PHIG PHI Group Inc (CE)

PHI Mining Group, Inc. (PINKSHEETS: PHIG), a majority owned subsidiary of Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), today announced that Truong Son Metal Mineral Joint Stock Company (TSM.CO), a joint venture company between Vietnam-based Truong Son General Group of Youth Volunteers and PHI Mining's wholly owned subsidiary Indochina Mining Corporation (IMC), has been granted the corporate registration certificate No. 5000310593 by Tuyen Quang Province, Vietnam, to engage in the exploitation of nonferrous ores and the production of lead, zinc and tin alloys. Initial chartered capital of TSM.CO is set at 83 billion Vietnamese Dongs, or equivalent to $4,760,540 at the current exchange rate of VND 17,435 to $US1.

TSM.CO's plan is to survey, mine and process lead and zinc ores in Phu Ninh Commune, Yen Son District, Tuyen Quang Province, Northern Vietnam. The mineralized materials at this location are estimated to be approximately 235,000 tonnes. Current cash prices for lead and zinc on the London Metal Exchange are approximately $1,165/tonne and $1,135/tonne, respectively. It is believed that commodity prices will bounce back quickly once the world economy begins to recover.

Tai Vo, IMC President, commented: "We are pleased to work with Truong Son Youth Volunteer Group on this project and believe that we have a tremendous potential to create significant value for our shareholders and all the related stakeholders in the near future."

About PHI Mining Group

PHI Mining Group, Inc. is a U.S.-based mining and exploration enterprise focused on acquiring and developing industrial mineral properties. Through its wholly owned subsidiary, Indochina Mining Corporation, the company has signed agreements to acquire interests in diatomite, lead, zinc, copper and granite properties in South East Asia. PHI Mining Group 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

About Providential Holdings

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A and consulting services, real estate development, mining and investing in special situations. The Company assists U.S. and international companies to go public and raise capital, develops "Pointe 91," a luxury resort and premium residential community in Chu Lai, central Vietnam, through its subsidiary Philand Corporation (www.philandranch.com), and engages in mining through PHI Mining Group, Inc. (www.phimining.com). The Company's main web site address is www.phiglobal.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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Contact: Frank Pham 714-843-5461 Email Contact