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.)
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
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.
Most Popular Stories
- SpaceX's Satellite Launch Is 'Game-Changer'
- Reid Confident Congress to Pass Immigration Bill
- Maui Visitor Killed in Shark Attack
- Donors Abandon GOP Over Gun Stance
- Mexico: 'Extremely Dangerous' Radioactive Material Stolen
- Climate Change Early Warning System Urged
- CEOs More Optimistic About Economy, Hiring
- Private Sector Employment Surges by 215,000 Jobs
- Wisconsin Gov. Campaign Aide Fired Over Tweets
- Newtown 911 Tapes Being Released Today