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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF NOVEMBER 25, 2002
PAN AMERICAN SILVER CORP.
(Registrant's name )
SUITE 1500, 625 HOWE STREET
VANCOUVER, BRITISH COLUMBIA, CANADA V6C 2T6
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F Form 40-F X
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Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-________.
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[SILVER STANDARD RESOURCES INC. LOGO] [PAN AMERICAN SILVER CORP. LOGO]
November 25, 2002
NEWS RELEASE
SILVER STANDARD AND PAN AMERICAN SILVER ANNOUNCE HIGH GRADE DRILL
INTERCEPTS AT MANANTIAL ESPEJO IN ARGENTINA
Vancouver, B.C. -- Silver Standard Resources Inc. (Nasdaq - SSRI; TSX Venture -
SSO; Berlin - 858840) and Pan American Silver Corp. (Nasdaq - PAAS; TSX - PAA)
are pleased to report high-grade drilling results from their jointly owned
Manantial Espejo silver-gold property in the Santa Cruz province of Argentina.
Silver Standard is managing the current 6,000-meter core-drilling program (Ken
McNaughton, VP Exploration, Silver Standard, P.Eng., Qualified Person), which is
expected to result in an updated pre-feasibility study in 2003. Manantial
Espejo, which translates to "silver spring", is a 101.4 square-mile project
located in a very prolific precious metal belt that includes Anglo Gold's Cerro
Vanguardia mine and Coeur d'Alene's Martha mine.
This year's work is estimated to cost approximately US$2.0 million and the
current drill program has three primary objectives: (1) infill drilling of the
Maria vein where approximately 70 percent of total precious metals resources
have been outlined on the property to date; (2) defining the geometry of the
Melissa vein where very high-grade silver-gold values have been intersected in
earlier drilling programs; and (3) extension and exploration drilling of nearby
vein targets on this large, well-mineralized property. Silver and gold
mineralization at Manantial Espejo occurs as sulfides in quartz veins and
silicified stockworks that cut Tertiary volcaniclastic and intrusive rock.
This release covers results received from the first 2,336 meters of drilling in
16 holes. A map showing locations of current drilling can be found at the
following links (www.silver-standard.com or www.panamericansilver.com). Assays
are complete for 10 holes in the Maria vein area, which were designed to infill
previous drilling to 25-meter spacings (from 50 meters) over a strike length of
700 meters. The best hole to date in this area in the current program (T-289 at
Line 225W) contained an intercept of 8.5 meters grading 14.3 grams of gold per
tonne and 360.3 grams of silver per tonne (27.9 feet of 0.42 ounces of gold per
ton and 10.5 ounces of silver per ton). These values confirm the continuity of
the vein by comparing favorably in grade and thickness to results of drilling on
adjacent sections. The Maria vein has been traced on surface for a strike length
of at least 2,000 meters. Several wide, step-out holes are planned in the
current program and will probe the vein's continuity at depth to the northwest
where it has been defined by limited surface trenching but not by recent
drilling.
In addition, assays were received for six holes targeted at the adjacent Melissa
vein, located about 700 meters due east of Maria, where previous drilling
intersected bonanza-grade silver and gold values. In the current program, two
holes were particularly notable: T-292 and T-297. T-292 intersected 3.4 meters
grading 17.8 grams of gold per tonne and 1,531 grams of silver per tonne (11.1
feet grading 0.52 ounces of gold per ton and 44.7 ounces of silver per ton).
T-297 was similarly well mineralized with an intercept of 5.0 meters grading 8.3
grams of gold per tonne and 1,487 grams of silver per tonne (16.4 feet grading
0.24 ounces of gold per ton and 43.4 ounces of silver per ton).
Sufficient drilling has now been completed on the silver-dominant Melissa vein
to perform a resource calculation, adding this zone to three other vein systems
on which resources have been outlined on the Manantial Espejo project (Maria,
Karina/Union and Concepcion). Drilling continues and further results will be
reported as assays are received.
1180-999 WEST HASTINGS STREET, VANCOUVER, BC V6C 2W2.
TEL 604.689.3846 FAX 604.689.3847
www.silver-standard.com
1500-625 HOWE STREET, VANCOUVER, BC V6C 2T6.
TEL 604.684.1175 FAX 604.684.0147
www.panamericansilver.com
Silver Standard and Pan American Silver also announce that they have jointly
acquired the 3 percent net smelter return (NSR) royalty on the Manantial Espejo
property, previously owned by Barrick Gold Corp. Combined with the March 2002
acquisition of a 1.2 percent NSR royalty on the property, this nearly eliminates
the property's royalty burden and will significantly improve the economics of a
mining operation on the Manantial Espejo deposits.
