Pacific Rim Receives NYSE Amex Notification
12 Novembro 2009 - 7:26PM
Marketwired
Pacific Rim Mining Corp. ("Pacific Rim" or the "Company") (TSX:
PMU)(NYSE Amex: PMU) has received notice from the NYSE Amex LLC
("NYSE Amex" or the "Exchange") that, based on their review of the
Company's fiscal 2010 first quarter results, the Company is not in
compliance with Section 1003(a)(iii) of the Company Guide, having
at July 31, 2009 stockholders' equity of less than $6,000,000 while
sustaining losses from continuing operations and net losses in its
five most recent fiscal years.
In order to maintain listing of the Company's common shares on
the NYSE Amex, the Company must submit a plan to the Exchange by
December 11, 2009 addressing how it intends to regain compliance
with Section 1003(a)(iii) by May 11, 2011.
The Company will submit a plan (the "Plan") before the deadline
of December 11, 2009. If the Exchange accepts the Plan, then the
Company may be able to continue its NYSE Amex listing during the
Plan period, up to May 11, 2011, during which time the Company will
be subject to periodic review to determine whether it is making
progress consistent with the Plan. If the Company fails to submit a
Plan acceptable to the Exchange, or even if accepted, if the
Company is not in compliance with the continued listing standards
at the end of the Plan period or the Company does not make progress
consistent with the Plan during the period, then the Exchange may
initiate delisting proceedings.
"We intend to do everything in our power to rectify our
non-compliance issue and maintain our NYSE Amex listing," states
Tom Shrake, President and CEO of Pacific Rim. "Our current Exchange
non-compliance is yet another damage the Company has suffered due
to the failure of the Government of El Salvador to follow
Salvadoran law and international law. Our U.S. subsidiary, which
holds our El Salvador assets, has filed a claim against El Salvador
under the Dominican Republic-Central America-United States Free
Trade Agreement and under El Salvador's Investment Law, and this
claim remains pending. We continue to seek a resolution to the El
Dorado permitting impasse and have been in regular communication
with the Government of El Salvador over the past several months. We
are hopeful that a resolution can be reached, and Technical
Secretary Alex de Segovia of the newly-elected Funes administration
has publicly stated the same. Upon resolution of the El Dorado
permitting issue, the Company intends to become an environmentally
cutting-edge, low-cost gold producer in El Salvador with
significant exploration upside in its numerous high-grade
epithermal systems along the Central American Mineral Belt."
The Company's common shares continue to trade on the NYSE Amex
under the symbol "PMU" but will shortly become subject to the
trading symbol extension "BC" to denote non-compliance with the
Exchange's continued listing standards. The Company's common shares
also continue to be listed on the Toronto Stock Exchange ("TSX") in
Canada under the symbol "PMU" and that listing is not expected to
be affected by the NYSE Amex notification.
About the Company
Pacific Rim is an environmentally and socially responsible
exploration company focused exclusively on high grade,
environmentally clean gold deposits in the Americas. 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 owns
several similar grassroots gold projects in El Salvador and is
actively seeking additional assets elsewhere in the Americas that
fit its project focus. All references to "Pacific Rim" or "the
Company" encompass the Canadian corporation, Pacific Rim Mining
Corp, and its U.S. and Salvadoran subsidiaries, Pac Rim Cayman LLC,
Pacific Rim El Salvador, S.A. de C.V., and Dorado Exploraciones,
S.A. de C.V., inclusive.
On behalf of the board of directors,
Thomas C. Shrake, President and CEO
Forward-Looking Information
Information set forth in this document may involve
forward-looking statements. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond Pacific Rim's control, including: the submission
of a Plan to regain compliance with NYSE Amex listing standards on
or before the deadline for such submission; the acceptance of the
Plan by the Exchange; the assessment by the Exchange that adequate
progress is being made in achievement of the Plan; the ability of
the Company to comply with NYSE Amex listing maintenance standards
in the future; the ongoing listing of the Company on the Exchange;
the outcome of any ongoing discussions with the Government of El
Salvador, aimed at securing the necessary permits for the El Dorado
project, in which the Company is involved; the outcome of the
Company's legal action against the Government of El Salvador; and
the ability of the Company to attain its goal of becoming a
low-cost gold producer in El Salvador. Readers are cautioned that
the assumptions used in the preparation of such information,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking information. Pacific Rim's actual
results, programs and financial position could differ materially
from those expressed in or implied by these forward-looking
statements. Readers are urged to thoroughly review the Company's
Risks and Uncertainties as outlined in its 2009 Annual Report.
The TSX and the NYSE 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 1-888-775-7097 604-689-1978 (FAX)
general@pacrim-mining.com www.pacrim-mining.com
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