Hi Rick and ALL, Received this update from CMS:
PACIFIC RIM
MINING CORP.
c/o Suite 328 - 625 Howe Street
Vancouver, B.C., Canada
V6C 2T6
Telephone: [604]-684-0003
Facsimile: [604]-684-0007
E-Mail Address: PFG VSE@aol.com
Dear Shirley,
In response to your question as to the timing of Pacific Rim announcements in the near future, this is what to expect the news flow to be:
1) Drilling has commenced on the Cerro Blanco property and should be completed within two weeks, barring any mechanical problems. As we stated in our last news release, we are drilling eight to ten widely spaced reverse circulation holes to approximately 200 meters in depth. Assays should take approximately 30 days once drilling is completed, and we will release the results in batches.
2) We have recently received all the raw data from Barrick on the Oculto deposit and have sent it to an independent engineering firm for preparation of a reserve calculation. This should be compiled and available for release by early June, 1997. Barrick will have to review it prior to its release. I am not certain as to Barrick's turnaround time, but co-operation between ABX and PFG has been excellent, so I don't expect any delays.
3) We expect Barrick to be back drilling the Oculto extensions by month end with a 10,000 meter program to test the extensions to the northeast, as well as to test the three new geophysical targets. When Barrick begins this Phase III drilling, we will release an official announcement of its commencement.
Other future events, for which I cannot give you exact dates are:
a) As announced when Tom Shrake, Bill Gehlen and Dave Ernst were assembled as our exploration team, Pacific Rim now has one of the best exploration teams in junior mining circles today. Each of these three has been involved in multiple discoveries of orebodies which have created wealth for the companies by which they were employed. These "mine finders," as they are referred to by industry peers, will not only enhance the value and development of PFG's original assets, but will also add other assets to PFG's portfolio. I cannot fix our first acquisition on a specific date, but I know that it will be a high quality addition to PFG's properties. The exploration team is highly qualified, motivated and well financed. They can and will move quickly as opportunities arise, and Pacific Rim shareholders will be rewarded for backing them.
b) As I mentioned in our conversation, an independent geologist has just returned from a site visits to PFG's properties in Salta (La Colorada, Cerro Blanco and Diablillos). He has confirmed that La Colorada is a good target for base metal exploration. We are also excited as to La Colorada's gold potential, as several other companies are conducting gold exploration in the district.
c) The Oculto deposit has only recently been "figured out" by the ABX and PFG joint venture. It represents only a small area of the Diablillos property which has some dozen other prospective gold targets with the same types of signatures. ABX will undoubtedly prioritize these targets for future exploration.
I understand that news may seem to be flowing slowly, and would like to emphasize that we took over PFG only three and a half months ago. The company is now healthier than it has ever been. All project work, finances and management are in excellent condition, and the company is well financed for future development. I am certain that as the current circumstances come to fruition, PFG will enter an extremely exciting time.
Please don't hesitate to keep in touch with any questions which may arise.
Best regards,
Catherine McLeod-Seltzer
President, Pacific Rim Mining Corp.
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