Pan American Silver to be Added to XAU
Company Press Release
Monday, February 14, 2005
http://www.prnewswire.com/cgi-bin/stories.pl? [1]
ACCT=109&STORY=/www/story/02-14-2005/0003020305&EDATE=
VANCOUVER, British Columbia -- Pan American Silver Corp. is pleased
to announce that effective February 21, 2005, it will be added to
the prestigious Philadelphia Gold and Silver Sector Index, known as
the XAU.
The XAU was the sixth most traded index option in the United States
in 2004 and is the bellwether gold/silver sector index for traders
and investors. According to a statement released by Daniel R.
Carrigan, the Philadelphia Stock Exchange's vice president of new
product development, the addition of Pan American Silver to the
index reflects leadership changes in the gold and silver industry.
"Pan American Silver Corp. has vaulted into the position of the
largest primary silver producer in the world with all production
unhedged."
Pan American is proud to be included in the industry's premier index.
For further information Contact: Brenda Radies, VP Corporate
Relations, at (604) 684-1175.
Company Internet site:
http://www.panamericansilver.com [2]
* * *
IMA Offers Money to Settle Silver Find Dispute
By Reuters
Monday, February 14, 2005
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml? [3]
duid=mtfh85554_2005-02-14_21-04-57_n14664549_newsml
VANCOUVER, British Columbia -- IMA Exploration Inc., which is
fighting off a legal challenge from Aquiline Resources Inc. over
rights to a potentially huge silver discovery, offered the small
Canadian mining explorer C$100,000 ($81,300) on Monday to settle the
dispute.
But Toronto-based Aquiline, which accuses IMA of unlawfully using
confidential information that Aquiline owned to identify and buy the
Navidad project in Argentina, immediately slapped down the offer.
"I think Mr Grosso has his holidays mixed up. He must have thought
it was April Fools' Day, not Valentine's Day," said Marc Henderson,
Aquiline's president and chief executive, referring to IMA president
and CEO Joseph Grosso.
"We're fighting about an asset that might be worth a billion
dollars," Henderson told Reuters.
Vancouver-based IMA denies Aquiline's charges, and Grosso said the
money was offered to settle the "frivolous lawsuit," which he said
was slowing the firm's development of the deposit in Argentina's
Chubut province.
"We have offered Aquiline a nuisance value sum to put this nonsense
behind us," Grosso said in a statement.
"There is absolutely nothing to the claim. If this ever gets to
court, we are confident it will be thrown out," he said, adding that
IMA owed it to shareholders to focus on the project and not on legal
fees to fight "opportunistic" lawsuits.
IMA announced the Navidad silver discovery in March 2003. IMA has
defined an indicated resource of 268 million ounces of silver and
1.1 million tonnes of lead, at a cutoff of 50 grams per tonne of
silver. IMA says that makes it one of the world's largest silver
deposits.
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----------------------------------------------------
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