Pacific Rim Mining Corp

Published : July 03rd, 2008

Suspends Further Drilling in El Salvador Until Mining Permit Granted; Local Staffing Reduced

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Re:        2008 News Releases - Thursday, July 03, 2008
Title:     Pacific Rim Suspends Further Drilling in El Salvador Until Mining Permit Granted; Local Staffing Reduced

PMU News Release #08-07
TSX, AMEX Symbol PMU

July 3, 2008

Pacific Rim Suspends Further Drilling in El Salvador Until Mining Permit Granted; Local Staffing Reduced

Pacific Rim Mining Corp. ("Pacific Rim" or "the Company") has taken the first steps toward reducing its El Salvador work force in preparation for a slow down in exploration and investment activity on its El Dorado, Santa Rita and Zamora-Cerro Colorado gold projects in El Salvador. As the El Dorado drilling program consumed the bulk of the Company's direct exploration costs in El Salvador, the Company believes it is prudent to reduce its drilling expenditures and suspend drilling activity for the time being. This reduction in exploration activity will continue until such time as the Company's long sought after mining permit for the El Dorado project is granted. In the meantime, Pacific Rim is shifting its generative exploration efforts out of El Salvador to Costa Rica and Guatemala; two jurisdictions that are geologically similar but more politically stable for mining investment.

Pacific Rim is not abandoning its El Salvadoran assets and is continuing in earnest its wide-ranging diplomatic efforts to secure a mining permit for its flagship El Dorado gold project. The Company will continue to conduct the exploration work necessary to maintain its El Salvador properties in good standing. However, the Company can not continue to invest millions of dollars annually in advancing its El Salvador gold projects, particularly El Dorado, until such time as the Government of El Salvador signals its willingness to proceed with development of El Dorado by granting the mining permit. The Company's rights in El Salvador are being ignored by the Government of El Salvador. Pacific Rim, through its independent operating subsidiaries, will continue to pursue those rights, relying on both El Salvadoran law and the Central American Free Trade Agreement (CAFTA).

"Pacific Rim and its predecessors have invested approximately $77 million on gold exploration and development in El Salvador with exceptional results," says Tom Shrake, President & CEO. "We have provided the Government of El Salvador with an environmental study and mine design for El Dorado that exceeds both El Salvadoran and international standards and provides a very high environmental benchmark for future developments. Our exploration team has unraveled the complex volcanic geology of the region resulting in the discovery of several previously unknown epithermal gold systems. This exploration success has the potential to spawn a modern, clean mining industry in El Salvador that will create thousands of well-paying jobs alleviating the extreme poverty of the northern half of the country. We have built our "social license" and enjoy excellent local support in Caba�as and majority national support. Pacific Rim entered El Salvador cautiously and prudently and was encouraged every step of the way by the highest levels of Government. Unfortunately, the Government of El Salvador is now stalling the process without regard to the Company's rights deriving from its substantial investments in the country. While we would vastly prefer the negotiated solution we seek, we are being forced to consider all options in order to pursue our rights under El Salvadoran law and international treaties, specifically CAFTA. It saddens me to be forced to reduce our workforce and investment level in Caba�as, where local employment opportunities are almost non-existent. We remain focused on moving El Dorado into production, with the co-operation of the El Salvadoran government, so we can build a new economy in Caba�as and elsewhere in El Salvador. These are hard-working people that deserve this opportunity to work and feed their families."

Work Force Reductions
Pacific Rim has laid off 42 El Salvador-based employees effective June 30, 2008. The Company's remaining 225 employees, including all senior management remain with the Company. Additional layoffs are likely if the permit issue is not resolved imminently.

El Dorado Permitting
Regulatory approval of the El Dorado EIS is the critical requirement for the assessment and approval of the Company's El Dorado mining permit (also known as the exploitation concession) application. Nearly two-years have passed since the El Dorado EIS was submitted in its final form. MARN has failed to take action on approval of the EIS, thus preventing the Company from obtaining the El Dorado exploitation concession in a timely manner.

