Post by Catdaddy on Nov 5, 2007 12:06:08 GMT -5
Pearl Asian Mining (Symbol: PAIM) Issues Update on Gold Mining Projects
biz.yahoo.com/bw/071105/20071105005651.html?.v=1
Monday November 5, 9:28 am ET
Gold Processing Operations Begin at Binasan and Gango Mine Sites
MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries, Inc., Stock Symbols: USA (OTC Common Shares:PAIM); (OTC Preferred Shares: PAIIP); Germany (Xeta: R1z.De) and (Frankfurt: R1z.F - News) provided an update of the company’s mining projects. Management also reported that its internal accounting group and auditor are working toward the completion of the company’s third quarter financial reports, which it anticipates making available on or about November 15, 2007.
Source: Pearl Asian Mining Industries Inc. - Philippines
BINASAN MINE SITE
The company continues to cooperate with the KAHIB - Higaonon (indigenous people) on environmentally responsible exploitation of this mine site. Pearl Asian Mining has received its first weekly yield from this mine, consisting of 20.9 grams of gold (based on a royalty of 4 shares of the total weekly gold harvest), and will continue to receive yield on this share basis through the remainder of its agreement. An additional yield is anticipated on November 5.
GANGO GOLD RUSH
The processing plant acquired by the company on July 26, 2007 has now been refurbished, operational and a 30-day test run, commissioning and trouble-shooting stage for processing the first group of stock-piled ores has begun. This run is expected to result in cash flow to the company during the fourth quarter. Negotiations are ongoing with a representative of the leaseholder to clear the way for further mine development and to expand the gold-mining operation.
ORO PEARL MAYO LABORATORIES
Metallurgist Engineer Ma. Cleofe Patayon heads the laboratory, which is designed to provide assaying services for the Pearl Asian Mining sites, especially the Gango Gold Rush, where the lab is to be relocated. Management has prepared a budget for the relocation, which will eliminate the need for various permits otherwise necessary for the movement of ore. Relocation will also permit shared equipment use, thereby reducing overhead for both the mine processing facilities and the lab. Additionally, the assay lab intends to make its analytical services available as work for others on a contractual basis.
XYZ PROJECT
Management of the company’s XYZ Project has acquired endorsement of the Council of Barangay Cancahorao. This endorsement is necessary for the conduct of business and extraction at the site, as are the Sangunian Bayan [Town Council] Resolution (SB) and an Environmental Compliance Certificate (ECC). The company is working with local officials concerning the SB, and application for its ECC was submitted on October 23, 2007. Following a mine site visit by an officer of the Environmental Management Bureau, expected within the next two weeks, the company anticipates that the ECC will be issued in time for renewal of the Small Scale Mining Permit by November 22, 2007.
Additional to these projects, the company is undertaking a lumber and timber salvage and harvesting project to assist it in becoming less dependent on outside suppliers for construction materials needed at its various mining sites. Management is compiling documentation to obtain the necessary permits and preparing budgets for this activity.
ABOUT THE COMPANY
Pearl Asian Mining Industries, Inc. is an international mining company engaged in the exploration and commercialization of new and underdeveloped mine sites, primarily gold and other precious and strategic metals. The company currently owns 12 mining claims in British Columbia, Canada. Additionally, under a Philippines Mineral Production Sharing Agreement (MPS) with the government of the Republic of the Philippines, the company, through aggregation of manpower and production among small-scale miners and indigenous peoples, intends to capitalize on economies of scale in gold and silver extraction, processing and commodities selling and trading. Pearl Asian Mining is committed to the implementation of sustainable green technologies to achieve fiscal strength based on the principle of Profit-People-Planet. Management continues to focus on achieving profit, while conducting business with utmost consideration and compassion for people and protection of our planet and the environment.
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.
biz.yahoo.com/bw/071105/20071105005651.html?.v=1
Monday November 5, 9:28 am ET
Gold Processing Operations Begin at Binasan and Gango Mine Sites
MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries, Inc., Stock Symbols: USA (OTC Common Shares:PAIM); (OTC Preferred Shares: PAIIP); Germany (Xeta: R1z.De) and (Frankfurt: R1z.F - News) provided an update of the company’s mining projects. Management also reported that its internal accounting group and auditor are working toward the completion of the company’s third quarter financial reports, which it anticipates making available on or about November 15, 2007.
Source: Pearl Asian Mining Industries Inc. - Philippines
BINASAN MINE SITE
The company continues to cooperate with the KAHIB - Higaonon (indigenous people) on environmentally responsible exploitation of this mine site. Pearl Asian Mining has received its first weekly yield from this mine, consisting of 20.9 grams of gold (based on a royalty of 4 shares of the total weekly gold harvest), and will continue to receive yield on this share basis through the remainder of its agreement. An additional yield is anticipated on November 5.
GANGO GOLD RUSH
The processing plant acquired by the company on July 26, 2007 has now been refurbished, operational and a 30-day test run, commissioning and trouble-shooting stage for processing the first group of stock-piled ores has begun. This run is expected to result in cash flow to the company during the fourth quarter. Negotiations are ongoing with a representative of the leaseholder to clear the way for further mine development and to expand the gold-mining operation.
ORO PEARL MAYO LABORATORIES
Metallurgist Engineer Ma. Cleofe Patayon heads the laboratory, which is designed to provide assaying services for the Pearl Asian Mining sites, especially the Gango Gold Rush, where the lab is to be relocated. Management has prepared a budget for the relocation, which will eliminate the need for various permits otherwise necessary for the movement of ore. Relocation will also permit shared equipment use, thereby reducing overhead for both the mine processing facilities and the lab. Additionally, the assay lab intends to make its analytical services available as work for others on a contractual basis.
XYZ PROJECT
Management of the company’s XYZ Project has acquired endorsement of the Council of Barangay Cancahorao. This endorsement is necessary for the conduct of business and extraction at the site, as are the Sangunian Bayan [Town Council] Resolution (SB) and an Environmental Compliance Certificate (ECC). The company is working with local officials concerning the SB, and application for its ECC was submitted on October 23, 2007. Following a mine site visit by an officer of the Environmental Management Bureau, expected within the next two weeks, the company anticipates that the ECC will be issued in time for renewal of the Small Scale Mining Permit by November 22, 2007.
Additional to these projects, the company is undertaking a lumber and timber salvage and harvesting project to assist it in becoming less dependent on outside suppliers for construction materials needed at its various mining sites. Management is compiling documentation to obtain the necessary permits and preparing budgets for this activity.
ABOUT THE COMPANY
Pearl Asian Mining Industries, Inc. is an international mining company engaged in the exploration and commercialization of new and underdeveloped mine sites, primarily gold and other precious and strategic metals. The company currently owns 12 mining claims in British Columbia, Canada. Additionally, under a Philippines Mineral Production Sharing Agreement (MPS) with the government of the Republic of the Philippines, the company, through aggregation of manpower and production among small-scale miners and indigenous peoples, intends to capitalize on economies of scale in gold and silver extraction, processing and commodities selling and trading. Pearl Asian Mining is committed to the implementation of sustainable green technologies to achieve fiscal strength based on the principle of Profit-People-Planet. Management continues to focus on achieving profit, while conducting business with utmost consideration and compassion for people and protection of our planet and the environment.
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.
