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M3 Engineering And Technology Corporation Contracted For Preliminary Economic Assessment Of Cieneguita Silver And Gold Project

BROOMFIELD, CO, July 14, 2011 /PRNewswire/ - Further to its press release of June 29 th, 2011, Pan American Goldfields Ltd. (OTCBB: MXOM) ("the company") has entered into an agreement with M3 Engineering and Technology Corporation for the execution and completion of a NI 43-101 compliant Preliminary Economic Assessment (PEA) for its 80% owned Cieneguita Silver and Gold Project in Chihuahua state, Mexico. The project, which is approximately 20 km northwest of Goldcorp's El Sauzal Mine, contains an 43-101 compliant in-situ drill indicated and inferred resource within an optimized pit shell of 20,087,000 tonnes with an average grade of 0.74 grams per ton gold and 51.8 grams per ton silver at a cutoff grade of 0.8 grams per ton gold equivalent, based on $950 oz/Ag and $14.50 oz/Ag. A pilot plant is currently operating to process mineralized material from pit 3 in partnership with Minera Rio Tinto SA, a Mexican private entity.

The PEA is expected to take approximately 7 months to complete and the scope of the work is to consist of Process Plant design, Site Facilities, Power Supply and Distribution, Project Execution Plan, Capital and Operating Cost Estimates, an Economic Model, and preparation of the overall Report.

The Process Plant design will be on a preliminary basis with enough detail to use as a reference for a planned feasibility study, and will include flow sheet diagrams, general arrangement drawings, specifications and data sheets, and capital and operating cost estimates for the process plant. The flow sheet and general arrangement will be used to define process and layout and will enable the generation of material take offs and size equipment to be used in the capital cost estimate. Areas of focus will include primary crushing and ore storage, grinding, flotation and regrind, thickening and filtering, tailing disposal and reclaimed water piping and pumping, along with fresh water piping and pumping.

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