Geology and Exploration

Organizational Chart
2
Our Assets
3
Exploration Highlights
4
2004-2011
Proven and probable reserve replacement of 120%

Reserve addition of 198.2M oz

Reserve replacement cost of US$0.32 per ounce

2012
Exploration budget of US$ 35.2 M (incl. Minefinders portfolio), total drill
program of 198,400 meters

Brownfield program to explore large exploration potential at our current
producing assets and development projects ($19.1 M)

Greenfield program to explore portfolio of Greenfield and Joint Venture
projects ($16.1 M)
2011 Silver Reserves Replacement*
5
Property
Reserves
end 2010
(Moz Ag)
Mined
2011
(Moz Ag)
Gained /
Lost
(Moz Ag)
Reserves
end 2011
(Moz Ag)
(1)
Addition
Variation
11/12
Morococha 37.6 (2.0) 1.5 37.1 4% (1%)
Huaron 59.3 (3.5) 5.1 60.9 9% 3%
Quiruvilca 3.9 (1.1) 1.3 4.2 33% 6%
La Colorada 38.3 (4.8) 10.6 44.1 28% 15%
Alamo
Dorado
27.2 (5.7) 4.3 25.8 16% (5%)
San Vicente 28.0 (3.5) 9.5 34.1 34% 22%
Manantial
Espejo
36.3 (4.2) (3.0) 29.1 (8%) (20%)
Total
(2)
230.7 (24.7) 29.3 235.3 13% 2.0%
Proven & Probable Silver Mineral Reserves Replacement
(1)
Unless otherwise noted, the December 31, 2011 Proven and Probable Mineral Reserves were estimated using appropriate cut-off grades based
on assumed metal prices of Ag: $25.00/oz, Au: $1,350/oz, Pb: $1,850/tonne, Zn: $1,750/tonne, Cu: $6,500/tonne
(2)
Totals may not add up due to rounding
* For complete silver and gold Mineral Reserves and Resources information please refer to the Operations / Reserves & Resources
section of PAAS website (www.panamericansilver.com).
2011 Proven & Probable
Silver Mineral Reserves
6
(1)
Unless otherwise noted, the December 31, 2011 Proven and Probable Mineral Reserves for the Alamo Dorado, La Colorada, Huaron, Morococha, Quiruvilca, San
Vicente and Manantial Espejo mines were estimated using appropriate cut-off grades based on assumed metal prices of Ag: $25.00/oz, Au: $1,350/oz, Pb:
$1,850/tonne, Zn: $1,750/tonne, Cu: $6,500/tonne
(2)
Dolores Reserves as stated by Minefinders at December 31, 2010
* For complete silver and gold Mineral Reserves and Resources information please refer to the Operations / Reserves & Resources section of
PAAS website (www.panamericansilver.com).
Million
Tonnes
Ag
Grams/
Tonne
Ag
Million
Ounces
Au
Grams/
Tonne
Au
000s
Ounces
AgEq *
Grams/
Tonne
AgEq *
Million
Ounces
PAS Reserves
(1)
39.9 184 235.3 0.96 618 210 266.8
Dolores
Reserves
(2)
107.6 33 114.5 0.58 2,024 63 216.9
Total

147.5 74 349.8 0.68 2,642 103 483.7
Dolores
Contribution
(increase)
- - 49% - 428% - 81%
The Dolores Effect
* Silver-equivalent ounces calculated using equivalence of 51:1
7
Relative Positioning of Diversified Silver
Mining Companies
Enterprise Value / AgEq Proven & Probable Reserves
1
Enterprise Value / AgEq Measured & Indicated Resources
1,2
1
Silver Equivalent includes Gold and Silver only. Gold converted to silver equivalent using silver to gold price ratio implied by long-term analyst consensus prices (58:1).
2
Measured & Indicated Mineral Resources inclusive of Proven and Probable Mineral Reserves.
Source: Bloomberg Financial Markets and company reports.

