Providential Holdings Subsidiary PHI Mining Group Signs Agreement With Angkor Metal Corporation to Engage in Copper Mining in Ca
January 07 2009 - 9:59AM
Marketwired
Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT: PR7) (WKN
935160), a company engaged in mergers and acquisitions, real estate
development, mining, and investing in special situations, today
announced that PHI Mining Group, Inc. (PINKSHEETS: PHIG), a company
focused on mining opportunities in Southeast Asia, through its
wholly owned subsidiary Indochina Mining Corporation (IMC), has
signed a principal contract with Angkor Metal Corporation, a
Cambodia-based company, to survey, explore, exploit and process
copper ores in Preah Vihear Province, Cambodia. According to the
agreement, IMC will own 51% of Angkor Metal Corp. stock at the
closing of the transaction.
Angkor Metal Corporation has already been granted an exploration
license for a total area of 192 km2 (47,440 acres) in Kolean
District, Preah Vihear Province, Cambodia, potentially one of the
largest copper ore reserves in Southeast Asia, of which 2.5 km2
(618 acres) is fully surveyed with promising commercial
exploitation ability. This mineralized material opportunity is
estimated to be in excess of 500,000 metric tons and may amount to
several million metric tons.
Providential Holdings, Inc. currently owns approximately 18
million shares (80%) of PHI Mining Group, Inc. stock.
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. As part of its activities in
Vietnam, Providential has been hosting seminars in conjunction with
the Nasdaq Stock Market to help Vietnamese companies go public and
raise capital through the U.S. financial markets. The Company
currently develops "Pointe 91," an upscale residential community
and luxury resort in Chu Lai, central Vietnam. Web site:
www.phiglobal.com.
About PHI Mining Group
PHI Mining Group 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 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.
Contact: Henry Fahman 714-843-5455 Email Contact
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