Pan American Silver Reports Record Annual Production Of 26 Mln Silver Ounces

(RTTNews) - Pan American Silver Corp. (PAAS, PAA.TO) reported that it has produced 6.8 million ounces of silver at seven operating mines during the fourth quarter of 2013, setting a new consolidated production record of 26 million silver ounces for fiscal 2013, in-line with the upper end of the company's annual guidance. Pan American also set a new quarterly production record for gold at 46,200 ounces, boosting 2013's annual gold production to a company record of 149,800 ounces, comfortably exceeding the company's revised annual guidance.

Silver production was 1% lower than in the fourth quarter of 2012. Gold production was up 42% from the fourth quarter of 2012. For the full year 2013, silver production was up 4% from 2012; while gold production increased 33% from 2012.

The company expects its seven mines to produce between 25.75 million and 26.75 million ounces of silver in 2014, a modest increase from 2013. Gold production is expected to increase to between 155,000 ounces and 165,000 ounces on the strength of higher gold grades at Manantial Espejo, the company said. In 2014, Pan American plans to spend $95.5 million on sustaining capital and a further $67.0 million on long term projects.