UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER TO RULE 13A or 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of: July, 2007		File No.: 000-13727

PAN AMERICAN SILVER CORP.

(Translation of Registrant’s Name into English)

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F     o		Form 40-F     þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes     o		No     þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes     o		No     þ

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes     o		No     þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82 -                    .

Submitted herewith:

	1.		Form 43–101 Technical Report for the San Vicente Mine Expansion Project
	2.		Press Release dated July 20, 2007

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TECHNICAL REPORT

FOR THE

SAN VICENTE MINE EXPANSION PROJECT

POTOSÍ BOLIVIA

Effective: June 6, 2007

PREPARED BY:

Martin Wafforn, P. Eng

Michael Steinmann, P. Geo

Douglas K. Maxwell, P.E.

TABLE OF CONTENTS

1.0 TITLE PAGE			5
2.0 TABLE OF CONTENTS			5
3.0 SUMMARY			5
3.1. Background			5
3.2. Property Ownership, Location and Description			5
3.3. Geology and Mineralization			6
3.4. Exploration and Development			6
3.5. Mineral Resource and Reserve Estimates as at December 31, 2006			7
3.6. Mining Operations			9
3.7. Authors’ Conclusions			9
3.8. Authors’ Recommendations			10
4.0 INTRODUCTION			10
5.0 RELIANCE ON OTHER EXPERTS			12
6.0 PROPERTY DESCRIPTION AND LOCATION			12
6.1. Mineral Tenure			12
6.2. Permits and Agreements			13
6.3. Environmental			14
7.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY			15
8.0 HISTORY			16
9.0 GEOLOGICAL SETTING			18
10.0 DEPOSIT TYPES			18
11.0 MINERALIZATION			21
12.0 EXPLORATION			24
13.0 DRILLING			25
13.1. Surface Diamond Drilling			26
13.2. Underground Diamond Drilling			29
14.0 SAMPLING METHOD AND APPROACH			31
15.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY			32
16.0 DATA VERIFICATION			34
17.0 ADJACENT PROPERTIES			34
18.0 MINERAL PROCESSING AND METALLURGICAL TESTING			34

19.0 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES			37
19.1. Mineral Reserves			40
19.2. Mineral Resources			41
20.0 OTHER RELEVANT DATA AND INFORMATION			42
21.0 INTERPRETATION AND CONCLUSIONS			42
22.0 RECOMMENDATIONS			43
23.0 REFERENCES			44
24.0 DATE			44
25.0 ADDITIONAL REQUIREMENTS FOR TECHNICAL REPORTS ON DEVELOPMENT     PROPERTIES AND PRODUCTION PROPERTIES			44
25.1. Underground Mine Operations			44
25.2. Recoverability			48
25.3. Markets			51
25.4. Revenues			51
25.5. Environmental Considerations			51
25.6. Exploration Expenditures			53
25.7. Taxes			53
25.8. Capital and Operating Costs			55
25.9. Economic Analysis			60
25.10. Mine Life			64

LIST OF FIGURES

Figure 1-1		Location of the San Vicente mine in Bolivia			65
Figure 1-2		San Vicente Mine Location Map in Potosi			66
Figure 1-3		San Vicente Mine General Site Layout			67
Figure 1-4		San Vicente Mine — Mine Site General Layout			68
Figure 1-4a		San Vicente Mine, Mining Concessions			69
Figure 1-4b		San Vicente Mine, Geology Map			70
Figure 1-5		Longitinal Section of a Typical Shrinkage Stope			71
Figure 1-6		Longitudinal Section Showing the Modified Avoca Longhole Mining Method			72
Figure 1-7		San Vicente Mine Deposit Areas			73
Figure 1-8		Geology Map			74
Figure 1-9		San Vicente Process Plant Flow Diagram			75
Figure 1-10		Process Plant General Arrangement			76
Figure 1-11		Section of 6 de Agosto Vein			77
Figure 1-12		Section of Litoral Vein			78

LIST OF APPENDICES

Appendix A Certificates and Consents
Appendix B Diamond Drill Hole Intercepts
Appendix C Channel Sampling Results

Qualified Persons

Ø

Certificate of Qualified Persons and Consent of Authors

Responsibility		Qualified Person		Registration
Mineral Resource Modelling		Michael Steinmann, PAS		P. Geo.
Mineral Reserves		Martin Wafforn, PAS		P.Eng.
Geology		Michael Steinmann, PAS		P.Geo.
Mine Planning		Martin Wafforn, PAS		P.Eng.
Metallurgy		Douglas K. Maxwell, Lyntek		P.E.
Process Plant Design		Douglas K. Maxwell, Lyntek		P.E.

LIST OF TABLES

Table 1 San Vicente Mineral Reserves			8
Table 2 San Vicente Mineral Resources			8
Table 3 References			11
Table 4 Mining Concessions			13
Table 5 Water Sources			15
Table 6 Occurrence of Veins in San Vicente Mine. (Modified from JICA, 1979)			20
Table 7 Mineralogy of San Vicente Veins Recognized Under Microscope			23
Table 8a Summary Data San Vicente Surface Diamond Drill Holes			27
Table 8b Summary Data San Vicente Underground Diamond Drill Holes			30
Table 8c Diamond Drilling Check Assays			33
Table 9 Lyntek Recommended Metal Recoveries			36
Table 10 Anticipated Plant Metal Recoveries			37
Table 11 Specific Gravity by Vein			38
Table 12 Dilution Calculation			39
Table 13 Resource Metal Prices and Factors			39
Table 14 San Vicente Mineral Reserves			40
Table 15 San Vicente Measured and Indicated Mineral Resources			41
Table 16 San Vicente Inferred Mineral Resources			42
Table 17 Mining Method — Cost per tonne			46
Table 18 Mechanized Equipment			46
Table 19 Life of Mine Plan			47
Table 20 San Vicente Closure Cost Estimate			53
Table 21 Capital Cost Estimate Summary			56
Table 22 Life-of-Mine Unit Operating Costs			59
Table 23 Economic Model			61
Table 24 Metal Price Sensitivity			62
Table 25 Metal Grade Sensitivity			62
Table 26 Capital Cost Sensitivity			63
Table 27 Operating Cost Sensitivity			63
Table 28 Copper Grade Samples			63
Table 29 Copper Revenue Sensitivity			64

1.0 TITLE PAGE

This Technical Report has been prepared in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects (“N.I. 43-101”) and the contents herein are organized and in compliance with Form 43-101F1 Contents of the Technical Report (“Form 43-101 F1”). The first two items are the Title Page and the Table of Contents presented previously in this report. They are mentioned here simply to maintain the specific report outline numbering required in Form 43-101F1.

2.0 TABLE OF CONTENTS

See discussion in Section 1.

3.0 SUMMARY

3.1. Background

This Technical Report has been compiled from studies completed by an international team of professionals and consultants for the San Vicente Mine Expansion Project. Mr. Martin Wafforn, P. Eng. Vice President of Mine Engineering of Pan American Silver Corp. (“PAS”), Dr. Michael Steinmann, P. Geo. Senior Vice President of Exploration and Geology of PAS, and Mr. Douglas K. Maxwell, P.E. of Lyntek Inc. are the co-authors of this report. Each of Mr. Wafforn, Dr. Steinmann and Mr. Maxwell is a Qualified Person as that term is defined in N.I. 43-101.

The goal of the San Vicente Mine Expansion Project described in this Technical Report is to expand the current mine capacity from approximately 250 tonnes per day (“TPD”), to 750 TPD. The San Vicente Mine Expansion Project includes the construction of a new process plant and tailings storage facility at the mine site.

3.2. Property Ownership, Location and Description

PAS has a 94.999% interest in Pan American Silver Bolivia (“PASB”), a Bolivian company that holds a 50% joint venture interest in, and is the operator of the San Vicente property. The remaining interest in the joint venture is held by Corporación Minera de Bolivia (“COMIBOL”), the Bolivian state mining company. Trafigura Beheer B.V. (“Trafigura”), a commercial trading company domiciled in Holland holds a 5% interest in PASB with the remaining 0.001% being held by Pan American Silver Peru S.A.

Pursuant to the joint venture agreement entered into with COMIBOL in 1999, with respect to the development of the San Vicente property, PASB is obligated to pay COMIBOL a participation fee of 37.5% of the operations cash flow. Once the commercial production phase of the San Vicente Mine Expansion Project begins, the COMIBOL participation fee will be reduced by 75% until PASB recovers its investment in the property. Thereafter the COMIBOL participation fee will revert back to 100% of the participation fee described above.

In May 2007, PAS purchased the 40% interest in PASB that was held by Empresa Minera Unificada S.A. (“EMUSA”), a Bolivian company. EMUSA has retained 80% of a 2.0% net smelter return royalty interest in the property that is payable only, after recovery of the costs to complete the San Vicente Mine Expansion Project from January 1, 2007 up to the point of commercial production; after recovery of the cost of the purchase of EMUSA’s 40% interest in PASB; and is only payable in a calendar quarter where the average price of silver is $9.00 per ounce or greater.

The San Vicente silver-zinc mine is located at latitude 21°-16´south and longitude 66°-19´west in the southern end of Bolivia in the Province of Sud-Chichas, Department of Potosí. The mine is 460 kilometres south of the city of Oruro and 300 kilometres west of Tarija. Access is by dirt road 100 km west of the town of Tupiza and 150 km south of Uyuni. The property is in the Andean High Plateau (Altiplano), at approximately 4,400 metres above sea level, with semi-arid climatic conditions. The land is sterile and rugged.

