Pacific Rim Mining Announces Head Office Cutbacks
18 Setembro 2008 - 12:33PM
Marketwired
Pacific Rim Mining Corp. (TSX: PMU)(AMEX: PMU) ("Pacific Rim" or
"the Company") has made additional cuts to its overhead by
significantly reducing staffing levels in the Vancouver office
including Peter Neilans, COO and April Hashimoto, CFO. These cuts
are a response to difficult market conditions and ongoing delays in
obtaining environmental and mining permits for the El Dorado
project. Both Mr. Neilans and Ms. Hashimoto will continue their
relationship with the Company on a consulting basis, with Ms.
Hashimoto transitioning the Company to a contract accounting firm
and Mr. Neilans managing the completion of the El Dorado
feasibility study.
"We must preserve capital," states Tom Shrake, President and
CEO. Both Pete and April have contributed greatly to the Company
over the past several years and will continue to lend their
expertise going forward. We thank them for their service to the
Company. We are tightening our belt as necessary and remain focused
on securing the permits required to develop El Dorado so that the
value we have built in the project can be realized by our
shareholders."
About the Company
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. 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").
On behalf of the board of directors,
Thomas C. Shrake, President and CEO
Forward Looking Information
Information set forth in this document concerning the Company's
plans for its properties, operations and other matters may involve
forward-looking statements. By their nature, 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, and are subject to
numerous risks and uncertainties, some of which are beyond Pacific
Rim's control, including but not limited to: the potential for and
depth of future layoffs; the timing for completion of the El Dorado
feasibility study; the granting of the necessary permits to develop
and exploit the El Dorado project; the availability of sufficient
funding to proceed with the Company's existing exploration,
development, operational and corporate plans; and other risks and
uncertainties related to the Company's prospects, properties and
business strategy factors detailed in the Company's Canadian and
U.S. regulatory filings.
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 should review the Company's disclosure of
Risks and Uncertainties in its Annual and Quarterly reports as
filed on SEDAR in Canada and EDGAR in the U.S., and are cautioned
against attributing undue certainty to forward-looking
statements.
The TSX and the AMEX have neither reviewed nor accept
responsibility for the adequacy or accuracy of this release.
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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