Pearl Asian Mining Industries Signed a Joint Venture Agreement: Gold Project Sta. Barbara, Near Paracale, Camarines Norte; Total Estimated Ore Reserves of 318,400 Metric Tons: Visited by US Shareholder.MANILA, Philippines -- Pearl Asian Mining Industries, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :PAIM PAIM Product Assurance Integration Manager PAIM Process, Architecture & Information Management PAIM Proactive Identification Model PAIM Pentathlon Aeronautique International Militaire ) announced that it has recently signed and entered into a contract to finance the operations of a small scale mining group operating in the town of Jose Panganiban, Paracale, Camarines Norte Paracale is a 3rd class municipality in the province of Camarines Norte, Philippines. According to the 2000 census, it has a population of 42,453 people in 8,431 households. Barangays Paracale is politically subdivided into 27 barangays. , accessible by 7-hour drive south of Manila. It is named Project Sta. Barbara, after the name of a village, where the mine site is located. The agreement stipulates that Pearl Asian shall finance pertinent mining and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of the small scale mining group composed of experienced and seasoned miners who have worked in the mines for more than 10 years. In return, Pearl Asian will have exclusive right to purchase the group's gold production. In addition to income from buying and selling gold, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the price of the gold purchased by the small scale mining group will be shared according to a predetermined pre·de·ter·mine v. pre·de·ter·mined, pre·de·ter·min·ing, pre·de·ter·mines v.tr. 1. To determine, decide, or establish in advance: sharing agreement, where Pearl Asian will receive a 5% share. According to a study conducted by Geologist Orlando Consulta of Southeast Pacific Rim International Geological Services, Inc., the average grade of gold ores in the area is around 19 grams Au (gold) per metric ton of ore. Project Sta. Barbara contains an estimated total ore reserves of 318,400 metric tons, based on drilling tests done by the firm. With this gold trading and financing operation in the Paracale Area, Pearl Asian Mining envisions an additional immediate revenue stream that will complement the revenues coming from Project Cagayan de Oro Cagayan de Oro City (pop., 2000: 461,877), northern Mindanao, Philippines. Located along the Cagayan River near the head of Macajalar Bay, it was established as a mission station in the 17th century and fortified by the Spaniards. slated to start operations within this month. 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. The Factors that could cause actual result to differ materially from anticipated results includes 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 Inexpensive issues of stock, typically selling at less than $1 a share, in companies that often are newly formed or involved in highly speculative ventures. Penny stocks are usually available for sale over-the-counter, that is, among brokers and customers themselves, as 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 the result of new information, future events or otherwise. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion