Pacific Rim Mining Corp.

Pacific Rim Mining Corp.

March 30, 2005 11:44 ET

Pacific Rim Mining Corp.: Final Agreement on Andacollo Sale Signed


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PACIFIC RIM MINING CORP.

TSX, AMEX SYMBOL: PMU

MARCH 30, 2005 - 11:44 ET

Pacific Rim Mining Corp.: Final Agreement on Andacollo
Sale Signed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2005) - A formal
final agreement to sell Pacific Rim Mining Corp.'s ("Pacific Rim")
(TSX:PMU)(AMEX:PMU) wholly owned subsidiary DMC Cayman Inc. to a private
arms-length investor has been signed by both parties. The sale will
close within a further 30 days, pending regulatory and court approval.
DMC Cayman Inc.'s primary holding is the Andacollo gold mine in Chile,
which was officially shut down in December 2000 by Pacific Rim's
predecessor company Dayton Mining Corporation.

The purchaser has deposited in escrow both the US $900,000 payment
required upon signing of a final agreement under the terms of the
January 27, 2005 Letter of Intent, and the US $1 million payment due
June 1, 2005. This is in addition to a US $100,000 non-refundable down
payment deposited on January 27, 2005. All payments will be released to
Pacific Rim upon closing of the sale, expected on or before April 28,
2005. Future payments under the terms of the agreement include: US $1
million 18 months after closing; US $1 million 30 months after closing;
and, $1 million 36 months after closing.

"We are very pleased to have finalized the sale of our Andacollo asset
and look forward to closing the sale next month," states Tom Shrake,
CEO. "The sale proceeds will allow the Company to move forward
aggressively on a number of exploration and market education
initiatives. Our primary, short-term objectives are to expedite our
South Minita definition drilling program with the addition of two new
drill rigs. When completed, the South Minita drilling will lead to a
resource estimate for this new discovery, expected by mid-2005, to be
followed by a scoping study that will consider an expanded underground
operation based on the Minita deposit pre-feasibility results recently
reported. South Minita has the potential to significantly improve upon
the rate of return cited in the Minita pre-feasibility study by
expanding throughput, lowering costs and reducing the payback period. We
intend to meet these immediate objectives as quickly and efficiently as
possible."

About Pacific Rim Mining Corp.

Pacific Rim is an 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 is in the uncommon position of having cash
flow from its 49% interest in the Denton-Rawhide gold residual heap
leach operation in Nevada with which to conduct its exploration
activities. Pacific Rim's goal is to become a highly profitable,
growth-oriented, intermediate-level gold producer that is
environmentally and socially responsible.

On behalf of the board of directors,

Thomas C. Shrake, CEO

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 eventual closing of the sale; fulfillment of the
terms laid out in the final agreement; actual use of the proceeds of the
sale; results of current exploration activities; the results from future
exploration opportunities; and other factors detailed in the Company's
filings with the U.S. Securities and Exchange Commission.

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's actual
results, programs and financial position could differ materially from
those expressed in or implied by these forward-looking statements.

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Contact Information

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