VANCOUVER, B.C. PAN AMERICAN SILVER and CORNER BAY SILVER completed their merger on Feb. 20. The arrangement calls for Pan American to acquire all of the issued and outstanding Corner Bay shares. Each Corner Bay share has been exchanged for 0.3846 common shares of Pan American plus 0.1923 Pan American warrants.
Pan American operates the Quiruvilca and Huaron silver mines in Peru and the La Colorada silver mine in Mexico It also has several exploration projects in South American and investments in North America and Russia. (see www.panamericansilver.com)
Corner Bay brings to the table its Alamo Dorado silver-gold deposit in Sonora, Mexico. A positive feasibility study was completed on the project last July. Proven and probable reserves were pegged at 35.5 million tonnes grading 67 g/t Ag and 0.26 g/t Au. Consideration is being given to an open pit and heap leach development with Merrill-Crowe recovery of the precious metals. Projected direct and indirect capital costs are $45.11 million. (see www.cornerbay.com)
If any of our readers are still holding onto their Corner Bay share certificates, please contact Computershare Trust Company of Canada by phone at 800-564-6253 or e-mail at [email protected]
. Ask for information about surrendering Corner Bay shares and receiving Pan American shares and warrants.