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Re: 2007 News Releases - Thursday, August 02, 2007
Pacific Rim Mining's Balsamo Gold Deposit Delineation Nearing
Completion; Another New Gold-Bearing Vein Discovered
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News Release #07-07
On-going delineation drilling at the Balsamo deposit on Pacific Rim
Mining Corp.'s ("Pacific Rim" or "the Company") El Dorado gold project
in El Salvador is nearing completion. Much like the Minita deposit
roughly 1 km to the northwest, the Balsamo deposit comprises a
high-grade zone where both vein widths and gold grades are robust and
persistent, surrounded by a gradational zone of more moderate gold
grades and 1 to 2 meter vein widths.
Recent drilling at the Balsamo deposit has focused on defining its
upper limits and stepping out from the high grade area. The Balsamo
deposit is deeper than the nearby Minita and South Minita deposits and
remains open at depth. It is hosted by a north-south structure that
will require additional broad step out drilling in both strike
directions to close off the known mineralization as well as to search
for additional high grade zones. The Balsamo structure can be projected
over a distance of several kilometers, the majority of which has never
been drill tested.
During the course of its Balsamo deposit drilling, the Company has
identified another new gold-bearing vein parallel to and 200 meters
east of the Balsamo structure. The Cerro Alto vein has been
intersected in a number of Balsamo-focused drill holes and locally
contains attractive grades such as 14.9 g/t gold over 1.3 meters in
hole P07-567. Deeper drilling is required to determine the full extent
of the gold mineralization in the Cerro Alto vein.
The Company has tentatively scheduled its resource consultants to
perform an updated resource estimate for the El Dorado project,
including the Balsamo deposit, this fall. Finalization of this
schedule will depend on completion of drilling on the Balsamo and Cerro
Alto veins. A list of the most recent drill results from the El Dorado
project is provided below. A grade-thickness longitudinal map of the
Balsamo deposit has been posted to the Company's website
www.pacrim-mining.com.
"We continue to be impressed by our El Dorado project's capacity to
deliver high grade gold," states Tom Shrake, President and CEO. "The
Balsamo deposit appears to have the added bonus of relatively high
silver to gold ratios, which we expect will boost the value of this
deposit. Our new discovery in the Cerro Alto vein is intriguing, and
we have only just scratched the surface. Most of our holes to have
intersected Cerro Alto did so at higher elevations above the
anticipated productive interval as the holes were designed to test the
Balsamo vein to the west. Two of our four drill rigs currently in
operation at El Dorado will therefore focus on testing Cerro Alto
within the productive interval while the two remaining rigs complete
the Balsamo deposit delineation. We are on track to complete this work
in the coming months and anticipate updating the El Dorado resource
estimate before the end of 2007."
Latest El Dorado Project Drill Results
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Drill From To
hole (met- (met- True
Vein or UTM azimuth/ ers ers Inter- Width Sil-
Hole System Northing/ dip down down section (met- Gold ver
No. Tested Easting (degrees) hole) hole) (meters) ers) (g/t)(g/t)
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P07- Moreno 301586/ 270/50 No significant results
553 534793
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P07- Balsamo 300123/ 284/77 361.25 361.7 0.45 0.40 8.482 205
554 534766
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P07- Balsamo 300474/ 270/70 326.70 335 8.30 6.20 2.584 49
555 534779
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includes 327.25 328 0.75 0.70 11.322 123
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330.20 331.35 1.15 1.10 7.759 186
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P07- Balsamo 300177/ 270/62 No significant results
556 534943
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P07- Balsamo 300325/ 270/45 No significant results
557 534761
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P07- Balsamo 300025/ 265/70 No significant results
558 534900
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P07- Cerro Alto 300595/ 270/50 193.90 194.7 0.8 0.50 18.563 158
559 535120
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P07- Balsamo 300157/ 270/67 No significant results
560 534944
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P07- Balsamo 300640/ 278/57 No significant results
561 534735
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P07- Balsamo 299960/ 275/72 318.85 319.95 1.1 1.00 20.431 402
562 534873
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327.80 328.30 0.5 0.30 14.303 625
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P07- Balsamo 300438/ 270/72 296.95 298.05 1.1 1.10 7.487 72
563 534749
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307.68 309.05 1.37 1.30 8.598 214
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P07- Balsamo 300377/ 270/75 301.60 301.7 0.10 0.10 11.609 269
564 534672
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P07- Balsamo 300375/ 258/60 No significant results
565 534800
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P07- Balsamo 300260/ 270/61 420.90 429.3 8.40 6.95 1.856 49
566 534885
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includes 422.40 422.75 0.35 0.29 8.906 314
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P07- Balsamo 300400/ 258/70 106.65 107.95 1.30 1.30 14.932 20
567 534803
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P07- Balsamo 300212/ 268/58 341.90 342.3 0.40 0.40 9.492
568 534851
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345.85 352.75 6.90 6.00 16.272 211
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includes 347.50 348.3 0.80 0.67 31.601 453
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348.75 352.75 4 3.44 19.927 259
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P07- Balsamo 300377/ 266/49 No significant results
569 534672
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P07- Cerro Alto 300400/ 270/66 333.60 335.45 1.85 1.40 9.312 67
570 535050
