VANCOUVER, April 21 /PRNewswire-FirstCall/ -- Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) has closed the issuance of 531,407 common shares at a price of US$23.88 per share pursuant to the exercise of an over-allotment option by its underwriting syndicate, for gross proceeds of US$12,689,999 and proceeds, after deducting underwriting fees, of US$12,182,399 (the "Over- Allotment Option"). On April 18, 2006 Pan American issued 5,750,000 common shares at a price of US$23.88 per share, for total gross proceeds of US$137,310,000 and net proceeds, after deducting underwriting fees, of US$130,787,755 (the "Original Offering"). Pan American expects to use the net proceeds of the Original Offering and the Over-Allotment Option primarily for the construction and development of its Manantial Espejo silver project in Argentina and the remainder for working capital and general corporate purposes. Bear, Stearns & Co. Inc. and BMO Nesbitt Burns Inc. acted as joint book- running managers for the Original Offering and the Over-Allotment Option. CIBC World Markets Inc., Merrill Lynch Inc., Canaccord Capital Corporation and National Bank Financial Inc. acted as co-managers. This press release shall not constitute an offer to sell or a solicitation of an offer to buy common shares nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Pan American Silver Corp. is one of the world's largest publicly traded primary silver producers with mining operations and development projects in Mexico, Peru, Argentina, Bolivia and the United States. For Further Information Contact: Pan American Silver Corp, (604) 684-1175 DATASOURCE: Pan American Silver Corp. CONTACT: Pan American Silver Corp, (604) 684-1175

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