VANCOUVER, BRITISH COLUMBIA (TSX: PMU)(AMEX: PMU) reports its
financial and operating results for the twelve months ended April
30, 2008. Details of the Company's financial results are provided
in its fiscal 2008 audited consolidated financial statements and
Management's Discussion and Analysis ("MD&A") that will be
mailed to shareholders shortly. All monetary amounts are expressed
in United States ("US") dollars unless otherwise stated. Pacific
Rim will be holding its annual general meeting on August 25, 2008
in Vancouver, Canada.
Overview
Pacific Rim is a growth-oriented, revenue-generating,
environmentally and socially responsible gold exploration company
with operations in North America and with development and
exploration assets in Central America. Pacific Rim's primary asset
and focus of its growth strategy is the El Dorado gold project in
El Salvador, which hosts a 1.4 million ounce high grade gold
resource. The Company is also generating and exploring a pipeline
of grassroots gold projects. Pacific Rim's goal is to become a low
cost, intermediate level gold producer. The Company's shares trade
under the symbol PMU on both the Toronto Stock Exchange ("TSX") and
the American Stock Exchange ("AMEX").
Financial Highlights (all amounts in thousands of US dollars, except per
share amounts)
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Year ended Year ended Year ended
April 30, April 30, April 30,
2008 2007 2006
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Summarized Statement of Loss
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Revenue $ 7,680 $ 8,337 $ 8,024
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Operating Costs $ 5,571 $ 5,442 $ 4,410
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Exploration expenditures $ 11,399 $ 10,401 $ 6,237
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Loss before discontinued operations $(14,134) $(10,417) $ (3,957)
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Loss for the year $(12,734) $ (9,417) $ (608)
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Loss per share (basic and diluted) $ (0.11) $ (0.09) $ (0.01)
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Summarized Statement of Cash Flows
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Cash Flow (used for) operating
activities $(11,277) $ (8,199) $ (4,439)
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Cash Flow provided by (used for)
investing activities $ 3,799 $ 6,861 $(10,948)
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Cash Flow provided by financing
activities $ 6,916 $ 2,065 $ 16,708
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Net increase (decrease) in cash $ (562) $ 727 $ 1,321
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Summarized Balance Sheet
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Cash and cash equivalents $ 1,922 $ 2,484 $ 1,757
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Cash and cash equivalents, short
term investments and inventories $ 7,444 $ 11,498 $ 17,188
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Total assets $ 18,270 $ 21,494 $ 25,320
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Total liabilities $ 6,109 $ 4,857 $ 2,665
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Working Capital $ 4,723 $ 9,273 $ 16,313
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Share Structure
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Weighted Average common shares
outstanding (basic and diluted) 111,122,976 106,938,672 82,527,499
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Fiscal 2008 Technical and Corporate Developments
The Company's technical and corporate activities for the twelve
months ended April 30, 2008 include:
- On November 7, 2007 the Company and Kennecott Rawhide Mining
Company, joint venture partners at the Denton-Rawhide residual
leach gold operation in Nevada, amended their October 2004 Property
Purchase and Sale Agreement with Nevada Resource Recovery Group
LLC, extending the closing date of the sale to on or before October
31, 2008. The extension was negotiated in order to provide
additional time for the Rawhide joint venture partners to complete
a key provision required for closing of the agreement.
- On January 17, 2008 the Company published an updated resource
estimate for the El Dorado gold project in El Salvador that
included first-time tabulation of resources for the Balsamo gold
deposit. El Dorado is now estimated to contain a Measured and
Indicated resource of 1.4 million gold equivalent ounces, with a
further 0.3 million gold equivalent ounces in the Inferred
category. Complete details of the January 2008 El Dorado resource
estimate are included in the Company's fiscal 2008 MD&A and in
news release #08-01 on the Company's website.
The mineral resource estimates presented above have been
calculated in accordance with National Instrument 43-101 as
required by Canadian securities regulatory authorities, which
differ from standards of the U.S. Securities and Exchange
Commission ("SEC"). The resource estimates presented above would
not be permitted in reports of U.S. Companies filed with the
SEC.