The project consists of 13 mining concessions totalling 7,075 hectares that are part of COMIBOL’s contribution to the joint venture. Of the concessions, five, totalling 662 hectares, start with the name “Aguas” which is Spanish for water. However, all of the concessions include the rights for mining, water and surface usage. PASB has continually complied with the joint venture agreement (and various addendums thereto), and as a result the project and the concessions are in good standing. All mining property concessions of the San Vicente property are in the name of COMIBOL, and contractually PASB is responsible for paying the annual mining tenure tax. These payments are currently up to date.

3.3. Geology and Mineralization

The regional sedimentary sequence consists of a basement of a thin sequence of Palaeozoic marine siliciclastic sediments overlying non-continuous cretaceous continental sediments, and a package of thick continental clastics of Tertiary age of the Potoco and San Vicente Formations. Various thin intrusive volcanic flows with an intermediate composition are also included in the Tertiary sequence. The Palaeozoic sediments were folded before the deposition of the Cretaceous sediments. Sedimentation in the tertiary basin was controlled during the Upper Oligocene and Lower Miocene periods by thrust faults to the east and west.

The lithology of the Project area is relatively simple. Included are the fanglomerate facies of the San Vicente formation, which are in contact with Ordovician shales along the San Vicente fault. The fanglomerate consists of poorly sorted conglomerate with clastic sub angular fragments of Palaeozoic sediments cross cut by quartz veins. The matrix is red in colour and consists of iron bearing sandstone.

The structural environment of the mine area consists of a series of pre-mineral faults dipping 50-80 degrees and striking west-northwest. They are part of the first and second tension shearing pattern of structures with an environment of tension running east-west caused by a thrust of the San Vicente fault.

Mineralization in the district is known to cover an area of 3 by 4 kilometres to a depth of 300 metres. It consists of vein mineralization in pre-existing faults, dissemination in brecciated conglomerates in the San Vicente fault and mineralization in dacitic dykes.

3.4. Exploration and Development

There has been sporadic mining activity in the San Vicente area since colonial times. Initial exploitation was the mining of oxidized silver from exposed veins. The first written records of mining activity were in 1820, when the area was named the Guernica Mine. Several different owners operated the mine from 1911 through 1950. From 1950 until 1952, the Aramayo Mining Company operated the mine. In 1952, the Bolivian government nationalized the mine and placed it under control of COMIBOL. Following the discovery of new silver and zinc veins in the late sixties, COMIBOL constructed the Vetillas concentrating plant in 1972 with a capacity of 400 tonnes per day. The mine was operated by COMIBOL until 1993, at which time mining was suspended pending the privatization of mining in Bolivia. In 1995, the San Vicente property was offered for a joint-venture contract by COMIBOL. On June 21, 1999, PASB signed a joint-venture agreement (Contrato de Riesgo Compartido) with COMIBOL. In late 2001, PASB and COMIBOL, the Bolivian state mining company that optioned the San Vicente property to PASB, entered into a two-year toll milling agreement with EMUSA, to process up to 250 tonnes of San Vicente’s ore per day at EMUSA’s nearby Chilcobija mill. In late 2005, PASB and COMIBOL entered into an additional 7-month toll milling agreement with EMUSA to process up to 250 tonnes of San Vicente’s ore per day at EMUSA’s nearby Chilcobija mill. This toll milling agreement was renewed for an additional 150,000 tonne program that is currently in progress. The economic analysis assumes that COMIBOL will approve an additional program for mining in 2008 and that the toll milling agreement will be extended.

The PASB exploration program began in 1999 following the execution of the joint venture agreement with COMIBOL. The work started with mapping and sampling the surface and was followed by the construction of drill access roads and platforms. Contracts were established with Leduc Drilling and Exploration Core Drilling S.R.L., and a total of 21 holes (3,831 m) were drilled from surface using HQ core and a further 8 holes (405 m) from underground using NQ core. These holes targeted the old stoping areas, continuations of the principal veins along strike and at depth, and other veins to the northeast and south of the mine. Since the start of the exploration program, a total of 109 diamond core holes have been drilled, with 2,575 vein intercepts sampled with varying lengths from 0.2 metres to 7.14 metres.

In addition to the diamond drilling, a sampling program was started in the mine. An initial 41 channel samples were taken in four of the principal structures (6 de Agosto, Adela, Litoral and Unión). The results of the surface drilling showed wider intersections than had previously been mined underground and so the channel samples were unable to explore the full width of each vein. After this realization, mining work was undertaken to develop small cross section cross cuts (1.5 m by 2.0 m) at a maximum of 75 metres apart along strike in the four veins on levels 0, -30, -70 and -110 in order to explore the full economic width of each vein. Some 5,807 channel samples were taken by COMIBOL and a further 2,449 channel samples taken by PAS. Some of the PAS channel samples replace the COMIBOL channel samples where the vein width is actually greater than was initially thought by COMIBOL.

Exploration activities continued in 2004 with the concept of drilling 13,919 metres of surface and underground diamond drilling, 2983 metres of underground development and resampling of historical reserve blocks for purposes of resource definition and exploration. Mine development and production to supply the Chilcobija mill continued in 2005, 2006 and 2007 and provided additional channel sample data for the resource database. A requirement of the interim mining programs agreed between PASB and COMIBOL was that sufficient additional development work be undertaken so that the total quantity of ore developed and ready for mining is maintained. This development provided additional channel samples in the principal and other structures.

3.5. Mineral Resource and Reserve Estimates as at December 31, 2006

The proven and probable mineral reserves at the San Vicente mine as at December 31, 2006 are estimated to be as shown in Table 1. This mineral reserve estimate was calculated using a price of $9.00 per ounce of silver and $2,100 per tonne of zinc, and was prepared under the supervision of and reviewed by Martin Wafforn, P. Eng. Vice President of Mine Engineering of PAS and Dr. Michael Steinmann, P. Geo. Senior Vice President of Exploration and Geology of PAS. Each of Mr. Wafforn and Dr. Steinmann is a Qualified Person as that term is defined in N.I. 43-101.

Table 1 San Vicente Mineral Reserves

Reserve						Grams of Silver
Category		Tonnes				per tonne				Zn (%)
Proven			1,988,538				304				3.85
Probable			1,069,647				430				2.66
TOTAL			3,058,185				348				3.43

Notes:

 

The measured, indicated and inferred mineral resources at the San Vicente mine as at December 31, 2006 are estimated to be as shown in Table 2. This mineral resource estimate was calculated using a price of $9.00 per ounce of silver and $2,100 per tonne of zinc, and was prepared under the supervision of and reviewed by Martin Wafforn, P. Eng. Vice President of Mine Engineering of PAS and Dr. Michael Steinmann, P. Geo. Senior Vice President of Exploration and Geology of PAS. Each of Mr. Wafforn and Dr. Steinmann is a Qualified Person as that term is defined in N.I. 43-101. The mineral resources shown in Table 2 are in addition to the mineral reserves shown in Table 1.

Table 2 San Vicente Mineral Resources

Class Reserve						Grams of Silver
Category		Tonnes				per tonne				Zn (%)
Measured			224,953				74				1.15
Indicated			445,244				294				3.67
Inferred			531,223				243				2.34

Notes:

 

The resource estimate involved statistical and geostatistical interpolation. Composites and 3-dimensional models were constructed utilizing Data Mine^®, commercial mine modeling software. Variables interpolations were done for silver and zinc grades and the true thickness of economic mineralization. Ordinary kriging was applied in two phases, first to Pan American silver sampling data only (channels and drill holes) and later to remnant blocks containing data collected by COMIBOL. Variogram models were obtained for each variable and for each vein which were divided in blocks of 40 metres x 20 metres (strike and dip. The blocks have been classified as measured, indicated or inferred based on the relative confidence of the supporting data for each evaluated block.

3.6. Mining Operations

The existing mine was designed and built to extract from steeply dipping narrow veins using conventional shrinkage stoping. Levels have been developed at 30 to 40 metre intervals and include the +70, +35, 0, -30, -70, and -110 levels. For reference, the 0 level is at an elevation of 4,440 metres above sea level. The main accesses to the mine are via the San Jose adit at the 0 level and the San Juan adit on the -30 level. The vertical Pelayo shaft extends from the surface above the 0 level down to the -110 level, which is currently the deepest level in the mine. The inclined Rampa shaft also extends down to the -110 level. Existing track drift dimensions are small at 2.4 by 2.3 metres and therefore mine cars and locomotives are restricted to 40 cubic feet and 6 tonnes respectively.

The San Vicente Mine Expansion Project includes the construction of a new 750 tonnes-per-day flotation process plant at the mine site. The implementation of the project will require an increase in the mine’s production capacity to match the production rate of the new mill. The mine produced 300 tonnes per day from shrinkage stoping in 2003. The mine intends to continue using shrinkage stoping in the narrow vein stopes and increase the conventional mining capacity by improving the Pelayo shaft and the haulage equipment. The remainder of the production will be by longhole mining using mechanized equipment and will require the development of a new decline from surface for equipment access and for ore haulage using mine trucks. The discovery by diamond drilling of the Litoral Ramal Dos vein has provided a wide and high-grade addition to the mine resource base. This vein is amenable to longhole mining which may allow a reduction in mine operating costs and will allow a higher mining recovery of the wider ore zones than could be achieved through shrinkage mining. PASB has determined that these advantages warrant the introduction of longhole mining methods.

3.7. Authors’ Conclusions

The results of the study for the San Vicente Mine Expansion Project indicate that the project is technically feasible and economically viable using PAS ore reserve silver and zinc prices. These prices are considerably lower than the current spot market prices. The economics take into account an increase in the mining taxation rate that has been discussed by the Bolivian government but not yet implemented. The project will provide jobs and economic stimulus to an area that is economically depressed, and can be constructed in and operated in an environmentally sound manner. The project enjoys strong support from the union that represents the current employees at the mine and current indications are that the Bolivian national mining company COMIBOL and joint venture partner in the project will provide support as well. There have been some threats of nationalization of mining projects in Bolivia, however this has not occurred to date and the risk is balanced by the high projected IRR of the project and the relatively small cash outlay that is required when considering the cash benefits that will be received from on-going operations during the construction period.

