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Pan American Goldfields Ltd Announces Acquisition Of The Cerro Delta Gold Project In The Maricunga Gold Belt

A geophysical program was performed on Cerro Delta in 2008 which outlined several large IP anomalies that are associated with both the Cerro Porfiro (high chargeability) and Cerro Delta (high resistivity) areas, another characteristic in common with the known deposits along the Maricunga belt. At Cerro Delta these IP chargeability anomalies extend to 1,000 m by 600 m in area. Coincident with the IP anomalies are two areas of gold-in-soil anomalies with anomalous values from 25 to over 100 ppb gold that form several contiguous zones measuring up to 200 m by 800 m in area. Similar gold in soil anomalies are noted over the Refugio, Caspiche and Cerro Casale deposits. For example, the gold in soil and rock chip anomalous gold zone originally mapped by Anglo American at Capiche measured 650 by 300 meters.

The Cerro Delta project is drill ready and the company intends to begin drilling in the fourth quarter of 2011.

"The acquisition of the Cerro Delta project is a watershed event for the company" noted   President Miguel De Nanno. "It is a drill ready, very high impact exploration project which in addition to containing a large anomalous gold zone has many other compelling similarities to large deposits in the area. I would like to emphasize just how aggressively we intend to pursue this project and others in the region. I would also like to welcome to the board Mr. Le Barber. His expertise in international finance and gold markets makes him a very valuable member of our board and I look forward to working with him in the future." 

On behalf of the Board of Directors

Miguel Di Nanno, President

Safe Harbor Disclosure

The information in this press release contains forward-looking statements regarding future events or the future financial performance of the Company. Please note that any statements that may be considered forward-looking are based on projections; that any projections involve judgment, and that individual judgments may vary. Moreover, these projections are based only on limited information available to us now, which is subject to change. Although those projections and the factors influencing them will likely change, we are under no obligation to inform you if they do. Actual results may differ substantially from any such forward looking statements as a result of various factors, many of which are beyond our control, including, among others, the future financial and operating performances of our projects; the estimation of mineral resources and the realization of mineral reserves, if any, on our existing and any future projects; the timing of exploration, development, production activities and estimated future production, if any; estimates related to costs of production, capital, operating and exploration expenditures; requirements for additional capital and our ability to raise additional capital on a timely basis and on acceptable terms; government regulation of mining operations, environmental risks, reclamation and rehabilitation expenses; title disputes or claims against our existing and any future projects; and the future price of gold, silver, or other minerals. These and other factors can be found in our filings with the SEC. The Company undertakes no obligation to release publicly the results of any revision to these forward-looking statements to reflect events or circumstances following the date of this release.

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