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

To: Shirley Owen who wrote (8516)	2/2/1998 2:51:00 PM
From: Ross Mickey	Read Replies (3) \| Respond to of 14627

Morning all. I spoke with Tom S. this morning. The new property is really two properties. The one they really want abuts the Diablillos to the west. This was originally owned by BHP. BHP kept this piece when they gave the Diablillos to PFG. It is not a Cateo but a Mina (sp?). A Cateo is a two year exploration permit which can be extended for two years. A Mina is an exploitation permit which is more permanent. They want this property because it may lie in the fault line the Occult is in. Tom admitted that the Occult is "pinching off" to the SW but it may "balloon out" again. There are no plans to start drilling right away. Just to walk the property and assess the structural features there. The reason Corriente wanted to make a deal was they realize it is a proximity play right now. They also realized that since it is a proximity play, to many players only dilutes the effect for everyone. PFG has been working with them on some "trades" which didn't work out so PFG made this deal with them. The second property is further to the west, is a Cateo and has the $1.3 million underlying payment. These payment get progressively larger as time goes on. Tom said they will not be making any large payments unless this property pans out. There are no immediate plans for this property either. It sounds to me like this piece was just part of the deal. What PFG wanted was the piece next to Diablillos. Also, the warrants which came due were all purchased (a no brainer at $0.75) They are still looking at the data for the Letica and will be making a decision which way to go. The Cerro Blanco has a $100,000 payment due in May and they will be deciding if they want to make it or not. There has been talk of fireworks in March or May. It appears that the exploration branch of Barrick is being pressured by the head office to make a decision on the Diablillos. People talk about a win-win. If Barrick walks, we get a heap leachable, 70%+ recoverable, multi-million ounce silver mine. If Barrick stays, we get bought out. Best of Luck, Ross