Pan American Silver Corp.

Pan American Silver Corp. and Agnico Eagle Mines Limited delivered a definitive binding offer to acquire all shares of Yamana Gold Inc. Pan American would acquire Yamana shares, and Yamana would sell its Canadian assets, including the Canadian Malartic mine, to Agnico Eagle. The total consideration includes Pan American shares, US$1.0 billion in cash from Agnico Eagle, and Agnico Eagle shares, valuing each Yamana share at approximately US$5.02.