporting based on different
metal prices, metallurgical recoveries, mining methods, and
operating costs.
In comparing the Mineral Resource estimate disclosed in this
release to the 2009 Mineral Resource estimate, at a 100 gpt Ag
cut-off grade, this estimate represents a 45% increase in tonnes, a
17% decrease in silver grade, a 20% increase in contained silver
ounces, a 14% increase in gold grade, and a 65% increase in
contained gold ounces.
The following table summarizes the current Mineral Resource
estimate for the Project:
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La Preciosa Project November 2010 Mineral Resource
Estimate(1)
----------------------------------------------------------------------------
Cut-off Silver Silver
grade Ton- (milli- Gold Silver equiva-
Silver nes on (000's equiva- lent
Mining Classi- (gpt) (milli- Silver oun- Gold oun- lent(3) (million
method fication (2) ons) (gpt) ces) (gpt) ces) (gpt) ounces)
----------------------------------------------------------------------------
Open
pit Indicated 35 10.9 129 45 0.19 66 139 49
Open
pit Inferred 35 7.6 74 18 0.13 31 81 20
Under-
ground Indicated 85 13.9 152 68 0.35 156 170 76
Under-
ground Inferred 85 7.6 117 28 0.21 52 128 31
----------------------------------------------------------------------------
Total Indicated 24.8 142 113 0.28 222 156 124
Inferred 15.2 96 46 0.17 83 105 51
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(1) Mineral Resources that are not Mineral Reserves do not have demonstrated
economic viability. No Mineral Reserves have been estimated. Mineral
Resources have accounted for minimum mining width and planned mining
dilution.
The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, title, taxation, socio-political,
marketing, or other relevant issues, but no such issues have been
identified at this time.
Tonnes, grades, and ounces have been rounded and this may have resulted in
minor discrepancies in the totals.
The division between open pit and underground resources is set on a
horizontal level at the 1920 m elevation, which is considered close to
optimum at the metal prices and operating costs assumed in this Assessment
(2) Cut-off grades are based on operating cost estimates and metal prices of
$25/oz silver and $1,250/oz gold. Metal prices are based on a weighted
average of historical three year average daily silver prices and a two year
future price forecast.
(3) Silver equivalent grade values assume a gold to silver ratio of 50 to 1
based on the assumed metal prices. The metallurgical recoveries and
refining charges are assumed to be the same for silver and gold for the
purposes of the equivalence calculation only.
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Production, Infrastructure and Processing
The Assessment estimates that a total of 16.6 million tonnes of
ore classified as Indicated Mineral Resources and 5.6 million
tonnes of ore classified as Inferred Mineral Resources will be
mined at an overall average grade of 137 gpt silver and 0.26 gpt
gold. Mining methods have been selected for each vein based on the
thickness and dip of each vein. For each mining method selected
there are assumptions with respect to mining costs, minimum mining
height, and mining recovery. The selected mining methods and other
assumptions may change during the course of future studies as more
data regarding vein geometry, geotechnical stability, and other
mining parameters is gathered. The deposit will be extracted using
both open pit and underground mining. Open pit mining will be
undertaken using conventional truck and shovel methods and
underground mining will be primarily by room and pillar, with
backfill as required for shallow dipping veins,along with some
shrinkage stoping for steeply dipping veins. The optimum mine plan
includes three open pits producing a nominal 2,000 tonnes of ore
per day at an average strip ratio of 15:1 and an underground mine
producing a nominal 3,000 tonnes of ore per day. As a consequence
of increased knowledge of the deposit as mining progresses, actual
mining may result in reduced mine dilution, costs and possible
improvements in mining recoveries in excess of those that have been
assumed in the PEA.
The Project is located 84 km by road northeast of the city of
Durango. The PEA anticipates constructing a new 9.7 km long road to
reduce the travel time to access the site from Durango. The water
required to run the processing plant is expected to be sourced from
a new water well potentially located 7.2 km to the east of the
Project. Energy for the Project is expected to be supplied by a
proposed 41 km long power line leading to a sub-station located
northwest of the Project.
