Overview

Pan American Goldfields Ltd. (OTCQB:MXOM ; FSE:OY1A) is a precious metals exploration and development company. Its focus is major gold belts in North and South America. Pan American has two flagship projects. The first is the Cieneguita Project, in Mexico, where drilling has defined an indicated an inferred resource of 1.1million ounces gold equivalent and pilot gold and silver production is underway as is a preliminary economic assessment (PEA) for a much larger operation.

The second project is called the Cerro Delta. It contains a large gold porphyry zone and is on the Argentine side of the Maricunga gold belt. It is on the same structure and is 20 km east of Barrick Gold and Kinross Gold Corporation’s 28.8 million ounce Au (resource) Cerro Casale.

Investment Highlights

• Control of the Cienequita Project which contains a measured and indicated resource of 20 million tonnes grading 0.74 g/tonne gold and 51.8 g/ tonne silver.


• Resource calculations based on $950 gold and $14.50 silver with a 0.8g/tonne Au cut off


• Current market capitalization approximately of US $12million values 43-101 resource at just $12.40 per oz. Au Eq.


• A small scale pilot production mining operation currently provides cash flow and cash cost $850 per ounce Au Eq.


• PEA underway as the next step toward feasibility study for the development of a much larger operation


• High risk high impact exploration drilling (7,000 m drill program) planned for 2011 season at Cerro Delta Gold Project in Argentina


• Management has a proven track record of both discovering and acquiring major mining projects and then developing them


• Application for listing on TSX.V prepared and sponsored by Macquarie Private Wealth

Chief Projects

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Cieneguita Property – Chihuahua Province, Mexico

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The Cieneguita Property covers 822 hectares in the Sierra Madre Occidental Gold-Silver Belt southwest of Chihuahua and 20 kilometers from Goldcorp’s El Sauzal mine. The property is accessible by road, rail, and air and has infrastructure from past operations including : mine infrastructure, power, water, and communication devices. In June, Pan American increased its interest in Cieneguita from 40% to 80%.

The deposit is associated with a diatreme breccia body where moderately to pervasively quartz-sericite altered diatreme breccias and lapilli tuffs host oxide and sulfide mineralization.

Historical work in the region dates back 50 years and includes a 6,700 m drill program and a mine operated by Glamis Gold ( now owned by Glamis Gold) that produced 198,000 metric tons of gold from the deposits’ oxide cap. Pan American’s 2008-2009 program drilled 20,215 m over 100 holes and was the basis for an updated 43-101 compliant resource estimate with indicated and inferred resources of 20 million tons grading 0.74 g/t Au and 51.8 g/t Ag. The resource estimate was based on $950 oz/ Au and $14.50 oz/ Ag and a consequent cut off grade of 0.8g/ ton Au eq. Follow up work to this program delineated three new mineralized areas. The first, Piedras Blancas, lies 500 meters to the south of Pits 1 and 2 where assays returned values up to 1.98 g/t Au.

A small scale plant is currently operating to process mineralized material which is operated by Minera Rio Tinto SA. (MRT). Production has recently been increased to approximately 1,000 ounces Au eq. per month. Pan American receives 20% of the net profits from this operation which is limited to the top 15 meters of the resource. The amount of material mined for the duration of the joint venture is estimated to total approximately 140,000 tons of the 20 million ton resource. The contract ends December 31^st, 2012 after which mining ceases. Pan American retains 80% of the entire deposit following December 31^st 2012. To accelerate the entire deposit’s development, Pan American has contracted engineers M3 of Tucson to complete a NI 43-101 compliant PEA for a larger operation which is expected to be completed early next year. The next step planned, which is dependent on positive PEA results, is a feasibility study in which the actual mine is comprehensively assessed and designed.

Cerro Delta Gold Project – Copiapo, La Rioja, Argentina

The Cerro Delta Gold Project covers 15,000 hectares in the northwest of La Rioja province in Argentina approximately 20 km east of the Cerro Casale gold project and 29 km southeast of the Caspiche gold and copper project. Cerro Delta lies in the Maricunga Gold Belt, a regional fault structure trending west-northwest to east-southeast that hosts several significant gold-copper deposits in Chile and Argentina. Pan American acquired the property in March.

Gold mineralization at Cerro Delta covers a 1.5 km by 2 km zone and is hosted in both a Miocene porphyry, Cerro Porfiro, with surface sampling returning grades up to 0.8 g/t Au, and a peripheral high sulphidation epithermal system, Cerro Delta, that returned gold values up to 4.0 g/t. The Cerro Delta is on the same geologic structure as the Cerro Casale.

