Pacific Rim Mining Announces Fiscal 2013 Third Quarter Results

Pacific Rim Mining Announces Fiscal 2013 Third Quarter Results 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/13 -- Pacific
Rim Mining Corp. (TSX:PMU)(OTCQX:PFRMF) ("Pacific Rim" or "the
Company") reports its financial and operating results for the three
months ended January 31, 2013. Details of the Company's financial
results are provided in its interim consolidated financial statements
and Management's Discussion and Analysis ("MD&A") that will be
publicly filed and made available to shareholders shortly.
Shareholders are strongly encouraged to review these documents. All
monetary amounts are expressed in United States ("US") dollars unless
otherwise stated.  
Nature of Operations 
Pacific Rim is mineral exploration company focused on high grade,
environmentally clean gold deposits in the Americas and committed to
excellence in environmental stewardship and social responsibility.
Pacific Rim's primary asset is the advanced-stage, vein-hosted El
Dorado gold deposit in El Salvador, where the Company also owns
several grassroots gold projects. The Company additionally holds a
joint venture option on the Hog Ranch epithermal gold project in
Nevada and is continuously evaluating additional exploration
opportunities elsewhere in the Americas.  
All references to "Pacific Rim" or "the Company" encompass the
Canadian corporation, Pacific Rim Mining Corp, its U.S. subsidiaries
(Pac Rim Cayman LLC ("PacRim"), Pacific Rim Exploration Inc., and
Dayton Mining (U.S.) Inc.), and Salvadoran subsidiaries (Pacific Rim
El Salvador, S.A. de C.V. ("PRES") and Dorado Exploraciones, S.A. de
C.V. ("DOREX"), inclusive. 
The Company's business activity is primarily focused on resolving the
El Dorado project permitting impasse, including legal recourse. In
addition, the Company continues to seek new exploration opportunities
that fit its areas of focus and expertise.The El Dorado project is
the subject of an arbitration claim (the "Arbitration") (more
thoroughly described in the Company's Q3 2013 MD&A and Fiscal 2012
MD&A) being heard at the International Center for the Settlement of
Investment Disputes ("ICSID") at the World Bank. During Q1 2013 the
Arbitration was given permission by ICSID to proceed, under the
Investment Law of El Salvador, to its final phase wherein the merits
of the claim will finally be addressed at ICSID headquarters in
Washington, DC. Notwithstanding the ongoing legal action, the Company
continues to seek a negotiated resolution to the El Dorado permitting
impasse and to resuming its advancement of the El Dorado project. The
Company holds an option to earn a 65% interest in the Hog Ranch gold
property in Nevada. The Company selected targets for, and recently
received a permit to conduct, a Phase 1 drill program on the Hog
Ranch property.  
Pacific Rim's shares trade under the symbol PMU on the Toronto Stock
Exchange ("TSX") and on the OTCQX market in the US under the symbol
PFRMF. 
Results of Operations 
For the three month period ended January 31, 2013, Pacific Rim
recorded a net loss of $(0.9) million ($(0.00) per share), compared
to net loss of $(0.9) million ($0.01 per share) for the same period a
year earlier. The loss recorded for Q3 2013 is primarily a result of
operating losses of $(1.0) million, offset by a $0.1 million gain on
derivative liability (unrealized income related to changes in the
fair value of common stock warrants issued by the Company during
private placement financings). This compares virtually identically to
the results of operations for Q3 2012, when the Company recorded an
operation loss of $(1.0) million and a gain on derivative liability
of $0.1 million.  
For the nine months ended January 31, 2013, Pacific Rim recorded a
loss of $(2.8) million or $(0.01) per share, compared to a loss of
$(1.5) million or $(0.01) per share, for the nine months ended
January 31, 2012. This $1.3 million increase in net loss period over
period is primarily attributable to a $1.3 million difference in
unrealized gain on derivative liability ($1.5 million for the first
nine months of fiscal 2012 compared to $0.2 million for the same
period of the current fiscal year).  
Expenses 
Exploration expenses were $0.4 million during Q3 2013 compared to
$0.6 million during Q3 2012 reflecting a slowdown in activity during
the current quarter. Expenses related to the ICSID Arbitration were
$0.3 million during Q3 2013 compared to $0.1 million during the same
period a year earlier reflecting increased activity in preparation
for the final phase of the case, which commenced during Q2 2013.
