Pearl Asian Mining Steps Closer to Becoming A Large Scale Mining Company
News Desk
Company, with the Resolution of Right-of-Way Concerns Over XYZ Gold
Project, Having An Estimated $2,170,260.00 Per Month Gold Production
Monday June 25, 9:47 am ET
MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries,
Inc. with stock symbols (OTC common shares: PAIM)(OTC preferred
shares: PAIMP) announces that it is about to start exploration,
feasibility studies, construction of the gold mill plant, road
construction, infrastructure development, then finally the operations
of its very rich gold mine project located on Masbate Island. The
"sleeping golden dragon" known as the XYZ Gold Project, whose rich
gold deposits have been historically proven since Pre-World War II, is
reportedly capable of producing a minimum of 120.57 ounces of gold per
day.
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The XYZ GOLD MINE SITE is a Pre-World War II gold mining property with
high grade gold ores containing from 15 grams up to 90.37 grams per
ton of gold and 533.6 grams per ton of silver. After installation of a
planned 50-250 tpd (tons per day) gold mill/processing plant, Pearl
Asian Mining (PAIM) plans to process at least 50 tons of ore per day
to produce an estimated 3,750 grams or 120.57 troy ounces of gold per
day, at an average gold grade of 75 grams of gold per ton.
In 1997, A Canadian Company (Pottinger - Gaherty Environmental
Consultants Ltd., CANADA) was commissioned to do a written exploration
and feasibility report, which showed the following: The estimated
monthly revenue at the cost of US $600.00 per troy oz: 120.57 oz per
day X 30 operating days per month X $600.00/oz = $2,170,260.00 per
month. The estimated yearly gross revenue: $2,170,260.00 per month X
12 months per year operations = USD $26,043,120.00 per year.
Pearl Asian Mining's Legal Counsel, Atty. Ron Bagasbas and members of
the Board of Directors, namely, Chairman Bae Katiguman, Executive
President Randolf Villanueva, VP-Lead Exploration Officer for XYZ
Masbate Project Ariel Caleon, Chief Operating Officer Engineer Ricardo
Bernardo and Lead Task Force Security Officer Retired General Frank
Acosta met on June 24, 2007 with representatives of XYZ land claimants
and their legal counsel. The two parties finally agreed and arrived at
an amicable settlement in granting right-of-way and access to the XYZ
mine. This agreement between the two parties shall ensure that
processing of the MPSA (Mineral Production Sharing Agreement) under
the name of Pearl Asian Mining Industries will be facilitated by the
Department of Environment and Natural Resources, the government agency
mandated to issue MPSA's, similar to the Mining Claims in the USA,
after more than 3 years of long and tedious negotiations. Furthermore,
an MPSA shall allow Pearl Asian Mining to export, deliver and trade
its gold/ silver bullion outside the country to satisfy the demands of
its foreign clients.
Since October 4, 2004, Pearl Asian Mining's XYZ MPSA application on
over 8,000 hectares (19,600 acres) has been filed with the Region V-
Bureau of Mines and Geo-Sciences. On November 22, 2005, Pearl Asian
was granted a Small Scale Mining Permit (SSMP) Permit No. 005-05 O.R.
No. 1956032 D, a claim right to stake, to operate and mine on 20
hectares (49 acres) of the XYZ Gold Mine Site. Pearl Asian was not
able to operate XYZ due to right-of-way concerns. In the meantime,
Pearl Asian (PAIM) has been operating for almost a year under small
scale permit and joint venture alliances with other small scale mining
owners and operators in other parts of the country. With this
agreement reached with the XYZ land claimants, the company gets closer
to finally operating its centerpiece mine site in the Philippines.
"With the endorsement of Pearl Asian Mining's MPSA application from
the Region V- Bureau of Mines and Geo-Sciences to the Secretary of the
Department of Environment & Natural Resources, we can now expect that
the final approval of said MPSA will be facilitated, subject to our
compliance with all pertinent government requirements" exclaimed
Executive President Villanueva.
FORWARD-LOOKING STATEMENTS: Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause our
actual results, performance or achievements to differ materially from
the anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking statements
in this release include statements regarding the Company's projections
regarding gold production in future periods. Factors that could cause
actual results to differ materially from anticipated results include
risks and uncertainties such as: risks relating to estimates of
reserves, mineral deposits and production costs; mining and
development risks; the risk of commodity price fluctuations; political
and regulatory risks; risks of obtaining required operating permits
and other risks and uncertainties. Penny Stocks are very highly
speculative and may be unsuitable for all but very aggressive
investors. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:
Pearl Asian Mining Industries Inc. - Philippines
Investor Relations:
Jeffrey Alan Bosaw, 402-212-7840
IRJb...@yahoo.com
www. PearlAsianMining.com
FAX: 877-317-4430
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Source: Pearl Asian Mining Industries Inc.