Pacific Rim buys Panama gold mine in $13.5 million

Canada’s Pacific Rim Mining has signed a letter of intent with Minera Clifton to acquire a gold mine in Panama for about $13.5 million in cash and shares.

The Central American mine will be acquired through Pacific Rim's Panamanian subsidiary Minera Verde, the Vancouver mining company said Friday.

Pacific Rim said it has been evaluating the Remance gold mine project for more than nine months. "Remance hosts a large epithermal gold system and has many of the same characteristics that our El Dorado project in El Salvador exhibited when we first began work there," chief executive Tom Shrake said.

Original source: Canadian Press