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Pan American Silver Boosts Silver Reserves 35%

Vancouver-based silver mining corporation¬†Pan American Silver (NASDAQ: PAAS  ) increased its probable and proven silver mineral reserves to a total of 317 million ounces as of Dec. 31, 2012, the company announced Wednesday. The figure represents a 35% increase over 2011's mark.

The company discovered 31.2 million ounces of proven and probable reserves in 2012, more than replacing the 26 million ounces of silver it mined during the course of the year. Pan American spent $18.2 million in exploration to uncover those reserves over seven mining sites.

Pan American's La Colorada mine in Mexico proved particularly bountiful over the full year, turning up a net 20.7 million silver ounces; at the end of 2012, the mine boasted 64.8 million ounces of proven and probable reserves.

Pan American plans to invest $16.3 million in diamond drilling in 2013, with another $14.7 million planned to be spent on "greenfield" exploration activities.


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