Friday, May 21, 2010

Pan American Silver (NASDAQ:PAAS) Bolivian Mine to Increase Production

Pan American Silver (TSE:PAA) (NASDAQ:PAAS) said they estimate their San Vicente mine in Bolivia will increase production in 2010 by 2 percent, increase about three times what it generated in 2009.

After a new processing plant was built, it helped the miner to increase production in 2009 to about 2.5 million ounces of silver, a big increase over the 875,000 produced in 2008.

Vice President for Geology and Exploration at Pan American, Michael Steinmann, said the goal is to bring silver production to from 3 million ounces to 3.2 million ounces, and once that's achieved, they'll keep it level there.

Also operating mines in Mexico, Peru and Argentina, their Argentina Navidad project will have $40 million injected into it for pre-feasibility and feasibility studies, which Steinmann said could bring Pan American into the upper echelon of silver producers, if the expected potential there is as high as expected.

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