Pacific Rim Mining Corp.

Pacific Rim Mining Corp.

March 15, 2005 12:43 ET

Pacific Rim Announces 2005 Third Quarter Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PACIFIC RIM MINING CORP.

TSX, AMEX SYMBOL: PMU

MARCH 15, 2005 - 12:43 ET

Pacific Rim Announces 2005 Third Quarter Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Pacific
Rim Mining Corp. ("Pacific Rim" or "the Company") (TSX:PMU)(AMEX:PMU) is
pleased to announce its financial results for the three months ended
January 31, 2005. Complete financial statements will be included in the
Company's 2005 Third Quarterly Report to Shareholders to be filed with
the appropriate regulatory agencies in mid-March 2005. All monetary
amounts are expressed in United States ("US") dollars unless otherwise
stated.

Overview

Pacific Rim is a revenue-generating, advanced-stage gold exploration
company developing a high-grade, low operating cost ore deposit on its
El Dorado gold project in El Salvador. The Company utilizes cash flow
from its 49% joint venture interest in the Denton-Rawhide gold heap
leach operation in Nevada to explore, define and develop its exploration
projects; primarily the El Dorado gold project.

Pacific Rim's corporate goal is to become a highly profitable,
growth-oriented, intermediate level gold producer. During the third
quarter of fiscal 2005, the Company progressed toward this goal by:
completing and publishing a positive pre-feasibility study outlining the
production parameters, capital costs, operating costs and financial
analysis of an underground operation at the Minita gold deposit on the
El Dorado project; converting the measured and indicated Minita resource
to a proven and probable reserve; and expanding the recently discovered
South Minita gold zone through a definition drilling program. The
Company intends to defer its decision to proceed with underground
development activities at El Dorado until after a resource estimate and
preliminary economic assessment of the South Minita gold zone are
completed, likely before the end of calendar 2005.



Financial Highlights (all amounts in thousands of US dollars,except
share and per share amounts)
--------------------------------------------------------------------
Three Three
Months Months Nine Nine
ended ended Months Months
January 31, January 31, ended ended
2005 2004 January 31, January 31,
(Q3 2005) (Q3 2004) 2005 2004
--------------------------------------------------------------------
Revenue $ 2,675 $ 3,318 $ 8,943 $ 9,903
--------------------------------------------------------------------
Operating Costs $ 1,953 $ 3,157 $ 7,856 $ 9,998
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Exploration
expenditures $ 1,151 $ 1,194 $ 5,038 $ 3,254
--------------------------------------------------------------------
Net (loss) before
unusual item $ (731) $(1,468) $(4,599) $(4,808)
--------------------------------------------------------------------
Net (loss) for the
period $ (637) $(1,336) $(4,357) $(4,408)
--------------------------------------------------------------------
(Loss) per share -
basic and diluted $ (0.01) $ (0.02) $ (0.05) $ (0.06)
--------------------------------------------------------------------
Cash Flow provided by
(used for) operating
activities $ (291) $ 7 $(1,094) $ 724
--------------------------------------------------------------------
Net increase (decrease)
in cash $(1,074) $ (272) $ (834) $ 319
--------------------------------------------------------------------
Common shares
outstanding
(average) 80,517,194 79,148,768 80,494,226 78,888,209
--------------------------------------------------------------------
Fully diluted shares
(average) 85,434,094 85,894,148 85,411,129 85,786,589
--------------------------------------------------------------------

--------------------------------------------------------------------
January 31, 2005 April 30, 2004
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Cash and cash equivalents $ 629 $ 1,463
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Total assets $8,438 $14,033
--------------------------------------------------------------------
Total liabilities $3,021 $ 4,415
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Working Capital $ (155) $ 3,033
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Minita Pre-feasibility Study

On January 27, 2005, Pacific Rim received and published the results of a
pre-feasibility study, which was filed on SEDAR subsequent to the end of
the quarter. The pre-feasibility study considered all aspects of a
proposed operation at the Minita deposit, including an underground mine
plan, metallurgy and processing, tailings impoundment, environmental
matters, and capital and operating costs, and offered an economic
evaluation of the Minita reserves. It furthermore converted the measured
and indicated Minita resource outlined in the October 2003 resource
estimate to proven and probable reserves. The pre-feasibility study
focused on the Minita deposit alone, and did not include other resources
currently defined on the El Dorado project, nor did it include the
results of recent drilling by the Company at the South Minita and Nance
Dulce gold zones discovered in mid-2004.

