The document is a letter from the Chairman of Pan American Fertilizer Corp to shareholders. It summarizes that the company recently terminated a planned merger with Pacific Potash due to unfavorable market conditions. It states that the company remains well-positioned to take advantage of its increasing extraction rates in Argentina and growing demand. The Chairman thanks shareholders and says the company will focus on increasing revenues through extraction and sales to pursue new opportunities and increase shareholder value.

1. CANADA
601-570 Granville St. Vancouver,
B.C. Canada V6C 3P1
Tel: +1-604-638-3480
Fax: +1-604-638-3479
ARGENTINA
Av. del Libertador 2442,
Piso 4° (B1636DSR) Olivos,
Buenos Aires,
República Argentina
Tel: +54-11-4711-8253
Fax: +54-11-4711-8201
Email: info@PAFertilizer.com
Web: www.PAFertilizer.com
Pan American Fertilizer (CNSX: PAF) Chairman Letter to Shareholders
VANCOUVER, BRITISH COLUMBIA, November 22nd, 2012 – Pan American Fertilizer Corp., (CNSX: PAF) (“Pan
American” or the “Company”) reports releases the following letter to its shareholders from its Chairman,
Randy Wright.
Dear Shareholder,
Pan American recently announced the termination of our previously announced merger with Pacific Potash.
Unfavorable market conditions were the key factor in the board’s decision to not move forward with the
merger. The Company remains ideally positioned to take advantage of our rapidly increasing extraction rate
at our Santiago Del Estero, Argentina site, as well as the steady increase in both local and international
demand for our high quality product.
Our strategy remains based on the simple principal of supplying the highest quality product available to a
continually growing robust market. As we move forward and meet both our extraction and sales milestones,
our revenue stream will allow us to also pursue value added transactions with local Argentinean and
international partners while avoiding significant share dilution. We will continue to remain open to new
opportunities that will leverage our proven asset and position us to meet our long term vision of becoming a
major global fertilizer supplier.
Your Board of Directors and management team remain dedicated to increasing shareholder value, and we
continue to be motivated by the prospects of the Company. I would like to personally thank each of you,
and will work to ensure your trust is maintained as Pan American grows.
Sincerely,
“Randy Wright”
Randy Wright
Chairman, President and CEO

2. Pan American Fertilizer Corporation
About Pan American Fertilizer Corp.
Pan American is a Canadian company dedicated to providing fertilizer to growing global markets
specifically in South and Central America. The company is focused on the extraction of a specific type of
fertilizer called calcium sulphate (also referred to as “Agricultural Gypsum”) currently in Argentina. To ensure
long term development and increase shareholder value, Pan American currently plans to significantly
expand its current operational objectives while expanding its asset base by acquiring additional calcium
sulphate and other fertilizer related assets and by expanding its markets to neighbouring countries with
Argentina.
When used as a fertilizer and as a soil remediator, calcium sulphate is a soft sulfate mineral composed of
calcium sulfate dihydrate which is extremely rich in sulphur and calcium. When dissolved in water, the
mineral becomes calcium and sulphate sulphur ions, both of which are required nutrients for plants. Calcium
sulphate plays a vital role in establishing and maintaining good chemical balance in soil, water and plants,
specifically with healthy root development. Ultimately, calcium sulphate increases overall crop quality and
yields. www.PAFertilzer.com
On behalf of the board of directors of Pan American Fertilizer Corp.
“Randy Wright”
Randy Wright
Chairman, President and CEO
FOR MORE INFORMATION, PLEASE CONTACT:
Jeff French
Investor Relations
jfrench@pafertilizer.com
(604)638-3480
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements contained in this news release that are not historical facts constitute “forward-looking statements” or “forward-looking information” within the
meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. The words “is expected” or
“estimates” or variations of such words and phrases or statements that certain actions, events or results “may” or “could” occur and similar expressions
identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while
considered reasonable by Pan American as of the date of such statements, are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking
statements. Many of these factors can affect Pan American’s actual results and could cause actual results to differ materially from those expressed or
implied in any forward looking statements made by, or on behalf of, Pan American. There can be no assurance that forward-looking statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are
provided for the purpose of providing information about management’s expectations and plans relating to the future.
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