First Cash Dividend Checks to Be Sent Starting August 31st; XYZ Gold Project's Pending MPSA Almost Complete; Small Scale Mining Permit Extends to 2009, Pearl Asian Mining Announces.
MANILA, Philippines -- Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM) (OTC:PAIMP) announces that it will start sending out the first dividend checks to record shareholders of June 30, 2007 @ the rate of $0.00001 per shares starting August 31st. AGN Associates Stock Transfer Services, LLC will start sending out the checks to banks and brokers members of DTCC to be distributed to all PAIM's Common Shareholders.
XYZ Gold Project Updates: The Honorable Governor of Masbate, Dr. Elisa Kho and Colonel Augusto Erebete met on August 27th with the members of PAIM's Board of Directors discussed the plan of action for the final certification of the MPSA (Mineral Production Sharing Agreement) of Pearl Asian Mining's XYZ Gold Project in Masbate Island. Pearl Asian and the Governor had mutually agreed to fast track the XYZ Gold Project by extending its SSMP (Small Scale Mining Permit) to 2009 and the approval of the following:
a) SSMP Certification on 20 hectares (49 acres) - Exploration and operation of the XYZ Mineral Deposits being extended to 2009.
b) MPSA Application (APSA-000320-V) covering the area of 72 hectares or 158.4 acres.
c) EXPA-000044-V, Area covering 679.88 hectares or 1,495.736 acres
d) EXPA-000041-V, Area covering 1,127.59 hectares or 2,480.69 acres of land in Baleno, Masbate.
The mechanical engineering team is now developing the building of 250 Metric tons per day gold processing plant and to start the construction next month, expected to be completed later this year, which includes the building of various infrastructures within the XYZ Gold Mine Site. The estimated monthly revenue of XYZ at the cost of US $600.00 per troy oz: 120.57 oz per day X 30 operating days per month X $600.00/oz = $2,170,260.00 per month. The estimated yearly gross revenue: $2,170,260.00 per month X 12 months per year operations = USD $26,043,120.00 per year.
Pearl Asian continues its mobilization in the development and exploration of the Gango Gold Rush Project. Its gold team aspires to get the gold mill plant operational on or before the target scheduled of September 20, 2007. The OROGAPCO (Minahang Bayan) the Small Scales Mining Stakeholders disclosed to PAIM their past agreement with the Continental Gold Field Mining and cancellation of the contract passed by the majority members of the Board as resolved that this company to withdraw from the area because of some violation they have made in the contract Norte De Oro. Pearl Asian has no conflict on their programs.
"Pearl Asian Mining - PAIM continues to rehabilitate the tunnels simultaneously while the 50 metric tons of gold processing plant is being built and re-furbished as targeted," quoted by President of Mindanao Operations, Manolo Tecson.
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.
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|Date:||Aug 30, 2007|
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