Extremely positive! Another significant merger with a 36% premium to the closing price of Friday Jan. 20th. Plus, the premium is committed with a very depressed price of PAAS stock. We should expect to see much more M&A in 2012.

Silverbull50

Pan American to Acquire Minefinders and Create the Leading Geographically-Diversified Silver Producer
Ticker Symbol: C:PAA U:PAAS C:MFL U:NYSE U:MFN

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 01/23/12

(All amounts in Canadian dollars unless otherwise stated)

Pan American Silver Corp. (TSX:PAA)(NASDAQ:PAAS) ("Pan American") and Minefinders Corporation Ltd. (TSX:MFL)(NYSE Amex:MFN) ("Minefinders") are pleased to announce that they have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which Pan American will acquire all of the issued and outstanding common shares of Minefinders by way of a plan of arrangement. Under the terms of the Arrangement Agreement, Minefinders shareholders will be entitled to elect to receive, in exchange for each Minefinders share held, either: (i) 0.55 shares of Pan American and $1.84 in cash; or (ii) 0.6235 shares of Pan American; or (iii) $15.60 in cash, subject to pro-ration under total aggregate cash and share pools of approximately $176 million and approximately 53 million Pan American shares, respectively, on a fully-diluted basis. Assuming full pro-ration, Minefinders shareholders will receive 0.55 shares of Pan American and $1.84 in cash in exchange for each Minefinders share held.

The consideration represents a total offer value of $15.60 per Minefinders share, based on the January 20, 2012 closing price of Pan American common shares on the Toronto Stock Exchange and a premium of 36% to the January 20, 2012 closing price of Minefinders shares on the Toronto Stock Exchange (33% premium based on the respective volume weighted average prices of Pan American and Minefinders on the Toronto Stock Exchange for the 20 trading days ending January 20, 2012). The proposed transaction implies a total transaction value of approximately $1.5 billion. Upon completion of the transaction, existing Minefinders shareholders will own approximately 33% of Pan American on a fully-diluted basis.