Other expenses were largely unchanged quarter over quarter. As a
result, operating loss for both Q3 2013 and Q3 2012 was $(1.0)
million. 
As described above, the Company recorded an unrealized gain on
derivative liability of $0.1 million during both Q3 2013 and Q3 2012. 
Unusual Items 
There were no unusual items in Q3 2013.  
Summary  
Slightly lower exploration costs during Q3 2013 compared to Q3 2012
were offset by slightly higher Arbitration costs, which resulted in
an operating loss of $(1.0) million for the third quarter of both
fiscal 2013 and 2012. This loss was negligibly decreased by an
unrealized gain on derivative liability of $0.1 million during both
Q3 2013 and Q3 2012, which resulted in a net loss and comprehensive
loss of $(0.9) million for each of Q3 2013 and Q3 2012. 
Liquidity and Capital Resources 
Cash  
The Company's cash and cash equivalents at January 31, 2013 stood at
$1.6 million, which is$0.8 million higher than the April 30, 2012
balance of $0.8 million. Short-term investments also increased, from
$0.5 million at April 30, 2012 to $1.2 million at January 31, 2013.
As a result of these increases in cash and cash equivalents and
short-term investments, current assets increased by $1.5 million
during the first nine months of fiscal 2013, from $1.4 million at
April 30, 2012 to $2.9 million at January 31, 2013. This increase
reflects increases in cash and cash equivalents from the proceeds of
a private placement financing undertaken during Q2 2013 and
redemptions from short term investments, offset by expenditures of
cash on the purchase of new short term investments and on exploration
and project generation expenses, general and administrative costs
associated with maintaining a public company, and expenditures
related to the Arbitration action.  
The Company's financial statements have been prepared on the basis
that the Company will continue as a going concern, which assumes that
the Company will be able to meet its commitments, continue
operations, realize its assets and discharge its liabilities in the
normal course of business for the foreseeable future. There are
events and conditions that cast substantial doubt on the validity of
that assumption. The Company will require additional financing in the
future in order to conduct substantial exploration programs and meet
property commitments, for administrative purposes and potentially for
legal expenses related to the Arbitration. The costs for the
Arbitration are substantial and are anticipated to increase as the
case proceeds to through the final, merits-based phase. While the
Company has entered into a service and fee agreement with its
Arbitration legal counsel that provides legal fee cost certainty,
and, as a result of its recent private placement financing, has the
funds in place to pay the legal costs related to the final phase of
the Arbitration, additional Arbitration-related costs including but
not limited to costs related to expert witness testimony, that fall
outside of the service and fee agreement, will be incurred, and along
with ongoing general and administrative and regulatory expenses, will
likely necessitate additional financing in the future. Factors that
could affect the availability of financing include fluctuations in
the Company's share price, the state of international debt and equity
markets, investor perceptions and expectations, global financial and
metals markets, progress on any of the Company's exploration
properties, and developments, if any, on the El Dorado project
permitting application. The Company believes it will be able to
obtain the necessary financing to meet its requirements on an ongoing
basis; however, there can be no assurance that the necessary
financing will be obtained, and such financing, if available, may be
dilutive to the Company's shares and shareholders. As it has in the
past, the Company plans to obtain additional financing through, but
not limited to, the issuance of additional equity. Readers are
referred to Section 13 - Risks and Uncertainties in the Q3 2013 MD&A
and Section 14.1 - Financing Risks in the Company's fiscal 2012 MD&A. 
(The foregoing two paragraphs contain forward-looking statements
regarding the requirement for financing and the use of funds that may
be raised. See Forward-Looking Information.) 
Working Capital 
At January 31, 2013, the value of the Company's current assets was
$2.9 million, compared to $1.4 million at April 30, 2012, an increase
of $1.5 million. This increase is primarily the result of an increase
in cash related to the Company's October 2012 private placement
financing, offset by expenditures of cash on exploration, general and
administrative responsibilities and the Arbitration action as
outlined in Section 5 above. Resource property balances at January
31, 2013 were negligibly higher than the April 30, 2012 balance
($5.51 million and $5.49 million respectively).  