Environmental baseline data has been collected for a full year
during 2010 and 2011 to define the current conditions in and around
the proposed mine site and will be used to produce the
Environmental Impact Assessment ("EIA"), which will be submitted as
required for permitting. It is anticipated that this EIA will be
presented to the Mexican government for approval once the necessary
surface rights are secured, likely within the next six to nine
months. It is believed that the necessary permits could be obtained
to allow for the start of construction in the second half of
2012.
The PEA envisages the construction of a 5,000 tonne-per-day
plant comprising primary crushing, grinding, cyanide leaching,
followed by cyanide neutralisation, Merrill Crowe processing,
refining, and conventional pulp tailings disposal facilities. The
life-of-mine average silver and gold recoveries are estimated at
86% and 78%, respectively. Further metallurgical test work is
planned in order to verify and potentially improve these
recoveries.
Capital and Operating Costs
The total capital and pre-production expenditures to bring La
Preciosa into production have been estimated at approximately $270
million. Capital and operating costs have been calculated in 2011
US dollars with an assumed escalation of capital during the
construction period of 2.4%, or $6.4 million. The following table
summarizes the estimated initial capital costs, which exclude
sustaining capital, but include 20% contingency for plant costs,
22% contingency for Owner's costs, and 15% contingency for the
other items shown in the following table. No contingency has been
applied for escalation of plant and engineering, procurement, and
construction management costs (EPCM). The total estimated
contingency is $41.8 million. Sustaining capital over the remainder
of the mine life is estimated at $115.7 million, which is made up
of $90.2 million for underground and open pit mining fleet
replacement and $25.5 million for owner's costs, which include such
items as non-plant engineering, environmental activities including
reclamation, communications and security, insurance, water rights
purchases, land purchases and leases.
----------------------------------------------------------------------------
La Preciosa Project Preliminary Capital Costs
----------------------------------------------------------------------------
Type $Million
----------------------------------------------------------------------------
Open pit mining equipment 25.9
Underground mining equipment 15.8
Open pit pre-stripping 4.4
Underground capital development 3.7
Plant 143.3
EPCM 22.1
Owner's costs 47.9
Escalation of plant and EPCM costs 6.4
----------------------------------------------------------------------------
Total estimated capital(1) $269.5
----------------------------------------------------------------------------
(1) Excludes sustaining capital.
----------------------------------------------------------------------------
The average preliminary operating cash costs were estimated at
$45.81 per tonne processed. The average life-of-mine cash costs
were estimated at $11.84 per ounce of silver, net of gold
by-product credits. The following table shows the breakdown of the
estimated cash costs.
----------------------------------------------------------------------------
La Preciosa Project Preliminary Operating Cost Estimates(1)
----------------------------------------------------------------------------
Cost type $/Tonne $/Tonne milled
----------------------------------------------------------------------------
Open pit waste mining ($ per tonne of waste) 1.11 -
Open pit ore mining ($ per tonne of ore) 1.45 -
Underground mining ($ per tonne of ore) 31.49 -
Total mining - $26.60
Processing ($ per tonne of ore) - 16.64
General and Administration ($ per tonne of ore) - 2.57
----------------------------------------------------------------------------
Average total cost(1)($ per tonne of ore) - $45.81
----------------------------------------------------------------------------
(1) Excludes taxes and royalties.
----------------------------------------------------------------------------
Financial Metrics
The PEA calculates an after tax net present value ("NPV") at a
5% discount rate of $315 million with an internal rate of return
("IRR") of 24.3% and a payback period of 3.3 years. The commodity
price assumptions used in the Assessment are $25/ounce for silver
and $1,250/ounce for gold. The following table shows the
preliminary financial results that were derived for the Project,
which include allowances for income taxes and royalties.
---------------------------------------------------------------------------
La Preciosa Project Preliminary Financial Metrics - Long Term Pricing(1)
---------------------------------------------------------------------------
Measure Amount(2)
---------------------------------------------------------------------------
Undiscounted present value (million $) 497.0
Net present value at 5% discount per year (million $) 314.7
Net present value at 10% discount per year (million $) 191.2
Internal rate of return (percent) 24.3
Payback period (years) 3.3
(1) The PEA is preliminary in nature, in that it includes Inferred Mineral
Resources that are considered too speculative geologically to have the
economic considerations applied to them to be categorized as Mineral
Reserves. There is no certainty that the PEA will be realized.