Silver Standard is a significant silver resource company with projects in
Australia, Argentina, Chile, Mexico, the United States and Canada. With
approximately US$10.0 million in cash, Silver Standard is actively advancing its
portfolio with drill programs now under way at Maverick Springs in Nevada,
Bowdens in Australia and Manantial Espejo in Argentina.
Pan American Silver is North America's purest large silver producer with three
mines, two development projects, and multiple exploration projects in Peru,
Mexico, Bolivia and Argentina.
- End -
For further information, contact:
SILVER STANDARD RESOURCES
Robert A. Quartermain, President, (604) 689-3846 or Paul LaFontaine, Director,
Investor Relations, Toll-free: (888) 338-0046, Direct: (604) 484-8212, E-Mail:
invest@silverstandard.com
PAN AMERICAN SILVER
Ross J. Beaty, Chairman and CEO, or Rosie Moore, VP Corp. Relations, (604)
684-1175, E-mail: info@panamericansilver.com
CAUTIONARY NOTE
Some of the statements in this news release are forward-looking statements, such
as estimates of future production levels, expectations regarding mine production
costs, expected trends in mineral prices and statements that describe Pan
American/Silver Standard's future plans, objectives or goals. Actual results and
developments may differ materially from those contemplated by these statements
depending on such factors as changes in general economic conditions and
financial markets, changes in prices for silver and other metals, technological
and operational hazards in Pan American/Silver Standard's mining and mine
development activities, uncertainties inherent in the calculation of mineral
reserves, mineral resources and metal recoveries, the timing and availability of
financing, governmental and other approvals, political unrest or instability in
countries where Pan American/Silver Standard are active, labor relations and
other risk factors listed from time to time in Pan American's Form 40-F and
Silver Standard's Form 20-F.
*SUMMARY OF SELECTED MANANTIAL ESPEJO DRILLING RESULTS - November 2002
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Hole No. Location Dip/ From To Interval Gold Gold Silver Silver
(UTM) Azimuth (meters) (meters) (meters) (g/tonne) (oz./ton) (g/tonne) (oz./ton)
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MARIA VEIN
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T-282 4594192N -60(degree)/ 84.3 88.3 4.0 7.8 0.23 67.8 2.0
2462325E 29(degree)
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T-283 4594165N -60(degree)/ 54.5 62.1 7.6 3.6 0.10 248.1 5.6
2462309E 29(degree)
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T-284 4594095N -60(degree)/ 149.5 151.3 1.8 0.8 0.02 164.1 4.9
2462267E 30(degree)
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T-285 4594110N -60(degree)/ 70.3 76.3 6.0 8.2 0.24 98.8 2.9
2462333E 29(degree)
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T-286 4594131N -60(degree)/ 31.5 42.6 11.1 5.4 0.16 69.3 2.0
2462347E 29(degree)
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T-287 4594121N -60(degree)/ 136.8 141.4 4.6 1.0 0.03 66.3 1.9
2462224E 30(degree)
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T-288 4594144N -60(degree)/ 98.9 108.2 9.3 2.5 0.07 91.8 2.7
2462387E 2(degree)
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T-289 4594180N -60(degree)/ 137.8 146.3 8.5 14.3 0.42 360.3 10.5
2462201E 29(degree)
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incl. 137.8 139.0 1.2 22.4 0.65 975.4 28.4
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and 144.8 146.3 1.5 30.0 0.87 313.3 9.1
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T-290 4594439N -60(degree)/ Assays not yet available
2462152E 180(degree)
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T-291 4594466N -60(degree)/ 72.9 78.0 5.1 Anomalous values
2461880E 58(degree)
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MELISSA VEIN
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T-292 4594185N -60(degree)/ 107.5 110.9 3.4 17.8 0.52 1,531.0 44.7
2463225E 179(degree)
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incl. 108.5 109.2 0.7 72.1 2.10 4,578.3 133.5
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T-293 4594232N -60(degree)/ 173.2 180.4 7.2 1.1 0.03 267.5 7.8
2463315E 179(degree)
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T-294 4594251N -60(degree)/ 181.0 182.2 1.2 3.3 0.10 598.1 17.4
2463375E 180(degree)
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T-295 4594180N -60(degree)/ 127.8 128.6 0.8 4.3 0.13 414.2 12.1
2463175E 180(degree)
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T-296 4594205N -60(degree)/ No significant values
2463425E 180(degree)
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T-297 4594178N -60(degree)/ 96.2 101.2 5.0 8.3 0.24 1,487.2 43.4
2463303E 180(degree)
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* All assays are fire assays and were performed by ALS Chemex Labs, with
industry standard QA/QC procedures.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant, Pan American Silver, has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
Date: November 25, 2002
PAN AMERICAN SILVER CORP.
By: /s/ Ross Beaty
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Ross Beaty
Chairman and C.E.O.