All financial figures are in U.S. dollars unless otherwise indicated.

VANCOUVER, Feb. 20, 2019 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) today reported unaudited financial results for the year-ended December 31, 2018 ("YE 2018") and the fourth quarter ("Q4 2018"). These results are preliminary and could change based on final audited results. Preliminary operating results were previously reported on January 21, 2019.
•Annual revenue totaled $784.5 million, and net cash generated from operating activities was $155.0 million.
•Annual net earnings of $12.0 million ($0.07 basic earnings per share), and adjusted annual earnings of $59.4 million ($0.39 basic adjusted earnings per share).
•Annual silver production totaled 24.8 million ounces with all-in sustaining costs per silver ounce sold ("AISCSOS") of $10.73, or $9.68 excluding net realizable value ("NRV") inventory adjustments.
•Cash costs per payable ounce of silver, net of by-product credits ("cash costs") of $3.35 per ounce in 2018.
•Advanced the COSE and Joaquin mine developments for initial production in 2019.
•At December 31, 2018, the Company had cash and short-term investment balances of $212.5 million and working capital of $397.8 million. Year-end debt of $6.7 million related entirely to lease liabilities.


"Pan American's operations demonstrated solid performance in 2018, highlighted by the lowest cash costs on record since 2006. This performance resulted in strong cash flow generation and a healthy financial position at year end," said Michael Steinmann, President and Chief Executive Officer of the Company. "Importantly, we advanced our strategy of developing new catalysts to generate value for shareholders. Our acquisition of Tahoe Resources will result in a more diversified Pan American with a strong portfolio of cash-generating assets and superior growth opportunities. In addition, our major exploration discovery at La Colorada demonstrates a significant opportunity for long-term organic growth."

Consolidated Q4 2018 Highlights:
•Revenue in Q4 2018 was $173.4 million, reflecting lower prices for all metals and lower quantities of silver, gold, and copper sold due to a build in inventories at San Vicente and La Colorada (approximate revenue impact of $8.4 million), as well as lower production at Dolores.
•Net cash generated from operating activities was $11.9 million.
•Net loss was $63.6 million ($0.42 basic loss per share), which included a $27.8 million impairment charge related to the Manantial Espejo/COSE/Joaquin assets, a $13.3 million reduction from NRV inventory adjustments, $10.2 million in costs related to the Tahoe Resources Inc. ("Tahoe") transaction, $8.2 million in tax expense from changes in foreign exchange rates, and a $4.7 million credit loss related to a third party refinery.
•The impairment of the Manantial Espejo/COSE/Joaquin assets reflects the impact of the new export tax introduced in Argentina in late 2018, and the decline in short-term consensus metal prices.
•Adjusted loss was $2.0 million ($0.01 basic adjusted loss per share).
•Silver production was 6.1 million ounces at cash costs of $6.12 per ounce. Q4 2018 cash costs were impacted by lower by-product metal prices and reduced gold production.
•AISCSOS were $15.86 in Q4 2018, or $13.36 excluding NRV inventory adjustments. AISCSOS were impacted by less silver ounces sold, lower by-product metal prices and higher sustaining capital expenditures.
•The Board of Directors has approved a cash dividend of $0.035 per common share, or approximately $5.4 million in aggregate cash dividends, payable on or about March 15, 2019, to holders of record of Pan American Silver's common shares as of the close on March 4, 2019. Pan American Silver's dividends are designated as eligible dividends for the purposes of the Income Tax Act (Canada). As is standard practice, the amounts and specific distribution dates of any future dividends will be evaluated and determined by the Board of Directors on an ongoing basis.


The foregoing contains measures that are not generally accepted accounting principle ("non-GAAP") financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures.

Amended and Restated Credit Agreement

On February 1, 2019, the Company entered into an Amending and Restating Credit Agreement with a syndicate of banks to extend and increase its existing credit facility. In conjunction with the closing of the Tahoe transaction, the credit facility is expected to increase to $500 million and would mature on February 1, 2023.

Tahoe transaction

All required regulatory, shareholder and court approvals have been received for the plan of arrangement (the "Arrangement"), whereby Pan American will acquire all of the outstanding shares of Tahoe. The Arrangement is anticipated to be completed on or about February 22, 2019.

Pan American receives award for social and environmental responsibility

Pan American is pleased to announce that Matt Andrews, Vice President Environment and Sustainability, and Monica Moretto, Director Sustainability, are the 2018 recipients of the Robert R. Hedley Award for Excellence in Social and Environmental Responsibility from the Association for Mineral Exploration (AME). In the AME's news release, dated December 6, 2018, announcing the 2018 winners, the organization states that Mr. Andrews' and Ms. Moretto's leadership "has created an environment within Pan American Silver Corp. of respect for social and environmental principles on all its projects".

CONSOLIDATED RESULTS
see & read more on
https://www.panamericansilver.com/investors/news-releases/detail/74/2019-02-20-pan-american-silver-reports-unaudited-2018-annual-and-fourth-quarter-results


AND
Pan American Silver Reports Mineral Reserves of 280 Million Ounces and Continued Success at the La Colorada Skarn Discovery

Published: Thursday, February 21st, 2019

All financial figures are expressed in US$ unless otherwise indicated.

The reserve and resource information provided in this news release is only for Pan American's operations and do not reflect the plan of arrangement (the "Arrangement") whereby Pan American will acquire all of the issued and outstanding common shares of Tahoe Resources Inc. ("Tahoe"), announced on November 14, 2018. Pan American currently expects the Arrangement to be completed on or about February 22, 2019.

VANCOUVER, Feb. 20, 2019 /CNW/ - Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American", or the "Company") today reported its mineral reserves and resources as at December 31, 2018. Pan American's mineral reserves are estimated to contain approximately 280 million ounces of silver and 1.7 million ounces of gold.

The following table provides the changes in Pan American's estimated silver reserves year-over-year:
Millions of ounces
Proven and probable silver mineral reserves as of Dec. 31, 2017(1)
288.4
Less: contained ounces mined during 2018
(29.7)
Plus: contained ounces discovered by exploration during 2018
21.1
Proven and probable silver mineral reserves as of Dec. 31, 2018(2)(3)
279.8

(1) Prices used to estimate mineral reserves for 2017 were $18.50 per ounce of silver, except at Manantial Espejo where $16.50 per ounce of silver was used for planned 2018 production, reverting to $18.50 per ounce of silver thereafter.


(2) Prices used to estimate mineral reserves for 2018 were $18.50 per ounce of silver, except at Manantial Espejo where $16.50 per ounce of silver was used.


(3) Please refer to the complete mineral reserves and mineral resources table at the end of this news release for more detailed information.

"2018 was a very successful year for near-site mine exploration with the replacement of over 21 million ounces of silver and the major skarn discovery at La Colorada, which is not yet reflected in our proven and probable reserves or resources," said Christopher Emerson, Pan American's Vice President Business Development and Geology. "Drill hole U-68-18 with 308 metres of polymetallic mineralization is another impressive result of this major discovery".

2018 Exploration Results
Pan American spent $18.8 million on exploration drilling in 2018, of which $11.3 million was included in capital for mine and near site drilling, and the remainder was expensed under exploration and project development costs. Drilling for mine and near site exploration totaled 106,000 metres, with La Colorada and Morococha accounting for over 65% of the metres drilled. An additional 10,000 metres was drilled for regional exploration.

La Colorada (Mexico) - added 11.1 million ounces of new silver reserves with approximately 14,000 metres drilled to further define the main vein continuity laterally and at depth. The Company also drilled approximately 6,800 metres to further define the manto and skarn mineralization discovery announced on October 23, 2018.

Exploration drilling of the skarn mineralization at depth, approximately 500 to 800 metres below the drill stations, indicates wide intercepts with high-grade, polymetallic mineralization. In particular, drillhole U-87-18, which was drilled 200 metres south of drillhole U-39-18 (reported in Pan American's news release dated October 23, 2018, with 223 metres of polymetallic mineralization), is located in previously untested areas of the mine concession. Visit panamericansilver.com to view cross sections, plan and images of the mineralized core.

Recent drill highlights include:
•U-60-18: 44.5 m at 40 g/t Ag, 0.10% Cu, 1.97% Pb, 4.71% Zn;
•and 48.8 m at 29 g/t Ag, 0.17% Cu, 1.39% Pb, 4.33% Zn;
•and 67.9 m at 18 g/t Ag, 0.07% Cu, 0.57% Pb, 4.67% Zn
•U-68-18: 308.1 m at 46 g/t Ag, 0.20% Cu, 1.93% Pb, 4.56% Zn,
•including 65.7 m at 80 g/t Ag, 0.40% Cu, 2.34% Pb, 5.73% Zn;
•including 75.0 m at 70 g/t Ag, 0.23% Cu, 3.01% Pb, 6.02% Zn;
•including 90.4 m at 38 g/t Ag, 0.19% Cu, 2.25% Pb, 6.15% Zn
•U-87-18: 64.7 m at 33 g/t Ag, 0.16% Cu, 1.99% Pb, 2.93% Zn,
•including 11.5 m at 71 g/t Ag, 0.31% Cu, 4.47% Pb, 4.57% Zn


A summary of the drill results from the recently completed 6,800 metres of drilling is provided at the end of this news release.

Morococha (Peru) - added 7.7 million ounces of new silver reserves, in addition to an increase of 76,000 tonnes of zinc and 21,000 tonnes of lead, which is associated with the increase in polymetallic mineralization at depth. The continued exploration drilling success at Morococha underlines the potential of this district, especially in the eastern portion of the mine.


see & read more on
https://www.panamericansilver.com/investors/news-releases/detail/75/2019-02-21-pan-american-silver-reports-mineral-reserves-of-280-million-ounces-and-continued-success-at-the-la-colorada-skarn-discovery