Press Release Source: Pearl Asian Mining Industries Inc.
News Desk
Initial Annual Gross Revenue Estimated @ $2,737,800.00 - Average
Combined Gold Recovery From 3 Operating Mine Sites, Pearl Asian Mining
Announces
Monday June 18, 9:47 am ET
Re-Conditioning of Gold Processing Plants Ongoing; Detailed
Feasibility Study & Geological Exploration Commences; Extensive Gold
Mineralization Observed In Aroroy & Gango Gold Projects; Higher Daily
Gold Recovery at Binasan Minesite Reported
MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries,
Inc. with Stock SYMBOLS: U.S.A. (OTC: PAIM - News; OTC: PAIMP - News)
reports Sr. Vice-President and C.O.O. / Chief Mechanical Engineer
Ricardo Bernardo leads a team of engineers in re-conditioning and re-
furbishing the existing gold processing mill plants in both the Aroroy
Gold Mine and Gango Gold Rush Projects. The current Aroroy Gold Mill
Plant is capable of processing up to a maximum of 7.2 metric tons of
gold ores per day. Based on actual gold recoveries obtained in about
17 years of operation, the Aroroy Gold Project is producing an average
of 17 grams of gold per ton of ore, equivalent to approximately 3.9
ounces of gold per day. On the other hand, the Gango Gold Rush
Project, with its existing gold processing plant capable of processing
up to 15 metric tons of gold ores per day with an average recovery of
at least 15 grams per ton, should produce approximately 7.3 ounces of
gold per day. Engr. Bernardo's team is likewise responsible in
assessing possible improvements/upgrades in both gold processing
plants, with the end in view of designing more efficient, effective,
and environment-friendly gold processing equipment.
The Binasan Gold Project, of placer type or free gold, is continuously
increasing its gold recovery, with production currently averaging
around 18 grams gold per day, equivalent to 0.5 ounce of gold per day.
All in all, the total average gold recovery from the 3 operating mine
sites is estimated at 11.7 ounces per day. Assuming that the price of
gold per ounce is @ $650.00 USD, and given that for every ounce there
is approximately 31.0 grams and with 360 days of production in a year,
the following calculations show the gross revenue from each mine site:
1. Aroroy Project: 17 grams/ton X 7.2 metric tons of ores/day
processing = 122.4 grams/day, or 3.9 ounces/day X $650.00/oz X 360
days/year = US $912,600 Gross
2. Bukidnon Project: 15 grams/ton X 15 metric tons/day processing =
225 grams/day, or 7.3 ounces X $ 650.00 X 360 days /year = US
$1,708,200.00 Gross
3. Binasan Project = 18 grams/day, or 0.5 ounce/day X $650/oz X 360
days/year = $117,000 Gross
Estimated Total Annual Gross Gold Recovery is US$2,737,800.00
Pearl Asian Mining Vice President/PRO Ariel Caleon leads the
Exploration Mining Team in Aroroy Gold Mine Site consisting of Chief
Mining Engineer Cesar Rosales, Chief Geologist Regie Selvano, Chief
Metallurgist Elvis Hidalgo and Chief Security Officer General Frank
Acosta; while President for Mindanao Operations Manolo Tecson leads
the Bukidnon Gango Gold Rush Project.
The Aroroy Gold Team is currently exploring and mining the 18-hectares
(44 acres) total land area located in close proximity to Filminera
(formerly Atlas) mining company. The Aroroy Gold Team aims to complete
a detailed feasibility & geological exploration by the end of June
2007, gathering more samples to determine the total gold reserves and
other minerals present. "It was noted that back in 1990 the current
owner had profited at least US $600,000 using the old-fashioned way of
mining and recovery. More than 200 kg (6,430 oz.) of gold has been
extracted from 1990 to the present. Currently, the mine site has 2
working tunnels, but more tunnels will be developed once geological
mapping is completed," reports Executive President Randolf Villanueva.
"In the Binasan Gold Project, diamond drilling is estimated to start
around August 2007, as sporadic afternoon rainfall had delayed the
drilling to cover the entire 20-hectares (49 Acres) coverage area of
the Binasan mine site. A core drilling campaign is an important part
of the overall geological exploration survey of any mineral deposits,
which assists one to gain a better insight on the geological structure
and deposit type of an ore body. This can also possibly establish
quantitative and qualitative parameters of the gold deposits that may
be present in the area by accurate sampling of the borehole cores
retrieved during the drilling program. It is therefore essential that
representative core samples be recovered," Chief Geologist Regie
Selvano reports.
Meanwhile, new offers and expressions of interest from small scale
mining operators/landowners for joint venture partnership with Pearl
Asian continue to pour in. The Project Santa Barbara in Camarines
Norte near Paracale is targeted to start operating soon, as well as
the long anticipated opening of the XYZ Gold Mine Site in Baleno.
"Pearl Asian Mining looks forward to this second half of 2007 to bring
the best as PAIM continues to expand by opening abandoned mine sites
across the country; while sales of other minerals such as manganese,
chromite and copper among others are in progress. It is our vision to
assist the small scale miners as well as the community to make better
use of the God-given resources for the upliftment and betterment of
their lives, while benefitting the investments of our foreign
investors and shareholders with increased gold productions as well as
other minerals which means increased revenues," exclaimed Exec. V.P.
Ariel Caleon
FORWARD 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
Jeffrey Alan Bosaw, 402-212-7840 (Investor Relations)
FAX: 877-317-4430
IRJb...@yahoo.com
www.PearlAsianMining.com
Source: Pearl Asian Mining Industries Inc.