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![]() | Pacific Rim Mining Corp. is a revenue-generating gold exploration company in the process of advancing its high grade El Dorado gold project in El Salvador. The Company's goal is to become a low-cost, highly profitable intermediate-level gold producer through the development of El Dorado and other gold projects, while setting industry standards for environmental stewardship and social responsibility. Pacific Rim Mining Corp is based in Vancouver, Canada. The Company's shares trade on both the Toronto (TSX) and American (AMEX) stock exchanges under the symbol PMU. Pacific Rim owns 49% of the Denton-Rawhide residual leach gold operation near Fallon, Nevada. Our 51% joint venture partner, Kennecott Rawhide Mining Company (a subsidiary of Rio Tinto), operates the mine, which is now in the residual leaching phase after active mining ceased in October 2002. Production from Denton-Rawhide is expected to continue through the immediate future, with gold recoveries diminishing over time as the operation progresses through the residual leach phase. In October 2004, Pacific Rim and Kennecott agreed to sell the land comprising the Denton-Rawhide open pits to a Nevada-based waste management group. The agreement, expected to close in October 2008, is anticipated to generate over US $100 million in cash flow for Pacific Rim over the 40+ year term of the agreement, and is estimated to have a current net present value of US $29 million. The sale agreement has no impact on the residual leaching operation, which will continue as planned. Pacific Rim utilizes its cash on hand and cash flow from gold production at Denton-Rawhide to fund its exploration activities, primarily at its flagship, high-grade El Dorado gold project in El Salvador. The bulk of Pacific Rim's exploration effort is expended on the El Dorado project, an advanced-stage gold project with a high-grade gold reserve and resource. Pacific Rim's other exploration projects include the Santa Rita project in El Salvador and a number of very early stage grassroots properties in South America. Pacific Rim maintains an aggressive generative program focusing on gold projects in Central and South America and Nevada that have the potential to enhance the Company's growth profile. | ||||||||||
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