Pacific Rim Mining V.PFG Message Board

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Gold/Mining/Energy : Pacific Rim Mining V.PFG

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To: Quickdraw who wrote (12438)	1/12/2000 10:50:00 AM
From: Quickdraw	Read Replies (2) of 14627

A further update from PFG based on yesterday's conversation. The Senior geologists returned to the Luicho property on Jan 10. Further sampling did take place since the last release and 500+ new samples will be included in the next release (tomorrow?). David Ernst' next job is to take some airphotos and to do some detailed geological mapping. This should take 1 - 1 1/2 months. They are currently working with a map inherited from the owners. Property Ownership: The optioned Luicho property is currently owned by two separate parties. 50% is owned by the widow and daughter of an ex-secretary of mines. The property has been owned by this family for a long time (since before he became "secretary of mines"). 50% is owned by a "construction family" (one man and his son). It appears there was a dispute over property ownership and the naming of a property manager. PFG Management were able to bring the two parties to the table and resolve this issue. This was in part responsible for PFG winning the option along with good timing. Net Smelter Royalty (NSR): Barb indicated the 3% NSR was considered as standard and should not be considered as onerous. She mentioned as example that in Nevada NSRs range from 1% to 5%. She noted that the 3% is off the value of what is mined. The formula I used in an earlier post seemed to bother her, in particular the $30US figure. She suggested the range could typically be anywhere from $10US to $90US. Distance of Luicho to a major urban centre: Barb explained that this was not a problem and wondered that it had even come up as an issue. She informed me that the Pan American Highway runs up and down Peru. A 5 hour drive on a secondary highway and we are 20 kms from the property. The last 20kms (gravel) are easily driveable by bus to within 3kms, passing through 4 villages (of approximately 2,000 persons). The property: The strike length continues to increase in size (initially 1.2km and now 1.85km). It appears to be petering out to the North but continues to the South. It may end up extending to just over 2km. PFG will begin drilling with 2 RC drills. The drills will have articulating heads which allows them to be positioned more effectively in this rugged terrain. They continue to aim to begin in the late spring (dependant on surface agreements etc.). During blasting of the road units, sampling will be done. The first 5kms of road construction should be complete in 4-6 weeks from commencement, afterwhich drilling and blasting will take place. After two weeks of this they should have a better idea of how long the final stretch should take. Promotion: As I mentioned in two previous posts, PFG will be represented at the Cordilleran Round-up (end of Jan) and PDAC (March 6-7). Additionally Tom has been asked to speak in Tampa Florida at a session given by Nesbitt and another in Utah? Given by Deutschbank. Hope this helps! Qd

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