Info From PMU - News Coming
by: mideocorp
Long-Term Sentiment: Hold 05/01/03 02:51 pm
Msg: 3090 of 3097
Dear Mr. ******
Thank you for your message. I apologize for not replying sooner, but I was
down in El Salvador last week visiting the El Dorado and La Calera projects.
We are with El Dorado and La Calera drill
results either later this week or next week - it will depend on when we get
assays back from the lab. We have been, and will continue, issuing periodic
news releases with drill results about every 6 weeks. The dry season in El
Salvador is almost over, but this does not impact our drilling program, only
the surface field work. Drilling will continue at the same pace year round.
We have been making a concerted effort though to do as much surface
exploration and target generation as possible because in a month or so it
will be much more difficult and will probably slow down.
At Rawhide, everything is progressing on course. As you are aware, the mine
experienced a shortfall in production late last year and early this year.
Because we are not operators, we rely on information from Kennecott on a
weekly, monthly, quarterly basis and it appears that the production levels
have stabilized. They also appear to have recovered somewhat, but the data
on that is not as clear yet. I am not exactly sure about the update
regarding increasing leaching you refer to - a few months ago we had a
consultant visit the mine and offer some suggestions to Kennecott as to how
to stem the downturn in production. These measures seem to have helped, as
I mentioned above, but there were numerous reasons for the downturn, some of
which were just one-time events that needed to sort themselves through the
system,
We have been to a number of mining / investment conferences lately,
including the Denver Gold Group meeting in October, the San Francisco gold
show in November, the Cordilleran Roundup in Vancouver in January, the
Nesbitt Burns resources conference in February, and the PDAC in Toronto in
March. We try to gear our schedule of conferences, meetings, road shows,
and other promotional activities to what is going on with the Company. If
there is nothing of real significance to speak about, we do not spend the
(often large amounts of) money on these activities. We are keeping a lower
but steady profile for now but believe me, when we have a major move forward
with the projects, we will be dong a lot of presentations and conferences.
Our strategy is to become a mining company, not sell the project or the
Company to a major. We believe this would provide the best outcome for
shareholders, since the days of extremely high premium buyouts seem to be
over, whereas very high market mutiples can be achieved for
intermediate-level producers with high quality, low-cost, profitable
deposits. We believe El Dorado has the potential to fit into this category
of deposit.
If there is anything else I can help you with, please do not hesitate to
contact me.
Regards,
Barbara Henderson
VP Investor Relations
Pacific Rim Mining Corp. |
