Pacific Rim Acquires Mining Project in Panama

The Canadian mining company, currently embroiled in an international arbitration case with El Salvador, has signed a letter of intention to acquire a gold mine in Panama.

Friday, August 20, 2010

Known as "El Remance", the mine is currently the property of Clifton Mining Company, with whom Pacific Rim will sign an option to purchase a 100% stake in the project.

Pacific Rim commits to paying $200,000, issuing five million shares to Clifton, carrying out drilling and environmental works, and paying an additional $5 million when it exercises the option.

Miningweekly.com reports that Like the El Dorado mine in El Salvador, “the Remance epithermal system appears to be largely preserved from surface erosion and virtually unexplored at depth,” Tom Shrake, Pacific Rim CEO, said.

Unlike El Salvador, Panama is a “mining-friendly” jurisdiction, he added.

More on this topic

Pacific Rim freezes study on El Salvador gold mine

February 2009

The company will defer the completion of a feasibility study for its El Dorado project, because of volatility in the capital cost estimates, as well as permitting uncertainty.

Pacific Rim will conserve its cash until the input costs for the project have stabilised, and the study can accurately reflect factors like commodity prices and capital equipment costs.

Dispute between Pacific Rim and El Salvador Continues

August 2010

The court at the International Centre for Settlement of Investment Disputes (ICSID) has ruled in favor of the Canadian gold mining company and dismissed preliminary objections raised by El Salvador.

Pacific Rim, owner of the El Dorado gold mine, is at the center of an international dispute with the Salvadoran government.

Mining Suit Against El Salvador Outside FTA

June 2012

A lawsuit by Pacific Rim Mining against the Salvadoran government must be resolved by the local jurisdiction, and not by that provided for under the DR-CAFTA.

An arbitration panel from the World Bank has found that the Canadian company Pacific Rim "does not have nor has had substantial operations in the United States" in order to take their case against the State of El Salvador to the dispute settlement mechanisms of DR-CAFTA.

Pacific Rim sues El Salvador

December 2008

Pacific Rim, a company which was expecting to dig for gold at the El Dorado gold mine, announced its intention to sue El Salvador for not issuing the exploration and exploitation permits.

The company said that there is no legal basis for the denial of the permits, and that they will move to sue the country under the terms of the FTA between the US and CA-DR, known as CAFTA-DR.

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