70% Completion of the 50 Metric Tons Gango Gold Processing Plant; Increase Gold Revenues to Show by the 4th Quarter; Pearl Asian Mining (PAIM) Prepares to Become a Fully Reporting Company.

Convertible Debenture Exchange Rate is $0.01 Per Common Share (Symbol: PAIM); About 1.5 Billion Common Shares Increase to the Current PAIM Outstanding Float

MANILA, Philippines -- Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC common shares: PAIM)(OTC preferred shares: PAIMP); Germany (XETRA: R1Z.DE) and (Frankfurt: R1Z.F) announces that the Gango Gold Rush Project is almost ready for the first test run of its gold processing plant. The Gango Gold Team is working seven days a week to achieve the goal of operating the processing plant on Sept. 20th. The new mining/geology team led by Chief Mining Officer Cesar Rosales is working as hard by entering into the largest tunnel first that is rich with the mineral ores, to stockpile the minimum of 50 metric tons of gold ores.

"Everybody at Gango Gold Rush is happy while working diligently even though they are compelled to work double time finishing the building and re-conditioning of the gold processing plant. We further anticipate an abundance of gold revenue increase thereafter starting the 4th quarter of 2007!" exclaimed President for Mindanao Operations Manolo Tecson.

PAIM held a Special Board Meeting on Sept. 15th, with the consent and approval from the 77% Majority Shareholders of Pearl Asian Mining, and hereby reports the summary of the following corporate actions forming the final part of the capital restructuring and reorganization, as the company prepares to become a fully reporting company.

COMMON SHARES (Symbol: PAIM):

* 4 Billion (4,000,000,000) Authorized Common Shares

* Current public float to increase by an additional 1.5 Billion after the Completion of the mandatory recall of all the Convertible Debentures: Estimated increase to be reflected by the 4th Quarter, 2007

PREFERRED SHARES (New Symbol: PAIIP replacing the old symbol: PAIMP)

* NEW CUSIP #704755 30 5: New ISIN # US 704755 305 9

* Six Million (6,000,000) Authorized Preferred Shares

* Old Preferred Shares (Symbol: PAIMP) are NO longer convertible to Common Shares

* Old Preferred Shares (Symbol: PAIMP) held by the shareholders in certificate forms must be returned back to the company's Transfer Agent, AGN Associates Stock Transfer Services, LLC on or before Sept. 28, 2007, in exchange for a new Preferred Shares Certificate reflecting the Post Reverse Split Number of shares, the New CUSIP and the New SYMBOL.

* Shareholders who have their Preferred Shares held in their brokerage accounts must advise and ensure that their brokerage/banks return the paper certificates to the Transfer Agent in exchange for the new Preferred Shares Post-Reverse Split. The Post-Reverse Split Preferred Shares will be reflected in the shareholders' accounts.

* The Post-Reverse Split Preferred Shares with its NEW CUSIP #704755 30 5 and NEW SYMBOL: PAIIP is available for immediate trading thereafter.

CONVERTIBLE DEBENTURE (CUSIP # 704752 AA2, ISIN # CA704752 AA23: Par Value = not applicable)

A CORRECTION has been noted that the CONVERSION COST for the CONVERTIBLE DEBENTURE is $0.01 PER COMMON SHARE, instead of $0.001 per common share and the correct e-mail address for our Transfer Agent is [e-mail] or [e-mail]

* Shareholders who hold their Convertible Debenture paper Certificate must complete the Letter of Transmittal and return the completed form and the original certificate to AGN Associates & Stock Transfer Services, LLC, along with the processing fee of $25.00 per cancelled certificate and $25.00 for each new certificate issued, made payable to the Transfer Agent.

* Shareholders who have their Convertible Debenture held in their brokerage account must advise and ensure that their brokerage/banks return the paper Certificate to the Transfer Agent in exchange for the Common Shares (PAIM) at a rate of $0.01 per share. The equivalent common shares will be posted in the shareholders' account.

We apologize for the clerical typographic error that was sent out on Sept. 14th Press Release, stating that the conversion rate was $0.001 per common share with the incorrect TA's e-mail address. Please note the corrected e-mail is: [e-mail] or [e-mail] as it was brought to our attention by our Transfer Agent - AGN Associates & Stock Transfer Services, LLC.

Pearl Asian is requesting the cooperation of all our shareholders who are holding all the existing Convertible Debentures (CD) to surrender to the Transfer Agent their CD's in exchange for the Common Shares (Symbol: PAIM) on or before of September 28, 2007. If the CD's are not received no later than 5:00 p.m. extending to October 1, 2007, they will be automatically cancelled out.

AGN Associates & Stock Transfer Services, LLC 5431 Auburn Blvd., Suite #178 Sacramento, CA 95841 [phone] Fax: [phone] e-mail: [e-mail] or [e-mail]

As soon as our Transfer Agent receives all the CD's for conversion, the new public float for our common share PAIM will increase by about 1.5 billion.

The Board of Directors of Pearl Asian Mining Industries has resolved to effect these final changes so that our company's objective to list both PAIM and PAIIP in a higher exchange will be accomplished in a timely manner. These actions are to be in compliance to an audit by independent accounting requirements with the Public Accounting Review Board. Please note that all our shareholders will still retain their pro-rata interest in Pearl Asian Mining.

"On behalf of Pearl Asian Mining, I am urging our valued shareholders and investors for their cooperation in returning all their CD's and Preferred Shares before the deadline of Sept. 28th. Pearl Asian Mining is looking forward to becoming a fully reporting company by the 1st Quarter of 2008 should this final request be fully executed. Thus your cooperation is highly appreciated!" explained CEO Jason Piamonte.

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.