Printer Friendly

312 Grams (10 Troy Ounces) Produced for the Month of January 2007, With Total Gold Inventory Now at 396 Grams (13 Ounces), Pearl Asian Mining Industries, Inc. Reports.

Pearl Asian Also Outlines Initiatives to Substantially Increase Gold Production to Achieve Initial Target of 1 Kilogram of Gold Per Week by end of March 2007; WIET President Schedules Visit to Binasan Mine Site; Pearl Asian Issues Clarification on Issuance of Dividends of Philippines Royal Oil & Alternative Energy Co., Inc. and Expounds on the Company's Growth Potential

MANILA, Philippines -- Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM); Germany (XETRA:R1Z) and (Frankfurt:R1Z) provides the following production report for its Binasan Gold Project - Operation Cagayan de Oro (CDO). For the first month of commercial operations in January 2007 covering just 26 operating days, Pearl Asian produced a total of 312 grams (10 Troy Ounces, with 31.1 grams in an ounce) of gold valued at about $6,400. Pearl Asian considers this to be a substantial achievement, taking into account that most gold mining companies take more than three years of exploration and development prior to its first gold production, whereas Pearl Asian was able to achieve its first commercially produced gold just 7 months after start of exploration & development. President/COO for Mindanao Operations & CRO Manolo Tecson reports: "Total Pearl Asian gold inventory is now at 396 grams (13 ounces) valued at $8,150. As we need to build substantial gold inventory of at least 25 kilograms minimum before we make our first gold delivery to WIET, we are currently implementing initiatives to substantially increase gold production in order to achieve our initial target production of 1 kilogram (32 Ounces) per week valued at $20,579 by end March 2007, and increase it further afterwards."

The activities to substantially increase gold production consist of several measures to be implemented by mine personnel. To enhance effectivity of the hydraulicking method used to expose gold ore bodies, water flow rates will be increased up to double the current rates. New channels will be excavated increasing the surface area of water flow. A new dam will be constructed to ensure a continuous supply of water to the hydraulicking activity. Construction of new sluice boxes are also being done, each having a total area of about 30 square feet. These sluice boxes entrap gold particles for harvesting, to be fed to the gold processing equipment. Finally, as a result of the surface mapping activities by PAIM's geological team, there is a very good chance that another hydraulicking trench will be developed within the next month. "It is also worth noting that so far, we have only been extracting gold basically from the surface. Once diamond drilling is done, we can then start to extract the richer gold veins under the ground," added President Tecson.

Meanwhile, WIET LLC, the US company which has gone into an agreement with Pearl Asian to purchase gold, is coordinating on a schedule for its President, Mr. Roman Gudzyuk, to visit Operation CDO very soon. "Mr. Gudzyuk is very eager to accept Pearl Asian's first gold delivery, and is likewise keen on buying other metals such as copper, manganese, iron, and others. There are also plans for Mr. Gudzyuk to accompany our Preliminary Exploration Team in its ocular inspections of new mine sites, and we hope to show them the gold, copper, and manganese mines we are evaluating at present," stated Engr. Gary Gotanco, VP-Business Development & IRO.

Last but not the least, Pearl Asian is issuing this clarification on the issuance of stock dividends of Philippines Royal Oil & Alternative Energy Co., Inc. For every 100 common shares of PAIM held as of record date of February 18, 2007, shareholders will receive 1 share of Philippines Royal Oil & Alternative Energy Co., Inc. Ex-dividend date shall be announced once determined by NASD. The change in name from Philippines Gold Mining Corporation (Other OTC Symbol: PGMC) to Philippines Royal Oil & Alternative Energy Co., Inc. is ongoing, including its incorporation in the State of Wyoming, thus no symbol is available for the new company as of now. "Philippines Royal Oil & Alternative Energy Co. has good potential, as oil is present in the Philippines but is as yet largely untapped. In addition, the recent directive from US President Bush to cut the country's oil consumption by 20% in 10 years and mandating the shift to biofuels ensures a large biofuels market in the US. The Philippines has vast plantations of sugarcane-raw material for bioethanol, and coconut-which is a raw material for biodiesel. The Philippines can supply much of the US demand, so it's a perfect match," stated Engr. Gotanco who is concurrently President/CEO of Philippines Royal Oil & Alternative Energy Co., Inc.


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.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jan 31, 2007
Previous Article:Lucas Energy Acquires Gonzales-Austin Chalk Acreage Contiguous to its Existing Properties.
Next Article:Canon Selects Fonix Speech Technologies for New Electronic Dictionaries.

Related Articles
Fourth Quarter and Full Year Operating Results.
Eldorado Gold Corporation -- Second Quarter Operating Results: Record Quarterly Production At a Cash Cost Of $199/oz.
Goldcorp Inc.: Third Quarter Earnings Jump 470% to $57 Million.
Summary of Gold Resources and an Exploration Update for Lake Shore's Timmins Area Properties.
Glamis Gold Net Income More than Doubles in Fourth Quarter 2005.
Imperial to Focus Exploration on Sterling Gold Property in Nevada.
Meridian Gold Announces Fourth Quarter 2005 Results.
First Preliminary Gold, Silver & Other Precious Metals Assay Report from XYZ Gold Mine Site of Pearl Asian Mining Industries, Inc.
Goldcorp Inc.: Annual Earnings Increase 460% to $286 Million; Record Fourth Quarter Earnings of $102 Million.
Pearl Asian Mining Industries ''Operation Gold Finger'' April, 2005 Reports: XYZ Gold Project Showed an Estimated Ore Reserve of over 2.4 Million...

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters