VANCOUVER, BC, Sept. 30, 2020 /PRNewswire/ - Pan American
Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American")
announces that production has resumed at its Huaron and Morococha
operations in Peru. Over the past
couple of weeks, Pan American has been gradually redeploying its
workforce at Huaron and Morococha following implementation of
intensive health screenings and testing for the COVID-19 virus.
The expected annual production, Cash Costs and all-in sustaining
costs per ounce sold ("AISC") in 2020 for the Huaron and Morococha
operations are in line with the revised guidance provided on
August 5, 2020.
Pan American has implemented stringent protocols to trace,
mitigate and limit the spread of the COVID-19 virus. Further
information is available at:
https://www.panamericansilver.com/company/covid-19-response/.
About Pan American Silver
Pan American owns and
operates silver and gold mines located in Mexico, Peru,
Canada, Argentina and Bolivia. We also own the Escobal mine in
Guatemala that is currently not
operating. As the world's second largest primary silver producer
with the largest silver reserve base globally, we provide enhanced
exposure to silver in addition to a diversified portfolio of gold
producing assets. Pan American has a 26-year history of operating
in Latin America, earning an
industry-leading reputation for corporate social responsibility,
operational excellence and prudent financial management. We are
headquartered in Vancouver, B.C.
and our shares trade on NASDAQ and the Toronto Stock Exchange under
the symbol "PAAS".
Learn more at panamericansilver.com.
Cautionary Note Regarding Forward-Looking Statements and
Information
Certain of the statements and information in
this news release constitute "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 provincial securities laws, and may
include future-oriented financial information. All statements,
other than statements of historical fact, are forward-looking
statements or information. Forward-looking statements or
information in this news release relate to, among other things: our
expectation of the annual production, Cash Costs and AISC in 2020
for the Huaron and Morococha operations and whether they will be in
line with our revised guidance; the operational capacities of our
mines to comply with new protocols to protect the health and safety
of the workforce; the ability of Pan American to successfully
restart or ramp-up its operations efficiently or economically, or
at all; the effect that any reductions or suspensions of activities
at our operations may have on our operations and our financial and
operational results; whether Pan American has sufficient capital,
or has access to capital through our credit facility or otherwise,
to ramp-up and sustain our business and operations; the presence
and impact of COVID-19 on our workforce, suppliers and other
essential resources and what effect those impacts, if they occur,
would have on our business; that applicable governmental and
regulatory authorities will continue with the protocols, decrees
and other regulatory directives currently in place and as
anticipated; and whether we will be successful and able to continue
with our efforts to protect our personnel, communities and others
in respect of our business.
These forward-looking statements and information reflect Pan
American's current views with respect to future events and are
necessarily based upon a number of assumptions that, while
considered reasonable by Pan American, are inherently subject to
significant operational, business, economic and regulatory
uncertainties and contingencies, and such uncertainty generally
increases with longer-term forecasts and outlook. These assumptions
include: the production, Cash Costs and AISC performance for the
Huaron and Morococha operations will be in line with our revised
guidance; the world-wide economic and social impact of COVID-19 is
managed and the duration and extent of the coronavirus pandemic is
minimized or not long-term; level of operational performance and
tonnage of ore to be mined and processed; ore grades and
recoveries; prices for silver, gold and base metals remaining as
estimated or return to sufficient levels; currency exchange rates
remaining as estimated; availability of funds for Pan American's
projects and future cash requirements; capital, decommissioning and
reclamation estimates; our mineral reserve and resource estimates
and the assumptions upon which they are based; prices for energy
inputs, labour, materials, supplies and services (including
transportation); no labour-related disruptions; no unplanned delays
or interruptions in scheduled development and production; all
necessary permits, licenses and regulatory approvals are received
in a timely manner; our ability to secure and maintain title and
ownership to properties and the surface rights necessary for our
operations; and our ability to comply with environmental, health
and safety laws. The foregoing list of assumptions is not
exhaustive.
Pan American cautions the reader that forward-looking statements
and information involve known and unknown risks, uncertainties and
other factors that may cause actual results and developments to
differ materially from those expressed or implied by such
forward-looking statements or information contained in this news
release and Pan American has made assumptions and estimates based
on or related to many of these factors. Such factors include,
without limitation: the continuation of production at Huaron and
Morococha; the duration and effects of the coronavirus and
COVID-19, and any other pandemics on our operations and workforce,
and the effects on global economies and society; fluctuations in
silver and gold prices; fluctuations in prices for energy inputs,
labour, materials, supplies and services (including
transportation); fluctuations in currency markets (such as the
Canadian dollar, Peruvian sol, Mexican peso, Argentine peso and
Bolivian boliviano versus the U.S. dollar); operational risks and
hazards inherent with the business of mining (including
environmental accidents and hazards, industrial accidents,
equipment breakdown, unusual or unexpected geological or structural
formations, cave-ins, flooding and severe weather); risks relating
to the credit worthiness or financial condition of suppliers,
refiners and other parties with whom Pan American 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; our
ability to obtain all necessary permits, licenses and regulatory
approvals in a timely manner; changes in laws, regulations and
government practices, including environmental, export and import
laws and regulations; changes in national and local government,
legislation, taxation, controls or regulations and political, legal
or economic developments in Canada, the United
States, Mexico,
Peru, Argentina, Bolivia, Guatemala or other countries where Pan
American may carry on business, including legal restrictions
relating to mining, such as those in Chubut, Argentina, and the constitutional
court-mandated ILO 169 consultation process in Guatemala; risks relating to expropriation;
risk of liability relating to our past sale of the Quiruvilca mine
in Peru; diminishing quantities or
grades of mineral reserves as properties are mined; increased
competition in the mining industry for equipment and qualified
personnel; and those factors identified under the caption "Risks
Related to Pan American's Business" in Pan American's most recent
form 40-F and Annual Information Form filed with the United States
Securities and Exchange Commission and Canadian provincial
securities regulatory authorities, respectively. Although Pan
American 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. Investors are cautioned against undue
reliance on forward-looking statements or information.
Forward-looking statements and information are designed to help
readers understand management's current views of our near and
longer term prospects and may not be appropriate for other
purposes. Pan American does not intend, nor does it assume any
obligation to update or revise forward-looking statements or
information, whether as a result of new information, changes in
assumptions, future events or otherwise, except to the extent
required by applicable law.
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SOURCE Pan American Silver Corp.
