Commodity Online
Pan American Silver Corp. (TSE:PAA) has announced its Q1 2009 results with consolidated net-income of $6.6 million or $0.08/share and cash flow from operations of $19.0 million or $0.23/share.

Pan American Silver Corp. is engaged in silver mining exploration, extraction, processing, refining and reclamation.



PAA managed to increase silver production by 8% against Q1 2008 to 4.9 million ounces while gold production stood to be of 20,858 ounces increasing 206% against Q1 2008.

Cash costs were brought down by 28% to $5.94/ounce of payable silver against Q4 2008 and mine operating earnings resulted to $10.5 million. Pan American recently concluded public offering of common shares for gross proceeds of $103.5 million.

Sales figured at $70.4 million for Q1 2009 against $108.8 million in Q1 2008 whereas net-income concluded at $39.9 million in comparison to Q4 2008.

PAA initiated an appropriate investment in growth with $18.7 million spending on mineral properties, plant and equipments.

Pan American gained 2.14% at Toronto Stock Exchange on Tuesday. It touched a 52-week high of 37.15 and low of 11.12 while it gained 16.52 in preceding 30 days.

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