Pacific Rim Files Notice of Intent to Seek CAFTA Arbitration
09 Dezembro 2008 - 12:00PM
Marketwired
Pac Rim Cayman LLC, a Nevada corporation and a wholly-owned
subsidiary of Pacific Rim Mining Corp. (TSX: PMU)(NYSE-A: PMU)
(collectively with Pac Rim Cayman LLC, "Pacific Rim" or the
"Company"), has filed a Notice of Intent ("NOI") to commence
international arbitration proceedings against the Government of El
Salvador under the Central America-Dominican Republic-United States
of America Free Trade Agreement ("CAFTA-DR" or "CAFTA"). Pacific
Rim will be claiming significant monetary damages (several hundred
million dollars) in the arbitration if a satisfactory resolution is
not found within 90 days following the filing of the NOI. The
Company has retained the Washington, DC-based international law
firm of Crowell & Moring, LLP to represent it in the
arbitration.
Conference Call
Pacific Rim will host a conference call this morning to discuss
the details of this CAFTA action. The conference call will commence
at 11:00 am Eastern time (8:00 am Pacific time) and is open to all
interested parties by dialing 1-800-762-8973 toll free from Canada
or the US, or 1-480-629-9572 from international locations,
approximately 10 minutes prior to the scheduled start time.
Presenting on behalf of Pacific Rim will be Tom Shrake,
President and CEO. The Company's legal counsel in this matter,
Timothy McCrum of Crowell & Moring, LLP, will additionally be
on line to answer questions.
A replay of the call will be available from 3 hours following
its completion until December 16, 2008. The replay dial-in number
is 1-800-406-7325 in Canada or the US and 1-303-590-3030 from
international locations. The access code to listen to the replay is
3952530.
Basis of Claim
By exploring, discovering and delineating gold deposits in El
Salvador while at all times operating in full compliance with El
Salvadoran law, Pacific Rim has developed precious metal assets
higher in value than the investment of over US$ 75 million
undertaken in El Salvador by the Company and its predecessors. The
Company's claims under CAFTA are based on the Government of El
Salvador's breaches of international and El Salvadoran law arising
out of the Government's failure, within its own mandated time
frames and pursuant to the clear terms of applicable laws, to issue
exploration and exploitation permits to which the Company is
entitled. This inaction by the Government of El Salvador has
resulted in significant loss to the Company, its employees, and the
local communities.
The Company's mandate to its shareholders is to build a gold
mining company that explores and develops gold deposits in an
environmentally responsible manner. In meeting its
responsibilities, a mine design for the Company's El Dorado gold
project was submitted to the Government of El Salvador in its final
form in October 2006, over two years ago. Development of the El
Dorado project has received support from an increasing majority of
El Salvadoran citizens, including national and local organizations
and their leaders. Despite the inclusion of carefully engineered
environmental protections in the El Dorado development and
operating plans and strong public support, the Government of El
Salvador has not met its responsibility to issue the Company
additional permits. Therefore it is with great regret that the
Company has concluded it must seek a legal remedy to secure its
right to develop the El Dorado project.
"It is with deep regret that we must now pursue our legal rights
through the initiation of a CAFTA action and we intend to pursue
these rights vigorously," states Tom Shrake, President and CEO of
Pacific Rim. "Sadly, it is not just Pacific Rim whose rights are
being compromised, but the rights of all Salvadorans and foreign
investors. Local communities and social and environmental agencies
are being denied the benefits of our community programs. The
country is being denied a project that sets new environmental
precedents for the Americas and that is destined to become a
significant contributor to the economy in the midst of a worldwide
economic crisis. With the mine operating, Pacific Rim would be the
single greatest contributor to the tax revenues of the country, and
rather than providing thousands of new lucrative jobs for El
Salvadorans, we have had to dismiss over 200 local workers in the
past few months. Nonetheless, we remain committed to resolving our
permitting impasse and throughout the mandated 90-day period prior
to arbitration, will continue to seek a solution to this dispute
with the government of El Salvador so that we can put our employees
back to work building and operating a safe and environmentally
sound mine that provides the engine for a sustainable economy in
the northern region of El Salvador as well as benefiting the nation
as a whole."
Arbitration Process
Under CAFTA rules and procedures, involved parties have 90 days
following the filing of the NOI to resolve their dispute amicably.
If a resolution is not forthcoming in this timeframe, the Company
has the right to commence arbitration proceedings against El
Salvador on March 9, 2009. The arbitration will be administered
under the Convention on the Settlement of Investment Disputes
Between States and Nationals of Other States and under the Rules of
Procedure for Arbitration Proceedings of the International Centre
for Settlement of Investment Disputes ("ICSID"). ICSID is an
affiliate of the World Bank and is headquartered in Washington,
D.C.
In the arbitration, the Company intends to request, among other
things, that the arbitral tribunal award: 1) compensation for the
money Pacific Rim has spent in pursuit of its investments in El
Salvador; 2) damages for the loss of value that has been created by
the Company through its efforts and investments resulting from the
Government's wrongful conduct; 3) costs associated with preparation
for and conduct of the arbitration proceedings; and 4) pre- and
post- award interest on all claims. Once an arbitral tribunal is
constituted, the length of the ensuing proceedings may range from
approximately one to three years.
About the Company
Pacific Rim is an environmentally and socially responsible
exploration company focused exclusively on high grade,
environmentally clean gold deposits in Central America. Pacific
Rim's primary asset and focus of its growth strategy is the high
grade, vein-hosted 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. Pacific Rim Mining Corp.'s shares
trade under the symbol PMU on both the Toronto Stock Exchange
("TSX") and the NYSE Alternext US ("NYX").
On behalf of the board of directors,
Thomas C. Shrake, President and CEO
Cautionary Note Regarding Forward-Looking Statements
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 resolution of the
El Dorado permits dispute within the minimum 90-day NOI period
provided for in CAFTA; the necessity to proceed with a formal CAFTA
arbitration following the minimum 90-day NOI period; the outcome of
any local or international trade disputes; the granting of the
necessary permits to develop and exploit the El Dorado project; the
availability of sufficient funding to proceed with 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 NYX have neither reviewed nor accept
responsibility for the adequacy or accuracy of this release.
Contacts: Pacific Rim Mining Corp. Barbara Henderson
1-888-775-7097 or (604) 689-1976 (604) 689-1978 (FAX) Email:
general@pacrim-mining.com Website: www.pacrim-mining.com
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