Pacific Rim Mining Corp.: ICSID Tribunal Rejects Government of El Salvador's Preliminary Objection
03 8월 2010 - 9:00PM
Marketwired
Pacific Rim Mining Corp. (TSX: PMU)(NYSE Amex: PMU) -
The tribunal at the International Centre for Settlement of
Investment Disputes ("ICSID") that is hearing the investment claims
of Pac Rim Cayman LLC ("PacRim") against the Government of El
Salvador ("GOES") has unanimously rejected the Preliminary
Objection filed by GOES. PacRim has brought claims against GOES
under the Dominican Republic-United States-Central America Free
Trade Agreement ("CAFTA") and the Investment Law of El Salvador. In
January 2010, GOES filed numerous arguments in support of a
Preliminary Objection that sought to dispose of nearly all of
PacRim's case.
Hearings on the Preliminary Objection were held at ICSID on May
31 and June 1, 2010. In a decision dated August 2, 2010, the
tribunal ruled in favor of PacRim, rejecting the all of the
arguments made in the GOES's Preliminary Objection filed under
Articles 10.20.4 and 10.20.5 of CAFTA. The case now proceeds.
"We are very pleased with ICSID's decision on the Preliminary
Objection," states Tom Shrake, President and CEO. "This is a
positive and crucial step in the CAFTA process for PacRim. We are,
however, reticent to celebrate as we believe a more productive
outcome is possible for both the Salvadoran people and foreign
investors. With this phase of the arbitration now completed, we
hope to resume a mutually beneficial dialogue with the GOES to
resolve the impasse on the El Dorado project."
BACKGROUND
Pac Rim Cayman LLC is a Nevada corporation and a wholly-owned
subsidiary of Pacific Rim Mining Corp. ("Pacific Rim"). On April
30, 2009, PacRim filed international arbitration proceedings
against the GOES under CAFTA and the Investment Law of El Salvador
in its own name and on behalf of its two wholly-owned El Salvadoran
enterprises.
On January 4, 2010, the GOES filed its Preliminary Objection to
PacRim's claims. Copies of PacRim's original CAFTA claim, the
GOES's Preliminary Objection filing, PacRim's response to the
GOES's Preliminary Objection, and ICSID's ruling on the GOES's
Preliminary Objection are available on Pacific Rim's website
(www.pacrim-mining.com).
Developments to date in PacRim's CAFTA action against the GOES
are available in previous news releases issued by Pacific Rim,
specifically NR# 08-13, 09-03, 09-08 and 10-05.
ABOUT PACIFIC RIM
Pacific Rim is an environmentally and socially responsible
exploration company focused exclusively on high grade,
environmentally clean gold deposits in the Americas. Pacific Rim's
subsidiary PacRim is the owner of the high grade, vein-hosted El
Dorado gold project in El Salvador. Through its subsidiaries,
Pacific Rim owns several similar grassroots gold projects in El
Salvador and the Company is actively seeking additional assets
elsewhere in the Americas that fit its project focus. All
references to "Pacific Rim" or "the Company" encompass the parent
corporation, Pacific Rim Mining Corp, and its U.S. and Salvadoran
subsidiaries, Pac Rim Cayman LLC ("PacRim"), Pacific Rim El
Salvador, S.A. de C.V. ("PRES"), and Dorado Exploraciones, S.A. de
C.V. ("DOREX"), inclusive. Pacific Rim's shares trade under the
symbol PMU on both the Toronto Stock Exchange ("TSX") and the NYSE
Amex.
On behalf of the board of directors,
Thomas C. Shrake, President and CEO
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 Pacific Rim's control, including: the continuation
of the CAFTA claim; the outcome of PacRim's CAFTA claim should it
continue to completion; and the opportunity for and outcome of any
future discussions between Pacific Rim and the GOES aimed at
resolving the El Dorado permitting dispute. 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. Pacific Rim's actual results,
programs and financial position could differ materially from those
expressed in or implied by these forward-looking statements.
The TSX and NYSE Amex have neither reviewed nor accept
responsibility for the adequacy or accuracy of this release.
Contacts: Pacific Rim Mining Corp. Barbara Henderson
604-689-1976 or 1-888-775-7097 general@pacrim-mining.com
www.pacrim-mining.com
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