Pan American Silver Corp. (PAS) acquired the Navidad Project with the purchase of Aquiline
Resources Inc. (Aquiline) in December 2009. PAS is headquartered in Vancouver, Canada. Its
wholly-owned Argentine subsidiary, Minera Argenta, S.A. (MASA), is headquartered in Buenos
Aires, Argentina and controls 100% interest in the Navidad Project. The Navidad properties are
located in north central Chubut Province in Argentina. Several deposits of silver, lead, zinc and
copper minerals have been identified along three northwest striking parallel mineral trends,
known as the Navidad, Esperanza, and Argenta trends, all within a 5 km by 4 km rectangle.
Mineral Resource estimates have been completed for eight of these deposits, including Calcite
NW, Calcite Hill, Navidad Hill, Connector Zone, Galena Hill, Barite Hill, Loma de La Plata, and
This Technical Report discloses the results of a Preliminary Assessment (PA) based on Mineral Resources at
seven adjacent deposits as well as Loma de La Plata and is expanded to encompass the potential
development items, as PAS intends to proceed with the preparation of an Environmental Impact
Study (EIA) and Feasibility Study.
M3 Engineering & Technology Corporation (M3) led the PA with assistance from PAS,
Independent Mining Consultants (IMC), Golder Associates (Golder), and others.