Pearl Asian Mining Industries Progress Report: Gold Plant Production Run Increased Significantly, OTC QX Application Under Final Review by D.A.D.

Announces the Appointment of New Chief Executive Officer (CEO); PAIM Moves to Its Newly Acquired Headquarters In Manila; DTCC Chill Lifted!

MANILA, Philippines -- PEARL ASIAN MINING INDUSTRIES, INC. (OTC:PAIM) issues the following progress reports on several key updates on the company.

Announced today that the Depository Trust Clearing Corp. (DTCC) has lifted the restriction or the "Chill" on deposits of PAIM Common Shares effective October 10, 2006. All normal stock transactions and transfers whether electronically or manually, shall resume effective immediately. DTCC routinely places chills on shares of companies that undergo a corporate action, until completed, such as PAIM as it sufficiently clarified concerns raised on the recent 90% buy back of common shares to the complete satisfaction of DTCC.

Pearl Asian (PAIM) has completed its OTC QX application which is under final review with PAIMeIUs Designated Advisor (D.A.D.) - Atty. Stephen Czarnik from New York.

Progress Report on the mine site: the Gold Team led by President Randolf Villanueva and Elvis Hidalgo, Chief Metallurgist has significantly increased the utilized production capacity, running the gold plant 12- hours per day. Gold plant utilization is now at 6 metric tons of ore per day, or 34% of maximum capacity, from its previous average of a little over 1% of maximum during its initial test run. The latest strong typhoon that hit the Philippines affected the conditions of the road leading to the mine-site and stalling operations for at least 3 days. The Gold Team is finalizing its first production report as soon as the external metal assay report is received.

Pearl Asian Mining Industries (PAIM) also announces the appointment of its new Chief Executive Officer (CEO), Mr. Jason Piamonte who previously acted as the companyeIUs Chief Information & Security Officer. Mr. Piamonte will serve and function as the Chief Liaison officer representing PAIM mostly in the USA and Europe, meeting with the media and PAIMeIUs increasing shareholders base. He will work side by side with Pearl Asian Mining (Philippine subsidiary) President/CEO Randolf Villanueva and VP/ Chief Investor Relation Officer, Eng. Gary Gotanco. The demand for a specific and travelling CEO to address issues and concerns of the companyeIUs 5,000 shareholders has compelled Pearl Asian to move Mr. Piamonte in this new direction. He will be leaving for Europe the last week of October, 2006. He will finalize the Gold Bullion Metal Account with Credit Suisse of Geneva, Switzerland in order to commit to the delivery of the first 10 metric tons of pure gold bullion beginning 2007. CEO Piamonte will then proceed to Frankfurt and 4 other cities in Germany for a road show of Pearl Asian Mining IndustrieseIU stock listed in the Frankfurt Stock Exchange (Stock Symbol:R1Z.F). Mr. Piamonte stated "I am looking forward to discuss the companyeIUs progress, expansion, exciting prospects and promise of pending profitability."

"Lastly, while busy getting our first mining operation going, we slowly moved our Head Office to the newly acquired Penthouse F office suites at the Pearl of the Orient Tower, near the US Embassy in Metro Manila. This move gives us a more permanent address, not subject to future changes imposed by a landlord. There will be new local phones and fax number. The USA Phone # [phone] still applies to contact our IR Dept. Pearl Asian (PAIM) will be in its new headquarters beginning October 12, 2006. PAIM extends its apologies to all shareholders for any inconvenience not being timely done to address or answer the 300 daily emails that flooded Engr. Gary GotancoeIUs email inbox during our relocation. PAIM expects things to go back to normal starting the week of October 15th", remarked CEO 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.