Pan American Silver Corp. reported unaudited production results for the fourth quarter and full year of 2013. For the quarter, the company reported silver production of 6.8 million ounces, 1% lower than in the fourth quarter of 2012. Record gold production of 46,200 ounces, 42% higher than in the fourth quarter of 2012.

For the year, record silver production of 26 million ounces, an increase of 4% from 2012. Record gold production of 149,800 ounces, an increase of 33% from 2012. In addition, the company produced a total of 42,100 tonnes of zinc, 13,500 tonnes of lead and 5,500 tonnes of copper, all well above the company's full-year 2013 guidance for base metals production.

The company expects its seven mines to produce between 25.75 million and 26.75 million ounces of silver in 2014, a modest increase from 2013. However, gold production is expected to increase to between 155,000 and 165,000 ounces on the strength of higher gold grades at Manantial Espejo, where increased open pit stripping in the first part of 2014 should provide access to better gold grade ore during the fourth quarter of the year. This year, the company anticipates base metals production to remain consistent with 2013's levels and forecasts full-year 2014 consolidated production of between 39,500 tonnes to 42,500 tonnes of zinc, 12,700 tonnes to 13,700 tonnes of lead, and 5,200 tonnes to 5,700 tonnes of copper. In 2014, the company plans to spend $95.5 million on sustaining capital and a further $67.0 million on long term projects. Planned sustaining capital investments this year include $26.0 million for open pit pre-stripping and haul truck replacements at Dolores, $25.0 million for open pit pre-stripping and a tailings dam expansion at Manantial Espejo, approximately $7.0 million for underground development across all 5 underground mines and $13 million for brownfield mine-site exploration. In addition, the Company plans project capital expenditures of approximately $32.0 million for the La Colorada expansion and $35.0 million at Dolores. Dolores' expenditures are predominantly for Leach Pad 3 expansion, but also include further process plant optimization and the commencement of work on a new 115 KV power line to the mine.