Pan American Silver acquires Corner Bay Silver

Date Closed: 2/20/2003

Value: $95 million

Vancouver-based Pan American Silver Corp. acquired, on February 20, 2003, all the issued and outstanding common shares of Toronto-based Corner Bay Silver Inc. by way of a plan of arrangement. Pan American issued shares and warrants having a value of approximately $95 million to Corner Bay shareholders. The transaction adds Corner Bay's Alamo Dorado silver development property in Mexico to Pan American's four producing silver mines in Peru and Mexico.

Fred Pletcher, William Sirett and Robert Kopstein (tax) and Barbara Smith, Dario Fracca and Jamie Afifi of BLG in Vancouver acted for Pan American.