At January 31, 2013 the Company had current liabilities of $1.6
million, unchanged from the April 30, 2012 balance of $1.6 million.
Of the accounts payable and accrued liability balances, $1.2 million
at January 31, 2013 (compared to $1.4 million at April 30, 2012) is
due to one vendor associated with the Arbitration action.  
As a result of the increase in current assets, the Company's working
capital increased by $1.6 million between April 30, 2012 ((0.2)
million) and January 31, 2013 ($1.4 million).  
Financial Condition 
The Company does not intend to resume significant exploration
programs in El Salvador until such time as the El Dorado
environmental permit and exploitation concession are received. The
Company cannot judge if or when the required permits will be received
and is not currently planning any exploration programs for its El
Dorado, Santa Rita and Zamora-Cerro Colorado properties for the
immediate future beyond what is necessary to keep all of its
exploration licences in good standing. Should the required permits be
granted, the Company will evaluate its options for resuming full
scale exploration work designed to advance its El Salvador projects. 
During Q1 2013 the Company applied for and was granted a drill permit
to conduct a 10-15-hole (approximately 12,000 meter) drill program at
the Hog Ranch property, which permit allows for expanding the drill
program to 31 holes and is valid for two years from the date of
grant. The Hog Ranch drill program is subject to future financing
(favourable conditions for which are unlikely to occur until such
time as the El Dorado permit has been received) and sourcing of drill
contractors, and consequently is not likely to commence during fiscal
2013 as previously anticipated. Acquisition of the Remance project is
in doubt and therefore, no exploration plans for Remance are being
contemplated at this time. However, if a final acquisition agreement
on Remance is signed, as per the terms of the Remance LOI the Company
will be responsible for undertaking a $1 million exploration program
in the first year of the option period. The Company intends to
continue its project generation initiatives with the aim of
evaluating and possibly acquiring new exploration properties of merit
that fit its exploration focus. 
The Company anticipates that the Hog Ranch drill program and
associated exploration will cost approximately $1.5 million, with a
further $1 million required in the event the Remance property is
acquired. Minimal expenditures are anticipated for generative
exploration work. The Company will require additional financing in
order to carry out the planned Hog Ranch drill program, as well as
any other future exploration work of a substantive nature. 
(The foregoing two paragraphs contain forward-looking statements
regarding the scope and anticipated costs of exploration and
generative work programs management intends to undertake during
fiscal 2013. See Forward-Looking Information.) 
As a result of recently adopted measures aimed at reducing staffing
expenses, the Company's general and administrative costs are expected
to decrease marginally during the remainder of fiscal 2013 and remain
stable into the foreseeable future. Expenditures related to the
Arbitration claim are expected to be substantial as the case proceeds
through the final phase. At January 31, 2013, the Company had
accumulated a liability of approximately $1.2 million related to the
Arbitration. Additional working capital (likely through equity
financing) will be required to fund ongoing general and
administrative costs. Though the Company has signed a service and fee
agreement with its Arbitration legal counsel (as described in Section
2.1.4 of the Q3 2013 MD&A and elsewhere) that will preclude legal fee
cost overruns, ancillary Arbitration-related expenses such as expert
witnesses, court costs, etc. are less certain and may be substantial. 
(The foregoing paragraph contains forward-looking statements
regarding anticipated general and administrative expenses for fiscal
2013, and the requirement for additional financing to fund legal
costs and future general working capital expenses. See
Forward-Looking Information.) 
The business of mining and exploration involves a high degree of risk
and there can be no assurance that any of the Company's current
exploration projects will result in profitable mining operations. The
Company has no source of revenue, and will require additional cash in
the future to fund exploration and administrative expenses. As at
January 31, 2013, the Company has working capital of $1.4 million,
has incurred losses since inception and has an accumulated deficit of
$92.6 million. The Company's ability to continue operations and
exploration activities as a going concern is dependent upon its
ability to obtain future financing. The Company will need to raise
additional funds to support exploration and administration expenses
and may require additional funds to support expenses related to the
Arbitration action that fall outside of its legal services agreement.
While the Company has been successful in obtaining financing in the
past, there is no assurance that sufficient funds will be available
to the Company, or be available on favourable terms in the future.
