Vancouver – Pacific Rim Mining (PMU-T) is selling its wholly-owned Andacollo gold mine in Chile to an unamed arm’s length buyer for US$5 million. The purchaser agreed to a series of scheduled payments.
The Andacollo mine was officially shut down by Pacific Rim’s predecessor, Dayton Mining in December, 2000.
The company says it will use the funds to speed up definition drilling by adding a third drill rig at the South Minita gold zone on its wholly-owned El Dorado gold project in El Salvador. Pacific Rim recently announced a prefeasibility study for the Minita zone alone.
The company believes that the newly discovered South Minita gold zone has the potential to build on the latest study.
Pacific Rim relies on cash flow from its 49% interest in the Denton-Rawhide gold mine in Nevada to fund exploration and development of its projects.
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