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.
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.
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.
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.
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.
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