Factors that could affect the availability of financing include
fluctuations in the Company's share price, the state of international
debt and equity markets, investor perceptions and expectations,
global financial and metals markets, progress on any of the Company's
exploration properties, and developments, if any, on the El Dorado
project permitting application. Additional financing will require,
but may not be limited to, the issuance of additional equity. Readers
are encouraged to thoroughly review the Risks and Uncertainties
outlined in Section 13 of the Q3 2013 MD&A and more thoroughly
described in Section 14 of the Company's Fiscal 2012 MD&A. 
Outlook 
Exploration 
During the first half of fiscal 2013, the Company applied for and was
granted a drill permit to conduct a 10-15 hole (approximately 12,000
meter) Phase 1 drill program at Hog Ranch, which permit allows for
expansion of the drill program to 31 holes and is valid for two years
from the date of grant. The Company has selected and prioritized
drill targets for Hog Ranch but has elected to forestall commencement
of this Phase 1 drill program until such time as it can minimize the
dilution on the cost of capital necessary to undertake the program
(conditions for which are not likely to occur until such time as the
El Dorado permit is granted). In addition to being subject to
financing, commencement of this drill program is dependent on
sourcing of drill contractors at a competitive rate. As such, the Hog
Ranch drill program is not likely to occur during fiscal 2013 as was
previously anticipated. 
The Company's acquisition of the Remance property is on hold and
highly uncertain at this time, pending the vendor's legal appeal of
the Government of Panama's recent decision to deny extension of the
Remance concession term. While the Company is keeping the Remance LOI
in effect during Minera Clifton's appeal, it does not intend to sign
a final agreement to acquire the Remance project unless the term of
the concession is extended. 
The Company will continue to curtail its exploration programs and
expenditures in El Salvador until such time as PRES receives the El
Dorado environmental permit and exploitation concession. The Company
remains hopeful that it will either receive the El Dorado permit and
mining concession or that it will be appropriately compensated. The
Company will continue to seek opportunities for dialogue with the
GOES aimed at resolving its permitting issues in El Salvador
including receipt of the environmental and mining permits for the El
Dorado project as well as re-establishing the exploration licence for
Santa Rita. 
The Company continues to evaluate new project opportunities in North
and Central America. 
The planned Phase 1 Hog Ranch drill program described above and in
Section 2.2 is expected to cost approximately $1.5 million. However,
commencement of this drill program is dependent on securing adequate
future financing, and procurement of drill contractors and as such,
its timing is currently uncertain. If the Remance project is
acquired, the Company will require financing to undertake an
exploration program, as per the terms of its Remance letter of intent
that is anticipated to cost approximately $1.0 million. Additional
exploration work required to keep all of its El Salvador projects in
good standing, and exploration expenses related to the Company's
generative programs, will continue through the remainder of fiscal
2013 and for the foreseeable future. 
(The foregoing paragraph contains forward-looking statements
regarding the Company's exploration plans and anticipated costs
during fiscal 2013 and beyond, its efforts to settle the El Dorado
permit impasse, and its requirements for additional funding. See
Forward-Looking Information.) 
General and Administrative and Legal 
As a result of recently adopted measures aimed at reducing its
staffing costs, the Company's general and administrative costs are
expected to be marginally reduced during the remainder of fiscal 2013
following which they will stabilize. Additional working capital
(likely through equity financing) will be required in the future to
fund ongoing general and administrative costs. Expenditures related
to the Arbitration claim are expected to be substantial as the case
proceeds through the final phase. Though the Company has signed a
service and fee agreement with its Arbitration legal counsel (as
described in Section 2.1.4 of the Q3 2013 MD&A and elsewhere) that
will preclude legal fee cost overruns, ancillary Arbitration-related
expenses such as expert witnesses, court costs, etc. are less certain
and may be substantial.  
The Company will continue to seek opportunities for dialogue with the
GOES aimed at resolving the El Dorado permitting situation. The
Company and its subsidiaries have a well-documented history of
supporting local inhabitants and building relationships with all
stakeholders. This is a key component of the Company's approach to
exploration and development, and will continue in all jurisdictions
in which it and its subsidiaries operate. 