- On January 23, 2008 the Company published the results of a
trenching program at the Santa Rita gold project in El Salvador
that demonstrated the width of the gold-bearing Trinidad vein to be
significantly wider than previously believed, in many cases with
high-grade gold results across the entire width of the vein.
- On February 29, 2008 the Company closed a Private Placement
finance offering in which gross proceeds of CDN $7,046,550 were
raised through the issuance of 6,711,000 units consisting of one
share and one share purchase warrant. A finders' fee of 7%
commission and 7% agent warrants was paid to various parties
representing certain placees of the financing.
Subsequent to the end of fiscal 2008, the following events
occurred:
- In May 2008 the Company restarted work on the El Dorado gold
project feasibility study, which had been put on hold in March 2007
in order to drill define the Balsamo gold deposit, quantify its
gold resources and include them in the feasibility study.
Completion of the feasibility study will provide the Company and
its shareholders with a mine plan for El Dorado based on the
updated resource estimate and current input and commodity prices.
The El Dorado feasibility study is being led by SRK Consulting and
will include an underground mine plan for the Minita, South Minita
and Balsamo deposits, processing facility and tailings impoundment
designs, and an economic analysis of the proposed combined
operation. It is expected to be completed by December 2008.
- In July 2008 the Company suspended drilling activity at its El
Dorado project and commenced the lay off of El Salvador-based
staff, having made the decision to reduce its El Salvador
exploration and investment activity until such time as the
Government of El Salvador grants a mining permit for the El Dorado
project. Details of this announcement were made in news release
#08-07.
Results of Operations
For the fiscal year ended April 30, 2008, Pacific Rim recorded a
loss of $(12.7) million or $(0.11) per share, compared to a loss of
$(9.4) million or $(0.09) per share for the fiscal year ended April
30, 2007 and $(0.6) million or $(0.01) per share for the fiscal
year ended April 30, 2006. The $3.3 million increase in net loss
for fiscal 2008 compared to fiscal 2007 is primarily related to
decreased revenues, increased mine operating costs, increased
exploration expenditures, increased general and administrative
costs, and increased income tax expense period over period. The
substantial increase in net loss for fiscal 2007 compared to fiscal
2006 (a difference in net loss of $8.8 million) is a result of
markedly increased exploration and general and administrative costs
combined with lower recoveries from the Company's investment in the
Andacollo mine.
Revenue
Revenue, consisting entirely of the sale of gold and silver
bullion from the Denton-Rawhide mine, was $7.7 million in fiscal
2008, compared to $8.3 million in fiscal 2007 and $8.0 million in
fiscal 2006. Revenue for fiscal 2008 was slightly lower than the
2007 and 2006 fiscal periods, in spite of significant improvements
in the average realized gold price ($750 per ounce for fiscal 2008
compared to $644 per ounce for fiscal 2007 and $497 per ounce for
fiscal 2006), due to declining gold production from the
Denton-Rawhide mine (8,339 ounces of gold for fiscal 2008 compared
to 11,768 ounces for fiscal 2007 and 15,117 ounces for fiscal
2006).
Cost of sales was $6.1 million in fiscal 2008 compared to $5.6
million in fiscal 2007 and $4.5 million in fiscal 2006. The
consecutive annual increases between fiscal 2006 and fiscal 2008
are due to rising operating costs at the Denton-Rawhide mine ($5.6
million fiscal 2008 compared to $5.4 million in fiscal 2007 and
$4.4 million for fiscal 2006) combined with increasing
depreciation, depletion and amortization costs between fiscal 2006
(negligible), fiscal 2007 ($0.1 million) and fiscal 2008 ($0.5
million). The rising operating costs over the past 3 fiscal years
reflect an increase in estimated closure costs between fiscal 2007
and fiscal 2008 and an increase in processing and administration
expenses between fiscal 2006 and fiscal 2007.
