Pearl Asian Mining Industries Enters into a Long-Term Agreement to Supply Gold Bullion with WIET LLC, Announces the New Telephone Numbers at its Philippine Headquarters.

MANILA , Philippines -- Pearl Asian Mining Industries, Inc. (OTC: PAIM) announced today that it has recently entered into a long-term agreement to supply gold bullion with WIET LLC, an international import and export metals trading company headquartered in Philadelphia, Pennsylvania. The Memorandum of Agreement to Supply and Purchase Gold Bullion (MOASP) was signed last November 1st, 2006 by E. Pearl Asian, Founder/Chairman of Pearl Asian Mining Industries, Inc., and Mr. Roman Gudzyuk, President and CEO of WIET LLC.

"More than just an agreement, this MOASP represents the start of a mutually beneficial partnership between PAIM and WIET LLC," stated E. Pearl Asian. "The Philippines has abundant gold reserves to supply the substantial volume to be purchased by WIET, initially agreed by both parties to be at least 10 metric tons of gold bullion. As a result, we are intensifying our exploration activities and gold trading from small-scale miners, as well, to meet this huge demand. In addition, our search is not limited to gold, as the MOASP covers the supply of other precious metals, such as but not limited to, silver, copper, and other ferrous or non-ferrous metals," E. Pearl Asian added.

The signing of the MOASP paves the way for the drafting and finalization of a contract which shall set a mutually agreeable trading and delivery scheme, including the duration of time over which the entire volume of gold bullion will be delivered and sold by PAIM to WIET. The said contract, once signed, is expected to provide a captive market for all the gold produced by Pearl Asian from its current small-scale mining operations, and for the gold bought from small-scale miners in its trading operations.

In another development, Pearl Asian Mining also announces the availability of the new telephone numbers and internet connection at its Philippine Headquarters: [phone] up to 66, with its telefax number: [phone]. We apologize for any inconvenience the delay in its telephone installation has caused. We likewise apologize for the delay in posting of the gold vanity card page in the PAIM website, we are working to get this operating before the November 18th target for first gold vanity card deliveries.

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.