Page 38 Contd on pg 40 Page 38 It was a little less than three years ago that T ahoe Resources a Nevadabased silver mining company purchased T immins Lake Shore Gold in April 2016 T ahoe s purchase ener gized gold min ing in T immins and brought renewed vigour to the mining milling and ex ploration projects T ahoe Resources announced it had agreed to be acquired by V ancou ver based Pan American Silver TSXP AA NASDAQP AAS T ahoe shareholders overwhelmming ly voted in favour of the arrangement and as a result Pan American Silver will acquire 689 of T ahoes shares The sale was approved by 956 of T ahoe s shareholders T ahoe is sched uled to seek a fnal order from the Supreme Court of British Columbia approving the Arrangement the Fi nal Order on January 10 2019 Sub ject to the satisfaction or waiver of all conditions precedent to the Arrange ment including obtaining the Final Order and receipt of approval from the Mexican Federal Economic Com petition Commission the Arrange ment is anticipated to be completed on or about February 26 2019 The consideration made up of cash and stock comprises a base purchase price of US1067 billion and a con tingent payment of 221 million that is tied to the restart of T ahoe s Escob al mine in Guatemala Pan American will acquire all the out standing shares of T ahoe pursuant to a plan of arrangement the T ransac tion creating the world s premier silver mining company Sharehold ers of T ahoe will be entitled to elect to rece ive common shares of Pan American andor cash in exchange for their shares of T ahoe Additional consideration will be in the form of the right to a contingent payment in common shares of Pan American tied to the restart of the Escobal mine in Guatemala The combination of Pan American and T ahoe will establish the world s premier silver mining company with an industryleading portfolio of as sets superior growth opportunities and attractive operating mar gins said Michael Steinmann President and Chief Executive Ofcer of Pan American Silver This transaction doubles our silver reserves and further improves our cost profle W e will build on that strong foundation optimizin g these highquality assets to deliver proft able growth and superior returns he added While the T immins gold mining op eration ran smoothly under T ahoe s management it also encountered a slight drop in production as pointed out in a company news release During the 3rd quarter 2018 T ahoe generated 1 1 18 million in revenues compared to 1552 million during the same time in 2017 In terms of year to date earnings over the frst nine months of 2018 T ahoe earned 379 million compared to 615 mil lion in 2017 Gold production in the T imm ins gold mines generated 43 million during the 3rd quarter in 2018 compared to 54 million in 2017 T otal gold pro duced at the T immins mines during 3rd quarter 2018 fell to 36000 oz compared to 43000 oz the previous year The Bell Creek Mill achieve d record quarterly throughput of 4287 tpd Mill operations averaged a record 4287 tpd in Q3 2018 as part of the Photo T immins W est Mine taken by Claude Gagnon T a h o e R e s o u r c e s s e l l s o p e r a t i o n s t o P a n A m e r i c a n S i l v e r