The results of the metallurgical testwork as well as the previous processing of San Vicente ore at the Vetillas plant and the current processing of San Vicente ore at the Chilcobija plant give the authors a high degree of confidence that the projected metallurgical recoveries of 85% for silver and 85% for zinc will be realized.

The economic analysis calculates an Internal Rate of Return of 22% and capital payback in 2.9 years. The Net Present Value is $23.6 million at a 10% discount rate and is $14.4 million at a 15% discount rate. The undiscounted after tax cash flow is $53.8 million. PAS’s 95% share of the undiscounted after tax cash flow

is estimated to be $50.9 million. Capital cost is estimated to total $40.5 million in 2007 and 2008. The San Vicente Mine Expansion Project is not sensitive to capital fluctuations of up to 25% which is the expected accuracy of the engineering estimate. When in full production, the San Vicente mine unit operating costs are expected to total $48.16 per tonne.

The life of mine plan presented in this study is based solely on proven and probable mineral reserves. The life of mine plan extends until 2019. Any conversion of the mineral resources to proven and probable mineral reserves and any new exploration discoveries will add to the mine life.

The environmental license for the San Vicente mine is now in the process of being updated to reflect the proposed expansion of the mine, construction of a new processing plant, new tailings facility and associated infrastructure. PAS is committed to developing the San Vicente Mine Expansion Project by minimizing and mitigating environmental impacts in accordance with Bolivian regulations, industry best management practices and its own Environmental Policy.

3.8. Authors’ Recommendations

It is the recommendation of the co-authors of this Technical Report that the San Vicente Mine Expansion Project be implemented. The agreement with COMIBOL stipulates that this construction must be completed within 18 months of approval by COMIBOL of an engineering report that was presented to them (the permission was received in July 2007).

The co-authors recommend that the San Vicente Mine Expansion Project should proceed according to the designs and schedules contained in this Technical Report. PAS currently has sufficient cash to develop this project and does not need to arrange for project financing. The next key step will be the award of an EPCM contract for the construction of the new process plant and upgraded infrastructure. The co-authors recommend that the mineral reserve and resource statements presented herein be adopted.

4.0 INTRODUCTION

This Technical Report has been prepared in accordance with NI 43-101 and the format and contents of this report are intended to conform to Form 43-101 F1. This Technical Report has been prepared for PAS for the purposes of:

Reporting and summarizing the results of the studies shown in Table 3 into the feasibility of the San Vicente Mine Expansion Project, and presenting the technical basis for the reserve and resource estimate for the San Vicente Mine property.

Mr. Martin Wafforn, P.Eng., PAS’s Vice President of Mine Engineering serves as the Qualified Person with respect to the mineral reserve statements described herein and sections 1, 2, 3, 4, 5, 6, 7, 8, 19, 20, 21, 22, 23, 24 and 25 of this Technical Report and the figures 1-4, 1-4a, 1-5 and 1-6, contained in this Technical Report. Mr. Wafforn last visited the San Vicente mine site from January 21^st to January 23^rd, 2007.

Dr. Michael Steinmann, P.Geo., PAS’s Senior Vice President of Exploration and Geology serves as the Qualified Person with respect to the mineral resource statements described herein and sections 1, 2, 3, 4, 9, 10, 11, 12, 13, 14, 15, 16, 17, 19, 20, 21, 22, 23 and 24 of this Technical Report and the figures 1-1, 1-2, 1-3, 1-4b, 1-7, 1-8, 1-11 and 1-12 contained in this Technical Report. Dr. Steinmann last visited the San Vicente mine site from January 21^st to January 23^rd, 2007.

Mr. Maxwell, P.E. of Lyntek Inc. serves as a qualified person with respect to the mineral processing and metallurgical testing, as well as process design, capital cost estimates for the plant and infrastructure, and operating cost estimates for the plant and for sections 18 and 25 and the figures 1-9 and 1-10 of this Technical Report. Mr. Maxwell has not visited the San Vicente mine site. Other members of the Lyntek team visited the San Vicente site from August 12, 2006 to August 18, 2006 and have reviewed site photos and discussed the project with Mr. Maxwell.

Elmer Ildefonso a consulting mining engineer to PAS performed the geostatistical evaluation and resource modelling under the direct supervision of Dr. Steinmann.

Sources of information and data contained in this Technical Report or used in its preparation are shown in Table 3.

Table 3 References

Report		Section
Assessment of Borrow Sources for concrete Aggregates — Worley, Parson , Komex April 4, 20072		25
San Vicente Mine Site D Tailings Facility Preliminary Design — Worley, Parsons, Komex April 12, 20072		25
Interim Report Geotechnical Engineering Assessment of the Proposed Process Plant — Worley, Parsons, Komex January 22, 20072		25
Evaluation of Water Sources for the San Vicente Mine — Worley, Parsons, Komex October 31, 20062		3, 6, 7, 25
PASB Internal Report Updating COMIBOL on Project power supply — E. Robles January, 2007		25
Shaft and Hoist Review and Recommendations — Dynatec Mining Corporation October 19, 20053		25
Metallurgical Study of the Metallic Minerals at the San Vicente Mine conducted at TECSUP lab, Lima, Peru- A. Vargas October, 20044		18, 25
Metallurgical Study of the Metallic Minerals at the San Vicente Mine conducted at Quiruvilca Mine, Peru- G. Portales September, 2005		18, 25
Determination of Bond Work Index — Universidad Nacional de Ingeniería, September, 2005		18, 25
Numerous correspondences and reports — Estudios Mineros latest in May, 20071		25
Preliminary Design and Evaluation of Alternate Tailings Disposal Sites — Komex October 28, 20052		18, 25
Electrical Project of San Vicente (Upgrading transmission lines and sub-stations) — Alicon SRL August 29, 2005		25
Upgrading existing electrical facilities — Empresa de Servicios Eléctricos		25
Feasibility Study Report San Vicente, Bolivia — Lyntek Inc.October, 2006		18, 25
Basic Engineering Interim Report San Vicente, Bolivia — Lyntek Inc.December, 20065		18, 25

Notes:

 

The co-authors have reviewed the information contained in these documents and included in this Technical Report and determined in their professional judgement that such information is sound and confirm and approve of such information.

All tonnages stated in this Technical Report are dry metric tonnes (dmt) unless otherwise specified. Ounces pertaining to silver metal content are expressed in troy ounces. All dollar values stated in this report are U.S. dollars.

5.0 RELIANCE ON OTHER EXPERTS

Martin Wafforn, Michael Steinmann and Douglas Maxwell, as co-authors of this Technical Report, have relied upon the references, opinions and statements from the following Non-Qualified Persons contained within the references listed in Section 23 — References. These reports, documents, and statements were found to be generally well organized and presented, and where applicable, the conclusions reached are judged reasonable.

MINCO of Bolivia were retained to provide the environmental assessment as well as to conduct field sampling, data interpretation and permit application.

It is assumed that technically qualified and competent persons prepared these reports and documents. It is the authors’ opinion that the materials referenced above are prepared and presented according to mining and engineering industry standards. The co-authors conclude that the contents are reasonably organized and presented and the conclusions reached are prudent.

6.0 PROPERTY DESCRIPTION AND LOCATION

The San Vicente silver-zinc mine is located at latitude 21°-16´south and longitude 66°-19´west in the southern end of Bolivia in the Province of Sud-Chichas, Department of Potosí. The mine is 460 kilometres south of the city of Oruro and 300 kilometres west of Tarija. Access is by dirt road 100 km west of the town of Tupiza and 150 km south of Uyuni. The property is in the Andean High Plateau (Altiplano), at approximately 4,400 metres above sea level, with semi-arid climatic conditions. The land is sterile and rugged. The following figures show the location of the San Vicente Mine:

	§		Figure 1-1 Location of the San Vicente Mine in Bolivia
	§		Figure 1-2 San Vicente Mine Location Map in Potosi
	§		Figure 1-3 San Vicente Mine General Site Layout
	§		Figure 1-4 San Vicente Mine, Mine Site General Layout (view of the mine area)
	§		Figure 1-4a San Vicente Mine, Mining Concessions
	§		Figure 1-4b San Vicente Mine, Geology Map

Property boundaries are located by co-ordinates and are not marked physically in the field.

The locations of all know mineralized veins and structures containing the mineral reserves and mineral resources are shown in Figure 1-8. The plant site, tailings facility, mine workings and other infrastructure are shown in Figures 1-3 and 1-4.

6.1. Mineral Tenure

The Project consists of 13 concessions, with a combined area of 7,075 hectares as shown in Table 4. Of the concessions, five with an area of 662 hectares start with the name “Aguas” which is Spanish for Waters. All of these concessions were contributed to the joint venture by COMIBOL in exchange for its participation in the project. COMIBOL however retains ownership of the concessions. PASB has the same exclusive right on all of the concessions to explore, develop and exploit as well as the right to marketing of the products. The use of all other mining resources existing on the concessions are included, as well as water rights, surface rights, its easements, uses and customs, without any limitation or restriction. All of the concessions, with the exception of Cinturón I and Cinturón II, were granted under the old mining code that was superseded on March 17^th, 1997 by Law No. 1777, the new mining code. The current mining code provides that the previously awarded mining rights for the properties are still valid as long as the

registration requirements have been met. All San Vicente mining concessions are in good standing, according to article 93 of the Bolivian Mining Code. PASB has complied with the joint venture agreement (and various addendums thereto) and as a result the project and the concessions are in good standing.