$4 /oz
$4 /oz
$4 /oz
$4 /oz
$5 /oz
$8 /oz
$10 /oz
$11 /oz
$17 /oz
$22 /oz
$22 /oz
$31 /oz
Pan American
Primero
Coeur d'Alene
Silver Standard
Hecla
Fortuna
Silver Wheaton
Silvercorp
First Majestic
Fresnillo
Hochschild
Endeavour
Great Panther $49/oz
$1/oz
$2/oz
$2/oz
$3/oz
$4/oz
$4/oz
$6/oz
$6/oz
$7/oz
$9/oz
$9/oz
$19/oz
$19/oz
Silver Standard
Coeur d'Alene
Pan American
Hecla
Primero
Hochschild
Silvercorp
Fortuna
Silver Wheaton
First Majestic
Endeavour
Fresnillo
Great Panther
Brownfield Exploration
8
Exploration Highlights - La Colorada
9
* net smelter return per ton (Ag $25.00/oz, Cu $6,500/t, Pb $1,850/t, Zn $1,750/t)
Exceptional results from NC2 and NC2 split veins with up to 2,734 g/t Ag and from the
Amolillo vein with up to 2.41 m @ 1,750 g/t Ag and high base metal values
April drilling at NC2 sulphides returned 0.60m @ 378g/t Ag, 0.63 g/t Au, 6.80%
Pb, 6.71% Zn at level 1008 (540 meters below current mine workings)!
Estrella vein (Amolillo) discovered high grade sulphide zone at depth and to the West
(April drilling returned 2.62 m @ 1,096 g/t Ag, 1.38 g/t Au, 2.75% Pb, 4.17% Zn)
Vein
Width m
g/t Ag g/t Au
Pb % Zn %
Amolillo split 1.15 419 0.37 N/A N/A
Amolillo split 1.25 666 0.05 1.46 369.00
Estrella vein, Amolillo 2.41 1,750 0.63 3.01 6.70
Estrella vein, Amolillo 4.50 329 0.29 1.04 3.11
Estrella, sulphides 2.34 389 0.33 1.38 5.47
Estrella, sulphides 3.21 246 0.32 3.14 4.91
Estrella, sulphides 2.90 396 0.56 2.06 3.31
HW sulphides 1.17 704 0.45 5.59 3.67
HW sulphides 1.85 155 0.05 0.53 2.20
HW sulphides 1.41 365 0.18 0.46 0.61
NC2 1.52 996 0.55 8.30 20.90
NC2 3.25 446 1.47 4.49 10.08
NC2 split 0.85 2,734 0.98 4.45 9.00
NC2 split 1.55 300 0.10 3.87 4.55
NC2 split 0.45 918 0.97 1.92 6.20
La Colorada NC2 Sulphides
10
540
metres
An 2.98
Ag 77
Au 0.12
Pb 5.28
Zn 2.61
An (width m)
Ag g/t
Au g/t
Pb %
Zn %
An 0.60
Ag 378
Au 0.63
Pb 6.80
Zn 6.71
La Colorada Estrella vein (Amolillo mine)
11
Dolores Exploration
12
East Dyke
First phase 100m spacing 4,195m (red)
Second phase infill to 50m spacing 4,170m
(blue)

Zone 2
Drilling inferred material to upgrade inferred
to indicated 3,565m

Southern Zone
Drilling inferred material to upgrade to
indicated 10,465m

Total 2012: 22,400m

Dolores Exploration
13
Brownfield Exploration Budget
14

Exploration (Drilling and
Development)- USD Drilling cost- USD DDH (m)
Exploration
development
Morococha 3,300,000 2,865,000 35,000 435,000
Huaron 2,400,000 2,400,000 22,650 -
San Vicente 1,056,600 1,056,600 8,560 -
La Colorada 2,630,000 1,999,200 21,150 630,800
Alamo Dorado 1,260,000 1,260,000 4,500 -
Manantial Espejo 4,897,200 4,897,200 24,200 -
Dolores 3,588,300 3,588,300 22,400 -
Total Brownfield 19,132,100 18,066,300 138,460 1,065,800
Greenfield Exploration
15
La Virginia core
16
Greenfield Exploration projects Mexico
La Virginia Project
17
Ag/Au ratio of 60:1 used for
AuEq calculation
La Virginia drill results
18
Lots of smoke, but still
very early stage

