Mark, PFG is not a partially owned subsidiary of Barrick. It is equity participant with Barrick on the Diablillos gold discovery property in Argentina. Barrick can earn up to 70% of the property FROM Pacific Rim.
A consulting geologist has done a preliminary reserve on Barrick's 10,000 meter drill program just completed, and there is an estimated 1,500,000 OUNCES gold equivalent as a result. Barrick should be back drilling after the xmas break and should prove up a lot more tonnage if past results are any indication.
Pacific Rim Mining also owns 100% of the property that adjoins the Diablillos and it is on strike directly with the Diablillos. It is called the Cerro Blanco. The trenching and rock sampling results should be out shortly and then there will be a program of geophysics and drill targeting on this exciting property.
They also have a mammoth 52,000 hectare, copper,silver,lead,zinc property in Salta province called La Colorada, where Corriente is enjoying such high prices. Pacific Rim was an early entrant to the Argentina mining scene and was able to pick up some very highly prospective property early on before the big rush. This property will also see work early in 1997.
They also have a large property in Kalimantan not far from Bre-X and also the Kelian Mine.
The results of an airborne magnetic, radiometric survey on La Colorada should be out some time this week, possibly to-day, and the trenching results on the Cerro Blanco not long after. The companies prices (closed on 1.90 Dec.18)are going to look very, very cheap in the near future. There is a lot of news coming out on this company shortly.
They have a web site and it makes for good reading. You can also get a lot of good knowledge about this company, if you look up the last few weeks postings on the thread.
Hope this clarifies a few things for you.
Cheers
Shirley |