Table 4 Mining Concessions

Concession		Hectares
Aguas Confianza			125
Aguas Confianza 2			145
Aguas Jayajmayu			103
Aguas San Francisco			60
Aguas San Vicente 2			229
Sub Total			662
Apolo 2			3,467
Codiciada			229
Complemento			16
La Confianza			10
Sucre			28
Marcela			1,163
Cinturón			225
Cinturón 2			1,275
Sub Total			6,413
Total Mining Concessions			7,075

Since 1997, the granting of concessions in Bolivia has been legislated by the Political Constitution of the State, under Mining Code No. 1777. Code DS 23230-A authorizes COMIBOL to grant concessions and mining centers in Lease and Joint Venture agreements. Supreme Decrees and Laws regulate taxation, environmental regulations, and administrative matters for joint ventures and leases.

Mineral resources, whether surface or underground, are the domain of the State, and may be granted for Lease and Joint Venture agreements for their exploitation as stated by Article 136 of the Political Constitution of the State.

Bolivian incorporated companies, foreign companies, or individuals may possess mining concessions (with the exception of: minors, government employees, members of the armed forces, police, and relatives of people employed in the aforementioned), in accordance with Chapter II, Part I of the Mining Code (Articles 16 to 23).

Foreigners are not permitted, according to article 25 of the Political Constitution of the State and article 17 of the Mining Code, to exploit concessions within 50 km of any international boundary but they are authorized to subscribe to agreements to form Joint Venture Companies in said areas. (San Vicente is 62 km from the Argentina border).

Once a mining concession has been granted, the concessionaire can explore and exploit ores inside the concession, including tailings and residual material. Mining concessions cannot be transferred, sold, or mortgaged.

6.2. Permits and Agreements

Pursuant to the Joint Venture Agreement between PASB and COMIBOL, PASB is required to pay to COMIBOL a participation fee of 37.5% of the operations cash flow after deducting management fees. Once the commercial production phase of San Vicente begins, the COMIBOL participation fee will be reduced by 75% until PASB recovers its investment in the property. Thereafter the COMIBOL participation will revert to 100% of the participation fee described above.

In the latest amendment, PASB was authorized to execute a program of mining and toll milling at the Chilcobija plant of 150,000 tonnes of ore. This decree allows time for execution of the projects outlined in the feasibility study while permitting mining and milling operations, providing cash flow to COMIBOL and PASB and addressing the social issues relating to the San Vicente miners. During this program, COMIBOL participation is 50% of operating cash flow.

In May 2007, PAS purchased the 40% interest in PASB held by EMUSA. 80% of a 2% net smelter return royalty interest in the property has been retained by EMUSA. This royalty is payable only: (1) after PASB recovers the costs to develop the project from January 1, 2007 up to the point of commercial production; (2) recovery of the cost of the purchase of EMUSA’s 40% interest in PASB, and (3) is only payable in a calendar quarter where the average price of silver is $9.00 per ounce or higher.

6.3. Environmental

The environmental license for the San Vicente mine is now in the process of being updated to reflect the proposed expansion of the mine, construction of a new processing plant, new tailings facility and associated infrastructure.

The existing license only contemplated the operation of the mine where the ore was processed off site by EMUSA at the Chilcobija plant under a toll milling contract. The existing environmental license also included the provision for all tailings produced from the processing of San Vicente ores at the Chilcobija plant to be permanently stored at a tailings facility near the plant. The responsibility for the design, operation and permitting of this tailings facility was part of the responsibilities of EMUSA under the terms of the toll milling contract.

PASB contracted the Bolivian consulting firm of Minco to carry out an environmental baseline study, ALBA, as they are known for the acronym in Spanish, in 2001. Between 2001 and the present, this baseline information has been complemented with semi-annual monitoring of air, soil and water quality parameters at various monitoring locations in the vicinity of the San Vicente Mine. This existing information will be further complemented by a further round of sampling to establish the baseline conditions for the proposed expansion of the San Vicente Mine.

Minco is currently in the stage of preparing the Environmental Impact Study, or EEIA, as it is known under Bolivian legislation, for submittal to Bolivian environmental authorities. The main incremental impacts resulting from the proposed expansion of the mine are related to:

	§		Construction of a new tailings facility in a valley that is tributary to the San Vicente River, downstream of the mine;
	§		Construction of a new processing plant on the south side of the San Vicente river valley between the proposed location of the tailings facility and mine;
	§		Increased groundwater use in the new plant; and
	§		Waste rock storage from mine development.

Pan American Silver is committed to developing the San Vicente Mine Expansion Project by minimizing and mitigating environmental impacts in accordance with Bolivian regulations, industry best management practices and its own Environmental Policy.

The Vetillas plant and old tailings will not be used for the San Vicente Mine Expansion Project, and any environmental liability related to the Vetillas tailings is COMIBOL’s responsibility as specified in the Joint Venture Agreement.

There are no other known environmental liabilities.

7.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

Access to the San Vicente mine is by dirt road from the towns of Tupiza or Uyuni. Tupiza is approximately 100 kilometres east. There is a road from Tupiza to the border with Argentina, which is to the south. Tupiza is connected to the rail system, which serves Bolivia and connects with the ports of Arica and Antofagasta in Chile. Zinc concentrates produced at EMUSA’s Chilcobija are loaded to rail cars in Tupiza and transported by rail to Antofagasta. Uyuni is another hub for the rail line and is 119 road kilometres to the north of San Vicente. Concentrates produced at the new San Vicente mill in San Vicente will be transported to Uyuni to be loaded onto rail cars. The roads from Uyuni and Tupiza are open year round; nevertheless, in the rainy season some sections suffer from landslides and flooding and may close from time to time. There are gravel airstrips near both Uyuni and Tupiza however; they do not have regularly scheduled plane service.

Plant equipment and heavy equipment for the San Vicente Mine Expansion Project will be transported via road to the plant site. The best route is via the town of Uyuni either from La Paz in the north or from Arica or Antofagasta to the West. The route from La Paz starts with a paved highway to the town of Challapata. After Challapata, the paved highway becomes a heavily traveled gravel road that is the major North/South route through the country. Depending upon the season of the year, this road is normally sufficiently graded to carry light vehicular traffic. There are several rivers that must be forded between Challapata and Uyuni. The road from Chile and the port of Antafogasta up to the Bolivian Border is in good condition. The road from the border to the town of Uyuni was upgraded recently. The road from Uyuni to San Vicente is 119 kilometres and the last 88 kilometres of this road will be upgraded to an all weather road in particular five areas where rivers or streams are crossed.

Climatic data from the weather station in Atocha (60 kilometres to the Northeast) reflects weather conditions in the Altiplano in the south of Bolivia. Daytime temperatures range from 4°C in June and July to 14°C in December and January. The winter months are May to September and night time temperatures are frequently below zero with extremes of minus 15°C. Average annual rainfall is 190mm, with no rain from May to September. Rainfall occurs mainly in the summer months, when up to 20mm of rain can fall in a day.

The continuous fresh water supply requirements for the new San Vicente concentrator are calculated to be 22 litres per second. A combination of the water wells drilled and the surface water sources within the area will be required to provide the required water supply. The four confirmed water sources within the immediate plant site vicinity are shown in Table 5:

Table 5 Water Sources

Source		Reported Flow Rate		pH
Rio San Vicente		2 to 3 L/Sec.		3.5
Mine Discharge		2 to 3 L/Sec.		3.5
Vetillas Mill		14 L/Sec.		3.5
Angosto Mica		18 to 20 L/Sec.		7.0 to 8.0

Angosto Mica is a proven water source that supplied water to the Vetillas Mill when it was in operation. It is located some 16 kilometres from the plant site and has an existing concrete dam that will be rehabilitated. As the new power line that will be constructed to supply the new plant will pass close by the Angosto Mica dam, a power line can be run down to the selected pump station area. Water from the dam will be pumped to a concrete storage sump that will be located near Vetillas. Water from the Vetillas River will also be pumped to this storage sump.

The Vetillas Mill is not on a mining concession owned by PASB, however, it is part of the assets that COMIBOL contributed to the joint venture. There are verbal agreements that San Vicente has the right to use part of the Vetillas Mill water source, however, for the purposes of

this report and for the purposes of the economic analysis it has been assumed that Angosto Mica and other water sources will supply the water to the project. As can be seen from Table 5 the surface water sources only just cover the projected requirements of the mine and some additional water well drilling is recommended by the authors to provide a more plentiful water supply.

At this time, only one domestic water source is being considered for use and is located 2.7 km from Vetillas. This well was drilled and cased by Komex and the initial pump tests from this well were reported to be 10L/sec of water flow at a pH = 7.0. Martin Wafforn, one of the authors of this Technical Report, has verified this number from the report “Evaluation of Water Sources from the San Vicente Mine” by Worley, Parsons, Komex. Actual flow rates are yet to be confirmed by additional pump testing.

A pump will be installed in this well to pump water to a domestic water storage tank that is located at the man camp in Vetillas and a distribution pump at the storage tank will supply the water requirements for the man-camp. A second booster pump located at the Vetillas storage tank will pump water to a second domestic water storage tank that is located at the San Vicente concentrator. A distribution pump at this second water storage tank will provide the mine, mill and the mine offices with domestic water.

The power supply must be upgraded to meet the increased electrical demand from the new mill and the expanded facilities. The existing power supply is via a 27.7 kilometre long 15 Kv, 2MVA, line from a substation that is owned and operated by a cooperative in Telamayu. A new 34 Kv, 5MVA, electrical transmission line and associated sub stations and switch gear will be constructed parallel to the existing line so that the power supply is maintained to the town and the mine during the construction period. After the new electrical transmission line has been commissioned, the old one can be removed.

