Pacific Rim releases updated Oculto resource estimate
Pacific Rim Mining Corp PFG
Shares issued 21,615,370 Jul 5 close $0.29
Fri 6 Jul 2001 News Release
Mr. Tom Shrake reports
Pacific Rim Mining has released the results of an updated resource estimate
for the Oculto silver-gold deposit, located within the company's wholly
owned Diablillos project in northwestern Argentina. The company
commissioned Mine Development Associates (MDA) of Reno, Nev., to calculate
an updated resource estimate for the Oculto deposit in light of additional
drilling and check assaying that had been conducted on the deposit since
the time of the last Oculto resource estimate.
MDA estimates the Oculto deposit to contain an inferred resource of 93.8
million ounces of silver and 815,000 ounces of gold. This estimate consists
of an inferred silver resource of 41.98 million tonnes averaging 70 grams
per tonne silver at a cutoff grade of 42 g/t silver equivalent, within
which lies an inferred gold resource of 24.88 million tonnes averaging 1.02
g/t gold at a cutoff grade of 0.7 g/t gold equivalent (the same equivalent
cutoff grade as the silver resource). The silver-to-gold ratio used for
calculating equivalencies is 60:1.
"The updated resource calculation confirms our previous estimates for the
Oculto deposit," states Tom Shrake, chief executive officer. "Oculto is a
sizable silver deposit with appreciable gold credits. Now that we have an
up-to-date picture of the Oculto resource, we will investigate a variety of
avenues to leverage this project to the best advantage of our
shareholders."
This resource is classified as an inferred resource, as defined by the
Canadian Institute of Mining (CIM) in an appendix to National Instrument
43-101 (NI 43-101). At this stage, no portion of the Oculto resource is
classified as indicated or measured, nor does the calculation include any
reserves. Mineral resources do not have demonstrated economic viability.
The updated resource estimate includes these data from all known drilling
conducted on the Oculto deposit to date and as of today's date is the most
current estimate of the Oculto resource known by the company.
The updated Oculto resource estimate was calculated by Steve Ristorcelli,
RPG, of Mine Development Associates, who is an independent qualified person
(QP) under the terms of NI 43-101. A technical report in support of this
resource calculation, to be prepared by Mr. Ristorcelli and Peter Ronning,
PEng, also an independent QP, will be filed with the British Columbia,
Alberta and Ontario securities commissions within 30 days as required by NI
43-101. In the preparation of this resource estimate, Mr. Ristorcelli has
employed standard estimation techniques including kriging, capping the
high-grade sample data, limiting the range of the higher-grade zones, and
using hard boundaries to confine the projection of sample grades. Details
of the resource calculation methodology will be presented in the technical
report. There are no issues of which the company is aware that may
materially affect the validity of this resource estimate, including any
environmental, permitting, legal, title, taxation, political or cultural
matters.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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