FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For June 30, 2003
PAN AMERICAN SILVER CORP.
1500 - 625 HOWE STREET
VANCOUVER, B.C.
V6C 2T6
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F____ Form 40-F__X__
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes____ No__X__
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-____
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PAN AMERICAN SILVER CORP.
Date: June 30, 2003 By: /s/ Ross Beaty
--------------------------
Ross Beaty
Chairman and C.E.O.
-2-
[PAN AMERICAN SILVER CORP. LETTERHEAD]
NEWS RELEASE
June 30, 2003
PAN AMERICAN SILVER COMPLETES LA COLORADA EXPANSION
AHEAD OF SCHEDULE AND UNDER BUDGET
(all figures in US dollars unless otherwise stated)
Vancouver, Canada - Pan American Silver Corp (NASDAQ - PAAS; TSX - PAA) is
pleased to announce the substantial completion of a major expansion at its La
Colorada silver mine in Mexico. The expansion is expected to increase the mine's
annual silver production from 0.7 million to 3.8 million ounces at a cash cost
of $2.65/oz. The $20 million expansion was completed ahead of schedule and 5%
under budget.
The expansion included the construction of a 600 tonne/day oxide mill added to
the existing 200 tonne/day sulphide mill. Commissioning of the new mill has been
in progress for several weeks and production is expected to reach design
capacity over the next few months. With more than 90% of its revenues derived
from silver, La Colorada is one of the purest silver mines in the world.
Pan American Silver owns and operates three large primary silver mines and a
small stockpile silver operation. The La Colorada expansion, coupled with
successful development of two of Pan American's other assets, the Alamo Dorado
and Manantial Espejo projects, should see Pan American's production double from
more than 10 million ounces in 2003 to 20 million ounces of silver in 2005.
For Further Information Contact:
Brenda Radies, VP Corporate Relations (604) 684-1175 Ross Beaty, Chairman and
CEO (604) 684-1175
www.panamericansilver.com
- End -
CAUTIONARY NOTE
SOME OF THE STATEMENTS IN THIS NEWS RELEASE ARE FORWARD-LOOKING STATEMENTS AND
AS SUCH ARE BASED ON AN ASSUMED SET OF ECONOMIC CONDITIONS AND COURSES OF
ACTION. THESE INCLUDE ESTIMATES OF FUTURE PRODUCTION LEVELS, EXPECTATIONS
REGARDING MINE PRODUCTION COSTS, EXPECTED TRENDS IN MINERAL PRICES AND
STATEMENTS THAT DESCRIBE PAN AMERICAN'S FUTURE PLANS, OBJECTIVES OR GOALS. THERE
IS A SIGNIFICANT RISK THAT ACTUAL RESULTS WILL VARY, PERHAPS MATERIALLY, FROM
RESULTS PROJECTED DEPENDING ON SUCH FACTORS AS CHANGES IN GENERAL ECONOMIC
CONDITIONS AND FINANCIAL MARKETS, CHANGES IN PRICES FOR SILVER AND OTHER METALS,
TECHNOLOGICAL AND OPERATIONAL HAZARDS IN PAN AMERICAN'S MINING AND MINE
DEVELOPMENT ACTIVITIES, UNCERTAINTIES INHERENT IN THE CALCULATION OF MINERAL
RESERVES, MINERAL RESOURCES AND METAL RECOVERIES, THE TIMING AND AVAILABILITY OF
FINANCING, GOVERNMENTAL AND OTHER APPROVALS, POLITICAL UNREST OR INSTABILITY IN
COUNTRIES WHERE PAN AMERICAN IS ACTIVE, LABOR RELATIONS AND OTHER RISK FACTORS
LISTED FROM TIME TO TIME IN PAN AMERICAN'S FORM 40-F.
1500-625 HOWE STREET, VANCOUVER, BC CANADA V6C 2T6
TEL 604.684.1175 FAX 604.684.0147
WWW.PANAMERICANSILVER.COM