Document:

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                                                                     EXHIBIT 4.5

INTRAWEST CORPORATION
Earnings Coverage Ratio

<TABLE>
<CAPTION>
                                                                                                     ADD         LESS
                                                               12 MONTHS   12 MONTHS   12 MONTHS   3 MONTHS    3 MONTHS    12 MONTHS
                                                               30-JUN-02   30-SEP-02   30-JUN-02   30-SEP-02   30-SEP-01   30-SEP-02
                                                               ---------   ---------   ---------   ---------   ---------   ---------
<S>                                                            <C>         <C>         <C>         <C>         <C>         <C>
EBIT Calculation

   Net income before income taxes                                68,029      66,996      68,029     (13,431)    (12,398)     66,996

   Add:
     Interest expense                                            71,075      71,978      71,075      12,023      11,120      71,978
                                                                -------     -------     -------                             -------
                                                                139,104     138,974     139,104                             138,974
                                                                =======     =======     =======                             =======
Interest Calculation

   Interest incurred (including capitalized interest)            83,439      85,397      83,439      21,994      20,036      85,397
   Interest on new debenture issue                               14,385      14,385      14,385                              14,385
   Interest saving on repayment of debt with debenture proceeds  (8,150)     (8,150)     (8,150)                             (8,150)
   Interest on additional debt since balance sheet date           4,319           0           0                                   0
                                                                -------     -------     -------                             -------
                                                                 93,993      91,632      89,674                              91,632
                                                                =======     =======     =======                             =======
Ratio                                                              1.48        1.52
                                                                =======     =======
</TABLE><PAGE>

                                                                    Exhibit 10.1

This is the form of a material change report required under section 85(1) of the
Securities Act and section 151 of the Securities Rules.

                                 BC FORM 53-901F
                              (PREVIOUSLY FORM 27)

                                 SECURITIES ACT

                          MATERIAL CHANGE REPORT UNDER
             SECTION 85(1) OF THE SECURITIES ACT (BRITISH COLUMBIA)
             AND SIMILAR PROVISIONS OF OTHER APPLICABLE LEGISLATION

ITEM 1.     REPORTING ISSUER

            Pan American Silver Corp. (the "COMPANY")
            1500 - 625 Howe Street
            Vancouver, BC  V6E 2T6

ITEM 2.     DATE OF MATERIAL CHANGE

            November 8, 2002

ITEM 3.     PRESS RELEASE

            A press release was issued by the Company on November 8, 2002 at
            Vancouver, British Columbia and distributed through the facilities
            of Canada NewsWire.

ITEM 4.     SUMMARY OF MATERIAL CHANGE

            The Company announced that it has entered into two agreements with
            Volcan Compania Minera S.A.A. ("VOLCAN") regarding two large
            silver-bearing stockpiles located adjacent to Volcan's Cerro de
            Pasco operation in central Peru. The first agreement grants the
            Company the right to acquire a 60% interest in the stockpiles by
            spending US$2 million on the project over a three-year period. The
            second agreement grants the Company the right to mine and sell
            600,000 tonnes of the richest silver stockpiles to a nearby smelter,
            which will use them as flux in its smelting operation. A ten-year
            contract has been negotiated with the smelter and stockpiles sales
            are expected to average approximately 46,000 tonnes per year
            resulting in an annual silver production of approximately 500,000
            ounces at an estimated total production cost of less than US$2 per
            ounce. The purchase price will be US$4 million, payable in common
            shares of the Company valued at current market prices, plus a
            one-third production bonus to Volcan after the Company has recovered
            its acquisition costs, operating costs, deemed taxes and interest on
            the acquisition cost.

<PAGE>

ITEM 5.     FULL DESCRIPTION OF MATERIAL CHANGE

            The Company announced that it has entered into two agreements with
            Volcan, a major Peruvian mining company regarding two large
            silver-bearing stockpiles located adjacent to Volcan's Cerro de
            Pasco operation in central Peru, about 36 km from the Company's
            Huaron mine.

            The first agreement grants the Company the right to acquire a 60
            percent interest in the stockpiles by spending US$2 million on the
            project over a three-year period. In the twelve months following
            this period, the Company can increase its interest to 100 percent by
            paying Volcan US$3 million and granting Volcan a seven percent
            royalty on commercial production from the stockpiles. The first
            phase of the Company's work will be a detailed definition drilling
            program to confirm historic resources estimated by Volcan to be 26
            million tonnes of stockpiles grading 227 g/t silver (a contained
            silver resource of more than 180 million ounces). The second phase
            will comprise detailed metallurgical studies and economic evaluation
            designed to determine the economics of commercial extraction.
            Historic studies indicate that a silver price in excess of US$6.50
            would be required to profitably recover the contained silver. The
            Company's work will investigate this in detail and seek to improve
            project economics.

            The second agreement grants the Company the right to mine and sell
            600,000 tonnes of the richest silver stockpiles to a nearby smelter,
            which will use them as flux in its smelting operation. A ten-year
            contract has been negotiated with the smelter and stockpile sales
            are expected to average approximately 46,000 tonnes per year
            resulting in annual silver production of approximately 500,000
            ounces at an estimated total production cost of less than US$2 per
            ounce. The purchase price will be US$4.0 million, payable in the
            Company's common shares valued at current prices, plus a one-third
            production bonus to Volcan after the Company has recovered its
            acquisition costs, operating costs, deemed taxes and interest on the
            acquisition cost.

ITEM 6.     RELIANCE ON SECTION 85(2) OF THE ACT

            This report is not being filed on a confidential basis.