Continuing drilling and
eventual development of
resource

DDH Location From To Length Au g/t Ag g/t
LV10-4C Las Huatas Oeste 113 115 2.00 12.17 52
LV10-7C Con Virginia 146 147.5 1.50 3.13 225
LV10-8C Con Virginia 181.9 183 1.10 5.75 434
LV10-13C Las Huatas 291.3 294.3 3.00 5.25 330
LV10-25C Con Virginia 178.3 184.7 6.40
4.60 283
LV10-25C Con Virginia 184 184.7 0.70 14.06 1,195
LV11-28C Las Huatas 192 193 1.00 5.07 369
LV11-29C Con Virginia 232.8 234 1.20 4.44 363
LV11-30C Las Huatas 122.5 125.6 3.10 7.77 475
LV11-30C Las Huatas 132.5 138.5 6.00 2.14 192
LV11-30C Las Huatas 270 272 2.00 2.69 215
LV11-30C Las Huatas 321.5 323 1.50 2.39 212
LV11-33C Las Huatas 222.5 225.5 3.00 4.21 99
LV11-33C Las Huatas 253.5 256.45 2.95 2.85 274
LV11-33C Las Huatas 295 296 1.00 2.98 250
LV11-33C Las Huatas 366.8 368.45 1.65 4.58 103
LV11-33C Las Huatas 480 482 2.00 6.51 226
LV11-35C Las Huatas 162 165 3.00 4.02 332
LV11-36C Las Huatas 196.6 200.1 3.50 3.58 1,348
LV11-36C Las Huatas 219.2 224 4.80 7.89 547
LV11-36C Las Huatas 232 237 5.00 8.52 730
LV11-40C Las Huatas 84 87 3.00 3.84 202
LV11-40C Las Huatas 170.5 171.6 1.10 3.52 205
LV11-44C Campo Santo 153 155 2.00 6.39 9
LV11-46C Las Huatas 92 93 1.00 2.23 310
LV11-47C Las Huatas 121 125 4.00 41.01 1,818
LV11-47C Las Huatas 397 398 1.00 4.97 269
LV11-49C Las Huatas 172 174 2.00 3.51 279
LV11-49C Las Huatas 195.8 196.8 1.00 2.69 195
LV11-49C Las Huatas 226.5 233.2 6.70 2.74 158
LV11-50C Las Huatas 243.3 244.8 1.50 3.50 399
LV11-50C Las Huatas 250.8 255.3 4.50 9.01 544
LV11-53C Las Huatas 272.5 274 1.50 6.52 625
LV11-56C Las Huatas 259 260 1.00 2.55 185
LV11-57C Las Huatas 241.7 242.85 1.15 9.67 658
LV11-57C Las Huatas 335.85 336.85 1.00 5.05 282
LV11-59C Las Huatas 315.3 318 2.70 3.93 259
LV11-63C Las Huatas 155.2 157 1.80 0.05 768
LV12-78C Con Virginia 245 246 1.00 3.27 196
LV12-86C Con Virginia 228.9 230.6 1.70 18.27 794
LV12-90C Las Huatas 272 274 2.00 2.64 197
19
Located 60km south of Ing. Jacobacci in the
province of Rio Negro

Land package of 56,660 hectares

Low sulphidation epithermal Gold/Silver deposit


Calcatreu, Rio Negro, Argentina
Calcatreu Rio Negro, Argentina
20
Work planned:
Infill drilling, metallurgical test work and new resource estimation in progress
CALCATREU RESOURCE ESTIMATE - Indicated
Extraction
Method
Tonnes Au g/t Ag g/t
Contained
Oz Au
Contained
Oz Ag
AuEq g/t AuEq oz
Open Pit 4,081,000 4.1 37.7 537,960 4,946,590 4.69 615,790
Leach 2,959,000 0.46 7.3 43,760 694,490 0.57 54,410
Underground 955,000 3.09 31.1 94,880 954,910 3.58 110,020
Grand Total 7,995,000 2.63 25.7 676,040 6,606,160 3.04 780,220
CALCATREU RESOURCE ESTIMATE - Inferred
Extraction
Method
Tonnes Au g/t Ag g/t
Contained
Oz Au
Contained
Oz Ag
AuEq g/t AuEq oz
Open Pit 2,244,000 2.56 19 184,700 1,370,800 2.86 206,310
Leach 909,000 0.56 8.3 16,370 242,570 0.69 20,110
Underground 260,000 3.04 25 25,410 208,980 3.44 28,720
Grand Total 3,413,000 2.06 16.6 226,050 1,821,550 2.33 255,140
Resource estimation done by Miocon for Aquiline Resources in 2008 based on $650/oz Au and $12.50/oz Ag .
The table above reflects three cutoff grade categories, namely 1) open pittable 2) recoverable by heap leach and 3) underground mineable. The principal optimization parameters for the open
pittable ore were mining costs of $1.45/ tonne of rock, processing at $16.63/tonne, G&A at $2.92/ tonne and pit slopes of 55 degrees. Updated gold and silver prices of $650/oz Au and
$12.50/oz Ag were used ($US). A Whittle pit optimization was completed therefore no specific cutoff grade was used for the whole pit, but the internal cutoff grade calculated was 1.04 g/t Au.
The heap leachable ounces (which need to be mined to access the ore, but will not meet milling cutoff grades) were assumed at a marginal cutoff of 0.34 g/t Au. The underground cutoff grade
was assumed to be 2.1 g/t AuEq. The gold/ silver ratio for gold equivalency is derived from the respective metal prices and recoveries as follows: ($650/$12.50)(74%/90%) = 63.2Therefore
AuEq= Au + (Ag/63.2)
Waterloo, USA
21



Location
10 miles from Barstow, San
Bernardino County, California

Land Package
1,009 hectares

Deposit type:
Ag-BaSO4

Work plan:
Geology, Geochemistry and +
3,500 meters of drilling

Waterloo, USA
22
Historic Resources (Asarco 1968, reviewed in 1994)
The historical estimate for Waterloo was initially estimated by Asarco Inc. in 1968. In September 1994 Robert
J. Rodger, P.Eng., reviewed the Asarco reports and prepared a Technical Evaluation Report on the Waterloo
property, prior to the implementation of NI 43-101. The Technical Evaluation Report confirmed that the
historical estimate was based on reverse circulation drilling and underground sampling, and concluded the
estimate was based on sound methodology. The historical estimate at Waterloo was prepared using a silver
price of $5.00 per ounce (the relevant price at the time of the calculation). Michael Steinmann, P.Geo., QP for
the Company, has reviewed the Technical Evaluation Report and believes the historic estimate was
conducted in a professional and competent manner and is relevant for purposes of the Company's decision to
maintain its interest in the property. The Company believes that the historical estimate category of 37,235,000
tons (at 2.71 ounces per ton silver) of "measured and indicated reserves" most closely correspond to
33,758,000 tonnes in the NI 43-101 category of "indicated resource." However, the Company has not
completed the work necessary to verify the historical estimate. Accordingly, the Company is not treating the
historical estimate as NI 43-101 compliant categories of mineral resources based on information prepared by
or under the supervision of a QP. These historical estimates should not be relied upon.

