PAN AMERICAN SILVER INCREASES EARNINGS AND CASH FLOW DURING THE FIRST
QUARTER OF 2010
(All amounts in US dollars unless otherwise stated and all production figures are approximate)
Cash Costs per ounce of Silver Decline 27%
Vancouver, B.C. – May 10, 2010 – Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) (“Pan
American” or the “Company”) today reported unaudited financial and operating results for the quarter ended
March 31, 2010. The Company also provided an update on its operations and development projects.
This earnings release should be read in conjunction with the Company’s MD&A, Financial Statements
and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at
www.sedar.com and are also available on the Company’s website at www.panamericansilver.com .
First Quarter 2010 Highlights (unaudited) (1)
(1) Financial information based on Canadian GAAP; percentages compare Q1 2010 with Q1 2009.
(2) Cash costs per payable ounce of silver is a non-GAAP measure. The Company believes that, in addition to
cost of sales, cash cost per ounce is a useful and complementary benchmark that investors use to evaluate the
Company’s performance and ability to generate cash flow and is well understood and widely reported in the
silver mining industry. However, cash costs per ounce does not have a standardized meaning prescribed by
Canadian GAAP as an indicator of performance. A reconciliation is included in the Company’s MD&A on page
(3) Mine operating earnings is a non-GAAP measure used by the company to assess the performance of its silver
mining operations. Mine operating earnings are equal to sales less cost of sales and depreciation and amortization
and is considered to be substantially the same as gross margin.
(4) Cash flow from operations (before changes in non-cash working capital) is a non-GAAP measure used by
the Company to manage and evaluate operating performance. The Company consider