Pacific Rim Mining Negotiates Set Fee Structure for Final Phase of
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/25/12 -- Pacific
Rim Mining Corp. (TSX:PMU)(OTCQX:PFRMF) ("Pacific Rim" or the
"Company") has signed a service and fee agreement (the "Final Phase
Fee Agreement") with its legal counsel Crowell & Moring, LLP that
will provide the Company with cost certainty as it proceeds through
the final phase of the ICSID Arbitration claim. As a result of the
Company's recent successful CAD $4.215 million private placement
financing with OceanaGold Corporation, the funds necessary to move
the claim through international arbitration at the World Bank are in
"We are extremely pleased to have contained the risk of our legal
costs," states Tom Shrake, President and CEO of Pacific Rim. "Our
shareholders and the market in general can take comfort that there
will be no monetary surprises or overruns associated with the ICSID
Arbitration going forward. We are thrilled to continue our
relationship with Timothy McCrum, George Ruttinger, Kassi Tallent,
and the rest of our legal team at Crowell & Moring LLP, who
represented Pacific Rim and our subsidiary Pac Rim Cayman, LLC
throughout the Arbitration and successfully argued for the Company in
both sets of objections raised by the Government of El Salvador. We
have every confidence in their ability, and the strong merits of our
case moving forward. While we are prepared to see this unfortunate
arbitration through to completion, we would prefer to receive the El
Dorado permit under Salvadoran mining, environmental and foreign
investment law, and build our environmentally responsible underground
mine. The El Dorado mine would create desperately needed new jobs and
would share the wealth with all the Salvadoran people by generating
significant new tax revenues, creating service business
opportunities, creating thousands of direct and indirect jobs, and
significantly increasing exports---all in the poorest region of the
About Pacific Rim Mining Corp.
Pacific Rim is an environmentally and socially responsible
exploration company whose business plans and management talent focus
on high grade, environmentally clean gold deposits in the Americas.
Pacific Rim's most advanced asset is the vein-hosted El Dorado gold
project in El Salvador, where the Company also owns several
grassroots gold projects. The Company holds a joint venture option on
the Hog Ranch epithermal gold project in Nevada and is actively
pursuing additional exploration opportunities elsewhere in the
Americas. Pacific Rim's shares trade under the symbol PMU on the TSX
and on the OTCQX market in the US under the symbol PFRMF.
On behalf of the board of directors,
Thomas C. Shrake, President and CEO
For further information visit www.pacrim-mining.com.
Cautionary Note Regarding Forward-Looking Information
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 the
control of Pacific Rim Mining Corp. including: projections related to
total costs related to the Final Phase Fee Agreement; the timing,
cost to the Company and outcome of the ICSID Arbitration; and the
construction of the El Dorado mine and related economic benefits.
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. Actual results,
programs and financial position could differ materially from those
expressed in or implied by these forward-looking statements.Readers
should thoroughly review risks and uncertainties outlined in the
Company's Fiscal 2012 Management's Discussion and Analysis and Annual
Report on Form 20F.
The TSX has neither reviewed nor accept responsibility for the
adequacy or accuracy of this release.
acific Rim Mining Corp.
604-689-1976 or 1-888-775-7097
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