The results of the pre-feasibility study were economically positive and
indicated operating costs of $163 per gold equivalent ounce, putting the
deposit in the lowest quartile for costs on a worldwide basis. The
development of an underground operation at the Minita deposit will
require pre-production capital expenditures of $47.9 million, and
sustaining capital expenditures of $19.0 million. Operating costs per
gold equivalent ounce will average $163 over the 6.2-year expected mine
life, with operating costs of $140 and $137 per gold equivalent ounce in
the first two years of production respectively.

At prices of $400 per ounce for gold and $6.00 per ounce for silver, the
Minita deposit is expected to generate $43.6 million in free cash flow
over a 6.2-year mine life. The undiscounted Net Present Value ("NPV") is
$43.6 million and the Internal Rate of Return ("IRR") is 18.1%.

The conversion of measured and indicated resources to proven and
probable reserves at Minita was based on the stope outlines and
dimensions for resources at or above a diluted 5 g/t equivalent gold
cut-off grade, where dilution was calculated on a block by block basis
to account for the variations in the vein thickness. The Minita reserve
estimate eliminated those resources contained within the unrecoverable
portions of the crown and sill pillars and incorporates planned
dilution, unplanned dilution, backfill dilution and production losses.
The total proven and probable reserve for the Minita deposit is
1,604,883 tonnes at an average grade of 9.51 g/t gold and 60.82 g/t
silver for a total of 490,758 ounces of gold and 3,138,016 ounces of
silver, or 535,586 gold equivalent ounces.

"We are extremely pleased with the results of this pre-feasibility
study, which indicate that operating costs at the Minita deposit are in
the lowest quartile (25%) on a worldwide basis," states Tom Shrake, CEO.
"The Minita deposit is the cornerstone for Pacific Rim's future growth
and this study provides tangible movement towards our objective of
becoming a low-cost intermediate level producer. Our next step is the
continued delineation of our recent South Minita discovery, leading to a
resource calculation in the second calendar quarter of 2005, and the
inclusion of those ounces in our development plans. The addition of gold
ounces at South Minita will have a beneficial impact on the El Dorado
project economics."

Exploration

At the South Minita gold zone, Pacific Rim launched a resource
definition drill program designed to evaluate its vertical and lateral
dimensions. South Minita has a strike length of at least 750 meters,
roughly 50% longer than the high-grade Minita deposit located 450 meters
to the north. The dimensions of the South Minita gold zone are expanding
with the Company's ongoing definition drill program, and the
mineralization remains open at depth and along strike to the south. The
South Minita drill results to date demonstrate the similarity of this
new discovery with the low cost Minita deposit to the north, in terms of
its grade, width and continuity.

Pacific Rim will commission a resource estimate for this new discovery
in the spring of 2005. The definition of resources at the South Minita
discovery will allow Pacific Rim to consider expanding the El Dorado
mine plan as outlined in the Minita pre-feasibility study. Once the
South Minita resource is defined Pacific Rim plans to amend its
pre-feasibility study of the Minita deposit to reflect the additional
resources.

The El Dorado project remains the cornerstone of Pacific Rim's strategy
for growth. Of the $1.2 million spent on exploration during Q3 2005,
$1.1 million was expended on the El Dorado project, primarily on the
on-going drill program, pre-feasibility study components and
environmental studies.

Results of Operations

For the three month period ended January 31, 2005, Pacific Rim recorded
a net loss of $0.6 million or $0.01 per share, compared to a net loss
and loss per share of $1.3 million and $0.02 per share recorded in the
third quarter of fiscal 2004. The decrease in net loss, notwithstanding
a decrease in revenues from $3.3 million in Q3 2004 to $2.7 million in
Q3 2005, is primarily due to substantially lower operating costs ($1.9
million in Q3 2005 compared to $3.2 million in Q3 2004). This led to a
mine operating income for Q3 2005 of $0.7 million, compared to a loss of
$0.1 million during the comparable period of 2004. Expenses were
relatively similar during the third quarters of both fiscal 2005 and
2004. $1.2 million was spent on exploration expenses during both Q3 2005
and Q3 2004. The Company received $0.1 million in creditor repayments
from CMD related to residual leach activities during each of Q3 2005 and
Q3 2004.