ITEM 7.     OMITTED INFORMATION

            There are no significant facts required to be disclosed herein which
            have been omitted.

ITEM 8.     SENIOR OFFICERS

            For Further information, please contact:

            Name:         Gordon Jang
            Office:       Controller and Corporate Secretary
            Telephone:    (604) 684-1175

                                     - 2 -

<PAGE>

ITEM 9.     STATEMENT OF SENIOR OFFICER

            The foregoing accurately discloses the material change referred to
            herein.

            DATED at Vancouver, British Columbia, this ___ day of November,
            2002.

                           /s/ Gordon Jang
                           -----------------------------------------------------
                           Signature of a senior officer of the reporting issuer

                           Gordon Jang, Controller and Corporate Secretary

                                     - 3 -EXHIBIT 10.0
                           REVISED LICENSING AGREEMENT

The  following  summarizes  the agreement for the outstanding royalties and note
payments:

The  current  unaudited  balance  is  $88,914.18, including accrued interest and
royalties  through  2002.

Vapotherm  will  make  an  immediate  payment  of  $8,914.18  to  Transpritator
Technologies,  Inc.  by  bank  check.  Transpirator  will  extend the balance of
$80,000  into a Promissory note with interest at 1% above the current prime rate
maturing  March  30,  2003. Future royalties will be paid quarterly according to
the  license  agreement  and  interest  will accrue to the maturity of the note.

Vapotherm  will  extend  the  term  of  the  agreement  dated  May 4, 1997 to an
expiration  date  of  September  27,  2006.  See  section  5  below for original
expiration  date.

To  ensure  that  we  have  a  mutual  understanding on the terms of the license
agreement  dated  May  4,  1997, a number of clarifications are itemized here to
ensure  we're  in  complete  agreement:

     1.   All  calculations  for  royalties are based on Section II of Exhibit B
          ("New  Products"). (Note: If Vapotherm elected to manufacture and sell
          the  original  designs  of the MT-1000 or the MT-3000, Section I would
          apply).  This  covers the respiratory therapy units sold by Vapotherm,
          currently  the Vapotherm 2000i, as well as the Vapotherm(TM) 5000 home
          care  unit  when  it  is launched during this year. Future versions of
          these units will be covered as well. The license agreement also covers
          the  sale  of vapor transfer cartridges by Vapotherm, with the royalty
          rate  on  the  cartridges at 50% of the rate being applied to the base
          units.

     2.   Royalties  applied  to  the  base therapy units (e.g. 2000i, 5000) are
          based  on annual sales volumes and will be 5% for the first $1,000,000
          in sales of those units each year, 3.5% of those sales from $1,000,001
          to  $2,000,000  and 2.5% of those sales above $2,000,000. For example,
          according  to the above formula, $10,000,000 in sales of base units in
          any  given  year would pay a royalty of $285,000, or an effective rate
          of  2.85%.  All  cartridges sold during this period, with be at 50% of
          the  rate  applied  to  the  base  units.

     3.   The minimum royalty prepayment of $175,000, of which $102,500 was paid
          in  cash,  with  the  balance  covered  in  the Promissory note, was a
          license  fee,  and  is  not  applied  as credit against future royalty
          payments.

     4.   The  license  can be fully paid up, with all title and interest in the
          technology,  at  any  time  by Vapotherm with a payment of $2,000,000.
          This  payment  is  in addition to any royalties previously paid and/or
          accrued.

     5.   The  license agreement expires concurrently with the expiration of the
          licensed  patent  #4,773,410.  The  patent  has  an expiration date of
          September  27,  2005. By this letter, we are extending the term of the
          license agreement to one year beyond that date, or September 27, 2006.

     6.   Vapotherm,  Inc.  is  in the business of developing, manufacturing and
          marketing  products  used in the treatment of chronic lung disease and
          acute  breathing  disorders.  As  such,  we  may  choose to acquire or
          develop  technologies  that  utilize  other  methods  of  providing
          respiratory  therapy  (for  example,  ventilators,  positive  pressure
          devices). The license agreement requires Vapotherm to pay royalties on
          devices  that  incorporate  the  technology developed utilizing patent
          number  4,773,410  only.

<PAGE>

     7.   Transpirator  maintains  the  right  to  audit Vapotherm's records, at
          Transpirator's  expense,  to  ensure  the  calculation of royalties is
          consistent  with  this  agreement.

Acceptance  of  this  letter and the Vapotherm payment of $8,914.18 acknowledges
our  mutual  agreement  as to the validity and terms of the license agreement as
stated above, as well as the satisfaction of all past and current obligations of
Vapotherm, Inc. to Transpirator Technologies, Inc.  Furthermore, this letter and
the  license  agreement  between  Vapotherm, Inc. and Transpirator Technologies,
Inc. contain the entire agreement among and between the parties.  No other terms
are  agreed  or  implied.

Agreed  by:
/s/Ray  Romano,
----------------------------
Chairman  &  CEO
Transpirator  Technologies,  Inc.

Agreed  by:

/s/Robert  Storey                             /s/Bill  Niland
---------------------                         -------------------
President  &  CEO                             Chairman
Vapotherm,  Inc.                              Vapotherm,  Inc.

Date:
September  25,  2002

PAYMENT  WORKSHEET
------------------

Current  Promissory  Note  Principal               $72,500.00

Accrued  Interest                                 $  1,721.88

Accrued  Royalties  (1Q  &  2Q  2002)              $14,692.30
                                                  -----------

          Total  Payment                           $88,914.18

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