PHI Mining Signs Agreement With Truong Son General Group to Engage in Lead and Zinc Mining in Vietnam
January 15 2009 - 11:37AM
Marketwired
PHI Mining Group, Inc. (PINKSHEETS: PHIG), a company focused on
mining opportunities in Southeast Asia, today announced that its
wholly owned subsidiary Indochina Mining Corporation (IMC) has
signed a partnership agreement with Vietnam-based Truong Son
General Group of Youth Volunteers to form Truong Son Metal Joint
Stock Company, to survey, mine and process lead and zinc ores in
Phu Ninh Commune, Yen Son District, Tuyen Quang Province, Northern
Vietnam.
According to the agreement, IMC will own 49% of Truong Son Metal
stock, total registered capital for the project will be $5 million,
and the mining duration will be 7 to 10 years.
The lead and zinc ores at this location are estimated to be
approximately 235,000 tonnes. In addition, there are other
underground ores that may extend the lifetime of this joint venture
up to twenty years.
Current cash prices for lead and zinc on the London Metal
Exchange are approximately $1,135/tonne and $1,235/tonne,
respectively. However, management believes that when the world
economy begins to recover commodity prices are expected to bounce
back quickly.
Tai Vo, IMC Director, commented: "We are enthused to work with
Truong Son General Group of Youth Volunteers on this project and
are confident that together we will be able to create significant
value for our shareholders and all the related stakeholders in the
near future."
About PHI Mining Group
PHI Mining Group (PHIG) is a U.S.-based mining and exploration
enterprise focused on acquiring and developing industrial mineral
properties. The company is in the process of negotiating to acquire
interests in diatomite, lead, copper and granite properties in
South East Asia and South America. PHI Mining Group (PMG) is
committed to high standards in the areas of environmental
management and health and safety for its employees and neighboring
communities. Web site: www.phimining.com.
Safe Harbor: This news release contains forward-looking
statements that are subject to certain risks and uncertainties that
may cause actual results to differ materially from those projected
on the basis of such forward-looking statements. Such
forward-looking statements are made based upon management's
beliefs, as well as assumptions made by, and information currently
available to, management pursuant to the "safe-harbor" provisions
of the Private Securities Litigation Reform Act of 1995.
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