Historical work included a trenching program that returned gold values up to 0.8 g/t associated with stockwork sulfide veinlets at Cerro Porfiro and up to 4.0 g/t in silicified breccias at Cerro Delta. A geophysical program in 2008 outlined several large IP anomalies associated with both the Cerro Porfiro and Cerro Delta areas, and two areas returned anomalous values from 25 to over 100 ppb gold that form several contiguous zones measuring up to 200 m by 800 m in area. A 7,000 m drill program is planned at Cerro Delta for the 2011-2012 season, which will focus on Cerro Porfiro.

Management

Miguel Di Nanno – President, Director, Recursos Argentinos SA
Mr. Di Nanno is an Argentina-based mining engineer. His activities in Argentina are extensive. He was the Country Manager in Argentina for Phelps Dodge Corporation developing the Arroyo Cascada Gold deposit, an early stage gold exploration project placed in Chubut Province; Commercial Development Manager, Argentina for the Queensland Government; COO in Argentina for the Grosso Group.

In the areas of acquisition, development and exploration his clients included MIM Exploration, developing a comprehensive regional geological study of northern Patagonia in Argentina; COMINCO, cooperating on a metallogenic Patagonia zone data base; Viceroy Resources, working on the acquisition of gold exploration projects in Rio Negro Province such as Cerro Choique, a disseminated gold deposit and others; Cyprus Minerals; Mauricio Hochschild, collaborating on issues related to permitting of the San Jose project; Bema Gold;, and Northern Orion, acquisition of polimetallic projects in Chubut Province.

Mr. Di Nanno is credited with discovering the 3.2 million oz gold Aeropuerto deposit in Chubut Province when he was the Zone Manager for Canyon Resources. The Aeropuerto was later renamed Esquel.

Neil Maedel – Chairman of the Board, Director, Recursos Argentinos SA
Mr. Neil Maedel is a S.E. Asia-based financier specializing in international resource projects. Previously he was the Director, Business Development for Manas Petroleum Corp. when it assembled the majority of its high impact portfolio. He is the author of Switzerland based, Maedel’s, a market commentary with a focus on resource and biotech companies that was founded in 1988. His company Andean Invest Ltd. advises and invests in resource companies and recently advised Pan American regarding its restructuring.

Prior to starting Maedel’s Neil was an editorial writer for Canada Stockwatch. He began his career in the securities industry in 1979, first as a professional stock trader and later as a researcher. Over the past two decades, he has published analysis backing of start ups such as Arequipa Resources, Corriente Resources, Ultra Petroleum and assisted in financing resource companies including Velvet Exploration, and Manas Petroleum.

Mr. Salil Dhaumya – Chief Financial Officer
Mr. Salil Dhaumya, B.Com. CMA, has extensive experience providing financial services to both public and private companies in the areas of finance, administration and public accounting. These include Heli-One where Mr. Dhaumya was a business analyst when it was created with the goal of providing worldwide support to its parent CHC Helicopters. Prior to this he was a controller for Aquilini Group a conglomerate based in British Columbia. Mr. Dhaumya’s is also the Corporate Controller for Advanced Alloys Corp. a supplier of beryllium related alloys as well as non-ferrous alloys for industrial applications. Mr. Dhaumya has provided financial services to Pan American Goldfields since 2007 and was appointed as its CFO in September 2009.

Mr. Manuel Flores – General Manager, Mexican Operations
Mr. Flores brings 30 years experience managing and operating mines in several locations in Mexico. He is currently our General Manager for Mexican operations focusing on our gold-silver project near Chihuahua. He holds a MSc., Colorado School of Mines and a BS Universidad Autonoma de Chihuahua.

Mr. George Young – Director
Mr. George Young, B.S., J.S.D., has had an extensive career in the mining business with a focus on the Americas. Most prominently, from Feb 2005 to February 2008, he was the Founder, Vice President and Director of International Royalty Corporation, a global mineral royalty company with interests in over 85 mining projects on five continents, in 12 countries. During this period IRC acquired its flagship interests in the giant Voisey’s Bay nickel deposit and Barrick Gold Corporation’s giant Chile, Pascua gold project.

Mr. Young was also the founding President and a director of MAG Silver Corp. during which the company acquired and began development of its Juanicipio and Sierra de Rameraz precious metal exploration assets.

Mr. Young was the President of Oro Belle and was responsible for acquiring and initiating the development of the Guacamayo which is now owned by Yamana Gold and produces over 150,000 oz/Au per year. Mr. Young first joined Pan American Goldfields in September 2009.

