Pan American Silver reports 511 million ounces of silver reserves

Pan American Silver ($PAAS) reported proven and probable reserves containing approximately 511.1 million ounces of silver and 6.3 million ounces of gold. The midyear estimate includes its 44% interest in Juanicipio, acquired through the earlier MAG Silver transaction. The company said it replaced more than all silver mined during the reporting period through additions to reserves.

Separately, measured and indicated resources, excluding reserves, contained about 1.13 billion ounces of silver and 7.5 million ounces of gold. These categories should not be added together as though all material carries the same level of economic certainty. Pan American also reported approximately 351,000 meters of drilling completed toward an annual program exceeding 500,000 meters. The update concerns geological inventories and exploration progress, not a newly raised production forecast.

Sources:

• Pan American Silver — reserves and resources, company release reprint