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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. *)
Pan American Silver Corp.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
697900108
(CUSIP Number)
*
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
/ X / Rule 13d-1(b)
/___/ Rule 13d-1(c)
/___/ Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter disclosures provided in
a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
Potential persons who are to respond to the collection of
information contained in this form are not required to respond
unless the form displays a currently valid OMB control number.
SEC 1745 (3-98)<PAGE>
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CUSIP No. 697900108 13G Page 2 of 10 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
IRS IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
Westcliff Capital Management, LLC
- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see
instructions)
(a) / /
(b) / /
- ----------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ----------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES 1,255,100
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH -0-
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 1,255,100
---------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
- ----------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,255,100
- ----------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (see instructions)
- ----------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3
- ----------------------------------------------------------------
12 TYPE OF REPORTING PERSONS (see instructions)
OO and IA
- ----------------------------------------------------------------
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CUSIP No. 697900108 13G Page 3 of 10 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
IRS IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
Richard S. Spencer III
- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see
instructions)
(a) / /
(b) / /
- ----------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,255,100
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH -0-
---------------------------------------
8 SHARED DISPOSITIVE POWER
1,255,100
- ----------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,255,100
- ----------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (see instructions)
- ----------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3
- ----------------------------------------------------------------
12 TYPE OF REPORTING PERSONS (see instructions)
IN
- ----------------------------------------------------------------
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CUSIP No. 697900108 13G Page 4 of 10 Pages
- ----------------------------------------------------------------
1 NAME OF REPORTING PERSONS
IRS IDENTIFICATION NO. OF ABOVE PERSONS (entities only)
David R. Korus
- ----------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see
instructions)
(a) / /
(b) / /
- ----------------------------------------------------------------
3 SEC USE ONLY
- ----------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- ----------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY ---------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 1,255,100
REPORTING ---------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH -0-
---------------------------------------
8 SHARED DISPOSITIVE POWER
1,255,100
- ----------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,255,100
- ----------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES (see instructions)
- ----------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.3
- ----------------------------------------------------------------
12 TYPE OF REPORTING PERSONS (see instructions)
IN
- ----------------------------------------------------------------
<PAGE>
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CUSIP No. 697900108 13G Page 5 of 10 Pages
ITEM 1.
(a) The name of the issuer is Pan American Silver Corp.
("PASC").
(b) The principal executive office of PASC is located at 1500-
625 Howe St., Vancouver, B.C. Canada A1.
ITEM 2.
The persons filing this statement are as follows:
(a) Westcliff Capital Management, LLC, a California limited
liability company ("WCM"); Richard S. Spencer III ("Spencer");
and David R. Korus ("Korus"). Spencer and Korus are the sole
owners and managers of WCM.
(b) The business address of WCM and Spencer is 200 Seventh
Avenue, Suite 105, Santa Cruz, California 95062. The business
address of Korus is 152 W. 57th Street, New York, New York 10019.
(c) Spencer and Korus are citizens of the United States.
(d) This statement relates to shares of Common Stock of PASC
(the "Stock").
(e) The CUSIP number of the Stock is 697900108.
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CUSIP No. 697900108 13G Page 6 of 10 Pages
ITEM 3. If this statement is filed pursuant to rule 240.13d-
1(b), or 240.13d-2(b) or (c), check whether the person filing is
a:
(a) ___ Broker or dealer registered under section 15 of
the Act (15 U.S.C. 78o).
(b) ___ Bank as defined in section 3(a)(6) of the Act (15
U.S.C. 78c).
(c) ___ Insurance company as defined in section 3(a)(19)
of the Act (15 U.S.C. 78c).
(d) ___ Investment company registered under section 8 of
the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e) _X__ An investment adviser in accordance with 240.13d-
1(b)(1)(ii)(E).
(f) ___ An employee benefit plan or endowment fund in
accordance with 240.13d-1(b)(1)(ii)(F).
(g) ___ A parent holding company or control person in
accordance with 240.13d-1(b)(1)(ii)(G)
(h) ___ A savings association as defined in section 3(b)
of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(i) ___ A church plan that is excluded from the definition
of an investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3).
(j) ___ Group, in accordance with section 240.13d-
1(b)(1)(ii)(J)
If this statement is filed pursuant to 240.13d-1(c),
check this box. /___/.
<PAGE>
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CUSIP No. 697900108 13G Page 7 of 10 Pages
ITEM 4. OWNERSHIP.
The beneficial ownership of the Stock of the persons named in
Item 2 of this statement is as follows at the date hereof:
Westcliff Capital Management, LLC
(a) Amount beneficially owned: 1,255,100.
(b) Percent of class: 5.3.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
1,255,100.
(ii) Shared power to vote or to direct the vote -0-.
(iii) Sole power to dispose or to direct the
disposition of 1,255,100.
(iv) Shared power to dispose or to direct the
disposition of -0-.
Richard S. Spencer III
(a) Amount beneficially owned: 1,255,100.
(b) Percent of class: 5.3.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote -0-.
(ii) Shared power to vote or to direct the vote
1,255,100.
(iii) Sole power to dispose or to direct the
disposition of -0-.
(iv) Shared power to dispose or to direct the
disposition of 1,255,100.
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CUSIP No. 697900108 13G Page 8 of 10 Pages
Davis R. Korus
(a) Amount beneficially owned: 1,255,100.
(b) Percent of class: 5.3.
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote -0-.
(ii) Shared power to vote or to direct the vote
1,255,100.
(iii) Sole power to dispose or to direct the
disposition of -0-.
(iv) Shared power to dispose or to direct the
disposition of 1,255,100.
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CUSIP No. 697900108 13G Page 9 of 10 Pages
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following /___/.
ITEM. 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF
ANOTHER PERSON
WCM is a registered investment adviser whose clients have the
right to receive or the power to direct the receipt of dividends
from, or the proceeds from the sale of, the Stock. No individual
client's holdings of the Stock are more than 5 percent of the
class.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY
WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE
GROUP
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
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CUSIP No. 697900108 13G Page 10 of 10 Pages
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
SIGNATURES
DATED: March 20, 1998
WESTCLIFF CAPITAL MANAGEMENT, LLC /s/ Richard S. Spencer III
Richard S. Spencer III
By: /s/ Richard S. Spencer III
Richard S. Spencer III David R. Korus
Manager
By: /s/ Richard S. Spencer III
Richard S. Spencer III
Attorney-in-Fact