Randy Buchamer – Director
Mr. Randy Buchamer has an extensive background in business administration and finance. He is the chairman of RewardStream a private B.C., Canada based technology company. Prior to this, Mr. Buchamer was the CEO of Voice Mobility and directed its transformation into a profitable company. Mr. Buchamer was also the Managing Director, Operations for The $5 billion revenues, 25,000 employee, Jim Patterson Group.

Prior to this Mr. Buchamer was first the CIO and later the COO of Mohawk Oil Company Ltd. during its restructuring, corporate turnaround and listing on the Toronto Stock Exchange. At the time Mohawk was one of Canada’s largest independent petroleum and convenience store retailers. Mr. Buchamer’s background includes formal education in business administration and finance at Simon Fraser University and the University of Illinois as well as significant experience in SEC, TSX.V, and Sarbanes-Oxley compliance matters.

Gary Parkison – Director
Mr. Gary Parkison is an accomplished geologist and project manager with diverse expertise regarding the exploration and development of base and precious metals, industrial minerals, and uranium projects. Mr. Parkison was formerly the Vice President-Exploration and Development for Constellation Copper Corporation and Chief Geologist for Cambior USA, Inc.

Mr. Parkison is credited with two major discoveries in Mexico, and also has an extensive background managing feasibility studies and the development of mines. Gary has a B.S. degree in geology from UCLA and an M.S. from the University of California at Berkeley and is currently President of Praxis Mining Consultants LLC which recently managed the PEA for the Metates Deposit one of the largest underdeveloped disseminated gold deposits in the world.

Bruno Le Barber – Director
Bruno Le Barber is a co-founder of Vortex Capital, its Managing Director and co-CIO of Vortex Capital Global Precious Metals Fund Ltd. Prior to that time, Mr. Le Barber was a Vice President at Morgan Stanley in London Global Market Trading Strategy team, which advised a proprietary trading desk and a large base of Alternative Investment Funds, and was part of a team publishing macro-economic studies on a regular basis.

Mr. Le Barber also previously served as a global technical strategist and pan-European institutional sales person with ABN Amro in Paris for over two years. Mr. Le Barber began his career as an assistant portfolio manager at Leven Gestion in Paris in 1997, where he took part in the investment committee and was involved in stock selection. Mr. Le Barber holds a Business Degree from Bordeaux’s Essica.

Dr. Alexander Becker, Advisor to the Board

Dr. Becker, who has a PhD in Structural Geology co-founded Manas Petroleum and was responsible for the identification and acquisition of a portfolio of high impact projects in most prominently in Albania, Mongolia and Central Asia. Prior to this he was a director of Perseus Mining Limited when it was formed in 2002. Dr. Becker also identified and acquired the original assets of Perseus spin out Manas Resources, which have so far resulted in two gold discoveries with JORG resources of 1.13Moz. He was Vice President Exploration, Asia, for Apex Silver Mines (“Apex”), which at the time was controlled by Paul & George Soros and Thomas Kaplan. Apex accumulated what was then one of the largest, privately controlled portfolios of silver exploration properties in the world. He identified the Chaarat leading to the delineation of a 4.4 million ounce gold resource.

Dr. Becker was also a consultant to Santa Fe Gold prior to its acquisition by Newmont. He also acted as a consultant to Barrick Gold (Asia) in the late 1990s. He was a senior scientific researcher at Ben Gurion University and won the Peres Award for tectonic research. Dr. Becker has an extensive background in precious metals exploration, and among numerous gold discoveries he is also credited with the discovery of two oil fields and was awarded by the Soviets as the Kyrgyz region’s top mapping geologist. Dr. Becker has authored numerous papers in international scientific journals including Geological Society of America, Tectonophysics, Structural Geology, and International Geology Review. He holds an M.Sc. in Geology from the Tomsk State University and a Ph.D. in Structural Geology from the Academy of Science in Frunze, Kyrgyzstan.

Hernan Celarrio – Advisor to the Board, Director, Recursos Argentinos SA

A lawyer, expert in Argentinean mining law, Vice President of the Argentine-Chilean Chamber of Commerce, Director of the Executive Committee and President of the Mining Committee of the Argentine Canadian Chamber of Commerce, and the President of the Argentine Mining Foundation (FUNDAMIN). He was President of Barrick Exploraciones Argentina S.A. from 1999-2006, during which the Veladero Gold Mine, Argentina’s largest gold mine, was built and placed into production.

Mr. Celorrio is the author of Argentine Mining Legal Framework (1998) and has lectured on Argentine Mining Law and Foreign Investments globally. He served as a Professor of Administrative Law and Economic Regulations at the National University of Buenos Aires, and was awarded Mining Businessman of the Year in Argentina (years 2000 and 2002).