Pan American Goldfields Ltd Appoints Miguel F. Di Nanno as President

Broomfield, Colorado (ots/PRNewswire) - Pan American
Goldfields Ltd (the "Company") today announced the appointment of
Miguel F. Di Nanno as president of the Company, replacing George S.
Young. Mr. Di Nanno is a mining engineer and business executive with
over 30 years of experience in mining exploration and development in
Latin America, and will bring to the Company additional strength in
the identification and acquisition of new projects for the Company's
growth. His previous experience includes positions as Country Manager
in Argentina for Phelps Dodge Corporation, Commercial Development
Manager in Argentina for the Queensland Government and the Australian
Industry Group, Chief Operating Officer in Argentina for the Grosso
Group, and as Zone Manager for Canyon Resource Corporation. He has
also been highly sought after and served in a consulting capacity for
an impressive list of mining and mining service companies, including
MIM Exploration, COMINCO, Brancote Holdings, Viceroy Resources,
Cyprus Minerals, Mauricio Hochschild, Bema Gold, Northern Orion, and
Lakefield Research Ltd.

The appointment of Mr. Di Nanno increases the Company's strategic
ability to identify and acquire gold exploration and production
projects in Latin America and further positions the Company for rapid
growth in the current gold market. Mr. Di Nanno will work closely
with the Company's Board of Directors to continue negotiations on
producing projects previously identified in Argentina and will be
instrumental in the identification of new projects.

"We are pleased to bring Miguel onto our team," said Mario Ayub,
Chairman of the Company. "We have a strong presence in Latin America,
and Miguel will be instrumental for the Company as we continue with
our plans for growth through increasing our production at Cieneguita,
exploration on our current properties, as well as acquisitions in
other regions."

About Pan American Goldfields

Pan American Goldfields Ltd is a Chihuahua, Mexico based gold
producer and exploration company. It is a specialist in exploration,
mine development and production in Mexico's booming Sierra Nevada
gold belt. The company's most advanced project is its now producing
Cieneguita gold mine where a feasibility study to significantly
increase the mine's already growing production profile is underway.
Pan American also has exploration programs underway at Cieneguita
South and Piedras Blancas, as well as at the Encino Gordo project.

The Company's interest in the Cieneguita gold mine is held in
connection with a joint venture with Minera Rio Tinto, the operator
of the project. The Cieneguita project hosts measured and indicated
resources in excess of 1 million ounces gold equivalent, as described
in the Company's recently-published 43-101, as follows:

Cieneguita Deposit In Situ Resource Within Optimized Pit Shell
(at) 0.8 g/t AuEq Cut-Off

------------------------------------------------------------------
Au Ag Cu Pb Zn AuEq
Classification Tonnes g/t g/t % % % g/t
------------------------------------------------------------------
Measured 3,128,000 0.71 61.8 0.03 0.24 0.29 1.86
------------------------------------------------------------------
------------------------------------------------------------------
Indicated 16,959,000 0.74 50.0 0.03 0.21 0.25 1.69
------------------------------------------------------------------
Meas. & Ind. 20,087,000 0.74 51.8 0.03 0.21 0.26 1.71
------------------------------------------------------------------
Inferred 453,000 0.99 34.2 0.02 0.13 0.17 1.63
------------------------------------------------------------------
------------------------------------------------------------------
-----------------------------------------------------------
Au Ag AuEq
Classification Tonnes oz oz oz
-----------------------------------------------------------
Measured 3,128,000 71,400 6,215,000 186,600
-----------------------------------------------------------
-----------------------------------------------------------
Indicated 16,959,000 403,500 27,262,000 920,900
-----------------------------------------------------------
Meas. & Ind. 20,087,000 474,900 33,477,000 1,107,500
-----------------------------------------------------------
Inferred 453,000 14,400 498,000 23,800
-----------------------------------------------------------
-----------------------------------------------------------

On behalf of the Board of Directors

Mario Ayub, Chairman

Qualified Persons

In the recently completed Technical Report and the amendment
thereto to be filed, the Qualified persons were Douglas R. Wood,
Licensed Professional Geologist, Utah No. 5557261, Eugene J. Puritch,
P.Eng. and Antoine Yassa, P.Geo. An NI 43-101 compliant resource
estimate was carried out by Puritch and Yassa of P & E Mining
Consultants Inc., using inverse distance grade estimation and a
geologic model developed from data from the Company's drill programs.

Mario Ayub is a director of the Company and is a 'qualified
person' for the purposes of National Instrument 43-101 Standards of
Disclosure for Mineral Properties of the Canadian Securities
Administrators. He has verified the data (including sampling,
analytical and test data) and prepared or supervised the preparation
of the information contained in this news release.

For further information: Christopher R Anderson, Investor
Relations, +1-604-628-7065, +44-(0)20-3-371-7844 - UK - London,
info@PanAmericanGoldFields.com

ots Originaltext: Pan American Goldfields Ltd
Im Internet recherchierbar: http://www.presseportal.de

Contact:
CONTACT: For further information: Christopher R Anderson,Investor
Relations, +1-604-628-7065, +44-(0)20-3-371-7844 - UK -
London,info@PanAmericanGoldFields.com