NOVEMBER 2, 2001 - 09:16 EST
Pacific Rim Sells Diablillos Project For US $3.4 Million
VANCOUVER, BRITISH COLUMBIA--Pacific Rim Mining Corp. is pleased
to announce it has finalized a letter of intent to sell its
Diablillos silver-gold project to Silver Standard Resources Inc.,
subject to regulatory approvals and completion of a formal
agreement. Under the terms of the agreement, Silver Standard will
pay a total of US$3.4 million ($5.42 million Canadian at current
exchange rates) for Diablillos, consisting of staged cash payments
totalling US$1.5 million by December 31, 2001 and staged payments
of US$1.9 million in cash or common shares, at Silver Standard's
election, on or before December 31, 2003.
"Pacific Rim committed months ago to leverage the Diablillos
project to the best advantage of shareholders," states Catherine
McLeod-Seltzer, President. "This sale has provided a significant
source of non-dilutive funds for Pacific Rim to aggressively
pursue new project acquisitions." "The money generated by the
sale of Diablillos will be used to implement our strategic plan -
to secure prospects that have the potential to contain low cost
gold ounces, which can equate to higher than average shareholder
rewards," adds Tom Shrake, CEO.
Pacific Rim is currently evaluating a number of new project
opportunities and remains focused on gold exploration in Central
and South America.
On behalf of the Board of Directors,
Catherine McLeod-Seltzer, President
The statements contained in this release that are not historical
facts are forward-looking statements, which involve risks and
uncertainties that could cause actual results to differ materially
from targeted results. These risks and uncertainties include but
are not limited to exchange approval and finalization of an
agreement, the completion of all scheduled payments, the Company's
strategies for project acquisition and the potential results for
shareholders.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Pacific Rim Mining Corp.
Catherine McLeod-Seltzer
President
(604) 689-1976 or Toll Free 1-888-775-7097
Email: info@pacrim-mining.com
Website: www.pacrim-mining.com
The TSE has neither reviewed nor accepts responsibility for the
adequacy or accuracy of this release. |
