Pacific Rim Mining V.PFG Message Board

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Gold/Mining/Energy : Pacific Rim Mining V.PFG

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To: Claude Cormier who wrote (62)	10/3/1996 3:00:00 PM
From: JED	of 14627

Hi Claude, I spoke with PFG again this morning. We can expect another set of drill results from the Occulto zone by the middle of this month, perhaps earlier. With several of the higher grade holes having ended in mineralization, Barrick is currently drilling to depth on some of the more promising holes in the Occulto Zone. More drilling will be undertaken to verify the "suprising closing of the deposit to the west" (according to Barrick's property consultant). There is discussion that the underlying formation may have simply broken line. The increase in gold reserves is presently being calculated which may be part of a clearer, more accurate news update regarding the last drill results. Barrick is proceeding with another 1,000 meter drilling program which is scheduled to begin immediately. To date they have punched 30 holes at an estimated cost of $1.5mil. Good news/ bad news. During the last drill program they experienced a number of problems with breakage as the drills penetrated the granite then suddenly intercepted the more porous rock underneath and snapped. Of course, this is where the gold/silver seepage would have been encountered. New shafts will be able to easily intercept this more promising sedimentation to test for further mineralization. Should a production decision be reached, Barrick is looking for a proposed mine center. As the central mine in the Occulto zone is being excavated, it is anticipated that surface scooping would proceed from the Laderas zone where the ore body is more exposed. Regarding the 100% fully owned Cerro Blanco property that is immediately adjacent to the northeast of Diablillos. Grab samples were encouraging. The geologist in charge has already been commissioned to begin further exploration and mapping. It is too premature to say at this time but, trenching is the most likely next step. When speaking with Jerry Phillips (President of PFG) last week, I expressed discomfort regarding the rumour that PFG was considering selling the enormous La Colorada base metals property. At that point Jerry confided that he also felt that La Colorada may well have more potential than does Diablillos. Today's conversations (following on the heels of the latest press release) indicated that Pac Rim can not ignore the significant offer that is being considered for this property. PFG would retain smelter royalties at the very least. This is all the "reliable" information that I have been able to procure at present. I will update the situation as new developments occur. Warm regards, JED

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