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.
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