Re post from PFG
To: Pacific Rim Mining (8498 )
From: Pacific Rim Mining
Thursday, Jan 29 1998 3:09PM EST
Reply # of 8611
From Pacific Rim's wesite forum, January 28, 1998
Pacific Rim's management continues to see communication as a priority and in an effort
to keep you abreast of the company's activities, management will publish corporate
updates, summarizing activities announced publicly and activities crucial to Pacific
Rim's success. Please bear in mind, however, that as a publically listed company,
Pacific Rim is limited with regards to the content and timing of the information posted
on the internet.
Pacific Rim is obligated to disseminate any material news to the public by news release
as regulated by the TSE and VSE, therefore the news in these updates will summarize
activities which have been reported, and activities not considered legally material.
Many of our internet followers have requested information that is either not yet ready
for public dissemination, as it is not complete, not yet in Pacific Rim's possession or
approved for dissemination by our industry partners. Publication of these types of data
would represent a breech of securities regulation on the part of Pacific Rim. Our
mandate is to maintain open lines of communication with our shareholders at all times.
Please feel free to address any questions to either management or investor relations,
who are available at all times.
"I thank you for your continued interest in Pacific Rim Mining Corp. I apologize for the
time it has taken to respond to your questions but I have had a very busy month. I
hope that this summary helps in rounding out the information that serves to keep you in
touch with our activities. It is my feeling that in the current market and metal price
cycle, today is a very good time to be searching for quality assets. Pacific Rim is in a
good financial position and we are hustling to review as many opportunities as
possible."
Tom Shrake, CEO, Pacific Rim Mining Corp
Pacific Rim Corporate Update, January, 1998
1. Pacific Rim continues to aggressively seek out quality projects through a two-part
generative program. The first part of the program is a grass-roots reconnaissance
project that makes use of a proprietary, multi-faceted database. This program is
focused in northwestern Argentina. The second part of the program is an effort to
generate projects by reviewing site-specific opportunities in other parts of Latin
America which come to our attention through active networking and submittal. We
have recently been reviewing these types of opportunities in Mexico, Peru and Chile.
Pacific Rim's objective is high quality projects, and we will wait to acquire additional
projects until we identify those meeting our objectives.
2. Pacific Rim continues to seek a joint venture partner to develop the La Colorada
and Cerro Blanco projects in nortwestern Argentina.
3. Drill results from Pacific Rim's exploration on the Leticia joint venture with Miranda
Industries in the Guerrero gold belt in Mexico are currently being evaluated and will be
used to dictate activities and resources directed at this project in 1998.
4. Pacific Rim continues to pursue an aggressive investor relations and marketing
program. In addition to promoting the company in Toronto though the Toronto Stock
Exchange listing ceremony and meeting with various brokerage firms and institutional
investors, the company is also preparing to file for a form 20F, which allows US
brokerage firms to actively promote and trade Pacific Rim's shares. Management
anticipates that that this will increase exposure to the US's extensive silver investment
market.
5. A news release regarding Barrick's 1998 exploration program for Diablillos,
including plans for metallurgical testing and a resource calculation was released on
January 28th, 1998, immediately following Barrick's approval.
6. Mr. Doig: There is no "shotgun clause" in Pacific Rim's contract with Barrick,
however, our view on the deal with Barrick is as follows: Barrick must make an
expenditure of US$10.5 million on or before July, 2000 and make a production
decision to maintain their interest in Diablillos. A production decision is defined as a
thorough feasibility study and capital budget. Barrick has the right to assign their
interest with our consent. Our right to grant consent is absolute and there is no
"reasonable right to withhold" clause. These issues are defined in the Articles of
Association of the holding company. Should Barrick fail to make a production decision
by the year 2000, they must sell their interest in the project back to us for $10,000 or
invest US$4 million per year until a production decision is made.
7. Mr. Quinn via Mr. Marshall: A) Management has not abandoned the discussion
forum. Since the holidays my schedule has included: a week in Argentina with mine
analysts to promote Diablillos and other PFG programs; a three-day strategic planning
session in Vancouver that included a number of presentations to institutional investors;
two days with senior corporate finance from a Toronto brokerage house on a
business/social retreat; three days in Toronto attending the TSE listing ceremony and
promoting PFG to potential investors, brokers, etc.; two trips to two major cities
targeting brokerage houses that have clients that are silver investors; and three days in
the office. In those three days I have not had the time to answer questions on the web
site because of more pressing matters. B) Very little work was initiated or
accomplished on the La Colorada project before new management took over the
company. We continue to search for a partner. C) The process of generating new
projects is continuous. Our search is for the highest quality projects and until we find
projects that fit that objective, we will be patient. This patience is critical to our
approach to exploration.
8. Mr. Schaller: Allow me to address the questions which are not the subject of the
news release. A) The latest drill results were released last November. I do not
anticipate receiving further results until April when the initial results from the current
program are in hand. B) The next payment for Cerro Blanco is due in May. The status
of that payment is undetermined. C) The 12 twinned diamond drill holes are the
metallurgical core holes for bulk sample. Sampling will probably be conducted in the
metallurgical lab and therefore, results will not be received until the lab issues their
report.
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