In good faith, Pacific Rim and its subsidiaries have met their responsibilities under El Salvadoran law. The Company is continuing to seek an amicable resolution to the El Dorado permitting issue with the Government of El Salvador and will continue to pursue its rights under El Salvadoran law and CAFTA. The Company has retained the Washington, DC legal firm of Crowell & Moring to represent it should it choose to proceed in the future with CAFTA arbitration proceedings.

Exploration
The Company's El Dorado drilling program, focused on the Cerro Alto and La Luz veins in recent months, has intersected many blind gold-bearing veins. However, no new deposits at El Dorado have been delineated since completion of the Balsamo deposit drilling. A complete list of drill results from the El Dorado property is available on the Company's website (at http://www.pacrim-mining.com/i/pdf/ED_complete_drill_results.pdf ), with the most recent results clearly indicated. Going forward and upon resumption of full-scale exploration at El Dorado, the Company intends to provide project updates on a quarterly basis, which will include any materially significant results and discoveries with complete drill results provided concurrently on the Company's website.

The Company intends to continue limited exploration work at El Dorado, Santa Rita and Zamora-Cerro Colorado, as necessary to maintain its claims in good standing. The Company recently completed a 9-hole Phase 1 drill program at Santa Rita, thereby meeting its property maintenance obligations. Results from this program will be issued when available. Additional investment can not be justified on the Company's El Salvador projects until the Government of El Salvador signals its willingness to proceed with its obligation to fully permit the El Dorado operation; a mine that will be environmentally clean, economically beneficial to all Salvadorans and socially responsible.

El Dorado Feasibility Study
Pacific Rim is proceeding with the El Dorado project feasibility study, which had been put on hold in February 2007 in order to drill define the Balsamo gold deposit, quantify its gold resources and include them in the updated study. Completion of the feasibility study will provide the Company and its shareholders with a mine plan for El Dorado based on the updated resource estimate and providing a measure of the project's value based on the current prices of commodities and consumables.

The El Dorado feasibility study is being led by SRK Consulting and will include an underground mine plan for the Minita, South Minita and Balsamo deposits, processing facility and tailings impoundment designs, and an economic analysis of the proposed combined operation. It is expected to be completed by December 2008.

Generative Exploration
Pacific Rim is moving the focus of its highly successful grassroots exploration initiatives from El Salvador to Costa Rica and Guatemala. These two jurisdictions offer outstanding gold potential, like El Salvador, yet are more mining-knowledgeable and receptive to the economic development opportunities presented by mining industry investment in general, and Pacific Rim specifically.

Costa Rica recently fully re-opened the doors to responsible gold mining. This decision was anticipated by Pacific Rim, which had previously filed for two large exploration concessions in the Las Juntas de Abongares and La Union mining districts, both epithermal vein systems with significant historic gold production. Drill targets on these projects will be evaluated in the coming months.

Pacific Rim will apply its proprietary geologic understanding of the relationship between low-sulfidation type epithermal gold deposits and the volcanic history of Central America to a grassroots reconnaissance effort in Guatemala. Two gold mines (both epithermal vein systems similar to the Company's El Dorado and Santa Rita systems in El Salvador) have gone into production in the past few years in Guatemala along the Central American Gold Belt that hosts Pacific Rim's El Salvador gold deposits. Guatemala has outstanding gold potential and has seen little modern exploration investment.

Pacific Rim remains committed solely to the exploration for low-sulfidation epithermal gold systems, which are environmentally clean, high grade, and generally low cost.

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 Central and South America. Pacific Rim's primary asset and focus of its growth strategy is the El Dorado gold project in El Salvador. The Company is also generating and exploring a pipeline of grassroots gold projects. Pacific Rim's goal is to become a low cost, intermediate level gold producer.

The Company's shares trade under the symbol PMU on both the Toronto Stock Exchange ("TSX") and the American Stock Exchange ("AMEX").

On behalf of the board of directors,

"Thomas C. Shrake"

Thomas C. Shrake
President and CEO

To contact the Company about this news release, call 1-888-775-7097 or 604-689-1976 or email general@pacrim-mining.com.

