Pearl Asian Mining Industries, Inc. Engages Services of Accounting Firm Affiliated With One of the Top Global CPA Companies, Moving Closer to Becoming a Fully Reporting Company.

Provides an Update on Its OTCQX Application, XYZ Gold Mine Sites and Current Operation Cagayan De Oro Gold Project

MANILA, Philippines -- Pearl Asian Mining Industries, Inc., with Stock SYMBOLS: U.S.A. (OTC:PAIM); GERMANY (GER:R1Z)(FWB:R1Z) has engaged the services of the Philippine affiliate of RSM Intl., ranked as the #6 accounting/consulting services company in the world. Carlos J. Valdes and Associates (CJVA) has long been a reputable firm, having been aligned with Touche & Ross in the 1970's and with Coopers & Lybrand in the 1980's. The contract of engagement primarily covers the preparation of the US GAAP-compliant audited financial statements for 2005-2006. This paves the way for PAIM to eventually become a fully reporting company, a requirement for listing in major stock exchanges.

Meanwhile, Atty. Stephen Czarnik, Pearl Asian's nominated Designated Advisor for Disclosure (DAD), has submitted his application to Pinksheets the last quarter of 2006 and just awaiting to become an approved DAD for PAIM. Pearl Asian believes OTCQX's mandatory DAD application process shall ensure compliance with strict eligibility criteria. The approval of Pearl Asian's DAD brings PAIM closer to listing in the OTCQX this year 2007.

In another development, Jason Piamonte, Pearl Asian CEO, has assigned the Executive President Randolf Villanueva to lead the focused effort to get PAIM's promising XYZ mine operational within year 2007. This major task involves resolving pending right-of-way issues through dialogue and coordination with government officials, and immediate development of access roads to the 6 existing tunnels. CEO Piamonte has likewise tasked VP-COO Engineer Ricardo Bernardo to lead exploration and the more detailed construction of new gold mill plant, eventually operation of new mines especially in Northern Luzon Island, including Visayas Islands. VP-COO Eng. Bernardo is currently preparing the design and construction drawing of the proposed Hydro-electric power plant that could possibly supply the electrical power requirements for the Cagayan De Oro Gold Project-Binasan Gold Mine Site in particular. A new Mechanical Engineer with wide expertise in hydro-electric power plant was hired to assist in this project. This plant design and electrical expansion of the Binasan Gold Mill Plant being undertaken by the Mechanical Engineering Group led by Engineer Bernardo, is to increase the mill tonnage capacity of the PAIM's processing plant.

Pearl Asian just acquired and signed the lease with option to buy a commercial/industrial real estate property that included an existing building. This facility is designed to house the "Pearl Asian Gold Mill Plant Center" and its "Metallurgical & Chemical Assay Laboratory" located in the town of Opol, Misamis Oriental. This area is ideally located and much closer to the Binasan Gold Mine Site. Chief Metallurgist Engineer Elvis Hidalgo and his team of engineers had started the designing and reconstructing of the newly acquired building. This additional division of Pearl Asian's gold mining operations is targeted to be completed and to open for business by the end of January, 2007.

As Pearl Asian aggressively pursues exploration for new mine prospects, for which the company has hired 2 experienced Geologists, a Mechanical Engineer with an extensive experience in Hydro-Electrical Power Plant Design, another Retired Military Field Security Manpower, and is in the final process of hiring 4 additional experienced Mining Engineers.

Finally, President-COO/CRO Manolo Tecson of Mindanao Operations has been tasked to produce profits for Project Cagayan de Oro (Binasan Gold Mine Site) within this 1st Quarter 2007, and to lead all of Pearl Asian's new business ventures on the very resource-rich southern Philippine Island of Mindanao. Gold buying activities will start by the end of the month with the first available transaction of an estimated twelve (12) gold bars containing approximately six (6) kilos of gold/silver per bar. Further confirmation of the gold and silver content and its purity of these bars will be determined and confirmed by chemical assays led by PAIM's Chief Chemist & Metallurgist Engineer Hidalgo.

"Pearl Asian Mining Industries, Inc. (PAIM) has constructively devised and will effectively implement all its plan of action to produce its first revenues and profits within year 2007," exclaimed CEO Jason Piamonte.

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.