Completion Of Acquisition Of MAG Silver

VANCOUVER – Pan American Silver Corp. and MAG Silver Corp. announced that Pan American has completed its previously announced acquisition of all of the issued and outstanding common shares of MAG pursuant to a plan of arrangement. The Transaction adds a 44% joint venture interest in the large-scale, high-grade Juanicipio silver mine in Zacatecas, Mexico, operated by Fresnillo plc, along with 100% ownership of the Larder exploration project and a 100% earn-in interest in the Deer Trail exploration project. The Transaction further strengthens Pan American’s position as one of the world’s leading silver producers, enhances its industry-leading silver reserve base, and provides significant near-term cash flow growth and long-term exploration potential.
“The Juanicipio Mine is a high-quality addition to our portfolio that will contribute meaningfully to our silver production, reserves and cash flow,” said Michael Steinmann, President and Chief Executive Officer of Pan American. “We are pleased to welcome MAG shareholders to Pan American who now benefit from participation in a larger, diversified, and growth-oriented silver and gold producer. We also look forward to working collaboratively with Fresnillo, the mine’s operator, to advance the potential of the Juanicipio asset for the benefit of all stakeholders.”