Net loss for the nine months ended January 31, 2005 was $4.4 million,
identical to the net loss for the nine months ended January 31, 2004, or
$0.05 and $0.06 per share respectively. Revenues from gold production
were $1 million lower during the current nine-month period ($8.9 million
for the first nine months of fiscal 2005 compared to $9.9 million for
the same period the year earlier) due to the expected overall decline in
production at the Denton-Rawhide mine as residual leaching continues.
Operating costs, however, declined substantially for the nine months
ended January 31, 2005 ($7.9 million) compared to the same period the
year earlier ($10.0 million) reflecting the lower costs associated with
the cessation of mining activity at Denton-Rawhide and a $0.9 million
gain on the sale of equipment during the first nine months of fiscal
2005 with no comparable item in the same period of fiscal 2004. This led
to a mine operating income of $1.1 million for the first nine months of
fiscal 2005, compared to a mine operating loss of $1.1 million for the
first nine months of fiscal 2004. This $2.2 million increase in mine
operating income period over period was mostly offset by a $1.8 million
increase in exploration expenses between the first nine months of fiscal
2004 and the first nine months of fiscal 2005 ($3.3 million and $5.0
million respectively). The net effect of the increases in mine operating
income and exploration expenditures is an unchanged net loss for the
nine months ended January 31, 2005 compared to the same period a year
earlier ($4.4 million both periods).

Revenue

Revenue, consisting of the sale of gold from the Denton-Rawhide
operation, was $2.7 million for Q3 2005, compared to $3.3 million during
the comparable period of fiscal 2004. The decrease in revenue is due to
a decrease in the number of gold ounces produced and sold during the
current period compared to earlier period, offset in part by an
improvement in the price received on gold sold during Q3 2005 (an
average price of $420 per ounce for Q3 2005 compared to $401 per ounce
for the same period of fiscal 2004) and increased silver sales revenues
for Q3 2005 compared to Q3 2004 related to improved sales prices for
silver.

Mine operating costs at Denton-Rawhide were $1.9 million in the third
quarter of fiscal 2005, compared to $3.2 million in the comparable
period of fiscal 2004; a reduction of $1.3 million. The substantial
decrease in mine operating costs is due to the lower expenditures
associated with residual leaching activity during Q3 2005 compared to
those associated with residual leaching plus the windup of active mining
functions that occurred in the same period of fiscal 2004. This
improvement in operating costs offset the decrease in revenues during Q3
2005, leading to a mine operating income of $0.7 million in Q3 2005
compared to a loss of $0.1 million during Q3 2004.

Expenses

Net non-operating expenses increased marginally during Q3 2005 to $1.5
million, compared to $1.3 million for Q3 2004. The current quarter's
expenses reflect slightly higher general and administrative period over
period ($0.3 million in the third quarter of fiscal 2005 compared to
$0.2 million and in the third quarter of fiscal 2004) related primarily
to increased reporting and regulatory costs.

Liquidity, Capital Resources and Financial Condition

Liquidity

Pacific Rim's net cash position decreased by $1.1 million during Q3
2005, from $1.7 million at October 31, 2004 to $0.6 million at January
31, 2005. This decrease is a result of a $0.8 million loan repayment in
December 2004 and a negative operating cash flow of $0.3 million, offset
in part by $0.05 million in cash flow provided by investing activities.

Pacific Rim's cash position has decreased by $0.8 million from the
Company's 2004 fiscal year end at April 30, 2004 to the end of Q3 2005
at January 31, 2005. This decrease in cash and cash equivalents over the
first nine months of fiscal 2005 reflects net cash flow from
Denton-Rawhide of $5.9 million offset by cash outlays for expenses
totaling $5.8 million ($5.0 million in exploration expenditures and $0.8
million in general and administrative costs) and $0.8 for repayment of
loans.

