November 2009

g was known during Oc ober
a Ã
Americ
Silver CorpS a

Canadian silver producer wi
base in Vancouver made an offer o
purc
ase all issued and available s
ares of i s fellow Canadian
Aquili
e Resources I
cS for 607 million dollarsS T
e deal a friendly
akeover would be closed af er comple ing all regula ory con rols;
supposedly by mid December
e s
are
olders of Aquiline will

ave
e final sayS

T
e company is a mid-cap producer wi
opera ions in Argen ina Bolivia Peru
e US and
Mexico and
as seven minesS One of
em is M

i l Espejo a silver-gold mine loca ed in

e Argen inean province of San a Cruz and inaugura ed las Marc
S Manan ial Espejo
e
second in produc ion in PAAS por folio was par ly responsible of
e company͛s record resuls
i
e 3Q08 along wi
an expansion in
eir San Vicen e mine in BoliviaS

g is no surprise
e
e mining mogul Ross Be  is be
ind
is ini ia iveS g s rajec ory of
successes in 37 years of exper ise in
e mining business ook
im o found among o
er
companies Lumina Global Copper and Pan American Silver ʹof w
ic
is curren ly i s
c
airman-S Raising
e be in Argen ina? g s firm decision gives new impulse o a projec
considered one of
e l rges silver projecs of
e world wi
an es ima ed produc ion of 15
million ounces a year: N vid d (C
ris mas in Spanis
S

T
e Navidad silver Projec is loca ed in Gas re in
e cen er of C
ubu province in
e

Argen inean Pa agoniaS T
e advanced explora ion was a cri ical fac or for i s remarkable
resul s in 2007 w
en
e resources were doubledS New discoveries suc
as Loma de la Pla a
(Silver Hill and Bari e Hill c
anged
e ou look for
e deposi S gn Loma de la Pla a
e silver
mineraliza ion is loca ed a 150m from
e surface especially favorable for an open pi mine
designS

Navidad was won cour by Aquiline from ano
er Canadian miner IMA Explor io
ʹpar of

e Grosso Group- af er a wo year ba le due o confiden iali y breac
esS Aquiline ook over

e projec in 2007S

Wi
ou a doub Pan American Silver and
e local eam from i s Argen inean subsidiary
Mi
er Trio

ave done an impeccable work in
eir rela ions wi

e governmen and
e
local communi ies all of w
ic
made
em be recognized as
e mining company of
e year in
2009 bu also enjoy a o l ccep
ce in
e own of Gregores
e closes o
e mineS

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T
e c
allenge is now in 2010 provided
e acquisi ion agreemen is accep ed;
e company
will
ave o disembark in a province w
ere
ere is a pro
ibi ion on open pi mining and
e
use of cyanideS On spi e of
is
ey are qui e posi ive on
e fu ure:
e governmen
as
expressed i s in eres o allow mining o ake place ʹand specifically
is projec - o la er use

e funds i will provide o aid in
e ransforma ion of
e produc ion ma rix in
e regionS
Al
oug
cyanide is no manda ory for
e success of
is projec i will provide more
al erna ivesS Pan American͛s CEO Éeoff Bur
s said
e company is confiden
a w
en
ey
explain o
e communi y
a
ey are all for balanced and environmen ally responsible
mining
ey will give
eir blessingS T
e plans include comple ed feasibili y by mid 2010 and

e s ar of cons ruc ion in 2011S

S ill Argen ina con inues receiving world-class inves men sS As mos of
e coun ries in La in
America
e region con inues o
eed beer leg l s bili suppor from
e governmen s
and
e defini ion of s a e policies in aid o
e developmen of value crea ion al erna ives
suc
as mining capable o mobilize significan ly
e economyS

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!"#$%&'%()*+,
 
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