Pan American raises silver reserves

Pan American Silver, the Vancouver-based miner, has increased its estimated proven and probable silver reserves from 213.3 million ounces (January 2007), to 228 million ounces.

The additional reserves apply to group’s Huaron and Morococha mines in Peru, and its San Vicente mine in Bolivia (7.6 million ounces, 3.8 million ounces and 11.5 million ounces, respectively).

Last year, Pan American drilled more than 95,000 meters during its exploration programme and the company plans to conduct another 90,000-plus meters of exploration drilling in 2008.

Geoff Burns, Pam American’s President and CEO, has revealed that the company is also testing a number of newly acquired, and prospective greenfields project in Peru and Mexico, saying “I am very excited about our greenfield exploration plan in 2008 and hope we will be able to announce a significant new silver discovery by this time next year.”

Mr Burns has also drawn attention to the success of the company’s joint venture strategy, announcing that “proven and probable silver reserves at the Morococha JV in Peru have tripled since Pan American acquired the operation in 2004″

Metals price used for Pan American silver mines, ( with the exception of Manatial Espejo) are $11/oz silver; $625/oz gold; $5,000/tonne copper; $2,100/tonne zinc; and $1,600/tonne lead.