**CANADIAN PRESS RELEASE**

Pan American Silver Corp. has signed a deal to acquire Tahoe Resources Inc. in a stock-and-cash deal it valued at more than $1 billion (U.S.).

Under the friendly agreement, Tahoe shareholders will receive $3.40 in cash or 0.2403 Pan American shares for each Tahoe share. The maximum cash available under the offer is $275 million and there are 56 million Pan American shares available.

Tahoe shareholders will also receive contingent value rights that will be exchanged for 0.0497 Pan American shares for each Tahoe share, payable on the first commercial shipment of concentrate following the restart of operations at the Escobal mine in Guatemala.

Tahoe shares closed C$2.90 on the Toronto Stock Exchange on Tuesday, while Pan American shares closed at C$18.71.

The deal, which is expected to close in the first quarter of 2019, requires approval by both the Tahoe and Pan American shareholders.

Tahoe shareholders will hold about a 27 per cent stake in the combined company at the closing of the deal. The contingent value rights will increase that to 32 per cent, based on the number of Pan American shares outstanding following the closing of the deal.

Filed under: Local News