Cash Flow Provided By (Used For) Operating Activities

Cash flow (used for) operating activities was ($0.3) million in the
third quarter of fiscal 2005, a reduction from the essentially nil cash
flow provided by operating activities during the second quarter of
fiscal 2004. The decrease in operating cash flow for Q3 2005 compared to
Q3 2004 primarily results from a $0.3 million reduction of cash flows
from the Denton-Rawhide mine related to lower gold and silver sales
revenues while exploration expenses remained relatively neutral.

For the first nine months of fiscal 2005, cash flow provided by (used
for) operating activities decreased by $1.8 million, from $0.7 million
for the period ended January 31, 2004 to ($1.1) million for the period
ended January 31, 2005. The difference is attributable primarily to a
$1.8 million increase in exploration expenditures and a $0.1 million
increase in administrative costs period over period.

Cash Flow Provided by (Used For) Investing Activities

Cash flow provided by investing activities was $0.05 million and $0.2
million for Q3 2005 and Q3 2004 respectively.

For the first nine months of fiscal 2005, cash flow provided by
investing activities increased by $0.9 million, from $0.1 million for
the three months ended January 31, 2004 to $1.0 million for the three
months ended January 31, 2005. The difference is primarily a result of
$0.9 million in proceeds from the sale of Rawhide plant and equipment
during the first nine months of fiscal 2005, with only $0.1 million in
proceeds from the same source in the comparable period of fiscal 2004.

Cash Flow Provided by Financing Activities

Cash flow used for financing activities was ($0.8) million during Q3
2005, compared to ($0.5) million during Q3 2004. Loan repayments to
Kinross Gold Corporation, related to the Denton-Rawhide Mine purchase,
were made during both periods (($0.8) million in Q3 2005 and ($1.0)
million in Q3 2004). During Q3 2004 $0.5 million related to the issuance
of share capital, for which there is no comparable item during Q3 2005,
partially offset the ($1.0) million in cash flow outlay related to the
loan repayment.

Capital Resources and Financial Condition

Pacific Rim's cash, cash equivalents and bullion (in the Company's view,
bullion is closely equivalent to cash, being immediately available to
cover short-term cash requirements) decreased from $2.8 million at April
30, 2004 to $0.8 million at January 31, 2005. Heap leach inventories
were reduced to nil during Q2 2005 as gold was recovered from the
Denton-Rawhide heap leach pile over the course of the first six months
of fiscal 2005; therefore balance sheet 'inventories' at the end of Q3
2005 are comprised of gold in process inventories only and total $0.3
million at January 31, 2005. At January 31, 2005, the book value of
Pacific Rim's total assets stood at $8.4 million, compared to $14.0
million at April 30, 2004. This decrease is primarily due to the
reduction in cash and cash equivalents and heap leach inventories at
Denton-Rawhide as well as a decrease in bullion inventory (from $1.3
million at April 30, 2004 to $0.1 million at January 31, 2005.

At January 31, 2005, Pacific Rim had current liabilities of $1.3
million, compared to $2.8 million at year-end 2004. On December 31, 2004
the final $0.8 million loan payable to Kinross Gold Corporation, related
to the Company's purchase of 49% of the Denton-Rawhide mine, was made.
Current liabilities include $1.1 million in accounts payable and accrued
liabilities and $0.1 million of current accrued closure and pension
costs. Pacific Rim has no long-term debt.

A $4.7 million reduction in current assets ($0.9 million reduction in
cash plus $1.2 million decrease in bullion inventory and $2.6 million
reduction in inventories), offset in part by a $1.5 million decrease in
current liabilities were the main contributors to the $3.2 million
decline in working capital, from $3.0 million at the end of fiscal 2004,
to ($0.2) million at the end of Q2 2005 (January 31, 2005). Pacific Rim
is unable to reliably forecast long term production levels, revenue or
cash flow from the Denton-Rawhide gold mine due to the variability in
recoveries that are inherent in a residual heap leach operation, and the
volatility in gold price. For the purposes of exploration budgeting,
Pacific Rim forecasts its cash flow from Denton-Rawhide for no more than
6 months in advance. The Company anticipates having sufficient cash flow
during the third quarter of fiscal 2005 to continue its exploration
programs and fund administrative overhead costs. If and when the Company
decides to commence construction of an access / haulage ramp at El
Dorado, equity and/or bank financing will be required.

