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

BROOMFIELD, Colorado, October 18, 2010 - Pan American Goldfields Ltd (OTCBB:"MXOM") (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

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