(2) Based on metal prices of $25/oz silver and $1,250/oz gold. Inclusive of
taxes, royalties, and a management fee of 5% of operating costs ($50.9
million) and 5% of initial capital costs ($13.5 million) paid to the
operator.
---------------------------------------------------------------------------
At close-to-current prices (assuming $38 per ounce of silver and
$1,600 per ounce of gold), the economics of the Project are as
follows:
---------------------------------------------------------------------------
La Preciosa Project Preliminary Financial Metrics - Current Pricing(1)
---------------------------------------------------------------------------
Measure Amount(2)
---------------------------------------------------------------------------
Undiscounted present value (million $) 1,308.9
Net present value at 5% discount per year (million $) 922.0
Net present value at 10% discount per year (million $) 663.4
Internal rate of return (percent) 52.7
Payback period (years) 1.9
(1) The PEA is preliminary in nature, in that it includes Inferred Mineral
Resources that are considered too speculative geologically to have the
economic considerations applied to them to be categorized as Mineral
Reserves. There is no certainty that the PEA will be realized.
(2) Based on metal prices of $38/oz silver and $1,600/oz gold. Inclusive of
taxes, royalties, and a management fee of 5% of operating costs and 5% of
most initial capital costs paid to the operator.
---------------------------------------------------------------------------
Project Status
Within 45 days following the issuance of this news release, Pan
American and Orko will file a National Instrument 43-101 ("NI
43-101") compliant technical report with the applicable securities
regulatory authorities that reflects the results of the PEA. Pan
American and Orko, through their joint venture, plan to
aggressively continue the technical and engineering work required
to complete a Feasibility Study in the second quarter of 2012 and
expect that the Feasibility Study will incorporate the results of
additional geotechnical, metallurgical and engineering optimisation
studies as well as refinements to the Mineral Resource
estimate.
Qualified Persons
The PEA and this press release were prepared under the
supervision and review of Allan Earl, F.AusIMM, Market Sector
Leader - Western Division with Snowden Mining Industry Consultants
Inc., Michael Stewart, M.AIG, Principal Consultant with
Quantitative Group, Joshua Snider, P.E., Engineer with M3
Engineering & Technology Corp., Thomas Drielick, P.E., Senior
Vice President with M3 Engineering & Technology Corp., and Gary
Hawthorn, P.Eng., President of Westcoast Mineral Testing Inc., each
of whom is a Qualified Person for the purposes of NI 43-101.
About Pan American Silver Corp.
Pan American's mission is to be the world's largest and lowest
cost primary silver mining company by increasing its low-cost
silver production and silver reserves. Pan American has seven
mining operations in Mexico, Peru, Argentina and Bolivia. Pan
American also owns the Navidad project in Chubut, Argentina.
About Orko Silver Corp.
Orko Silver Corp. is developing one of the world's largest
primary silver deposits, La Preciosa, located near the city of
Durango, in the State of Durango, Mexico.
Pan American will discuss La Preciosa's PEA during its second
quarter results conference call on Thursday, August 11, 2011 at
08:00 am Pacific Time (11:00 am Eastern Time). Participants can
access the conference by dialling toll free 1-800-319-4610 (Canada
& USA) or by dialling 1-604-638-5340 from outside North
America. The call can also be accessed via live audio webcast at
https://services.choruscall.com/links/pan110811.html or at
www.panamericansilver.com.
The call will be available for replay for one week after the
conference by dialling 1-604-638-9010 and entering code 6218
followed by the # sign.
