Vancouver, B.C. - March 30,2012- Pan American Silver Corp. ("Pan American") (TSX: PAA; NASDAQ: PAAS) and Minefinders Corporation Ltd. ("Minefinders") (TSX: MFL; NYSE/AMEX: MFN) today completed the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario) whereby Pan American acquired all of the issued and outstanding common shares of Minefinders.
Under the terms of the Arrangement former Minefinders shareholders who elected the full proration option received CDN$1.84 and 0.55 of a Pan American share in respect of each of their Minefinders shares. Former Minefinders shareholders who elected the Pan American share option received 0.6235 Pan American shares and CDN$0.0001 for each of their Minefinders shares, and those who elected the cash option received CDN$2.0306 and 0.5423 of a Pan American share in respect of each of their shares.
Geoff Burns, Pan American's President and CEO, said: "We are extremely pleased to have concluded the acquisition of Minefinders. This strategic transaction increases our near-term silver and gold production and cash flow, and meaningfully reduces our average cash costs across our eight producing mines, while at the same time geographically de-risking our overall portfolio. In addition, Pan American should reap the benefits of a sector leading andwell sequenced growth profile.
As the Arrangement has now completed, the Minefinders shares will be de-listed from the TSX and the NYSE Amex.
About Pan American
Pan American's mission is to be the world's largest low-cost primary silver mining company by increasing its low-cost silver production and silver reserves. It has eight operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns advanced development projects in Argentina and Mexico. For more information about Pan American, please visit Pan American's website at www.panamericansilver.com.
Pan American's Information Contact
Manager, Investor Relations
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