As a result of the decrease in revenues over the past 3 fiscal
periods and increases in mine operating costs and depreciation,
depletion and amortization costs, mine operating income decreased
from $3.5 million in fiscal 2006 to $2.8 million in fiscal 2007 and
$1.6 million in fiscal 2008.
Expenses
Net non-operating expenses increased during fiscal 2008 to $14.6
million from $13.1 million for fiscal 2007 and $7.4 million for
fiscal 2006.
Exploration expenditures increased substantially between fiscal
2006 ($6.3 million) and fiscal 2007 ($10.7 million) with a more
moderate increase of $1.1 million between fiscal 2007 and fiscal
2008 ($11.8 million). The increase between fiscal 2007 and fiscal
2008 is primarily due to expenditures on the updated El Dorado
resource calculation and increased expenditures related to
community initiatives and public relations in El Salvador. During
most of fiscal 2007, the Company was utilizing 4 drill rigs at El
Dorado rather than the 2 rigs it used during fiscal 2006, which,
along with increased expenditures on social and environmental
initiatives, accounts for the substantial increase in exploration
expenditures between those two periods.
Like exploration expenditures, general and administrative
expenses increased between fiscal 2006 ($1.7 million), fiscal 2007
($3.0 million) and fiscal 2008 (3.7 million). The rise in general
and administrative expenses is primarily due to the overall higher
level of business activity and higher regulatory and legal costs of
complying with recently introduced United States and Canadian
reporting and regulatory requirements.
The Company realized interest income of $0.4 million in fiscal
2008, compared to $0.6 million in fiscal 2007 and $0.3 million in
fiscal 2006. Interest income was earned on cash and short term
investments held in each fiscal year. The increase in interest
income in fiscal 2008 and 2007 compared to fiscal 2006 reflects
higher cash and short term investment balances as a result of
equity financings the Company conducted in late fiscal 2006 and
late fiscal 2008.
The Company booked an unrealized foreign exchange gain of $0.4
million during fiscal 2008 (compared to an unrealized foreign
exchange loss of $0.09 million during fiscal 2007 and an unrealized
foreign exchange gain of $0.3 million during fiscal 2006) primarily
reflecting the impact of the US-Canadian dollar exchange rate on
the Company's Canadian dollar-denominated investments on hand.
The Company recognized a future income tax expense for $1.0
million in fiscal 2008 related to its investment in El Salvador for
which there was no comparable amount in fiscal 2007 and 2006.
Unusual Items
During fiscal 2008 the Company recovered $1.4 million on its
investment in the Andacollo Mine, compared to a recovery of $1.0
million in fiscal 2007 and $3.3 million in fiscal 2006. The
recovery of this investment relates to staged payments on the sale
of the Andacollo Mine during fiscal 2008, fiscal 2007 and fiscal
2006.
Liquidity and Capital Resources
Cash
During fiscal 2008 Pacific Rim's cash and cash equivalents
decreased by $0.6 million from $2.5 million at April 30, 2007 to
$1.9 million at April 30, 2008. At Y/E2008, short term investments
(consisting of short term, redeemable guaranteed investment
certificates and bankers acceptances) were $4.2 million compared to
$7.9 million at Y/E2007. Inventory, consisting of production
inventory in process at the Denton-Rawhide mine and bullion
inventory not yet sold, was $1.3 million at Y/E2008 and $1.1
million at Y/E2007. The total of cash and cash equivalents, short
term investments and bullion inventory (which in the Company's
opinion are collectively equivalent to cash, being available to
cover short-term cash requirements) was $7.2 million at April 30,
2008 compared to $11.2 million at April 30, 2007, a decrease of
$4.0 million. This decrease is primarily attributable to increased
exploration expenditures at the Company's El Dorado project and
increased general and administrative expenses during fiscal 2008
compared to the previous fiscal year combined with decreased
revenues from the Denton-Rawhide operation.
