🕐26.08.11 - 23:54 Uhr
PAN AMERICAN SILVER ANNOUNCES NORMAL COURSE ISSUER BID
PAN AMERICAN SILVER ANNOUNCES NORMAL COURSE ISSUER BID
Company to Repurchase up to 5% of Issued and Outstanding Common Shares
Vancouver, British Columbia - August 26, 2011 - Pan American Silver
Corp.
(PAAS: NASDAQ; PAA: TSX) ("Pan American" or the "Company") today
announced that the Toronto Stock Exchange (the "TSX") has accepted the
Companys notice of its intention to make a normal course issuer bid
(the "Bid") to purchase up to 5,395,540 of its common shares,
representing up to 5% of Pan Americans issued and outstanding shares as
of August 24, 2011.
Purchases pursuant to the bid will be made on the
open market through the facilities of the TSX and the Nasdaq Global
Select Market ("NASDAQ").
The period of the Bid will begin on September
1, 2011 and will continue until August 31, 2012 or an earlier date
should the Company complete its purchases.
Pan American will pay the market price at the time of acquisition of any
common shares in accordance with the rules and policies of the TSX and
NASDAQ and applicable securities laws.
All common shares acquired by
the Company under the Bid will be cancelled and purchases will be funded
out of Pan Americans working capital.
Although the Company has a
present intention to acquire its common shares pursuant to the Bid, it
is not obligated to make any purchases.
Pan American has not acquired
any of its own common shares within the past 12 months.
As at August 24, 2011, the number of Pan Americans issued and
outstanding common shares totaled 107,910,802.
In accordance with the
rules of the TSX, the maximum daily purchases on the TSX under this
normal course issuer bid will be 77,639 common shares, which is 25% of
the average daily traded volume for the Companys common shares on the
TSX for the six months ended July 31, 2011.
In accordance with the
rules of NASDAQ, the maximum daily purchases on NASDAQ under this normal
course issuer bid will be 25% of the average daily traded volume for the
Companys common shares in the four weeks preceding the day on which the
purchases are to be made.
Pan American is undertaking the Bid because, in the opinion of its board
of directors, the market price of its common shares, from time to time,
may not fully reflect the underlying value of its mining operations,
properties and future growth prospects.
The Company believes that in
such circumstances, the outstanding common shares represent an appealing
investment for Pan American since a portion of the Companys excess cash
generated on an annual basis can be invested for an attractive risk
adjusted return on capital through the Bid.
A copy of the Companys notice of its intention to make a normal course
issuer bid filed with the TSX can be obtained from the Corporate
Secretary of Pan American without charge.
About Pan American
Pan Americans mission is to be the worlds largest low-cost primary
silver mining company by increasing its low-cost silver production and
silver reserves.
The Company has seven operating mines in Mexico, Peru,
Argentina and Bolivia.
Pan American also owns the Navidad silver
development project in Chubut, Argentina and is the operator of the La
Preciosa development project in Durango, Mexico.
Information Contact
Kettina Cordero
Coordinator, Investor Relations
(604) 684-1175
www.panamericansilver.com
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