SOUTHERN PEAKS MINING LP ANNOUNCES ACQUISITION OF QUIRUVILCA MINE

Lima. Southern Peaks Mining LP (the “Company” or “SPM”), today announced that it has acquired, through its wholly-owned subsidiary Quiruvilca Ltd., the historic Quiruvilca mine (“Quiruvilca”) from Pan American Silver Corp (“Pan American”).

Under the terms of the sale agreement, effective June 1, 2012, Quiruvilca Ltd. acquired 100% of Pan American’s ownership interest in Pan American Silver S.A. Mina Quiruvilca, the company that holds 100% of Quiruvilca.

Quiruvilca was Pan American’s first operating asset and has been in continuous operation for over 80 years. Quiruvilca is located in the northern Andean region of Peru, approximately 130 kilometers northeast of Trujilo.

Adolfo Vera, President & CEO of Southern Peaks Mining stated. “We are extremely pleased to have successfully completed this acquisition, which furthers SPM’s business objectives and adds more scale to the Company’s existing polymetallic asset base. We are poised to responsibly execute our strategy for the asset to ensure that this historic project continues to successfully operate well into the future with the valuable cooperation of the mine’s neighbors and the Quiruvilca workforce”.

About Southern Peaks Mining

SPM is a Peru-based mining company that owns a portfolio of small- to medium-sized base and precious metals assets in Peru. SPM is led by an experienced Peruvian management team with a strong track record of developing and operating mining assets in Latin America. The company is backed by funding from Barclays Natural Resource Investments (www.bnri.com), a division of Barclays Bank PLC.

June 26, 2012