VANCOUVER, British Columbia, June 14, 2013 /PRNewswire/ --
Pan American Goldfields Ltd. (OTCQX: MXOM) ("Pan American" or "our Company" ) urges its stockholders to protect the value of their investment by rejecting Vortex Capital's slate of directors and voting for Pan American's nominees at the 2013 Annual Meeting of Stockholders to be held on June 17, 2013.
PROTECT THE VALUE OF YOUR INVESTMENT - VOTE FOR OUR NOMINEES ON YOUR WHITE PROXY CARD TODAY
Dear Fellow Stockholder,You may receive proxy materials from a hedge fund operator named Vortex Capital. We urge you to throw out the green proxy card they may send you. Vortex's activities since the second half of 2012 have harmed our Company. Their statements are highly inaccurate, show they are not qualified to run our mineral exploration and development business and completely disregard the challenges faced by our Company and our industry. We believe that the hedge fund Vortex and its slate of directors are acting solely in their own interests and not in the best interests of our Company or our stockholders. In fact, three of their five nominees are directors of and owe their undivided allegiance to Vortex. What can you do? Vote FOR our BOARD OF DIRECTORS on the WHITE proxy card you have received It is critical that you know the true facts and not be misled by anything Vortex says. For example: The Cieneguita Project. Vortex claims we mismanaged the Cieneguita Project. The facts show the opposite is true.
- We have made significant progress in developing and expanding the Cieneguita Project. We successfully completed a Preliminary Economic Analysis ("PEA") for the Cieneguita Project in collaboration with one of America's most respected engineering firms. The PEA confirms that the Cieneguita Project represents an exceptional opportunity to develop a highly economic, relatively low-cost mine.
- Our Company had a relatively small interest in the Cieneguita Project when your current Board was formed in October 2010. We doubled our Company's stake so as to give us 80% of the Project and control of the Project in the Fall of 2011. The PEA shows that the Project has a considerably larger than originally envisioned opportunity for successful commercial operation. The PEA indicates a 136,500 ounce Au eq. per year operation for 11 years, with production averaging 186,200 ounces gold eq. for the first three years of operation. Cash operating costs are estimated to be a highly economic $518 per ounce gold eq. in the first three years, and $710 per ounce gold eq. for the life of the mine. We are exploring ways to incrementally increase pilot production in order to continue self-funding most of our activities and are in advanced negotiations for the development phase of drilling.
- Our track record shows that we are a highly professional, capable and proactive board that is focused on serving the best interests of all of our stockholders.
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