Pan American Silver announces net earnings of $34.2 million ($0.22 per share) in Q2

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VANCOUVER, Aug. 11, 2016 /CNW/ – Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) (“Pan American”, or the “Company”) today reported unaudited results for the second quarter ended June 30, 2016 (“Q2 2016”). Net earnings were $34.2 million ($0.22 per share) compared with a net loss of $7.3 million ($0.05 loss per share) recorded in the second quarter of 2015 (“Q2 2015”). The $41.5 million increase in net earnings was largely driven by lower production costs, as reflected by a 41% drop in quarter over quarter cash costs to $5.57 per payable ounce of silver in Q2 2016. The increase in net earnings also reflects the sale of certain non-core mineral property assets in Peru.

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