VANCOUVER, March 23, 2020 /PRNewswire/ - Pan American
Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) ("Pan American")
today announced that it is temporarily suspending its operations in
Argentina, including the Manantial
Espejo mine, in order to comply with a mandatory national
quarantine. The government of Argentina imposed the quarantine in response
to COVID-19 and stated that it will be in effect until March 31, 2020. Pan American is also suspending
supply deliveries and personnel transport at its San Vicente operations in Bolivia to comply with a mandatory national
quarantine that is stated to be in effect until March 31, 2020.
Pan American will conduct care and maintenance activities, as
necessary, at both operations during the suspension to sustain the
appropriate safety and environmental systems, and to ensure
operational readiness when the suspensions are lifted.
As the situation regarding the COVID-19 pandemic is dynamic, Pan
American is currently unable to determine the impact on its 2020
operating guidance.
About Pan American Silver
Pan American Silver is the world's second largest primary silver
producer, providing enhanced exposure to silver through a
diversified portfolio of assets, large reserves and growing
production. We own and operate mines in Mexico, Peru,
Canada, Argentina and Bolivia. In addition, we own the Escobal mine
in Guatemala that is currently not
operating. Pan American Silver has a 25-year history of operating
in Latin America, earning an
industry-leading reputation for operational excellence and
corporate social responsibility. 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: the
duration or extent of the restrictions and suspensions with respect
to our operations in Argentina and
Bolivia, and the effect that any
such restrictions or suspensions may have on our operations and our
financial and operational results; the ability of the Company to
continue with any operations at the San
Vicente mine, or to successfully maintain our Argentine
operations on care and maintenance, or to restart or ramp-up these
operations efficiently or economically, or at all; and the 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.
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 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; 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 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.