NOTE ON FORWARD-LOOKING STATEMENTS AND INFORMATION
CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS RELEASE
CONSTITUTE "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 PROVINCIAL SECURITIES LAWS. ALL STATEMENTS, OTHER THAN
STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS. WHEN
USED IN THIS NEWS RELEASE THE WORDS, "ESTIMATES", "EXPECTS",
"PROJECTS", "PLANS", "CONTEMPLATES", "CALCULATES", "OBJECTIVE",
"POTENTIAL" AND OTHER SIMILAR WORDS AND EXPRESSIONS, IDENTIFY
FORWARD-LOOKING STATEMENTS OR INFORMATION. THESE FORWARD-LOOKING
STATEMENTS OR INFORMATION RELATE TO, AMONG OTHER THINGS: THE FUTURE
SUCCESSFUL DEVELOPMENT OF THE LA PRECIOSA PROJECT; THE ESTIMATES OF
EXPECTED OR ANTICIPATED ECONOMIC RETURNS, AS REFLECTED IN THE
PRELIMINARY ECONOMIC ASSESSMENT; THE TIMING FOR COMPLETION OF A
FEASIBILITY STUDY AND EIA ON THE PROJECT; FUTURE PRODUCTION OF
SILVER, GOLD AND OTHER METALS AND MINE-LIFE OF LA PRECIOSA; FUTURE
CASH COSTS PER OUNCE OF SILVER; THE PRICE OF SILVER AND OTHER
METALS; THE SUFFICIENCY OF PAN AMERICAN'S CURRENT WORKING CAPITAL,
ANTICIPATED OPERATING CASH FLOW OR ITS ABILITY TO RAISE NECESSARY
FUNDS; THE CAPITAL NECESSARY TO CONSTRUCT A MINE AT THE LA PRECIOSA
PROJECT AND THE TIME-LINE FOR SUCH CONSTRUCTION; THE ACCURACY OF
MINERAL RESOURCE ESTIMATES; ESTIMATED PRODUCTION RATES FOR SILVER
AND OTHER PAYABLE METALS PRODUCED AT LA PRECIOSA; TIMING OF
PRODUCTION AND THE CASH AND TOTAL COSTS OF PRODUCTION; THE ESTIMATE
OF METALLURGICAL RECOVERIES FOR SILVER AND GOLD; THE ESTIMATE FOR
MINING DILUTION; THE ESTIMATED COST OF AND AVAILABILITY OF FUNDING
NECESSARY FOR SUSTAINING CAPITAL; AND ONGOING OR FUTURE DEVELOPMENT
PLANS AND CAPITAL REPLACEMENT, IMPROVEMENT OR REMEDIATION
PROGRAMS.
THESE STATEMENTS REFLECT CURRENT VIEWS WITH RESPECT TO FUTURE
EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND
ESTIMATES THAT, WHILE CONSIDERED REASONABLE, 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 PAN AMERICAN HAS MADE ASSUMPTIONS AND ESTIMATES HAVE BEEN
MADE 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 MEXICAN PESO VERSUS
THE U.S. DOLLAR); CHANGES IN NATIONAL AND LOCAL GOVERNMENT,
LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND POLITICAL OR
ECONOMIC DEVELOPMENTS, PARTICULARLY IN MEXICO AND IN CANADA; 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); 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; DIMINISHING
QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED;
GLOBAL FINANCIAL CONDITIONS; CHALLENGES TO, OR DIFFICULTY IN
MAINTAINING, 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 WITH RESPECT TO PAN AMERICAN, THOSE
FACTORS IDENTIFIED UNDER THE CAPTION "RISKS RELATED TO PAN
AMERICAN'S BUSINESS" IN PAN AMERICAN'S 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 PAN
AMERICAN AND ORKO HAVE 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 COMPANIES DO 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.
NOTE FOR US INVESTORS
THIS NEWS RELEASE HAS BEEN PREPARED IN ACCORDANCE WITH THE
REQUIREMENTS OF CANADIAN PROVINCIAL SECURITIES LAWS, WHICH DIFFER
FROM THE REQUIREMENTS OF U.S. SECURITIES LAWS. UNLESS OTHERWISE
INDICATED, ALL ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN
BASED UPON MINERAL RESOURCE ESTIMATES PREPARED IN ACCORDANCE WITH
CANADIAN NATIONAL INSTRUMENT 43-101 - STANDARDS OF DISCLOSURE FOR
MINERAL PROJECTS ("NI 43-101") AND THE CANADIAN INSTITUTE OF
MINING,METALLURGY AND PETROLEUM CLASSIFICATION SYSTEM. NI 43-101 IS
A RULE DEVELOPED BY THE CANADIAN SECURITIES ADMINISTRATORS THAT
ESTABLISHES STANDARDS FOR ALL PUBLIC DISCLOSURE AN ISSUER MAKES OF
SCIENTIFIC AND TECHNICAL INFORMATION CONCERNING MINERAL
PROJECTS.
