Pacific Rim regains 100-per-cent Diablillos ownership
Pacific Rim Mining Corp PFG
Shares issued 21,615,370 Jun 27 close $0.30
Thu 28 Jun 2001 News Release
Mr. Thomas Shrake reports
Pacific Rim Mining has regained 100-per-cent ownership in its Diablillos
silver-gold project in Argentina. The reinstatement of Pacific Rim as full
owners of Diablillos is a result of the transfer from a subsidiary of
Barrick Gold Corp. to Pacific Rim of 70 per cent of the shares in a holding
company that indirectly owns the project. Pacific Rim formerly owned 30 per
cent of the holding company, bringing the total now to 100 per cent.
Barrick has been Pacific Rim's partner in and operator of the Diablillos
project since June, 1996. Since that time, Barrick has spent in excess of
$17-million (U.S.) on the project, including property payments of
$3.75-million (U.S.) to the former owners and exploration expenditures
focused primarily on the Oculto deposit. Barrick's work at Diablillos was
extensive, with 24 diamond drill holes, 150 reverse circulation drill
holes, preliminary metallurgical testing, geological mapping and sampling,
and magnetic and CSAMT geophysical surveys completed on or around the
Oculto deposit during its five-year involvement in the Diablillos project.
"We are extremely pleased to have Diablillos entirely within the Pacific
Rim fold once again," states Tom Shrake, chief executive officer. "Our
ownership in the project moving from 30 per cent to 100 per cent is clearly
beneficial to shareholders, but we are equally excited about controlling
the project from an operational and decision-making standpoint. Silver
deposits of Oculto's magnitude are not common and we intend to leverage the
project in a timely manner to the best advantage of our shareholders."
Additional drilling and check assaying has been completed on the Oculto
deposit since the time of the last Oculto resource estimate. Pacific Rim
has contracted mine development associates (MDA) of Reno, Nev., to update
the Oculto resource estimate based on this additional data. The company
anticipates receiving the new Oculto resource calculation within the next
few weeks and will release the results when they become available.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
