Pacific Rim starting to shape up;
Pacific Rim Mining Corp.: High Grade Gold Over Significnt Width Intersected at South Minita
Tuesday January 24, 9:15 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 24, 2006) - Definition drilling at Pacific Rim Mining Corp.'s ("Pacific Rim" or "the Company") (TSX:PMU - News; AMEX:PMU - News) South Minita gold zone on the El Dorado gold project in El Salvador has yielded new high grade gold intercepts over significant width. Highlights include 30.60 g/t gold over 5.20 meters in hole P05-408.
This intersection, in addition to the results of drill hole P05-400 (20.4 g/t gold over 2.00 meters previously announced in news release #05-17 on December 06, 2005), expands the size of a high grade gold zone within the South Minita area. In combination, these holes are expected to positively impact both the size and grade of the South Minita gold zone. An updated longitudinal section of the Minita vein at the South Minita gold zone, contouring Grade-Thickness intervals, is available on the Company's website at www.pacrim-mining.com/i/pdf/SMinitaGoldZone_Long.pdf.
Latest South Minita Drill Results
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Drill
hole
UTM azi- From To Inter- True
Vein North- muth/ (met- (met- sec- Wid-
or ing/ dip ers ers tion th Sil-
Hole System East- (degr- down down met- (met- Gold ver
No. Tested ing ees) hole) hole) ers) ers) (g/t) (g/t)
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P05-401
(i) South 300800/ 270/ 83.20 83.45 0.25 0.25 8.40 7.9
Minita 534458 62 174.10 175.1 1.00 0.80 14.45 139
includes 174.10 174.7 0.60 0.48 20.41 204
176.3 177.15 0.85 0.70 10.10 85
includes 176.3 176.55 0.25 0.20 16.83 142
457.45 458.3 0.85 0.85 32.45 255
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P05-402 Minita 299768/ 270/ No significant results
vein 534435 50
exten-
sion
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P05-403 South 300335/ 256/ 86.7 86.9 0.20 0.20 17.58 67
Minita 534277 70
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P05-404 Minita 301460/ 112/ Results Pending
533977 67
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P05-405 Minita 299466/ 270/ No significant results
vein 534399 50
exten-
sion
P05-406 South 300824/ 261/ 203.9 205.65 1.75 1.55 8.99 62
Minita 534287 68 271.05 271.15 0.10 0.10 8.46 1
324.85 325.9 1.05 0.75 7.09 33
343.2 345.8 2.60 2.20 8.34 28
377 377.3 0.30 0.30 9.12 84
377.4 378.1 0.70 0.50 14.22 161
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P05-407 Minita 301482/ 90/ Results Pending
534057 75
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P05-408 South 300493/ 273/ 30.3 30.5 0.20 0.20 7.57 19.5
Minita 534304 60 257.25 258.75 1.50 1.30 8.36 126
includes 257.25 257.35 0.10 0.10 16.95 144
and 257.65 258.75 1.10 1.10 9.70 158
305.4 311.6 6.20 5.20 30.60 325
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P05-409 South 300605/ 268/ 168.4 168.6 0.20 0.20 11.70
Minita 534336 68 368.2 375.15 6.95 5.00 5.38 36
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P05-410 Minita 301727/ 90/ Results Pending
533870 68
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P05-411 South 300527/ 269/ 171.0 173.55 2.55 1.50 9.66 117
Minita 534200 71
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(i) updates results released December 06, 2005
South Minita
The South Minita gold zone is located approximately 500 meters south of the low cost Minita deposit, the subject of a positive pre-feasibility study in January 2005. Pacific Rim is currently nearing the completion of delineation drilling at the South Minita gold zone in preparation for the calculation of an updated resource estimate for the El Dorado project. Further delineation of the South Minita gold zone will be required in light of these new very positive results, though the updated resource estimate is still expected to commence in the first calendar quarter of 2006. The Company will then commission an updated economic assessment of the El Dorado project, based upon the January 2005 Minita pre-feasibility study and taking into account the upcoming South Minita resource estimate.
"These latest drill results from South Minita provide further testament to the overall high-grade tenor and therefore low cost nature of the Minita vein system and the El Dorado District," says Tom Shrake, President and CEO. "Drill hole P05-408 is the best hole we have drilled to date in the El Dorado District when considering both width and grade. Along with holes P05-409 and P05-400, it has opened up new areas for potential gold resources within the South Minita gold zone. We are very eager to complete the delineation of this zone, quantify the South Minita resource and demonstrate the positive impact this deposit will have on the economics of the Minita operation proposed in our January 2005 pre-feasibility study. Our goal is to double the 80,000 ounce per year production rate documented in this study. On the exploration front, we look forward to drill testing our stable of high priority targets both at El Dorado and at the high-grade epithermal system on our new Santa Rita gold project."
NI 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 drill results presented above have been accurately summarized from the official assay certificates provided to the Company. Pacific Rim's drill 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.
The Minita pre-feasibility study is supported by a technical report prepared for Pacific Rim Mining Corp. by SRK Consulting (US) Inc. of Denver Colorado, entitled "Pre-Feasibility Study, El Dorado Project, El Salvador", dated January 21, 2005 and publicly available on SEDAR. The primary author of the report is Mr. William F. Tanaka, a Qualified Person independent of Pacific Rim, as defined in National Instrument 43-101. Mr. Tanaka is a member of the Society of Mining Engineers (SME) and the Australasian Institute of Mining and Metallurgy (mAUSIMM).
About Pacific Rim Mining Corp.
Pacific Rim is a growth-oriented, revenue-generating, environmentally and socially responsible gold exploration company with operational and exploration assets in North, Central and South America. Pacific Rim utilizes the cash flow from its 49% interest in the Denton-Rawhide gold mine in Nevada to explore, define and advance its projects, including the flagship El Dorado gold project in El Salvador. Pacific Rim's goal is to become a highly profitable, intermediate-level gold producer. |
