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Gold/Mining/Energy : Pacific Rim Mining V.PFG -- Ignore unavailable to you. Want to Upgrade?

To: Phil Jones who wrote (8500)	1/30/1998 3:34:00 PM
From: m jensen	Read Replies (1) \| Respond to of 14627

Pacific Rim to acquire Fantasma claims and Nunez Cateo from Corriente Pacific Rim Mining Corp PFG Shares issued 18,271,370 Jan 29 close $1.50 Fri 30 Jan 98 News Release Also Corriente Resources Inc (CTQ) Ms Samantha Cramer reports Pacific Rim Mining has signed a letter of intent for the option to acquire 100% of the Fantasma claims (600 Ha) and the Nunez Cateo (6000 Ha), in the Salta Province of Argentina, from Corriente Resources, subject to completion of due diligence and approval by Pacific Rim's board and regulatory bodies within 45 days of signing. The property lies adjacent to the 30% Pacific Rim owned Diablillos property in northwestern Argentina, being explored under the supervision of Barrick Gold. The proximity of Fantasma to Diablillos is both strategically and geologically important to Pacific Rim as the claims cover a portion of a large fault block that hosts the Oculto deposit. Most of this block is covered by wind blown sand on the Fantasma property. Under the letter of intent, Pacific Rim can acquire a 100% interest in the property by issuing to Corriente a maximum of 400,000 common shares: (a) 100,000 upon execution of a formal option agreement (b) 100,000 on the first anniversary of the option agreement, (c) 100,000 on the second anniversary of the option agreement and, (d) 100,000 on the third anniversary of the option agreement. Upon exercise of the option, a 1% nsr will apply with a $1 million buyout. The Cateo is subject to an option agreement between Cavok SRL and Corriente, and Pacific Rim agrees to meet Corriente's obligations, and assume all its rights as set out in that agreement. These obligations include underlying payments totalling $US1.3 million over a period of three years and a 2% nsr with two buyout payments of $US582,500 each. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com mike