Pacific Rim Mining Corp.: CAFTA Proceedings Begin as Tribunal Constituted
19 Novembro 2009 - 6:44PM
Marketwired
Pac Rim Cayman, LLC ("Pac Rim" or the "Company"), a Nevada
corporation and a wholly-owned subsidiary of Pacific Rim Mining
Corp. (TSX: PMU)(NYSE Amex: PMU) ("Pacific Rim") has received
notice from the International Centre for Settlement of Investment
Disputes ("ICSID") that the three nominations for arbitrators in
the Company's action under the Central America-Dominican
Republic-United States of America Free Trade Agreement ("CAFTA")
and the El Salvadoran Investment Law have all accepted their
appointments. As a result, the Arbitral Tribunal is therefore
deemed under ICSID Arbitration Rule 6 to have been constituted. For
additional information about Pac Rim's claims against the
Government of El Salvador see Pacific Rim news release #-09-03
dated April 30, 2009 or its 2009 Annual Report.
"This is a key milestone in Pac Rim's claim as the arbitration
process will now get fully underway," states Tom Shrake, CEO. "The
next step is for the Arbitral Tribunal to convene a hearing to set
out the further procedures in the arbitration. The shareholders of
Pacific Rim can rest assured that although the arbitration will
proceed as quickly as possible, we continue to maintain a dialogue
with the Government of El Salvador to find a resolution to our
dispute to the benefit of both parties. Pacific Rim has worked with
both local residents and their elected officials, and the
Government of El Salvador, to design a mine plan for the El Dorado
deposits that sets new environmental protection standards for Latin
America. We are committed to responsible mining that can put the
people of Cabanas back to work in these extremely difficult
economic times. El Salvador has tremendous gold wealth that can be
translated to jobs and economic prosperity in the poorest region of
the country in a safe and responsible manner."
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. Pac 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 "Pac 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 schedule and
commencement date of future arbitral hearings; the outcome of any
ongoing discussions with the Government of El Salvador; and the
outcome of the arbitration against the Government of 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 Toll Free: 1-888-775-7097 604-689-1978 (FAX)
general@pacrim-mining.com www.pacrim-mining.com
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