CANADIAN STANDARDS, INCLUDING NI 43-101, DIFFER SIGNIFICANTLY
FROM THE REQUIREMENTS OF THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION (THE "SEC"), AND INFORMATION CONCERNING MINERALIZATION,
DEPOSITS,AND MINERAL RESOURCE INFORMATION CONTAINED OR REFERRED TO
HEREIN MAY NOT BE COMPARABLE TO SIMILAR INFORMATION DISCLOSED BY
U.S. COMPANIES. IN PARTICULAR, AND WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, ESTIMATES INCLUDED IN THIS NEWS RELEASE HAVE BEEN
BASED UPON "INDICATED RESOURCES" AND "INFERRED RESOURCES". U.S.
INVESTORS ARE ADVISED THAT, WHILE SUCH TERMS ARE RECOGNIZED AND
REQUIRED BY CANADIAN SECURITIES LAWS, THE SEC DOES NOT RECOGNIZE
THEM. UNDER U.S. STANDARDS, MINERALIZATION MAY NOT BE CLASSIFIED AS
A "RESERVE" UNLESS THE DETERMINATION HAS BEEN MADE THAT THE
MINERALIZATION COULD BE ECONOMICALLY AND LEGALLY PRODUCED OR
EXTRACTED AT THE TIME THE RESERVE DETERMINATION IS MADE.
U.S.INVESTORS ARE CAUTIONED NOT TO ASSUME THAT ANY PART OF AN
"INDICATED RESOURCE" WILL EVER BE CONVERTED INTO A "RESERVE". U.S.
INVESTORS SHOULD ALSO UNDERSTAND THAT "INFERRED RESOURCES" HAVE A
GREAT AMOUNT OF UNCERTAINTY AS TO THEIR EXISTENCE AND GREAT
UNCERTAINTY AS TO THEIR ECONOMIC AND LEGAL FEASIBILITY. IT CANNOT
BE ASSUMED THAT ALL OR ANY PART OF "INFERRED RESOURCES" EXIST, ARE
ECONOMICALLY OR LEGALLY MINEABLE OR WILL EVER BE UPGRADED TO A
HIGHER CATEGORY. UNDER CANADIAN SECURITIES LAWS, ESTIMATED
"INFERRED RESOURCES" MAY NOT FORM THE BASIS OF FEASIBILITY OR
PRE-FEASIBILITY STUDIES EXCEPT IN RARE CASES. DISCLOSURE OF
"CONTAINED OUNCES" IN A MINERAL RESOURCE IS PERMITTED DISCLOSURE
UNDER CANADIAN SECURITIES LAWS. HOWEVER, THE SEC NORMALLY ONLY
PERMITS ISSUERS TO REPORT MINERALIZATION THAT DOES NOT CONSTITUTE
"RESERVES" BY SEC STANDARDS AS IN PLACE TONNAGE AND GRADE, WITHOUT
REFERENCE TO UNIT MEASURES. ACCORDINGLY, INFORMATION CONCERNING
MINERAL DEPOSITS SET FORTH HEREIN MAY NOT BE COMPARABLE WITH
INFORMATION MADE PUBLIC BY COMPANIES THAT REPORT IN ACCORDANCE WITH
U.S. STANDARDS.
Contacts: Pan American Silver Corp. Kettina Cordero Coordinator,
Investor Relations (604) 684-1175 info@panamericansilver.com
www.panamericansilver.com Orko Silver Corp. Gary Cope President
(604) 687-6310 info@orkosilver.com www.orkosilver.com
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