Pan American Silver Corp announces record silver and gold production on Tue

Silver Bullion Pte Ltd carries silver bars of various ounces minted by Pan American Silver Corp.

Here's the summary of the Q3 financial report for this company.

Canadian silver miner Pan American Silver Corp saw its Q3 profit almost triple as the expansion of its mines boosted silver and gold production.

The firm stated a 49% increase in its quarterly sales with silver sales making up for 63% of the total revenue.

Its Q3 silver production jumped 31% to 6.4 oz and gold production rose 331% to 28,017 ounces.

The main reasons for the increase in silver production were the addition of silver production from Manantial Espejo which produced 1 million ounces of silver in the third quarter, and from increased silver production from San Vicente, which increased its production by an additional 600,000 ounces.

Pan American Silver Corp is quoted it would meet its forecast annual production target of 21.5 million ounces of silver and 85,000 ounces of gold for 2009.

The closing price of the shares of this company is C$24.77 in Toronto Stock Exchange on Tuesday.

 For details, read the report at http://www.reuters.com/article/marketsNews/idAFBNG47661320091111?rpc=44