During fiscal 2008 the Company received cash flow from the
following sources: $1.6 million from Denton-Rawhide operations,
$1.4 million in proceeds related to the sale of Andacollo, $7.0
million from shares issued for cash (including net proceeds for
shares issued in a private placement equity financing and shares
issued upon the exercise of stock options and warrants), $0.4
million in interest income and $4.7 million in net redemptions of
short term investments. Outlays of cash during the year included:
$11.7 million in direct exploration expenditures, $2.6 million in
direct general and administrative expenses and $1.4 million in the
purchase of property, plant and equipment. The net of these cash
inflows and outlays was a decrease in cash and cash equivalents of
$0.6 million during fiscal 2008.
Working Capital
At April 30, 2008, the book value of Pacific Rim's current
assets stood at $7.7 million, compared to $11.8 million at April
30, 2007, a reduction of $4.1 million. The decrease in current
assets is primarily a result of redemptions of short term
investments (into cash) and subsequent cash expenditures as
outlined in Section 6 above. Property, plant and equipment
increased marginally from $6.3 million at April 30, 2007 to $6.8
million at April 30, 2008 as a result of capital expansion projects
at the Denton-Rawhide mine. Closure Fund balances increased from
$3.4 million at Y/E2007 to $3.8 million at Y/E2008 reflecting
interest earned on the balances held, and the impact of restating
the balance effective May 1, 2007 to fair value instead of cost as
required by new accounting standards. The Company's total assets at
Y/E2008 were $18.3 million compared to $21.5 million at
Y/E2007.
At Y/E2008, Pacific Rim had current liabilities of $2.9 million
compared to $2.5 million at Y/E2007. The $0.4 million year over
year increase in current liabilities is primarily due to a $0.3
million increase in accounts payable, reflecting invoices received
but not paid at April 30, 2008 ($2.3 million at Y/E2007 compared to
$2.6 million at Y/E2008). At April 30, 2008 the Company had a
future income tax liability of $1.0 million (compared to nil at
April 30, 2007 and 2006) related to its investment in El Salvador.
The Company's long-term portion of accrued mine closure costs and
related severance costs decreased from $2.2 million ($1.9 million
and $0.3 million for closure costs and severance respectively) at
April 30, 2007 to $2.1 million ($1.7 million and $0.4 million
respectively) at April 30, 2008, primarily due to the timing of
those expenditures, as $0.3 million of the closure cost obligation
is scheduled to occur in the next year and therefore has been
classified as a current liability, compared to $0.1 million
classified as a current liability at April 30, 2007. Currently,
Pacific Rim has no short- or long-term debt.
The $4.1 million decrease in current assets combined with the
$0.4 million increase in current liabilities, resulted in a $4.6
million reduction in working capital from $9.3 million at the end
of fiscal 2007 to $4.7 million at the end of fiscal 2008.
The Company will substantially reduce its El Salvador
exploration programs in fiscal 2009, until such time as the El
Dorado exploitation concession permit is received. The Company's
exploration plans for fiscal 2009 are:
- to complete work on the El Dorado project feasibility study,
which will consider an expanded operation with greater annual
throughput than that envisioned in the January 2005 pre-feasibility
study. The El Dorado feasibility study, expected to be completed by
December 2008, was restarted subsequent to the end of fiscal 2008
after being halted in March 2007 in order to quantify the Balsamo
deposit resources and include them in the study.
- to conduct a mapping and surface sampling program on the
Company's two Costa Rican properties and to launch a grassroots
reconnaissance program in Guatemala.
- to continue to advance the El Dorado, Santa Rita and
Zamora-Cerro Colorado projects by mapping, surface sampling and
trenching, maintaining the licences in good standing.
The Company anticipates that its fiscal 2009 exploration plans
as outlined above will cost approximately $1.0 million and that
general and administrative costs will decrease over fiscal 2008
expenditures due to anticipated staffing reductions. If regulatory
and political conditions warrant, and adequate financing is
available, the Company will resume aggressive exploration of its El
Dorado, Santa Rita and Zamora-Cerro Colorado projects in El
Salvador, which will result in increased exploration and general
and administrative expenditures over those currently anticipated
for fiscal 2009. In order to undertake an expanded exploration
program the Company may require additional financing during fiscal
2009. Pacific Rim forecasts production levels, revenue and cash
flow from the Denton-Rawhide gold mine roughly 6 months in advance
due to the variability in recoveries that are inherent in a
residual heap leach operation, and the volatility in gold price.