National Instrument 43-101 Disclosure
Mr. William Gehlen, Vice President Exploration, supervises Pacific Rim's exploration work within El Salvador including the Santa Rita project. Mr. Gehlen is 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 confirmed that the drill assay results presented herein and/or on the Company's website are accurately summarized from original assay certificates. 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 are 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 are 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 Statements
Information set forth in this document concerning the Company's plans for its properties, operations and other matters may involve forward-looking statements. By their nature, forward-looking statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management, and are subject to numerous risks and uncertainties, some of which are beyond Pacific Rim's control, including but not limited to: the depth of future employee layoffs; the timing for completion of the El Dorado feasibility study; the granting of the necessary permits to develop and exploit the El Dorado project; the outcome of any legal actions the Company or one or more of its subsidiaries may undertake; the acquisition of new exploration projects and the availability of financial and/or technical resources required to conduct exploration on any new projects; the availability of sufficient funding to proceed with the Company's existing exploration, development, operational and corporate plans; and other risks and uncertainties related to the Company's prospects, properties and business strategy factors detailed in the Company's Canadian and U.S. regulatory filings.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors should review the Company's disclosure of Risks and Uncertainties in its Annual and Quarterly reports as filed on SEDAR in Canada and EDGAR in the U.S., and are cautioned against attributing undue certainty to forward-looking statements.

The TSX and the AMEX have neither reviewed nor accept responsibility for the adequacy or accuracy of this release.

Copyright � 2008 PACIFIC RIM MINING CORP. (PMU) All rights reserved. For more information visit our website at http://www.pacrim-mining.com/ or send email to general@pacrim-mining.com ..
Message sent on Thu Jul 3, 2008 at 6:10:41 AM Pacific Time
Data and Statistics for these countries : Canada | Costa Rica | El Salvador | Guatemala | All
Gold and Silver Prices for these countries : Canada | Costa Rica | El Salvador | Guatemala | All

Pacific Rim Mining Corp

PRODUCER
CODE : PMU.TO
CUSIP : 694915208
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Pacific Rim Mining is a gold and silver development stage company based in Canada.

Pacific Rim Mining holds various exploration projects in El Salvador.

Its main assets in production are DENTON RAWHIDE and DENTON-RAWHIDE in USA and its main exploration properties are SANTA RITA, ZAMORA AND CERRO COLORADO, EL DORADO PROJECT - BALSAMO, EL DORADO EL SALVADOR, EL DORADO PROJECT - SOUTH MINITA, EL DORADO PROJECT - MINITA, EL DORADO PROJECT - NANCE DULCE, EL DORADO PROJECT - COYOTERA and EL DORADO PROJECT - NUEVA ESPERANZA in El Salvador.

Pacific Rim Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 14.8 millions as of today (US$ 13.9 millions, € 10.2 millions).

Its stock quote reached its highest recent level on December 31, 2003 at CA$ 2.39, and its lowest recent point on October 11, 2013 at CA$ 0.04.

