Pacific Rim shifts focus as mining permit stalls |
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By: Stockgroup Posted: 2008-07-05 02:33:23 |
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New York, July 3, 2008-Stockhouse reports that Pacific Rim Mining Corp. (AMEX: PMU) (TSX: PMU) has taken the first steps toward reducing its El Salvador work force in preparation for a slow down in exploration and investment activity on its El Dorado, Santa Rita and Zamora-Cerro Colorado gold projects in El Salvador for the full press release dated July 3, 2008 visit
http://www.stockhouse.com/ Pacific Rim and its predecessors have invested approximately $77 million on gold exploration and development in El Salvador with exceptional results. Though results have been good the company feels that the government of El Salvador is stalling the process. Government regulatory approval is needed for the assessment and approval of the Company's El Dorado mining permit (also known as the exploitation concession). Pacific Rim laid-off 42 of its El Salvadoran employees on June 30, 2008. Pacific Rim is now moving the focus of its grassroots exploration initiatives from El Salvador to Costa Rica and Guatemala. Pacific Rim was down over 30 percent with more than one million shares traded as of the time of this report. To comment or join in on the conversation, sign up to become a Stockhouse member at http://www.stockhouse.com/General/MemberBenefits.aspx About Stockhouse Stockhouse is a leading online financial portal owned and operated by Stockgroup Media Inc. Stockhouse is home to Bullboards message board - Canada's largest community of active investors. It provides financial news, tools and information that enable its investor community to uncover and share opportunities in the markets and collectively beat the street. Recognized for its engaged audience, Stockhouse provides a sought-after demographic for advertisers. Legal notice regarding Trademarks "Stockgroup," "Stockhouse" and "Bullboards" are either registered trademarks or trademarks of Stockgroup Information Systems Inc. and/or its affiliated companies in Canada, the United States and/or other countries. Other names may be trademarks of their respective owners. The TSX Venture Exchange and the OTCBB have not reviewed and do not accept responsibility for the adequacy or accuracy of this press release. Comments made by Stockhouse community members contained in this press release may be edited for language, brevity or clarity. To find out more about Stockgroup (OTCBB: SWEB, TSX-V: SWB), visit our website at www.stockgroup.com. Bruce Nunn Stockgroup Media Inc. Ph: 604.331.0995 or 1.800.650.1211 |
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