Though the Denton-Rawhide operation is expected to contribute funds
over the coming fiscal year that will be used for exploration or
general and administrative expenses, the operation's contributions
to the Company's cash available for exploration is decreasing
annually and in fiscal 2009 it is not expected to contribute
significant amounts to the Company's available working capital. The
Company anticipates cash flow from tipping fees related to the sale
of the Denton-Rawhide open pits, if as and when the Denton-Rawhide
Property Purchase and Sale Agreement closes as expected in October
2008. Substantial additional financing will be required if the
Company is able to commence development activities (construction of
an access / haulage ramp) at El Dorado during the coming fiscal
year.
Pacific Rim, received $1.4 million during fiscal 2008 (compared
to $1.0 million in fiscal 2007) in recovery of investment in the
Andacollo mine related to its sale of its Cayman and Chilean
subsidiaries that owned the Andacollo mine. All payments related to
this sale have been received.
Production
Pacific Rim is 49% joint venture owner of the Denton-Rawhide
gold mine, located near Fallon, Nevada. Kennecott Rawhide Mining
Company ("Kennecott"), a subsidiary of Rio Tinto Plc, is 51% joint
venture owner and operator of the mine. Denton-Rawhide is a
residual heap leach operation that ceased active mining in October
2002. Crushing and stacking of a low-grade ore stockpile continued
until May 2003 at which time the operation commenced the residual
leach and reclamation phase.
Pacific Rim's share of production from the Denton-Rawhide
operation during fiscal 2008 was 8,339 ounces of gold and 62,763
ounces of silver at a total cash production cost of $561 per ounce
of gold produced (calculated as per industry standards and net of
silver credits). During fiscal 2007 and fiscal 2006, Pacific Rim's
share of production was 11,768 ounces of gold and 108,246 ounces of
silver at total cash production costs of $378 per ounce, and 15,117
ounces of gold and 135,085 ounces of silver at total cash
production costs of $223 per ounce, respectively. Cash production
costs for fiscal 2008 were $183 per ounce greater than in fiscal
2007 and $338 per ounce greater than in fiscal 2006. The increase
in fiscal 2008 production costs relative to the previous two fiscal
years is primarily due to decreasing production since the cessation
of active mining at the operation, which provides fewer ounces over
which to spread the operating costs.
Fiscal 2008 gold production from Denton-Rawhide was
approximately 29% lower than in fiscal 2007 and 45% lower than in
fiscal 2006. This decline in production represents the natural
slowdown in recovery that occurs in the residual leach phase of a
heap leach operation that was further impacted during fiscal 2008
by the removal of the Merrill-Crowe circuit. In lieu of the
Merrill-Crowe, expansion of the carbon circuit commenced during
fiscal 2008 and remains in process. Replacing the Merrill-Crowe
with an expanded carbon circuit is expected to cut processing costs
by reducing the cost of consumables. Silver production will decline
under this processing plan, however, the cost savings are expected
to exceed the value of silver no longer recovered. Gold production
from Denton-Rawhide is anticipated to continue at declining rates
through the coming fiscal year. For the purposes of internal
budgeting, the Company's projections for Denton-Rawhide production
look forward no more than 6 months at a time.
Outlook
Pacific Rim will curtail its exploration programs and
expenditures in El Salvador in fiscal 2009, until such time as the
Company receives the permit for the El Dorado exploitation
concession. Without receipt of this permit, or final approval of
its El Dorado EIS, which would strongly indicate the Government of
El Salvador's intention to grant the El Dorado exploitation
concession, the Company does not intend to invest the millions of
dollars in exploration in El Salvador, either on the El Dorado
project or its grassroots Santa Rita or Zamora-Cerro Colorado
projects, it has in previous years. The Company anticipates
expending approximately $1.0 million on exploration during fiscal
2009, which will be spent on low cost mapping, sampling and
trenching programs at El Dorado, Santa Rita and Zamora-Cerro
Colorado, as well as initial exploration and prospecting on its new
Costa Rican gold projects, and on limited community relations
programs in the El Dorado and surrounding area. This work will be
revised should circumstances change and depending on the Company's
working capital balances and/or financing opportunities.
