charred,
It would appear that PFG and crew will be able to continue to explore in the style they have become acustomed to for a while longer:-))
Friday November 30, 4:54 pm Eastern Time
Press Release
Pacific Rim Signs Final Diablillos Sale Agreement
VANCOUVER, BRITISH COLUMBIA--Pacific Rim Mining Corp. is pleased to announce it has completed and signed a final agreement to sell its Diablillos silver-gold project to Silver Standard Resources Inc. Under the terms of the agreement, Silver Standard will pay a total of US$3.4 million for Diablillos, consisting of staged payments totalling US$1.5 million in cash by December 31, 2001 and US$1.9 million in cash or common shares, at Silver Standard's election, on or before December 31, 2003. Closing of the Diablillos sale, accompanied by the first two cash tranches, is expected to occur on or before December 14, 2001.
The Toronto Stock Exchange (``TSE'' or ``the Exchange'') has notified Pacific Rim of its acceptance of the Diablillos sale agreement. As a condition of its acceptance, the TSE has advised Pacific Rim that it must provide the Exchange with satisfactory evidence within 6 months of the closing of the Diablillos sale, that on a post sale basis, the Company will meet the original listing requirements of the Exchange. In the event that Pacific Rim does not satisfy this requirement by the deadline set forth, it is the intention of the TSE to schedule a hearing to determine if the common shares of Pacific Rim should continue to trade on the Exchange.
Pacific Rim is focused on potentially low cost gold projects in Central and South America that are attractive in today's commodity price environment. The opportunities under consideration may involve asset acquisitions and/or a corporate transaction. |