The area is poorly vegetated. With the exception of those employed at the mine there are very few other inhabitants in the area. The only use of the ground, other than for mining activities, is a wild pasture for llamas.

The property is in the Andean High Plateau (Altiplano) at an average elevation of about 4,400 metres above sea level. Elevations in the immediate area of the mine vary from 4,300 metres to 4,550 metres above sea level. The property is in an historical mining area with a sufficient supply of experienced mining personnel. The project holds sufficient mining claims and surface rights for all of the mining buildings, processing plant, tailings dam etc for all of the operations that are in the mine plan.

8.0 HISTORY

The area of San Vicente has been sporadically exploited since Colonial times. The first written records of mining activities are from 1820 when the mine was known as Guernica mine. It was operated under this name from 1820 to 1830. The area was originally exploited for Silver Oxide and some of the old mine workings are still visible today. The mine was closed from 1880 to 1910 and then operated by various owners between 1911 and 1950. A Chilean company operated the mine in the 1920’s. Between 1950 and 1952, Compañía Minera Aramayo operated the mine. In 1952, the Bolivian government nationalized the mine and placed it under control of COMIBOL who in 1972 constructed the Vetillas concentrating plant with a capacity of 400 tonnes per day. The mine was operated by COMIBOL from 1972 until 1993 at which time mining was suspended pending the privatization of the mine. During the last 5 years of operations under COMIBOL (1988 to 1993), the mine produced an average of 106,000 tonnes per year grading 402 grams/tonne silver and 3.58% zinc per tonne. The mill produced a simple concentrate with a grade of 41% Zinc and 7,800 grams of Silver per tonne. The mine was maintained by COMIBOL until 1999.

In 1995, the Bolivian government launched a tender to joint venture the San Vicente mine and the Vetillas mill. After two failed attempts, the tender was declared void. COMIBOL was then authorized and permitted to invite international companies to present offers. PASB submitted a proposal. The COMIBOL Board of Directors accepted PASB’s proposal and a joint venture contract with respect to the development of the San Vicente property was subscribed with Resolution number 1751/99, on June 21, 1999.

The joint venture contract was protocolized by Notary of Public Faith, a requirement of Bolivian law, and later inscribed in the Mining Registry and the Registry of Trade. The joint venture contract for San Vicente

is registered in Testimony #132/99, dated July 28 1999, granted by Dra. Nelly Alfaro de Maldonado, Notary of Public Faith, registration #003.

There have been several amendments to the original joint venture contract as follows:

The first amendment to the joint venture contract was executed on May 18, 2001. The amendment, in accordance with Bolivian law, was protocolized by Notary and then inscribed in the Mining Registry and the Registry of Trade. The amendment is Testimony #101/2001 dated June 13, 2001 granted by Dra. Nelly Alfaro de Maldonado, Notary of Public Faith, registration #003. The amendment modifies the original schedule of the Committed Investment.

The second amendment was executed on July 20, 2001. The amendment was protocolized by Notary and inscribed in the Mining Registry and the Registry of Trade. The amendment is Testimony number 127/2001 dated August 7, 2001, granted by Dra. Nelly Alfaro de Maldonado, Notary of Public Faith, registration #003. The amendment specifies the addition of two new mining concessions to the Joint Venture Contract: the concessions” Cinturón I” and” Cinturón II.”

The third amendment was executed on December 19, 2003. The amendment was protocolized by Notary and then inscribed in the Mining Registry and the Registry of Trade. The amendment is Testimony number 17/2004 dated February 12, 2004, granted by Dra. Nelly Alfaro de Maldonado, Notary of Public Faith, registration #003. In this amendment, PASB gave up the rights to the Montserrat concession.

The fourth amendment was executed on March 25 2004. The amendment was protocolized by Notary and then inscribed in the Registry Mining and the Registry of Trade. The amendment is Testimony Nr. 51/2005 dated April 21 of 2005, granted by Dra. Nelly Alfaro de Maldonado, Notary of Public Faith, registration #003. In this amendment, COMIBOL authorizes PASB to execute a program of the exploitation and tolling of 55,000 tonnes of ore.

The fifth amendment was executed on June 13 of 2005. The amendment was protocolized by Notary and later inscribed in the Mining Registry and the Registry of Trade. The amendment is Testimony Nr. 74/2005 dated June 20, 2005, granted by Dra. Nelly Alfaro de Maldonado, Notary of Public Faith, registration #003. In this amendment, COMIBOL authorizes PASB to execute a program of the exploitation and tolling of 35,000 tonnes of ore.

The sixth amendment was executed on August 01 of 2006. The amendment was protocolized by Notary and later inscribed in the Mining Registry and the Registry of Trade. The amendment is Testimony Nr. 411/2006 dated August 08, 2006, granted by Dra. Ruth Rosario Villarroel Quisbert, Notary of Public Faith, registration number 4450. In this amendment, it is recognized the participation COMIBOL is increased to 37.5% of operating cash flow.

The seventh amendment was executed on August 01 of 2006. The amendment was protocolized by Notary and later inscribed in the Mining Registry and the Registry of Trade. The amendment is Testimony Nr. 412/2006 dated August 08, 2006, granted by Dra. Ruth Rosario Villarroel Quisbert, Notary of Public Faith, registration number 4450. In this amendment, COMIBOL authorizes PASB to execute a program of the exploitation and tolling of 150,000 tonnes of ore. This decree allows time for execution of the projects outlined in the feasibility study while permitting mining and milling operations, providing cash flow to COMIBOL and PASB and addressing the social issues relating to the San Vicente miners. During this program, COMIBOL participation is 50% of operating cash flow.

On June 21, 1999, when the joint-venture contract (Contrato de Riesgo Compartido) was signed with COMIBOL, PASB was a 100% subsidiary of PAS. In the fourth quarter of 2003, PAS signed a joint-venture agreement with EMUSA, granting them an option to earn a 50% interest in PASB. To vest its interest, EMUSA agreed to spend $2.5 million in project costs in 2004 including drilling, underground tunnelling and initiating small-scale production. EMUSA had some difficulties fulfilling the requirements of the option agreement and the ownership of PASB settled at 55% to PAS, 40% to EMUSA and 5% to Trafigura. PAS being the major shareholder became operator and appointed the president of PASB. In May 2007, EMUSA sold its 40% interest in PASB to PAS. PAS transferred one share to Pan American Silver Peru S.A. to fulfill the Bolivian corporate law requirements, leaving PAS with a 94.999% ownership in PASB and Pan American Silver Peru with a 0.001% ownership.

9.0 GEOLOGICAL SETTING

San Vicente is a Polymetallic Vein Deposit, located 2.5 kilometres west of a prominent thrust fault. This north-south striking San Vicente fault forms the eastern limit of the intermountain Bolivian Altiplano basin. Mineralization at the mine site is hosted by conglomerates of Late Oligocene age. The clastic sediments are overthrusted by an Ordovician turbidite sequence, outcropping on the east side of the mine. Igneous activity at the site is represented by intermediate to acid volcanism related to a volcanic complex of mid-Miocene age.

The regional sedimentary sequence consists of a basement of Paleozoic marine siliciclastic sediments. This sequence was folded and later unconformably overlain by non continuous cretaceous continental sediments, and a thick sequence of Tertiary continental clastic sediments (Potoco and San Vicente Formations). Sedimentation in the Tertiary basin was controlled during the Upper Oligocene and Lower Miocene by thrust faults to the east and west and contains various thin volcanic flows with an intermediate composition. A sequence of felsic volcanics forms the top of the Tertiary basin in the southern part.

An important lithology in the project area is the fanglomerates of the San Vicente Formation which are in contact with Ordovician shales along the strike of the San Vicente fault. The fanglomerate consists of poorly sorted conglomerate with sub angular fragments of Palaeozoic sediments cross cut by younger quartz veins. The matrix is red in colour and consists of iron bearing sandstone.

Mineralisation is related to hydrothermal systems associated to repeated calc-alkaline intrusions and their extrusive products forming vein type and disseminated polymetallic deposits.

10.0 DEPOSIT TYPES

San Vicente is a polymetallic vein type deposit with a large amount of mineralised structures. The three different vein systems strike west-northwest, northwest and in a minor extent northeast and show dip angles of 50 to 80 degrees. The mine site area can be divided into four areas with variable degree of exploration information (see Figure 1-7).

The North San Vicente area includes veins “D”, “E”, “F”, Lipeña, Brunton, Miriam, Lucero, Gandy and San Vicente; with strikes varying from N100-N120. The veins dip mostly to the north with angles from 55 degrees to sub vertical. Other veins located in the same area are the N060 striking “H” vein and some minor east west striking structures all of them with a sub vertical dip. All these veins are located north of the San Vicente river on the Rosario Hill, NW of the town San Vicente. There is a large amount of underground workings and small pits in this area. The veins are narrow, showing widths from 0.30 m to about 1.0 m. Mineralization is polymetallic, alteration is typically comprised of manganese oxides, and silicification in variable degrees.

The central San Vicente area includes some of the economically most important structures like Adela-Guernica, Jesus Maria, Disputada, Cantera, 6 de Agosto, Litoral, Litoral Ramo 2, San Lorenzo, Deseada, and Arturo veins. At surface they are marked by open stopes and silicified fault zones of variable length; being the 6 de Agosto vein the longest one up to today with about 1.3km of outcropping strike length and vein widths from cm to several metres. The Litoral and Litoral Ramo 2 veins do not outcrop. However, they are recognized by underground workings and diamond drilling for over 800 m along strike. Litoral Ramo 2 is locally up to 20 metres wide and shows some areas with very high silver grades. Most of the outcropping veins have been worked for centuries having historical grades from 500 to more than 1000 g/mt Ag.

