|By PR Newswire
|February 20, 2013 09:52 PM EST
Quarterly Dividend Increased to $0.125 per Share
(All amounts in US dollars unless otherwise stated)
VANCOUVER, Feb. 20, 2013 /PRNewswire/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAA) ("Pan American" or the "Company") today announced that the Company's
Board of Directors has approved the first quarterly cash dividend of
2013 and increased the amount of the quarterly cash dividend by 150% to
$0.125 per common share, representing dividends of $0.50 per common
share on an annual basis assuming the Board of Directors approves
future quarterly dividends in this amount.
Geoff Burns, President & CEO, commented on the dividend increase; "I am
extremely pleased to have our shareholders continue to participate
directly in our prosperity. This is the fourth and most significant
dividend increase we have delivered since announcing our first cash
dividend in February 2010. At the current silver price, we again
expect to generate solid net cash flow in 2013, and have more than the
necessary cash reserves to fund organic growth opportunities at our La
Colorada and Dolores mines. In addition, we are equally able to invest
in ongoing capital projects to increase the productivity of our mining
operations, fund our exploration programs and to continue to repurchase
shares through our Normal Course Issuer Bid."
The cash dividend in the amount of $0.125 per common share will be
distributed on or about Monday, March 18, 2013 to holders of record of
common shares as of the close of business on Monday, March 4, 2013.
Specific distribution dates and amounts of future dividends will be
determined by the Company's Board of Directors on an ongoing basis.
Pan American's dividends are designated as eligible dividends for the
purposes of the Income Tax Act (Canada).
About Pan American
Pan American's mission is to be the world's pre-eminent silver producer,
with a reputation for excellence in discovery, engineering, innovation
and sustainable development. The Company has seven operating mines in
Mexico, Peru, Argentina and Bolivia, including the recently acquired
Dolores gold/silver mine in Chihuahua, Mexico. Pan American also owns
the La Virginia development project in Sonora, Mexico, the Waterloo
silver project in California, USA, as well as both the Navidad silver
project and the Calcatreu gold project in Argentina.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
THIS NEWS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE
MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995 AND "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF
APPLICABLE CANADIAN SECURITIES LEGISLATION. ALL STATEMENTS, OTHER THAN
STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS.
STATEMENTS CONTAINING FORWARD-LOOKING INFORMATION EXPRESS, AS AT THE
DATE OF THIS NEWS RELEASE, THE COMPANY'S PLANS, ESTIMATES, FORECASTS,
PROJECTIONS, EXPECTATIONS, OR BELIEFS AS TO FUTURE EVENTS OR RESULTS.
SUCH FORWARD-LOOKING STATEMENTS AND INFORMATION INCLUDE, BUT ARE NOT
LIMITED TO STATEMENTS AS TO ANY FUTURE DIVIDENDS; EXPECTATIONS WITH
RESPECT TO FUTURE CASH FLOWS AND ADEQUACY OF CASH RESERVES; AND THE
COMPANY'S PLANS FOR FUTURE CAPITAL EXPENDITURES, EXPLORATION ACTIVITIES
AND GROWTH OPPORTUNITIES AT THE LA COLORADA AND DOLORES MINES.
THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH RESPECT TO
FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS
AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE
INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE,
POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES. MANY FACTORS,
BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE
OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY SUCH
FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE AND THE
COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY
OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT LIMITATION:
FLUCTUATIONS IN SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE METALS
AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND
ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE PERUVIAN
SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE
U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE
OF THE COMPANY'S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT,
LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND POLITICAL OR
ECONOMIC DEVELOPMENTS IN CANADA, THE UNITED STATES, MEXICO, PERU,
ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE COMPANY MAY CARRY ON
BUSINESS IN THE FUTURE; RISKS AND HAZARDS ASSOCIATED WITH THE BUSINESS
OF MINERAL EXPLORATION, DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL
HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR UNEXPECTED GEOLOGICAL OR
STRUCTURAL FORMATIONS, PRESSURES, CAVE-INS AND FLOODING); RISKS
RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS,
REFINERS AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS;
INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE
RISKS AND HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS WITH AND CLAIMS BY
LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; AVAILABILITY AND
INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND LABOUR; THE
SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING
THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND THE PRESENCE
OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING,
INCLUDING THOSE CURRENTLY IN THE PROVINCE OF CHUBUT, ARGENTINA;
DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE
MINED; GLOBAL FINANCIAL CONDITIONS; BUSINESS OPPORTUNITIES THAT MAY BE
PRESENTED TO, OR PURSUED BY, THE COMPANY; CHALLENGES TO, OR DIFFICULTY
IN MAINTAINING, THE COMPANY'S TITLE TO PROPERTIES AND CONTINUED
OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION
ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, AND CHANGES IN PROJECT
PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS;
INCREASED COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT,
QUALIFIED PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED
UNDER THE CAPTION "RISKS RELATED TO PAN AMERICAN'S BUSINESS" IN THE
COMPANY'S MOST RECENT FORM 40F AND ANNUAL INFORMATION FORM FILED WITH
THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN
PROVINCIAL SECURITIES REGULATORY AUTHORITIES. INVESTORS ARE CAUTIONED
AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING
STATEMENTS. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT
FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY
BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED,
ESTIMATED, DESCRIBED OR INTENDED. THE COMPANY DOES NOT INTEND, AND
DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD-LOOKING
STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR CHANGES
IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR
INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.
SOURCE Pan American Silver Corp.
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