Replies to post #10217 on Winners Circle

[matilda_666]

PMU: news...

Pacific Rim Sells Andacollo Mine in Deal Valued in Excess of US $5 Million
Business Wire - April 01, 2004 09:15

VANCOUVER, British Columbia, Apr 1, 2004 (BUSINESS WIRE) -- Pacific Rim Mining Corp. (AMEX:PMU)(TSX:PMU) ("Pacific Rim") has finalized a letter of intent to sell its wholly owned subsidiary Compania Minera Dayton (CMD) to MCK Mining Corporation ("MCK") of Vancouver, BC, subject to due diligence, regulatory approval and completion of a formal final agreement. CMD'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.

Under the terms of the agreement, MCK will make staged payments totalling US $5 million plus 4 million common shares of MCK: US $1 million and 3 million shares upon signing of a final agreement; US $1 million plus 1 million shares on or before December 31, 2004; and US $1 million on or before each of December 31, 2005, 2006 and 2007. Due diligence is expected to be completed by May 31, 2004.

"Pacific Rim is very pleased to have monetized its non-core Andacollo holding," states Tom Shrake, CEO. "This sale will provide substantial non-dilutive funds for Pacific Rim to further its strategic objectives, through the continued advancement of its El Dorado gold project in El Salvador, the on-going exploration of its other gold projects and the acquisition of new high quality gold properties. We are also excited to have the additional upside potential that will come with our share ownership in MCK."