The South San Vicente Area includes San Francisco, Nueva, Rica, and Potoco. These veins are characterized by having a roughly E-W trend; with San Francisco vein mined to an unknown depth with historical values of more than 500 g/mt of Ag and minor tin content. The other veins show only small amounts of open stopes and are structures for future exploration programs.

Far South San Vicente includes the Chichas, Lucio, Crucera, and Bandy veins. These veins were only subject of minor surface sampling and have not been exploited in the past but will be included in future exploration programs.

The West of San Vicente area includes different veins with some underground workings of unknown length and depth. Values from surface samples returned more than 100 g/mt Ag. In the area there is evidence for hydrothermal brecciation with strong silicification.

A list of the mentioned veins at the San Vicente site is shown in Table 6. Their location and strike direction are shown in Figure 1-8. The economic model used for this report uses only proven and probable mineral reserves. Therefore no additional exploration is required in order to meet the projections in the economic model. In the future a program may be initiated to explore by diamond drilling for additional mineralized structures and or to convert mineral resources into proven and probable mineral reserves.

Table 6 Occurrence of Veins in San Vicente Mine. (Modified from JICA, 1979)

Principal

Secondary

Vein

Level

Surface

Azimuth

Dip

Length (m)

mineral

Mineral

Inca

0

N240º

60ºS

300

Sp-Py-Gn

Td-Cpy

Guernica II

0

N50º

80ºN

400

Sp-Gn-Td-Cp-Py

Guernica I

0

N300º

80ºN

150

Sp-Gn-Td-Cp-Py

Adela

X

N305º

65ºS

300

Sp-Gn-Td-Cp-Py

Jesús Maria

X

N280º

85ºN

440

Sp-Gn-Td-Cp-Py

Gn

Disputada

X

N280º

65ºN

300

Sp-Gn-Td-Cp-Py

San José

X

N310º

65ºN

650

Sp-Td-Cp-Py

Gn-Mc

Ferelys

0

N50º

60ºN

150

Sp-Td-Py

Cp-Gn

Cantera

X

N305º

60ºN

520

Sp-Td-Py

Cp-Gn

Artola

0

N65º

70ºS

200

Sp-Td-Py

Cp-Gn

Rmo 6 de Agosto

0

N65º

60ºN

150

Sp-Td-Py

Cp-Gn

6 de Agosto

X

N280º

65ºN

2000

Sp-Td-Py

Cp-Gn

Litoral

N65º

70ºS

1160

Sp-Gn-Td-Cp-Py

San Lorenzo

X

EW

70ºS

600

Sp-Gn-Td-Cp-Py

Peritas

0

N75º

70ºS

250

Sp-Td-Cp-Py

Gn

Deseada

0

N285º

65ºN

950

Sp-Td-Cp-Py

Gn-Mc

Esperanza

0

N290º

60ºS

150

Sp-Py

Gn-Cp

Porvenir

0

N75º

70ºS

250

Sp-Td-Py

Gn-Cp

Rmo. Arturo

0

N75º

80ºN

150

Sp-Td-Py

Gn-Cp

Arturo

X

N300º

65ºN

1350

Sp-Td-Py

Gn-Td.Cc-Cv-Mc

Unión

N68º

65ºNW

450

Sp-Td-Py-Cp

Sophia

X

N84º

80ºNE

570

Sp-Td-Cp-Py

Sophia I

X

N103º

80ºSW

900

Sp-Td-Cp-Py

San Francisco

X

N93º

82ºN

250

Sp-Td-cc-Cv-Py-Cp

Chichas

X

N95º

70ºN

1250

Sp-Gn-Py

Brunton

X

N122º

68ºNE

110

Sp-Gn-Py

Miriam

X

N122º

70ºNE

400

Sp-Gn-Py

Lucero

X

N97º

66ºNE

450

Sp-Gn-Py

Gandy

X

N105º

67ºNE

650

Sp-Gn-Py

San Vicente

X

N130º

68ºNE

400

Sp-Gn-Py

Nueva

X

N102º

61ºNE

380

Sp-Gn-Py

Rica

X

N97º

78ºNE

500

Sp-Gn-Py

Potoco

X

N112º

70ºNE

500

Sp-Gn-Py

Bandy

X

N85º

70ºNW

570

Sp-Gn-Py

Lucio

X

N100º

68ºNE

550

Sp-Gn-Py

Crucero

X

N102º

62ºNE

500

Sp-Gn-Py

Negro

X

N97º

60ºSW

360

Sp-Gn-Py

SECTOR

T

A J O S

Colonial

X

N103º

65ºNE

450

Gn-Td-Sulfs-Py

Veta “D”

X

N130º

73ºNE

1350

Gn-Td??-Sulfs-Py-Pr

Veta “G”

X

N105º

77ºSW

430

Gn-Td??-Sulfs-Py-Pr

Veta “E”

X

N115º

75ºNE

850

Gn-Td??-Sulfs-Py-Pr

Veta “H”

X

N55º

82ºSE

320

Gn-Td??-Sulfs-Py-Pr

Veta “F”

X

N105º

68ºSW

630

Gn-Td??-Sulfs-Py-Pr

Lipeña

X

N110º

66ºSW

360

Gn-Td??-Sulfs-Py-Pr

REFERENCES
Sp: Sphalerite		Py: Pyrite		Cp: Chalcopyrite		Mc: Marcasite		Cv: Covellite
Td: Tetrahedrite		Gn: Galena		Pr: Pyrolusite		Cc: Chalcocite		Sulfs.: Sulfosalts

11.0 MINERALIZATION

The polymetallic mineralization in the district is known to cover an area of 3 km by 4 km to a depth of 300 metres below surface. The mineralization consists of (1) veins filling pre-existing faults, (2) replacements in brecciated conglomerates along the San Vicente fault and (3) in a lesser extent in dacitic dykes (Photographs 1, 2 and 3).

The structural environment of the mine area consists of a series of pre-mineral faults dipping 50°- 80° to the south and striking west northwest. A second set of structures is striking northeast.

The west northwest striking structures contain veins that have longer horizontal extensions and a mineralized width of 2 m to 6 m. The northeast veins are developed in the more dilatational direction and are characterized by the best widths and grades but over a shorter strike length.

The minerals of economic importance are sphalerite, tetrahedrite (the variety of freibergite rich in silver), chalcopyrite and galena. Cassiterite, covellite and bornite are found in some veins. The primary gangue minerals are quartz, pyrite, marcasite and barite.

The paragenetic sequence consists of an early phase of quartz — pyrite, followed by the main phase of mineralization of sphalerite, galena, freibergite, and chalcopyrite with subsequent phases of quartz — pyrite, barite and marcasite. A lateral zonation of metals exists in a central zone of high zinc grades that superimposes an area of high silver grades. More distant zones have medium silver grades and significant lead grades. The only significant vertical zonation encountered is the increasing copper grades (in chalcopyrite) in the deeper parts of some veins.

Hydrothermal alteration in the district is restricted to a 20 m band along the mineralized structures. It is represented by a fine grained sericite — pyrite assemblage that has bleached the original red matrix. A moderate amount of silicification is also present. Locally iron and manganese oxides are present at surface.

The geologic history can be generally summarized as follows:

	§		Deposition of a continental fanglomerate at the margin of a tectonically active basin resulting in the emplacement of the San Vicente conglomerate.
	§		Formation of west northwest, northwest and northeast striking faults in the conglomerate.
	§		Emplacement of a dacitic intrusive 2 km to the east of San Vicente with small dykes and bodies in the area of the mine.
	§		Alteration and zinc silver mineralization in the breccia zones of the faults by hydrothermal fluids over a time span of about 13 million years.

The known mineralized veins and structures are shown in Figure 1-8.

Photograph 1.
Fault vein with open space filling mineralization

Photograph 2.
Replacement style of mineralization. Replaced breccia matrix and clasts by sulphides

Photograph 3.
Intermediate intrusion hosting sulfide veinlets.

