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UPDATE 1-Pacific Rim puts off El Dorado feasibility study

Thu Feb 12, 2009 10:34am EST

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Feb 12 (Reuters) - Pacific Rim Mining Corp (PMU.TO) said it is deferring completion of the feasibility study of El Dorado gold project, citing ongoing volatility in capital costs and uncertainty in the timing of the permitting process.

The company expects the volatility to continue and sees capital costs and commodity values remaining in a state of flux for the coming months.

"We see no need to spend precious capital to complete a study with an already invalid cost basis," CEO Tom Shrake said in a statement.

Pacific Rim said it plans to complete the feasibility study when the El Dorado permit issue is clarified and capital costs stabilize.

Shares of Pacific Rim were down 1.75 percent at 28 Canadian cents on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Deepak Kannan)



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