Off-balance sheet arrangements

During Q3 2005 Pacific Rim recovered $100,000 in forfeited trust
payments related to the December 2004 termination of the sale of CMD.
The same amount was received as a creditor of CMD in the same period a
year earlier. The Company is owed a further $0.4 million by CMD under
its creditors' plan. The eventual recovery of such amounts is uncertain
and therefore this off-balance sheet arrangement has not been recorded
as a receivable of the Company as at January 31, 2005. In December 2004,
the Company announced its sale of the shares of the subsidiary that owns
the shares of CMD, owner of the Andacollo gold mine in Chile, as
announced in March 2004, would not proceed. The $0.1 million payment
related to this proposed sale was released to the Company during Q3 2005
and recorded as noted above. On January 27, the Company announced the
sale of its wholly owned subsidiary DMC Cayman Inc. to a private
arms-length investor. DMC Cayman Inc. is the indirect owner of the
Andacollo mine. Under the terms of the agreement, the purchaser will
make staged payments totaling US $5 million cash under the following
schedule: a non-refundable deposit of US $100,000 upon signing of the
LOI (held in trust until closing); US $900,000 upon signing of a final
agreement, to be escrowed until closing, expected within 30 days of
signing of a final agreement; US $1 million on June 1, 2005; US $1
million 18 months after closing; US $1 million 30 months after closing;
and, $1 million 36 months after closing.

Production

Gold and Silver Production

Prior to the current quarter, Pacific Rim quoted cash costs for
production from the Denton-Rawhide mine as both total cash production
costs (as calculated using industry standards) and actual cash costs
(representing the total cash production costs, less "heap leach
inventory" drawdown costs estimated at $250 per ounce of gold produced).
During Q2 2005 the "heap leach inventory" of gold ounces as calculated
for accounting purposes was drawn down to nil. The Denton-Rawhide "heap
leach inventory" was a conservative estimate of the number of gold
ounces that would eventually be produced from the heap leach operation.
Production from Denton-Rawhide during Q3 2005 was entirely above and
beyond the previously estimated "heap leach inventory".

Pacific Rim's share of production from the Denton-Rawhide mine during Q3
2005 was 5,388 ounces of gold and 52,631 ounces of silver at a total
cash production cost of $287 per ounce of gold produced (actual cash
cost of $187 per ounce). During the comparable period of fiscal 2004
(the three months ended January 31, 2004), Pacific Rim's share of
production was 7,209 ounces of gold and 53,187 ounces of silver at total
cash production costs of $395 per ounce (actual cash cost of $128 per
ounce).

For the nine months ended January 31, 2005, Pacific Rim's share of
production from Denton-Rawhide was 17,030 ounces of gold and 185,193
ounces of silver at a total cash production cost of $389 per ounce
(actual cash production cost of $165 per ounce), compared to 23,377
ounces of gold and 166,542 ounces of silver at a total cash production
cost of $387 per ounce (actual cash production cost of $127 per ounce)
for the comparable period of 2004. Mine operating expenditures decreased
during the first nine months of fiscal 2005, compared to the first nine
months of fiscal 2004, but not as substantially as the drop in the
number of gold ounces produced during the same time frame, leading to an
increase in production costs period over period.

Gold prices reached 16-year highs during the period November 1, 2004 to
January 31, 2005, and ranged from a low of $420.00 on January 10, 2005
to a high of $455.75 on December 6, 2004. The gold price went from
$428.10 on November 1, 2004 to $423.80 on January 31, 2005, a marginal
decrease of roughly 1% during the Company's third quarter of fiscal 2005.

Gold production from Denton-Rawhide was roughly 25% lower for the third
quarter of fiscal 2005 than in the comparable period of fiscal 2004.
This decrease in production represents the natural decline in recovery
that occurs in the residual leach phase of a heap leach operation.
Production is anticipated to continue through the remainder of fiscal
2005, although recoveries are expected to decline further as the
residual leaching process continues. For the purposes of internal
budgeting, the Company's projections for Denton-Rawhide production look
forward in six-month increments.

During Q3 2005, Kennecott initiated re-contouring the portion of the
heap leach pile that was not re-contoured in the previous two quarters.
This process is ongoing and expected to conclude mid-calendar 2005.
Production levels are expected to improve once the re-contouring program
is completed and fresh areas are exposed to leaching solutions, though
overall recoveries are expected to continue their natural decline.

