advanced gold play going unnoticed target .02+, page-11

dunnycan the spp dilution was months ago now, PRE has consolidated for months since the spp around .009/.011 washing out many spp holders but I do agree the spp was a poor move by directors should have just done a placement which would have come with on market support, all it takes is the right buyers/market makers & PRE will move very quick forward on the back of news or just gold momentum, until then an oppertunity to accumulate before it breaks .013, the high grade gold hits have been very much ignored by the market to date:

Gold assays have been received for single metre samples from a recent programme
of infill RC drilling at Golden Terrace South.
• Hole GTRC 197 returned;
• 8 metres @ 2.98g/t
• Hole GTRC 199 returned;
• 12 metres @ 11.45g/t
• 8 metres @ 8.31g/t and
• 23 metres @ 3.81g/t.
• Hole GTRC 201 returned;
• 19 metres @ 5.92g/t
• 11 metres @ 1.56g/t and
• 8 metres @ 2.93g/t
• Hole GTRC 202 returned;
• 5 metres @ 3.77g/t and
• 12 metres @ 2.73g/t
• Hole GTRC 203 returned;
• 26 metres @ 4.98g/t and
• 7 metres @ 5.56g/t

Further Results from RC Drilling at Redcliffe - 727 Prospects
• Single metre assays included several very high assay results;
• 199.27g/t gold (~6.4 ounces/tonne),
• 93.67g/t, 49.42g/t, 43.14g/t, and 34.98g/t gold
• Single metre assay intercepts included;
• 9m @ 14.51g/t, 5m @ 43.22g/t, 9m @ 16.77g/t, 4m @13.20g/t gold.



OPERATIONS REPORT
Pacrim Energy Limited
Half Yearly Operations Review to 30 June 2009

Redcliffe Gold Project

Pacrim’s focus during the period has continued to be on the Redcliffe Project as the Company heads towards production and
works to increase near surface gold resources. This work has been successful in advancing the 727 Prospect gold discoveries
and outlining further near surface mineralisation to build and compliment the existing gold resources at Golden Terrace South.
Consultants have been appointed to prepare a mining proposal for the Golden Terrace South gold resource within a
conceptual open pit shell. Further RC drilling has been planned to assist in the upgrade of the resource to reserve status.
Numerous gold prospects, several with inferred and indicated gold resources, occur within the Redcliffe Project. They provide
the Company attractive targets and the opportunity for further extensions to known mineralisation. Recent intercepts of high
grade gold mineralisation from near surface at the 727 Prospect have added to the scope for near term production from this
area.
Golden Terrace South
The initial resource estimate in mid 2008 recorded Golden Terrace South as 416,000 tonnes @ 3.3g/t gold, for 44,000 ounces
(consisting of an Indicated Resource of 113,000 tonnes @ 3.7g/t and an Inferred Resource of 302,000 tonnes @ 3.2g/t).
Subsequent RC drilling has outlined a mineralised zone that continues at depth and to the south. As these zones lie outside
the initial estimate shell, there is demonstrated potential to expand the initial estimate.
Work is being directed toward completing a Mining Proposal for submission to the Western Australian Department of Mines
and Petroleum. Consultants have been appointed to conduct the necessary permitting, reporting, compilation of
documentation and submission. A geological resource review is in progress and infill RC drilling has been planned to upgrade
the confidence levels of delineated mineralisation within a conceptual (Stage One) open pit design.
Pacrim completed an RC programme in the March Quarter consisting of several holes aimed at testing the southern extension
and a trial re-entry of an earlier RC hole where a previous contractor failed to attain the required depth. Drilling undertaken
outlined further significant mineralisation including 7 metres @ 3.70g/t and 4 metres @ 3.58g/t gold.
Work is progressing on compilation of information in support of a mining proposal within the granted mining lease.
Environmental and development reports are being prepared for submission.
In addition to pre development work, detailed geological mapping and ground magnetic surveying have generated further
targets in the area. Geochemical soil sampling has identified additional drilling targets.
727 Prospect
Return of high grade gold intercepts from RC drilling was reported during the first half of 2009 that identified a prospective gold
mineralisation style additional to gold occurrences associated with the Mertondale Shear Zone.
Reverse circulation drilling in March 2009 confirmed the presence of gold mineralisation, with a best intercept of 10 metres @
5.07g/t gold from 2 metres depth. Further intercepts have been returned close to surface in the recent vertical RC drilling,
including 9 metres @ 14.51g/t from one metre depth.
OPERATIONS REPORT
Exploration during the June Quarter consisted of an initial three lines of close spaced (5m X 10m) vertical RC drill holes. The
drilling was designed to provide geological and assay information to assist in defining the geometry, orientation and average
grade of the zone of mineralisation and understanding structural controls.
Individual assay results from analysis of single metre samples included 199g/t, 94g/t, 49g/t, 43g/t, and 35g/t gold. Intercepts
calculated from single metre assays have included 9m @ 14.51g/t, 5m @ 43.22g/t, 9m @ 16.77g/t, 4m @ 13.20g/t gold.
The high grade mineralisation at the 727 Prospect occurs in association with strong quartz veining and disseminated pyrite
(evidenced by cubic pseudomorphs of iron oxide) and manganese. Host rocks consist of yellow stained, limonitic, sheared,
highly weathered schists with quartz veining. Several holes intersected multiple auriferous quartz zones.
Regional geological trends including the Mertondale Shear Zone have a general north/south strike, as supported by magnetic
survey images of the area. The mineralised zones at 727 Prospect appear to have an orientation more approximating a
WNW/ESE strike, with a northerly dip, possibly lying within a north/south corridor. The true width of individual gold bearing
quartz zones ranges from two metres to six metres.
The occurrence of such shallow gold intercepts is regarded as extremely beneficial when seeking to delineate resources
amenable to open pit exploitation.
RAB 58 and Pits Prospects
RAB 58 Prospect is located approximately 400 metres to the south of the 727 Prospect. Two angled RC drill holes were
designed to test Pacrim’s previous RAB drilling which intersected anomalous gold of up to 1.6g/t. Hole GTRC 176 returned an
intercept of 9m @ 3.88g/t and subsequent drilling has returned several one metre intercepts of +1g/t gold. Further detailed
work is required to assess the extent of this mineralisation.
Located approximately 400 metres further south is the Pits Prospect where RC drilling has encountered anomalous gold in 5
metre composite samples of up to 0.9g/t gold. Single metre assays for these prospects returned 2m @ 1.54g/t and 1m @
2.61g/t gold.
The occurrence of additional gold anomalism and mineralisation in this RC drilling considerably increases the prospectivity of
Pacrim’s holdings in this area and defines targets for further drilling.