Wednesday, 12th September 2007 (1760 views)

Gold mining company Pacific Rim has released its results for the first quarter of the 2008 fiscal year, which suggests a reduction in loss from the same period last year.

The company reveals that it has reduced its loss for the first quarter to $1.5 million from $2.1 million in the same period last year thanks to lower operating costs.

Pacific Rim also notes that its primary exploration project in the El Dorado gold project in El Salvador is at advanced-stage.

"During the course of its Balsamo deposit drilling, the company has identified another new gold-bearing vein parallel to and 200 metres east of the Balsamo structure," Pacific Rim also noted.

According to Pacific Rim, it has intersected the Cerro Alto vein in a number of drill holes which contain "attractive" gold grades.

The company intends on deeper drilling to determine the full extent of the gold mineralisation in this vein.

 

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