The Company will continue its extensive outreach efforts to
federal and municipal government officials, church leaders,
business leaders, and citizens during fiscal 2009. Pacific Rim's
history of supporting local inhabitants and building bridges with
all stakeholders is well documented, is a key component of the
Company's approach to exploration and development, and will
continue in all jurisdictions in which it operates.
Should a negotiated resolution to the ongoing delays in
obtaining the El Dorado exploitation concession, or other
indications that a resolution may be forthcoming as described above
not materialize in the near term, the Company intends to initiate
legal proceedings under both CAFTA and El Salvadoran law to protect
its rights regarding the future of the El Dorado project.
The Denton-Rawhide land sale agreement is expected to close
during fiscal 2009, after which the Company intends to investigate
methods by which it can monetize its long term royalty payment on
the landfill operation proposed by the purchasers. Gold production
at Denton-Rawhide is expected to continue at declining rates
throughout fiscal 2009 as is typical of residual leach
operations.
On behalf of the board of directors,
Thomas C. Shrake, President and CEO
National Instrument 43-101 Disclosure
Mr. William Gehlen, Vice President Exploration, supervises
Pacific Rim's exploration work on the El Dorado project. Mr. Gehlen
is a Certified Professional Geologist with the AIPG (No. 10626), an
employee of Pacific Rim and a Qualified Person as defined in NI
43-101.
Mr. David Ernst, Chief Geologist, supervises Pacific Rim's
project generation initiatives. Mr. Ernst is geologist licensed by
the State of Washington, an employee of Pacific Rim Mining Corp.
and a Qualified Person as defined in National Instrument
43-101.
Pacific Rim's sampling procedures follow the Exploration Best
Practices Guidelines outlined by the Mining Standards Task Force
and adopted by The Toronto Stock Exchange. Samples are assayed
using fire assay with a gravimetric finish on a 30-gram split.
Quality control measures, including check- and sample
standard-assaying, are being implemented. Samples are assayed by
Inspectorate America Corporation in Reno, Nevada USA, an ISO 9002
certified laboratory, independent of Pacific Rim Mining Corp.
The January 2008 El Dorado resource estimate was prepared by Mr.
Steven Ristorcelli, P.Geo., of Mine Development Associates, Reno,
Nevada and conforms to current CIM Standards on Mineral Resources
and Reserves. Mr. Ristorcelli is an independent Qualified Person as
defined in NI 43-101. Mr. Ristorcelli and others at Mine
Development Associates have verified the data used to tabulate
these resources by auditing the Company's drill results database,
reviewing drill sections, and examining drill core. A technical
report in support of the January 2008 El Dorado resource estimate
was filed with SEDAR on March 3, 2008. The report was co-authored
by Mr. Steven Ristorcelli, P.Geo., and Mr. Peter Ronning, P.Eng.,
each of whom are independent Qualified Persons as defined in NI
43-101.
The terms "measured resource", "indicated resource" and
"inferred resource" used in this document are Canadian mining terms
as defined in NI 43-101 and CIM Standards on Mineral Resources and
Mineral Reserves. Mineral resources that are not mineral reserves
have not been demonstrated to be economically and legally
extractable. Mineral resource estimates do not account for
mineability, selectivity, mining loss and dilution. It should not
be assumed that all or any part of a resource will ever be
converted to a reserve. These mineral resource estimates include
inferred mineral resources that are normally considered too
speculative geologically to have economic considerations applied to
them that would enable them to be categorized as mineral reserves.
There is also no certainty that these inferred resources will be
converted to measured and indicated resource categories through
further drilling, or into mineral reserves once economic
considerations are applied.