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P07- Cerro Alto 300275/ 273/65 321.25 323.2 1.95 1.70 10.145 63
571 534023
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P07- Balsamo 300410/ 273/66 No significant results
572 534904
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P07- Balsamo 299860/ 270/58 No significant results
573 534920
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P07- Balsamo 300320/ 244/66 164.60 165.8 1.20 0.80 5.472 55
574 534853
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388.65 394.7 6.05 4.50 4.926 129
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includes 388.65 389.3 0.65 0.50 20.061 281
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393.30 393.8 0.5 0.40 17.023 202
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P07- Balsamo 300410/ 270/58 No significant results
575 534904
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P07- Balsamo 300550/ 281/69 No significant results
576 534950
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P07- Balsamo 300169/ 270/70 260.25 260.35 0.1 0.10 8.419 129
577 534705
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P07- Balsamo 300123/ 270/67 286.60 287.3 0.7 0.65 21.886 264
578 534765
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302.70 304.2 1.5 1.20 3.379 43
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P07- Balsamo 300475/ 240/55 76.70 77.75 1.05 0.80 4.212 10
579 534789
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326.00 327.15 1.15 1.00 3.752
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P07- Balsamo 300243/ 270/65 262.25 263.7 1.45 1.30 6.856 111
580 534750
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P07- Balsamo 300150/ 283/74 No significant results
581 534609
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P07- Balsamo 300300/ 274/60 128.00 132.85 4.85 3.90 2.319 7
582 534832
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345.90 348.15 2.25 2.25 10.454 na
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includes 345.90 346.8 0.90 0.70 22.199 na
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P07- Balsamo 299740/ 270/65 417.00 417.8 0.80 0.80 6.994 na
583 534803
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P07- Balsamo 300850/ 270/60 269.70 270.45 0.75 0.50 10.197 na
584 534988
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na = not currently available
About Pacific Rim Mining Corp.
Pacific Rim is a growth-oriented, revenue-generating, environmentally
and socially responsible gold exploration company with operations in
North America and exploration assets in North, Central and South
America. The Company is expanding and developing its advanced-stage,
high grade El Dorado gold project in El Salvador and is actively
exploring a pipeline of grassroots gold projects. Pacific Rim's goal
is to become a low cost, intermediate level gold producer.
On behalf of the board of directors,
"Thomas C. Shrake"
Thomas C. Shrake
President and CEO
Inquiries regarding this news release or Pacific Rim Mining can be
directed to
Barbara Henderson, VP Investor Relations, at 604-689-1976 or
1-888-775-7097.
NI 43-101 Disclosure
Readers are directed to the Company's website www.pacrim-mining.com and
SEDAR filings www.sedar.com for a complete list of drill results from
the El Dorado project, the results of past resource, reserve and
economic studies concerning the El Dorado project and full National
Instrument 43-101 disclosure.
Pacific Rim's exploration work on the El Dorado project is supervised
by William Gehlen a Certified Professional Geologist with the AIPG (No.
10626), an employee of Pacific Rim and a Qualified Person as defined in
NI 43-101. Mr. Gehlen has verified that the results presented above
have been accurately summarized from the official assay certificates
provided to the Company. Pacific Rim's sampling procedures follow the
Exploration Best Practices Guidelines outlined by the Mining Standards
Task Force and adopted by The Toronto Stock Exchange. Samples have
been assayed using fire assay with a gravimetric finish on a 30-gram
split. Quality control measures, including check- and sample
standard-assaying, are being implemented. Samples were assayed by
Inspectorate America Corporation in Reno, Nevada USA, an ISO 9002
certified laboratory, independent of Pacific Rim Mining Corp.
Cautionary Note Regarding Forward-Looking Information
Information set forth in this document includes forward-looking
statements. By their nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Pacific
Rim's control, including but not limited to: the timeframe and outcome
of delineation of the Balsamo discovery and its potential impact on the
El Dorado project; the timing for generation of an updated El Dorado
resource estimate; the geometry of the Balsamo deposit, which may
change as additional data is collected; the execution and outcome of
current or future exploration activities including drilling targeting
the Cerro Alto vein; and other factors detailed in the Company's
filings with Canadian regulatory agencies and the U.S. Securities and
Exchange Commission.
Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. Pacific Rim's
actual results, programs and financial position could differ materially
from those expressed in or implied by these forward-looking statements.
Cautionary Note to U.S. Investors -- The United States Securities and
Exchange Commission permits U.S. mining companies, in their filings
with the SEC, to disclose only those mineral deposits that a company
can economically and legally extract or produce. This news release may
include such terms as "measured," "indicated," and "inferred"
"resources" that the SEC guidelines strictly prohibit U.S. registered
companies from including in their filings with the SEC. U.S. Investors
are urged to consider closely the disclosure in our Form 40-F, File No.
001-31328, which may be secured from us, or from the SEC's website at
www.sec.gov/edgar.shtml.
The TSX and the AMEX have neither reviewed nor accept responsibility
for the adequacy or accuracy of this release.
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Copyright (c) 2007 PACIFIC RIM MINING CORP. (PMU) All rights reserved.
For more information visit our website at
http://www.pacrim-mining.com/ or send mailto:info@pacrim-mining.com
Message sent on Thu Aug 2, 2007 at 9:39:15 AM Pacific Time
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