Pacific Rim Mining has 210 952 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of Pacific Rim Mining Corp
10/4/2012Closes Private Placement Financing
4/20/2011Financing Increased
4/7/2011Undertaking Financing
1/14/2010Closes Private Placement Financing
8/28/2009Resolution to Extend Expiration Date of Warrants Passed at P...
2/29/2008 Closes Private Placement Financing
Nominations of Pacific Rim Mining Corp
3/7/2012Announces Changes to Board of Directors
Financials of Pacific Rim Mining Corp
7/25/2013Announces Fiscal 2013 Year End Results
12/11/2012Announces Fiscal 2013 Second Quarter Results
9/7/2012Announces Fiscal 2013 First Quarter Results
7/27/2012Announces Fiscal 2012 Year End Results
3/5/2012Announces Fiscal 2012 Third Quarter Results
12/13/2011Announces Fiscal 2012 Second Quarter Results
9/15/2011Announces Fiscal 2012 First Quarter Results
7/27/2011Announces Fiscal 2011 Year End Results
3/16/2010Announces Fiscal 2010 Third Quarter Results
12/7/2009Announces Fiscal 2010 Second Quarter Results
9/10/2009Announces Fiscal 2010 First Quarter Results
12/15/2008Announces Fiscal 2009 Second Quarterly Results
9/12/2008Announces Fiscal 2009 First Quarterly Results
3/11/2008Announces Fiscal 2008 Third Quarter Results
12/11/2007 Announces Fiscal 2008 Second Quarter Results
9/11/2007Announces Fiscal 2008 First Quarter Results
3/13/2007Pacific Rim Announces Fiscal 2007 Third Quarter Results
Project news of Pacific Rim Mining Corp
7/3/2008(El Dorado El Salvador)Suspends Further Drilling in El Salvador Until Mining Permit...
1/23/2008Surface Trenching at Santa Rita Project Reveals High Grade G...
1/17/2008(El Dorado El Salvador)El Dorado Gold Project M&I Resources Top 1.4 Million Gold Eq...
8/2/2007(El Dorado Project - South Minita)'s Balsamo Gold Deposit Delineation Nearing Completion; Anot...
4/10/2007(El Dorado - Pacific Rim)Balsamo Gold Zone on Pacific Rim Mining's El Dorado Project ...
3/27/2007Zamora Project Yields High Grade Gold in Surface Trenching
Corporate news of Pacific Rim Mining Corp
12/2/2013Shareholders Approve Plan of Arrangement and Final Court App...
11/27/2013OceanaGold and Pacific Rim Mining Complete Plan of Arrangeme...
11/12/2013ISS And Glass Lewis Recommend Pacific Rim Mining Shareholder...
10/28/2013Mails Information Circular in Connection With Special Meetin...
10/8/2013OceanaGold Agrees to Acquire Pacific Rim Mining
9/16/2013Announces Results of Annual General Meeting of Shareholders
6/7/2013Adopts Advance Notice and Majority Voting Policies
6/7/2013Adopts Advance Notice and Majority Voting Policies
5/6/2013Announces Termination of the Hog Ranch Option Agreement and ...
4/1/2013Statement Filed in Arbitration Case Against El Salvador; Pac...
3/13/2013Announces Fiscal 2013 Third Quarter Results
10/25/2012Negotiates Set Fee Structure for Final Phase of ICSID Arbitr...
9/25/2012OceanaGold Corporation Takes Placement in Pacific Rim Mining...
6/4/2012World Bank Tribunal Allows Pacific Rim Subsidiary to Continu...
6/4/2012World Bank Tribunal Allows Pacific Rim Subsidiary to Continu...
4/30/2012Provides a Progress Report on Activities in El Salvador and ...
6/14/2011Finalizes Hog Ranch Property Joint Venture Acquisition
5/2/2011CAFTA Hearing on Jurisdiction Objection Underway
3/30/2011Signs Letter of Intent to Acquire Majority Interest in Hog R...
3/22/2011Upcoming CAFTA Hearings Delayed
8/19/2010Notifies NYSE Amex of its Intent to Delist
8/3/2010ICSID Tribunal Rejects Government of El Salvador's Prelimina...
5/31/2010Cafta Hearing On Preliminary Objection Underway
3/4/2010Provides Update on Exploration Focus and CAFTA Proceedings
2/11/2010NYSE Amex Accepts Pacific Rim Mining's Compliance Plan
12/11/2009Undertaking Financing
11/19/2009CAFTA Proceedings Begin as Tribunal Constituted
11/12/2009Receives NYSE Amex Notification
7/24/2009Announces Fiscal 2009 Year End Results
2/12/2009Defers Completion of El Dorado Fesibility Study
12/9/2008Files Notice of Intent to Seek CAFTA Arbitration
9/19/2008Announces Head Office Cutbacks
7/22/2008Announces Fiscal 2008 Year End Results
2/14/2008 Financing Increased to 6,711,000 Units
2/6/2008Undertaking Financing
11/7/2007Denton-Rawhide Land Sale Closing Date Extended
10/25/2007 Contact Information Update
7/23/2007Announces 2007 Year-End Results
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (PMU.TO)FRANKFURT (PRM.F)
0.070+0.00%9.92+0.43%
TORONTO
CA$ 0.070
12/02 15:48 -
0%
Prev close Open
0.070 0.070
Low High
0.070 0.070
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.070 -%
Volume 1 month var.
100,000 -%
24hGold TrendPower© : 24
Produces Gold - Silver
Develops
Explores for Gold - Silver
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 11/20/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.05+0.43%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.