New York, NY (1888PressRelease)
July 04, 2008 - Stockhouse reports that Pacific Rim Mining Corp. (AMEX: PMU) (TSX: PMU) has taken the first steps toward reducing its El Salvador work force in preparation for a slow down in exploration and investment activity on its El Dorado, Santa Rita and Zamora-Cerro Colorado gold projects in El Salvador.
Pacific Rim and its predecessors have invested approximately $77 million on gold exploration and development in El Salvador with exceptional results. Though results have been good the company feels that the government of El Salvador is stalling the process. Government regulatory approval is needed for the assessment and approval of the Company's El Dorado mining permit (also known as the exploitation concession).
Pacific Rim laid-off 42 of its El Salvadoran employees on June 30, 2008.
Pacific Rim is now moving the focus of its grassroots exploration initiatives from El Salvador to Costa Rica and Guatemala. Pacific Rim was down over 30 percent with more than one million shares traded as of the time of this report.
