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Latest Headlines
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Mar 16, 2010 11:24:00 AM MST
Pacific Rim Mining deepens its loss in the third quarter to US$1M from $383,000 (Pacific-Rim)
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VANCOUVER _ Pacific Rim Mining Corp. (TSX:PMU) is searching for new projects after putting exploration projects in El Salvador on hold, the company said Tuesday after reporting deeper losses in the third quarter.
The Latin American´s government revoked Pacific Rim´s mining permit, which the company said violated the Central American Free Trade Agreement Act.
The company said it will not resume its exploration programs in El Salvador, where most of its activities are focused, until the problem is resolved.
Pacific Rim has taken the government to court, accusing it of refusing to grant exploitation concessions and environmental permits after it had met the necessary requirements.
Meanwhile, the company will continue to seek new project acquisitions elsewhere "that fit its exploration focus," it said in a news release.
Vancouver-based Pacific Rim, which reports in U.S. dollars, said Tuesday it lost US$1 million or a penny a share in the November-January period. That compared with a loss of $383,000 or less than a penny a share in the comparable year-earlier period.
The company did not report revenues for either quarters.
The company warned that its general and administrative costs for the remainder of fiscal 2010 will increase due to the legal costs tied with the CAFTA action. It said it has enough funds to meet its responsibilities for the remainder of the year but may require additional funding.
Shares of Pacific Rim Mining were unchanged at 18.5 cents Tuesday morning on the Toronto Stock Exchange.
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