In TO204 sent today at 09:12e, the press release incorrectly stated that an underwriters' over-allotment option to purchase 531,407 common shares of Pan American at a price of US$23.88 per share remained outstanding. In fact, the option has been exercised by the underwriters and is expected to close on April 21. VANCOUVER, April 18 /PRNewswire-FirstCall/ -- Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) has closed its previously announced public offering of common shares (the "Offering"). Pursuant to the Offering, Pan American today issued 5,750,000 common shares at a price of US$23.88 per share, for aggregate gross proceeds of US$137,310,000 and total proceeds, net of underwriting fees, of US$130,787,755. The underwriters have also notified Pan American that they will exercise their over-allotment option to purchase an additional 531,407 common shares, at a price of US$23.88 per share (the "Option"), which combined with the offering will result in total gross proceeds of US$150,000,000 and total proceeds, net of underwriting fees, of $142,874,999. Closing of the Option is expected to occur on or about April 21, 2006. Pan American expects to use the net proceeds of this Offering and the Option primarily for the construction and development of its Manantial Espejo silver project in Argentina and the remainder for working capital and general corporate purposes. Bear, Stearns & Co. Inc. and BMO Nesbitt Burns Inc. acted as joint book- running managers for the Offering, and CIBC World Markets Inc., Merrill Lynch Inc., Canaccord Capital Corporation and National Bank Financial Inc. acted as co-managers. This press release shall not constitute an offer to sell or a solicitation of an offer to buy common shares nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Pan American Silver Corp. is one of the world's largest publicly traded primary silver producers with mining operations and development projects in Mexico, Peru, Argentina, Bolivia and the United States. For Further Information Contact: Pan American Silver Corp (604) 684-1175. DATASOURCE: Pan American Silver Corp. CONTACT: Pan American Silver Corp (604) 684-1175.

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