Table 7 Mineralogy of San Vicente Veins Recognized Under Microscope

Sample						CHannel		Ag				Zn				Pb				Cu																		Sulfi										Rock
Nº		VEIN		level		Nº		(g/t)				(%)				(%)				(%)				Sph		Tet		Cp		Gal		Py		Mar		Pol		des		Cov		Born		Qz		Bar		Frag.		Paragenesis		Comments
3757		6 de Agosto		0		0-007			345				4.13				2.05				0.41			3		<1		<1		3		5		30										6		40				qz-sph-Ttet-gal>marc>barita		Tetr. incl. In Sph; Ba before Gal.
3752		6 de Agosto		0		0-006			218				15.57								0.78			5		2		<1				5		2						<1				23		3		58		py>tet>barita		qz-sph-cp veinlets
3748		6 de Agosto		0		0-005			733				22.52								0.88			20		<1		1				5												30				43		py>tet-cp-sph>qz		incl. of cp-py in sph; qz reempl. sph-py-cp
3762		Arturo		0		0-008			49				2.11								0.24			3		2		2		<1		2				<1								40				49		Sulfuros>qz		qz-cp-tet-sph veinlets; sulfs in the center
3990		Arturo		0		0-013			47				2.72				0.50				0.10			25		<1		<1		<1		2		2														60		marc>sphal		incl. of tet-py-cp in sph; marc
3767		Arturo		0		0-009			74				1.80								0.20			5		<1		<1				5		15		<1								25				48		sulfs>marc		late marcasite
3775		Arturo		0		0-010			256				20.08				0.72				0.62			10		2		2		1		8		<1				<1		<1				35				38		qz>sulfs		incl. of tet-cp-py in sph
3781		Litoral		0		0-011			252				29.97				0.23				0.35			6		<1		<1				15		3										20				36				sph in center of veinlet of py;qz-py-tet veinlet.
3744		Unión		0		0-004			1291				28.79				0.16				0.48			30		<1		<1		<1		25		<1										35				8				sph band-py-tet-qz in veinlett; cp in sph
3739		Adela		0		0-003			203				2.91								0.26			<1		<1		<1		<1		27		8										40				22				incl. gal in sph
3734		Adela		0		0-002			295				1.49								0.24			5		<1		<1				24		20										40				10		sulfs>qz
3730		Adela		0		0-001			476				0.66								0.90			<1				<1				30		<1										40				30		py>sphal>qz		py-qz masive in the rock
3985		Arturo		0		0-012			74				9.43								0.10			30		<1						40		2										10				12		sphal-py>qz-py>sph vetillas?		sulfs in cement of congl; 2 generations
3918		6 de Agosto		-30		30-010			156				3.21				1.43				0.29			10		<1		<1		8		2												40		3		37		qz>bar		Incl. of sph-tet in galena
3822		6 de Agosto		-30		30-006			294				14.66				0.13				0.27			20		<1		<1				3												30				47		qz>sph-py-yet>qz-py
3818		6 de Agosto		-30		30-005			391				10.44				2.64				0.78			3		8		1		2		30										<1		30		3		22		qz>suls>qz>sph-cp-tet vetillas		2 gener. of qz; 2 gener. of de sulf.
3912		6 de Agosto		-30		30-008			2267				17.24											30		<1		<1		<1		6		2														62				sph-py-marc vet; sph masive
3809		6 de Agosto		-30		30-004			2650				12.99				0.12				1.00			5		<1		<1				30												10				55		py>tet		masive sph w/ incl of tet-cp; vnts tet-qz sph
3811		6 de Agosto		-30		30-004			470				12.72				0.57				0.27			30		2		<1				10												40		1		16		qz>sulfs>qz		tet-sph
3825		Arturo		-30		30-007			72				1.87				0.13				0.20			2		<1		<1		<1		3		1										5				88				sph-py-marc vet; masive sph x
3803		Litoral		-30		30-003			1073				7.41								2.20			15		2		40				10												33						cp>qz-py; sph-tet-cp>qz		masive cp , zones w/ masive sph
3797		Adela		-30		30-002			892				0.45								0.88			<1		<1		<1				20												80						sulfs>qz		incl. of tet in qz and cp
3787		Adela		-30		30-001			330				2.49				0.22				1.70			3		<1		2		<1		20		12										40		3		20		sulfs>qz>bar		cp-sph-py-qz
3800		Adela		-30		30-002			396				1.55								0.47			2		<1		3		<1		35										<1		40		10		8		qz>py-cp-sph-dig-bn>bar		trazas digen-james; sph-cp exolutions?
3796		Adela		-30		30-001			446				0.37								0.60			<1		3		2				40		20										35						py>cp-tet vetillas		trazas of stannina
3995		Porvenir		-30		30-011			1159				2.04				0.99				0.40			20		5		<1		<1		1		1										20				53				sph-tet-qz-py veinlets
3830		6 de Agosto		-70		70-001			58				5.84											40		<1				<1		2												30		10		18		qz-sulfs>bar		incl. of py-gal-tet-qz in sph
3835		6 de Agosto		-70		70-002			640				10.53								0.57			20		<1		<1				2												8		20		50		sulfs>qz-bar
3839		6 de Agosto		-70		70-003			122				7.34								0.17			40		<1		<1		<1		3												20		12		25		sulfs-qz>bar
3850		6 de Agosto		-70		70-004			788				8.98				0.11				0.69			3		2		1		1		8												20				65		qz>py>sulfs>qz		incl of cp-tet in gal
3861		Unión		-70		70-007			333				6.16								0.44			65		<1		<1		<1		2		<1										30				3		py>sph>		incl of cp-gal-marc in sph
3869		Unión		-70		70-009			101				4.34								0.37			10		<1		2				40												40				10		sph>cp vetillas>py>qz		masive sph
3853		Litoral		-70		70-005			639				9.10								1.10			3		2		6				10												40				38		qz-py-sph-tet-cp>qz		py-sph-tet-cp-qz veinlets
3859		Litoral		-70		70-006			244				1.43								0.41			20		<1		<1		<1		5												60				15		py>cp>sph>gal>qz		incl of cp-gal in sph
3866		Litoral		-70		70-008			282				8.52				0.67				0.22			5						<1		10												45				40		sulfs>qz		vet qz-sul; masive sph
3905		Litoral		-70		70-013			125				6.95								0.34			42		<1		25		<1		20														<1				py>tet-gal>bar		8% alunita??? in veinlets.
3885		Adela		-70		70-012			605				0.32								0.27			<1		1		<1		<1		2												40		4		56		py>tet-sph>qz		vetillas py-sulf-qz
3880		Adela		-70		70-011			935				3.79				0.12				0.61			2		<1		<1				30												40				28		py>cp-tet-sph>qz
3877		Adela		-70		70-010			30				4.90											15		<1		<1				5		<1										30		10		50				qz-sph-py vet; trazas of wurzita
3349		de Agosto		-110		110-002			123				4.64				0.17				0.10			20		<1		<1		<1		3		8										40		5		25		cp>sph>gal>py>tet>qz>bar-marc		masiva sph in qz
2263		Guernica		-110					1615				0.15				0.92				0.67			<1		<1		5		3		6												40				45		py>gal-tet-cp>qz		vet qz-sulf
2267		San José		-110					1617				1.55				0.31				1.02			8		<1		2		3		3												40				34				vet qz-sulf. sph w/ incl. of cp-tet-py
2266		San José		-110					243				9.81				0.13				0.56			15		<1		<1		2		3						<1						40				35		sulfs>qz>bar		sph bxa y vet; tet-gal w/ 5% siderite
2265		Adela		-110					116				5.29				0.11				0.11			50		<1		<1				2												30				13				masiva sph and late veinlets
3043		Inca		0					950				5.48				2.51				0.21			5		<1		<1		8		<1		<1										70				17		sulfs>qz		w/ galena and other sulfides
3032		Inca		0					1415				0.55				0.16							<1								8		2										30				60				wurtzita of low temp.
3016		Inca		0					14049				0.80				0.11				0.68											5		2										20				65				8% limonites (oxid), qz c/vnts of oxid.
3011		Inca		0					2906				0.97				0.38				0.15			5		2		<1		<1		2						1						20		60		10		barita>sulfs-qz???		veinlet qz-sul after barite
3056		Inca		0					1006				3.35				0.52				0.19			12		1		<1		10		3												30		15		30		sulfs>bar		low temp sph, yellowish and oxid.
3063		Inca		0					4292				0.86				0.70				0.12			<1								5		1										20				75				qz-py-marc in veinlets
3891		Colonial		0					575															<1		<1						5												30		3		61				qz-py-tet in veinlets
3895		Colonial		0					677																	<1		<1				3												40		2		55				qz-py-tet-cp in veinlets

12.0

EXPLORATION

There has been sporadic mining activity in the San Vicente area since colonial times. Initial exploitation was the mining of oxidized silver from exposed veins. The first written records of mining activity were in 1820, when the area was named the Guernica Mine. Several different owners operated the mine from 1911 through 1950. From 1950 until 1952, the mine was operated by the Aramayo Mining Company. In 1952, the Bolivian government nationalized the mine and placed it under control of COMIBOL. Following the discovery of new silver and zinc veins in the late sixties, COMIBOL constructed the Vetillas concentrating plant in 1972 with a capacity of 400 tonnes per day. The mine was operated by COMIBOL until 1993, at which time mining was suspended pending the privatization of mining in Bolivia. In 1995, the San Vicente property was offered for a joint-venture contract by COMIBOL. On June 21, 1999, PAS signed a joint-venture agreement (Contrato de Riesgo Compartido) with COMIBOL. In late 2001, PASB and COMIBOL, the Bolivian state mining company entered into a two-year toll mining agreement with EMUSA, to process up to 250 tonnes of San Vicente’s ore per day at EMUSA’s nearby Chilcobija mill. In late 2005, PASB and COMIBOL entered into an additional 7 month toll mining agreement with EMUSA to process up to 250 tonnes of San Vicente’s ore per day at EMUSA’s nearby Chilcobija mill. This toll mining agreement was renewed on August 8, 2006 for an additional 150,000 tonne program that is currently in progress.

The PASB exploration program began in 1999 following the execution of the joint venture agreement with COMIBOL. The work started with mapping and sampling the surface and was followed by the construction of drill access roads and platforms. Contracts were established with Leduc Drilling and Exploration Core Drilling S.R.L., and a total of 21 holes (3,831 m) were drilled from surface using HQ core and a further 8 holes (405 m) from inside the mine using NQ core. These holes targeted the old stoping areas, continuations of the principal veins along strike and at depth, and other veins to the northeast and south of the mine. Since the start of the exploration program, a total of 109 diamond core holes have been drilled, with 2,575 vein intercepts sampled with varying lengths from 0.2 metres to 7.14 metres.

In addition to the diamond drilling, a sampling program was started in the mine. An initial 41 channel samples were taken in four of the principal structures (6 de Agosto, Adela, Litoral and Unión). The results of the surface drilling showed wider intersections than had previously been mined underground and so the channel samples were unable to explore the full width of each vein. After this realization, mining work was undertaken to develop small cross section cross cuts (1.5 m by 2.0 m) at a maximum of 75 metres apart along strike in the four veins on levels 0, -30, -70 and -110 in order to explore the full economic width of each vein. Some 5,807 channel samples were taken by COMIBOL and 4,371 of these channel samples taken by COMIBOL remain in the database. The remainder have been excluded due to uncertainties over their location or replaced by PASB samples. A further 2,223 channel samples taken by PASB are included in the database. Some of the PAS channel samples replace the COMIBOL channel samples where the vein width is actually greater than was initially thought by COMIBOL.

