Pan American Sets New Quarterly Record for Silver Production and Declares Second Dividend

Pan American Silver Corp. (TSX:PAA, NASDAQ:PAAS) reported unaudited financial and operating results for the quarter ended June 30, 2010. The Company also provided an update on its operations and development projects and announced its second semi-annual dividend of 2010 in the amount of $0.025 per share.

The press release is quoted as saying:

Silver production increased 18% to a record 6.9 million ounces. Gold production was 21,133 ounces. Cash costs (2) declined 6% to $5.64 per ounce of payable silver, net of by-product credits. Mine operating earnings (3) increased 117% to $51.1 million. Net income increased 79% to $18.3 million or $0.17 per share. Adjusted net income (4) of $21.1 million or $0.20 per share. Cash flow from operations (before changes in non-cash operating working capital) (5) increased 16% to $42.9 million, or $0.40 per share. Net working capital increased 49% to $322 million as compared to the 2nd quarter of 2009, with no debt.

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