Property Location Classification Tonnes (Mt) Ag
Contained
Ag
(g/t) (Moz)
Waterloo USA Historical 33.8 93 100.9
Greenfiled Exploration Budget
23
Focus on:
Drilling and resource estimation for La Virgina
Review of all other Minefinders projects and make decisions for farm-outs or
sales etc.
Greenfield exploration Cost Drilling meters
Peru greenfield $ 3,143,900 12,500
Argentina greenfield projects $ 1,073,000 2,000
Navidad $ 1,305,000 9,000
Mexico greenfield projects $ 1,418,460 5,300
Waterloo $ 500,000 3,500
La Virginia $ 6,816,740 27,700
Sonora properties (ex Minefinders) $ 1,859,420 0
Grand Total: $ 16,116,520 60,000
PAS Mining claims
24

Brownfield (hectares) Greenfield (hectares)
TOTAL

Operations and Advanced Projects Early Stage Exploration
Mexico 45,481 102,937 148,418
Peru 23,833 76,065 99,898
Argentina 43,621 417,271 460,892
USA 3,470 - 3,470
TOTAL 116,405 596,273 712,678
Summary
25
Excellent potential at La Virginia for resource development

Exciting results from deep drilling at La Colorada and potential extension of
mine life

Great upside potential at Dolores for open pit expansion and underground
operation

Unrecognized portfolio of small to mid size gold assets (Pico Machay, La
Bolsa, Calcatreu) 1.4 million ounces measured & indicated and 0.9 million
ounces inferred

Very large portfolio of early and mid stage silver exploration projects

Outstanding track record of reserve replacement
Cautionary Statements
26

CAUTIONARY NOTE REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES

Mineral resources that are not mineral reserves have no demonstrated economic viability. PAA is required to describe
mineral resources associated with their properties utilizing Canadian Institute of Mining, Metallurgy and Petroleum
("CIM") definitions of "indicated" or "inferred", which categories of resource are recognized by Canadian regulations but
are not recognized by the United States Securities Exchange Commission (the "SEC"). The definitions of proven and
probable mineral reserves used in National Instrument 43-101 Standards of Disclosure for Mineral Projects adopted by
Canadian Securities Administrators ("NI 43-101") differ from the definitions in the SEC Industry Guide 7. In addition,
the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral
resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under
SEC Industry Guide 7 and normally are not permitted to be used in reports filed with the SEC. Investors are cautioned
not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves.
"Inferred mineral resources" have a great amount of uncertainty as to their existence and as to their economic and
legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases.
Disclosure of contained ounces in a mineral resource is permitted disclosure under Canadian regulations. However,
the SEC normally only permits issuers to report mineralization that does not constitute reserves by SEC standards as
in place tonnage and grade, without reference to unit measures. The requirements of NI 43-101 for identification of
reserves are also not the same as those of the SEC, and mineral reserves reported by the Company in compliance
with NI 43-101 may not qualify as reserves under SEC standards.
Accordingly, information contained in this investor presentation containing descriptions of mineral deposits may not be
comparable to similar information made public by U.S. companies subject to the reporting and disclosure
requirements under the United States federal securities laws and the rules and regulations hereunder.

27
Endnotes and
Cautionary Statements
Michael Steinmann, P.Geo. Executive Vice President, Geology and Exploration of PAA and Martin Wafforn, P. Eng., Vice
President, Technical Services of PAA are the Qualified Persons within the meaning of National Instrument 43-101
Standards of Disclosure for Mineral Projects (NI 43-101) who supervised the preparation of the scientific and
technical information of PAA included in this presentation. For more information on PAAs projects, readers should
refer to the PAAs Annual Information Form for the year ended December 31, 2011, dated March 22, 2011 and the
technical reports referenced therein and PAAs Annual Report for the year ended December 31, 2011, each of which is
available on SEDAR at www.sedar.com.
The scientific and technical information related to the Navidad project resources included in this investor presentation
are derived from the technical report for the Navidad Project prepared by Snowden Mining Industry Consultants
(Snowden), under the supervision of Pamela De Mark, BSc (App Geo), MAusIMM., which is available on SEDAR at
www.sedar.com.