Exploration activities continued in 2004 with 13,919 metres of surface and underground diamond drilling, and 2983 metres of underground development and resampling of historical reserve blocks for purposes of resource definition and exploration. Mine development and production to supply the Chilcobija mill continued in 2005, 2006 and 2007 and provided additional channel sample data for the resource database. A requirement of the interim mining programs agreed between PASB and COMIBOL was that sufficient additional development work be undertaken so that the total quantity of ore developed and ready for mining is maintained. This development provided additional channel samples in the principal and other structures.

All diamond drilling (underground and surface) was executed by Leduc Drilling S.R.L., and by Exploration Core Drilling S.R.L. Both are Bolivian companies and both were contractors to PASB under the supervision of PASB geologists.

Channel sampling underground was originally partially done by COMIBOL and later done by PASB employees under the supervision of PASB geologists. The channel sampling conducted by COMIBOL has been resampled and replaced by PASB sampling in the major structures as explained in section 14.0.

Mineral resource blocks that rely entirely on the COMIBOL channel samples have not been converted to mineral reserves and remain in the mineral resource categories.

Soil sampling was conducted in 6 parallel lines with a 100 m line spacing and 50 m sample spacing along lines. These lines cut the extension of the Guernica vein, the Litoral area and the extension of San Francisco and San Lorenzo veins. Samples were analyzed by SGS del Peru S.A.C for Cu, Zn, Cd, Pb, Au, Ni, Pd, and Ag.

The principal structures explored by PASB are: 6 de Agosto; Litoral Ramal 2; Litoral; Deseada; Adela, and Union. These principal structures contain 2,504,619 tonnes or 82% of the 3,058,185 tonnes in the mineral reserves. The highest grades and widest widths were discovered to be in the Litoral Ramal 2 structure, which has been diamond drilled using a 70 metre by 30 metre pattern. This structure contains 801,895 tonnes or 26% of the mineral reserves. The San Vicente deposit is typical of the polymetallic vein deposits found in the Bolivian Andes. The system contains a large amount of mineralized structures and veins which in many cases remain open for exploration both at depth and laterally.

13.0 DRILLING

109 drill holes were completed by PASB from 1999 to 2006 totalling 18,155 metres, obtaining HQ (approximately 6 cm) diameter core. Downhole deviation surveys were executed using a Tropari (mechanical) compass.

The initial drilling program was focused on the North San Vicente Area, where veins are close together and abundant. Results were not completely satisfactory and drilling was re-focused on the central zone. Although the veins in the north show economic values they do not have exploitable widths. The north zone maintains its exploration potential as many structures show increasing thickness at depth and sigmoidal loops. Minor reconnaissance drilling was done outside of the central San Vicente area.

A listing of the San Vicente drill hole collar locations and the economically important down hole intersects are given in Tables 8a and 8b. More detailed information on the intercepts and the channel sampling is shown in Appendix B.

Tables 8a and 8b show the surface and underground diamond drill results and includes the structures that were interpreted to be intercepted as well as the approximate level at which the intersection occurred.

The diamond drill hole spacing and covered areas are derived from a combination of underground and surface diamond drilling. The information for veins that received the most exploration diamond drilling focus are as follows:

	•		6 de Agosto vein — drill spacing is 70 metres horizontal by 30 metres vertical centers. Some holes were drilled at the extents of the vein with wider spacing in order to evaluate the continuation of the structure. The explored portion of this vein covers an area that extends 450 metres horizontally by 90 metres vertically.
	•		Litoral Ramal 2 vein — drill spacing is 70 metres horizontal by 30 metres vertical centers. Some holes were drilled at the extents of the vein with wider spacing in order to evaluate the continuation of the structure. The explored portion of this vein covers an area that extends 800 metres horizontally by 250 metres vertically.
	•		Litoral vein — drill spacing is 50 to 70 metres horizontal by 30 metres vertical centers. Some holes were drilled at the extents of the vein with wider spacing in order to evaluate the continuation of the structure. The explored portion of this vein covers an area that extends 200 metres horizontally by 50 metres vertically.
	•		Union vein — drill spacing is 35 to 90 metres horizontal by 30 to 50 metres vertical centers. Some holes were drilled at the extents of the vein with wider spacing in order to evaluate the continuation of the structure. The explored portion of this vein covers an area that extends 420 metres horizontally by 160 metres vertically.

	•		Colonial vein — although this is not a principal vein it was subject to a drilling program. Drill spacing is 90 metres horizontal by 40 metres vertical centers. Some holes were drilled at the extents of the vein with wider spacing in order to evaluate the continuation of the structure. The explored portion of this vein covers an area that extends 300 metres horizontally by 90 metres vertically.
	•		Deseada vein — drill spacing is 150 metres horizontal by 30 metres vertical centers. Due to disappointing results from drilling the depth extension of this vein, no further infill drilling was done. The mineral reserve on this vein Is based on development channel samples.

13.1. Surface Diamond Drilling

Drilling from surface was carried out in two stages totalling 15,922 metres. The first stage included 13 drill holes mainly located in the North San Vicente area; the second one contains 63 diamond drill holes mostly in the central zone. Diamond drill holes are located and oriented by geologists in the field. Typical drill holes are oriented to cut across the vein zones at an orientation perpendicular to the local strike of the zones and inclined to intercept the vein at as high an angle as is practical. In these cases the true width is assumed to be the same as the sample length of the vein intercept. In other cases, drilling to greater depths caused veins to be intercepted at less than 90 degree core axial angles. In these cases true widths of the vein intersection was calculated using trigonometry and stated in table 8a together with drill hole numbers, level of intersection and geochemical results for the mineralized zones.

Table 8a Summary Data San Vicente Surface Diamond Drill Holes

				Level		RESULTS
HOLE No.		STRUCTURE		intersected		Width (True)				Ag (g/t)		Cu (%)				Pb (%)				Zn (%)
DDH-99-001		Desconocida		-50			0.55			288			0.12				0.86				0.30
DDH-99-001		Clavo Inca		-95			3.36			150			0.09				0.09				0.11
DDH-99-002		Veta E				NO SIGNIFICANT INTERCEPTS
DDH-99-003		Lipena		+25			0.23			282			0.05				0.90				0.71
DDH-99-004		Desconocida		+122			0.16			669			0.08				0.04				0.06
DDH-99-004		Desconocida		+50			1.80			158			0.03				0.07				0.01
DDH-99-005		Veta “D”				NO SIGNIFICANT INTERCEPTS
DDH-99-006		Veta "G"		-65			0.25			35			0.02				0.21				2.45
DDH-99-007		Guernica		-113			0.71			279			0.48				0.14				0.24
DDH-99-007		Rmo-Guernica					0.25			167			0.34				0.12				0.22
DDH-99-008		Desconocida		+116			0.47			358			0.02				0.31				0.16
DDH-99-008		Veta "E"		+78			1.83			234			0.01				0.36				0.10
DDH-99-009		Desconocida		+120			0.90			1,425			0.03				0.18				0.35
DDH-99-009		Desconocida		+70			0.90			246			0.007				0.05				0.56
DDH-99-010		Brunton y Myriam				NO SIGNIFICANT INTERCEPTS
DDH-99-011		Gandy		-52			1.31			65			0.04				0.12				2.70
DDH-99-011		San Vicente		-97			0.75			22			0.03				0.09				3.68
DDH-99-012		6Agosto		-40			5.20			275			0.13				0.12				3.57
DDH-99-014		Rmo Arturo					0.70			36			0.04				0.05				6.32
DDH-99-014		Arturo Footwall		-60			0.74			80			0.20				0.11				4.19
DDH-99-014		Arturo		-60			6.70			41			0.06				0.04				5.54
DDH-99-015		San Francisco		-110			1.66			93			0.15				0.02				2.00
DDH-99-016		Chichas				NO SIGNIFICANT INTERCEPTS
DDH-99-017		Litoral		-95			7.14			1022			0.78				0.02				1.45
DDH-99-017		Litoral Ramo 2		-105			2.78			351			0.11				0.01				1.18
DDH-99-018		Veta "H"		+30			0.55			286			0.02				0.07				0.57
DDH-99-019		Veta “E”				NO SIGNIFICANT INTERCEPTS
DDH-99-020		Stockwork				NO SIGNIFICANT INTERCEPTS
DDH-99-021		6Agosto		+50			3.42			183			0.10				0.11				3.59
DDH-99-021		6Agosto		+50			1.25			208			0.20				0.07				5.24
DDH-52-3		Cantera		-55			0.86			153			0.10				0.43				6.00
DDH-52-3		6Agosto				NO SIGNIFICANT INTERCEPTS
DDH-03-022		Litoral		-120			1.50			54			0.70				0.10				0.57
DDH-03-023		Litoral		-117			2.03			1,201			2.50				0.30				3.80
DDH-03-023		Litoral Ramo 2		-125 a -135			6.29			813			0.51				0.10				3.10
DDH-03-024		Arturo		-110			1.75			88			0.18				0.16				4.55
DDH-03-025		Litoral		-55			1.50			93			0.76				0.01				0.11
DDH-03-025		SLorenzo		-131			0.70			422			0.54				0.08				2.32
DDH-03-026		Litoral		-61			4.45			429			0.61				0.05				0.07
DDH-03-026		Litoral Ramo 2		-102 a -110			6.10			454			0.16				0.07				2.29
DDH-03-027		Litoral		-78 a -92			4.45			793			0.69				0.08				0.23
DDH-03-027		Litoral Ramo 2		-126 a -150			6.29			741			0.71				0.03				1.05
DDH-04-028		Litoral					1.97			38			0.21				0.05				1.19
DDH-04-028		SLorenzo					0.70			13			0.01				0.03				0.07