Pan American Reports Record Q3 Gold Production; Lifts Gold Production Outlook

(RTTNews) - Pan American Silver Corp. (PAAS, PAA.TO) reported that during the third quarter of 2015, the company produced 6.61 million ounces of silver and a quarterly record of 53,600 ounces of gold. Silver production rose 7% from the third quarter of 2014 mainly due to more ounces produced at the company's Mexican and Bolivian mines, partially offset by less ounces produced at Morococha, Huaron, and Manantial Espejo. Gold production rose 57% from the same quarter of 2014 on account of significant production increases at Dolores, Alamo Dorado and Manantial Espejo.

During the third quarter of 2015, Pan American produced 10,700 tonnes of zinc and 3,500 tonnes of lead, which was similar to zinc and lead production during the third quarter of 2014. Copper production during the reporting quarter rose 50% from a year ago to 3,600 tonnes.

The company generated $159.4 million in revenue during the third quarter of 2015, a decline of 11% compared to the same quarter of 2014. The company said the main reason for the revenue decrease in the reporting quarter was the significant price deterioration for all metals produced by the company, in addition to increased treatment and refining charges, partially offset by increased quantities of gold and copper sold.

The Board of Pan American Silver approved a quarterly cash dividend in the amount of $0.05 per common share. The cash dividend will be payable on or about December 4, 2015, to holders of record of common shares as of the close of Monday, November 23, 2015.

For the full-year 2015, the company reaffirmed its annual silver production forecast of between 25.50 million and 26.50 million ounces of silver; however, Pan American now expects 2015 annual gold production to increase to between 175,000 and 180,000 ounces, up from the original annual production forecast of between 165,000 ounces and 175,000 ounces.

The company said it is maintaining annual production forecasts of between 37,000 and 39,000 tonnes of zinc; between 13,000 and 13,500 tonnes of lead; and between 14,000 and 15,000 tonnes of copper.