Unless these diplomatic efforts are successful, the Arbitration
action is expected to proceed during the remainder of fiscal 2013 and
beyond. The Company and its legal counsel are currently preparing for
the final phase of the ICSID Arbitration case. PacRim's Memorial
(initial written testimony in which the details of its case our
presented) is now in preparation and will be submitted to the
Tribunal in late March 2013. This submission will be followed by a
written response from the GOES and oral testimony by both parties
before the Tribunal. Based on these submissions and testimonies, the
Tribunal will determine whether El Salvador has breached Salvadoran
and international law by refusing to issue the necessary mining
licenses for the El Dorado Mine. They will also determine El
Salvador's monetary liability for breaching the investment
protections owed to a foreign investor as per in its own laws. The
final phase of the Arbitration case is expected to continue through
calendar 2013 and potentially beyond. 
(The foregoing paragraph contains forward-looking statements
regarding anticipated general and administrative and legal expenses
during fiscal 2013; anticipated schedule of events through the final
phase of the Arbitration; and management's expectations regarding
expected Arbitration costs and its ability to manage these expenses.
See Forward-Looking Information.) 
Key Issues 
Important corporate and technical issues facing the Company in the
coming fiscal months (and beyond) include: developments related to
the Arbitration action; ongoing efforts to reach a resolution to the
El Dorado permitting impasse with the GOES; the Company's ability to
secure adequate future financing for ongoing Arbitration-related
costs, general working capital purposes, and exploration expenses
including the planned Hog Ranch drill program and maintenance of the
El Salvador and Nevada properties; the execution and outcome of the
Company's Phase 1 drill program at the Hog Ranch property;
developments related to the potential signing of a formal option
agreement to acquire the Remance project and the subsequent
undertaking of an exploration and drilling program at Remance if, as,
and when it is formally acquired; and, the continued search for
additional exploration project opportunities. Readers are strongly
encouraged to review the information provided in Section 13 - Risks
and Uncertainties of the Q3 2013 MD&A and more thoroughly detailed in
Section 14 of the Company's fiscal 2012 MD&A. 
(The foregoing paragraph contains forward-looking statements
regarding management's assessment of the key issues facing the
Company during fiscal 2013 and the requirement for additional
financing. See Forward-Looking Information.) 
On behalf of the board of directors, 
Thomas C. Shrake, President and CEO 
Forward-Looking Information 
The information contained herein contains "forward-looking
statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934 (as amended) and applicable Canadian
securities legislation. Forward-looking statements relate to analyses
and other information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any statements that express predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events
or performance are not statements of historical fact and may be
"forward-looking statements." Statements concerning reserves and
mineral resource estimates may also be deemed to constitute
forward-looking statements to the extent that they involve estimates
of the mineralization that will be encountered if the property is
developed, and in the case of mineral reserves, such statements
reflect the conclusion based on certain assumptions that the mineral
deposit can be economically exploited. 
This report contains forward-looking statements regarding: 


 
--  the Company's future financing requirements and the use of funds that
    may be raised. These assumptions are based on management's estimate of
    working capital requirements and past expenditures. There are no
    guarantees that future financing will be available to the Company under
    acceptable terms and conditions. Readers are cautioned that without
    additional financing the Company's ongoing exploration plans may not be
    carried out as anticipated and its ability to continue its business may
    be at risk. 
--  the Company's assessment of expected legal costs associated with the
    Arbitration and its ability to meet these costs based on current cash
    and cash equivalent balances, as well as management's assessment that
    unanticipated Arbitration costs may arise for which additional financing
    may be required. The Company's expectation that it can meet the expected
    legal expenses during the final phase of the Arbitration is based on its
    understanding of costs laid out in the service and fee agreement with
    its legal counsel as well as its understanding of potential additional
    costs. Arbitration-related costs not covered by the service and fee
    agreement will be incurred, and other unanticipated costs related to the
    Arbitration may cause these assumptions to change, either or both of
    which may necessitate the Company to secure additional financing in
    order to complete the Arbitration. There can be no guarantee that
    additional financing will be available to the Company under acceptable
    terms and conditions. 
