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

To: Shirley Owen who wrote (10879)	11/30/1998 9:44:00 AM
From: DeplorableIrredeemableRedneck	Read Replies (1) \| Respond to of 14627

E*TRADE Canada introduces another exclusive! Pay NO COMMISSIONS on over 600 mutual funds For more information visit us at: www2.cdn-news.com NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: PACIFIC RIM MINING CORP. TSE SYMBOL: PFG NOVEMBER 30, 1998 Pacific Rim Mining Corp.- New Oculto Resource Estimate-Gold Equivalent Ounces Increase 47 Percent VANCOUVER, BRITISH COLUMBIA—Pacific Rim Mining Corp. is pleased to announce the results of an independent resource estimate for the Oculto silver-gold deposit, located within the Diablillos property in northwestern Argentina. The resource calculation was conducted at Pacific Rim's request by Mine Development Associates (MDA) of Reno, Nevada, and is an update of the previous resource estimate for Oculto calculated by MDA in July 1997. MDA estimates the Oculto deposit to contain an inferred resource of 49.5 million tonnes, averaging 68.3 g/t silver and 0.42 g/t gold at a cutoff grade of 0.40 g/t equivalent gold. This represents a resource of 108.8 million ounces of silver and 664,000 ounces of gold, an increase of approximately 19 percent in silver ounces and 132 percent in gold ounces over the 1997 resource estimate. In order to reflect the increased cutoff grade required for a standard mill operation, the 1998 resource estimate was also calculated at 0.80 g/t equivalent gold cutoff. It is notable that despite this significant increase in the cutoff grade, the total equivalent ounces of gold still rose by 47 percent. The updated resource is summarized in Table 1. /T/ Table 1. Oculto Inferred Resource, November 1998 Cutoff Tonnes Silver Gold Total Total Equiv Grade (000's) Grade Grade ounces ounces ounces Equiv.(x) (g/t Ag) (g/t Au) silver gold gold (mill.) (000's)(mill.) 0.40 49,529 68.3 0.42 108.8 664 2.48 0.80(xx) 30,704 92.7 0.60 91.5 595 2.12 3.00 5,114 257.1 1.38 42.3 226 0.93 (x) US$ 300/ounce gold and US$ 5.00/ounce silver. (xx) Estimate of cutoff required for standard mill operation /T/ The Oculto deposit is open to the southwest, although the width of the mineralization within the Diablillos property appears to be narrowing in that direction. In all other directions, the Oculto mineralization is essentially economically closed off. Pacific Rim believes the potential to develop the Oculto resource will depend upon the discovery of additional ounces. The Company believes there is significant potential for the discovery of additional ounces to the southwest of Oculto, both within the Diablillos property and within Pacific Rim's contiguous Fantasma property, as well as elsewhere within the 3,600 hectare Diablillos property. The Company recognizes that additional drilling and a feasibility study are required to advance these ounces to the reserve category. “Great progress has been made in the economic understanding of the Oculto deposit with the increased drill density, the preliminary characterization of the metallurgy and a lot of hard work by our partners in the Diablillos project” states Tom Shrake, CEO. Pacific Rim has also received the results of holes RC-98-139 through RC-98-146 representing the last 8 holes of a 13-hole reverse circulation drill program completed by a subsidiary of Barrick Gold Corporation (“Barrick”) on the Oculto deposit earlier this year (see news release dated August 10, 1998 for the results of the first 5 holes). These holes were drilled along the northeast extension of the Oculto deposit. Hole RC-98-141 intersected a 31 meter interval (from 162 to 193 meters) averaging 3.26 g/t gold and 63.8 g/t silver. Holes 139, 140 and 142 to 146 returned either no significant results or sub-ore grade intersections. The new resource estimate quoted above incorporates the results of drilling from holes that satisfy a certain density in their spacing. It does not incorporate the widely-spaced holes to the northeast of the Oculto deposit, including holes RC-98-139 to 146. Barrick has reiterated its intention to drill four diamond drill holes twinning selected previously drilled reverse circulation holes at the Oculto deposit, and has informed Pacific Rim that it plans to complete this drilling in 1999. Scheduling has not been provided at this time. Barrick holds a 70 percent interest in the Diablillos project and to retain this interest, must, by June 2000, spend US$ 10.5 million on exploration (which has been completed) and make a positive production decision, or make annual exploration expenditures of US$ 4 million from June 2000 onward until a production decision is made. On behalf of the board of directors, Thomas C. Shrake, CEO This news release contains forward-looking statements regarding future work programs. Actual results may differ materially from those currently anticipated in such statements. Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as resource, that the SEC guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F File No. 029704.  30- FOR FURTHER INFORMATION PLEASE CONTACT: Pacific Rim Mining Corp. Thomas C. Shrake CEO (604) 689-1976 or Toll Free: 1-888-775-7097 (604) 689-1978 (FAX) E-mail: pacrim@direct.ca Website: www.pacrim-mining.com The TSE has neither reviewed nor accepts responsibility for the adequacy or accuracy of this release. INDUSTRY: PCS SUBJECT: MEX