Cautionary Notes Concerning Resource Estimates and to U.S.
Investors
The terms "Measured resource", "Indicated resource" and
"Inferred resource" used in this document are Canadian mining terms
as defined in NI 43-101 and CIM Standards on Mineral Resources and
Mineral Reserves. Mineral resources that are not mineral reserves
have not been demonstrated to be economically and legally
extractable. Mineral resource estimates do not account for
mineability, selectivity, mining loss and dilution. It should not
be assumed that all or any part of a resource will ever be
converted to a reserve. The mineral resource estimates presented
herein include Inferred mineral resources that are normally
considered too speculative geologically to have economic
considerations applied to them that would enable them to be
categorized as mineral reserves. There is also no certainty that
these Inferred resources will be converted to Measured and
Indicated resource categories through further drilling, or into
mineral reserves once economic considerations are applied.
We advise U.S. Investors that while the terms "Measured
resource", "Indicated resource" and "Inferred resource" are
recognized and required to be reported by Canadian regulations, the
U.S. Securities and Exchange Commission does not recognize them. As
such, information contained in this document concerning
descriptions of mineralization and resources under Canadian
standards may not be comparable to similar information made public
by U.S. companies subject to the reporting and disclosure
requirements of the U.S. Securities and Exchange Commission.
Inferred resources have a great amount of uncertainty as to their
existence and a great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of a
Measured, Indicated or Inferred resource will ever be upgraded to a
higher category. U.S. investors are cautioned not to assume that
any part or all of an Inferred mineral resource exists, or is
economically or legally mineable. U.S. investors are also cautioned
not to assume that any part or all of the mineral deposits in the
Measured resource or Indicated resource categories will ever be
converted into reserves.
Forward Looking Information
The information contained herein contains "forward-looking
statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934 (as amended) and applicable
Canadian securities legislation. Forward-looking statements relate
to analyses and other information that are based on forecasts of
future results, estimates of amounts not yet determinable and
assumptions of management. Any statements that express predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words
or phrases such as "expects" or "does not expect", "is expected",
"anticipates" or "does not anticipate", "plans", "estimates" or
"intends", or stating that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved) are not statements of historical fact and may be
"forward-looking statements." Statements concerning reserves and
mineral resource estimates may also be deemed to constitute
forward-looking statements to the extent that they involve
estimates of the mineralization that will be encountered if the
property is developed, and in the case of mineral reserves, such
statements reflect the conclusion based on certain assumptions that
the mineral deposit can be economically exploited.
Forward-looking statements are subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking statements, including,
without limitation: risks related to gold price and other commodity
price fluctuations; risks and uncertainties relating to the
interpretation of drill results, the geology, grade and continuity
of mineral deposits; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected
costs and expenses; results of prefeasibility and feasibility
studies, and the possibility that future exploration, development
or mining results will not be consistent with the Company's
expectations; mining and development risks, including risks related
to accidents, equipment breakdowns, labour disputes or other
unanticipated difficulties with or interruptions in production; the
potential for delays in exploration or development activities or
the completion of feasibility studies; the uncertainty of
profitability based upon the Company's history of losses; risks
related to failure to obtain adequate financing on a timely basis
and on acceptable terms; risks related to environmental regulation
and liability; risks related to hedging activities; political and
regulatory risks associated with mining and exploration; and other
risks and uncertainties related to the Company's prospects,
properties and business strategy detailed elsewhere in this
MD&A and in the Company's Annual Information Form for the year
ended April 30, 2008 (incorporated by reference into the Company's
Form 40F on file with the US Securities and Exchange Commission).
Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described in forward-looking statements.
Investors are cautioned against attributing undue certainty to
forward-looking statements. The Company does not undertake to
update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities
laws.
Contacts: Pacific Rim Mining Corp. Barbara Henderson (604)
689-1976 or Toll Free: 1-888-775-7097 (604) 689-1978 (FAX) Email:
info@pacrim-mining.com Website: www.pacrim-mining.com
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