Pearl Asian Mining Industries Issues an Update Report on Its Gold Production, Gold Vanity Card, and Shares the Spirit and Joy of Giving This Holiday Season to the Host Communities.

MANILA, Philippines -- Pearl Asian Mining Industries: Stock SYMBOLS: U.S.A. (OTC:PAIM): German (GER:R1Z) and (FWB:R1Z) issues the following update on its Philippine operations.

The Gold Team of Pearl Asian & its manpower complement of Higaonon tribesmen continue to work hard and exert its best efforts to produce up to 10 metric tons of gold concentrates at Project Cagayan de Oro. These gold concentrates will be sent to China National Gold Corp. (CNGC) for its smelting and final refining to 99999% purity, at most. In addition, Pearl Asian has also programmed for a substantial percentage of its gold sales to be sourced from its gold-trading operation, wherein the company will buy gold from the gold-rich areas in the country.

Pearl Asian Mining had encountered various factors that have caused actual results to differ materially from those anticipated results. These include risks and uncertainties such as: mining and development risks; the risk of transporting the commodity from the mine site; security, political and regulatory risks as well as the effect of the weather conditions. However, Pearl Asian is still on course to serve the requirements of its buyer, WIET LLC. As per the former's Memorandum of Agreement to sell a minimum of 10 metric tons of pure gold to the latter. The 10 Metric tons of pure gold having at least a 99999% purity will be worth an estimated gross value of more than USD $192 Million based on the current gold market price of at least $600.00 USD per ounce (10 metric tons=10,000,000 grams=321,543 ounces). In particular, Pearl Asian plans to make its first delivery by the 1st quarter of 2007. This delivery schedule also holds true for PAIM's Gold Vanity Card (50 mg weight of 99999% purity). CNGC has advised its willingness to assist Pearl Asian in its development and production of the Vanity Gold Card in partnership with Pearl Asian Mining Industries, Inc. The selling price of each app. 50 mg weight of card is estimated to be worth at least $2,000.00 plus shipping and handling. The first 100 serial numbers and special serial number combinations sold as limited edition will bear a higher price tag.

On the other hand, Pearl Asian continues to bring good tidings and cheer this Holiday Season in the area that covers 4 small remote communities adjacent to the Binasan gold mine site. Pearl Asian is doing the finishing touches in the construction of its very own Community Hospital & Healing Centers located near the mine site. As Pearl Asian is bringing in a USA Team of Medical Volunteers composed of 2 doctors and 2 Nurses on Dec. 10th to begin its first initial medical service-outreach program for the people in the mine site and its nearby communities. The Meditation Center, the Medical Missionaries Quarters and Learning Center are in its final stages of construction together with the development of additional 20 kms of access roads from the main highway of Iligan City to the mine site. All of these were made possible through the generosity of several very special investors: ANANYMOUS Foundation, LLG Foundation, Musich Family Trust, GPI Family Trust & Bosaw Family, as well as several shareholders. Pearl Asian wishes to thank all these US Medical Volunteers and Missionaries together with the Pearl Asian Gold Team and the KAHIB Members in making this 2006 Spirit of Giving a success!

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.