Outlook

Pacific Rim anticipates continued gold production from the
Denton-Rawhide mine through fiscal 2005 and beyond, with a continuing
decline in production rates as the operation progresses through the
residual leaching phase. The Company is unable to reliably forecast
production levels from the Denton-Rawhide heap leach operation for the
remainder of fiscal 2005. Total cash costs per ounce of gold have
converged with the "actual cash production cost" now that the
conservatively estimated accounting heap leach inventory is completely
drawn down.

Available funds will continue to be spent primarily on the El Dorado
gold project in El Salvador. The Company is in the process of
delineating the South Minita gold zone and anticipates calculating a
resource estimate for this emerging deposit before mid-2005. Following
receipt of the South Minita resource estimate, Pacific Rim will
commission a scoping study to provide an economic evaluation of the
South Minita gold zone, and will incorporate the results into the Minita
pre-feasibility study. A final decision regarding the commencement of
construction of an access / haulage ramp on the property will be made
once the Company is able to evaluate the detailed economics outlined in
the combined economic study and will further depend on obtaining the
required environmental permits and sufficient financing to proceed.

National Instrument 43-101 Disclosure

Mr. William Gehlen supervises Pacific Rim's exploration work on the El
Dorado and La Calera projects. Mr. Gehlen is a Certified Professional
Geologist with the AIPG (No. 10626), an employee of Pacific Rim and a
Qualified Person as defined in NI 43-101. Pacific Rim's drill sampling
procedures follow the Exploration Best Practices Guidelines outlined by
the Mining Standards Task Force and adopted by The Toronto Stock
Exchange.

The Minita pre-feasibility study is supported by a technical report
prepared for Pacific Rim Mining Corp. by SRK Consulting (US) Inc. of
Denver Colorado, entitled "Pre-Feasibility Study, El Dorado Project, El
Salvador", dated January 21, 2005 and publicly available on SEDAR
(www.SEDAR.com). The primary author of the report is Mr. William F.
Tanaka, a Qualified Person independent of Pacific Rim, as defined in
National Instrument 43-101. Mr. Tanaka is a member of the Society of
Mining Engineers (SME) and the Australasian Institute of Mining and
Metallurgy (mAUSIMM).

Details of the El Dorado project October 2003 resource estimate are
presented in a technical report prepared for Pacific Rim Mining Corp. by
Mr. Steve Ristorcelli, P.Geo. and Mr. Peter Ronning, P.Eng., (both
Qualified Persons as defined in National Instrument 43-101) entitled
"Technical Report on the El Dorado Project Gold and Silver Resources,
Department of Cabanas, Republic of El Salvador", dated November 26, 2003
and publicly available on SEDAR.

On behalf of the board of directors,

Thomas C. Shrake, CEO

Certain information set forth in this document includes 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 but not limited to: the execution and outcome of
current or future exploration activities; the results of economic and
environmental studies; market reaction to future exploration results;
the Company's anticipated strategies for growth; statements of the
Minita deposit's economic potential; information included in the Minita
pre-feasibility study such as capital and operating costs, projected
production summaries, gold and silver prices and financial analysis;
anticipated drilling and resource estimation plans for the South Minita
gold zone; significant changes in metal prices; currency fluctuations;
increases in production costs; differences in recovery rates from those
expected; potential disruptions to residual leaching activities; general
market and industry conditions; and other factors detailed in the
Company's filings with the U.S. Securities and Exchange Commission
("SEC").

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 statements. Pacific Rim Mining
Corp.'s actual results, programs and financial position could differ
materially from those expressed in or implied by these forward-looking
statements, and accordingly, no assurance can be given that the events
anticipated by the forward-looking statements will transpire or occur,
or if any of them do so, what benefits Pacific Rim will derive therefrom.


-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pacific Rim Mining Corp.
    Barbara Henderson
    (604) 689-1976 or Toll Free: 1-888-775-7097
    (604) 689-1978 (FAX)
    info@pacrim-mining.com
    www.pacrim-mining.com
    The TSX and The AMEX have neither reviewed nor accept responsibility for
    the adequacy or accuracy of this release.