--  the scope of exploration and generative work programs management plans
    to undertake during fiscal 2013 and in the foreseeable future. These
    expectations are based on various assumptions including but not limited
    to: the Company's ability to secure financing, procure contractors and
    obtain permits necessary to commence the proposed Hog Ranch drill
    program; the Company and/or its subsidiary's signing of a Formal
    Agreement to acquire the Remance project; the Company and/or its
    subsidiaries' continued title and access to the El Dorado, Santa Rita
    and Zamora-Cerro Colorado properties; the availability and accessibility
    of projects the Company may be interested in acquiring; the availability
    of sufficient working capital and access to financing; the ability to
    procure adequate experienced staff; the availability of contractors; and
    other risks and uncertainties. Should any of these assumptions prove
    incorrect or requirements not be met, the Company's project generation
    and exploration for fiscal 2013 and beyond may not occur as planned. 
--  the Company's intent to forego significant exploration work at the El
    Salvador projects until certain permits are granted, the implication
    being that if and when these permits are granted increased investments
    in exploration will be made in El Salvador. Readers are cautioned that
    this statement conveys management's intent but that resumption of a
    large-scale exploration program at the El Salvador projects is dependent
    on not only the PRES's receipt of the El Dorado permit but also the
    availability of adequate financing, the ability to procure adequate
    experienced staff, the availability of contractors, and other risks and
    uncertainties. Should any of these assumptions prove incorrect or
    requirements not be met, the Company's project generation and
    exploration plans for the remainder of fiscal 2012 may not occur as
    planned. 
--  the Company's exploration plans and anticipated costs for fiscal 2013
    and beyond. The anticipated exploration expenditures reflect estimations
    made by management based on current levels of expenditure and
    anticipated work programs as described previously. Should unexpected
    costs arise, exploration expenditures may differ from those currently
    anticipated. 
--  anticipated general and administrative, and legal expenses and the
    possible requirement for additional financing to fund general working
    capital expenses and potential, unanticipated legal costs. These
    statements are based on management's assumption the Arbitration action
    will continue through fiscal 2013 and the expected costs of pursuing
    this action, plus the Company's anticipated burn rate for general and
    administrative costs. Should PRES receive the El Dorado permits at any
    time, the necessity to continue the CAFTA action may be averted and the
    anticipated impact on general and administrative costs may not
    materialize.

 
Forward-looking statements are subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking statements, including the
risks and uncertainties outlined above and other risks and
uncertainties related to the Company's prospects, properties and
business detailed in its fiscal 2012 MD&A, in the Company's Annual
Information Form for the year ended April 30, 2012 and in the
Company's most recent Annual Report on Form 20F filed with the US
Securities and Exchange Commission. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described in
forward-looking statements. Investors are cautioned against
attributing undue certainty to forward-looking statements. The
Company does not undertake to update any forward-looking statements
that are incorporated by reference herein, except in accordance with
applicable securities laws.  
National Instrument 43-101 Disclosure 
Mr. William Gehlen, Vice President Exploration, supervises Pacific
Rim's exploration work on the El Dorado project. Mr. Gehlen is a
Certified Professional Geologist with the AIPG (No. 10626), an
employee of the Company and a Qualified Person as defined in NI
43-101.  
Mr. David Ernst, Chief Geologist, supervises the Company's project
generation initiatives and conducted due diligence geological
investigations and confirmatory sampling at the Remance Project . Mr.
Ernst is geologist licensed by the State of Washington, an employee
of Pacific Rim and a Qualified Person as defined in NI 43-101.  
Pacific Rim's sampling procedures follow the Exploration Best
Practices Guidelines outlined by the Mining Standards Task Force and
adopted by The Toronto Stock Exchange. Samples are assayed using fire
assay with a gravimetric finish on a 30-gram split. Quality control
measures, including check- and sample standard-assaying, are being
implemented. Samples are assayed by Inspectorate America Corporation
in Reno, Nevada USA, an ISO 9002 certified laboratory, independent of
Pacific Rim Mining Corp. 
The TSX has neither reviewed nor accept responsibility for the
adequacy or accuracy of this release. 
Contacts:
Pacific Rim Mining Corp.
Barb Henderson
604-689-1976
(604) 689-1978 (FAX)
general@pacrim-mining.com
www.pacrim-mining.com
 
 
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