PHI Mining Signs Joint Venture Agreement to Exploit Black Pearl Granite in Thailand
January 26 2009 - 8:00AM
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 its majority-owned subsidiary 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 partnership agreement with
Mr. Chinnawat Chaikijjanuwat of Bangkok to form a joint venture
company, IMC Thailand Joint Venture Co., in order to exploit and
process black pearl granite in Wang Mee Commune, Wang Nam Kiew
District, Nakhon-Ratchasima Province, Thailand.
The mining area for the black pearl granite is approximately 81
acres, with estimated total capacity of 1,400,000 cubic meters and
minimum capacity of 495,000 cubic meters.
In addition, other mines that are part of the joint venture
agreement include: (1) a brown marble mine in Saraburi Province
with estimated total capacity of 1,750,000 cubic meters and minimum
capacity of 750,000 cubic meters, (2) a black marble mine in
Lopburi Province with estimated total capacity of 1,200,000 cubic
meters and minimum capacity of 450,000 cubic meters, and (3) a
yellow marble mine in Lampang Province with estimated total
capacity of 1,800,000 cubic meters and minimum capacity of 800,000
cubic meters.
Recent market prices for black pearl granite, brown marble,
black marble, and yellow marble FOB Xiamen, China are approximately
$2,100, $1,100, $960, and $800 per cubic meter, respectively.
IMC Thailand Joint Venture Co. will obtain the mining license
from the appropriate authorities of The Kingdom of Thailand and
will have the rights to own the land, hold, mine and process the
mineralized materials. According to the agreement, IMC will
contribute $3.75 million toward the total registered capital of $7
million for the black pearl granite project.
Tai Vo, President of IMC, commented: "Our joint venture with Mr.
Chinnawat Chaikijjanuwat provides a tremendous opportunity for us
to work together and unlock significant value for all the
stakeholders involved. We anticipate getting the joint venture
license very soon and also acquiring an existing factory to
expedite our operation in the near future."
About PHI Mining Group
PHI Mining Group 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 through the
U.S. and European stock markets, develops "Pointe 91," a luxury
resort and upscale residential community in Chu Lai, central
Vietnam, through its subsidiary Philand Corporation
(www.philandranch.com), and engages in mining in Southeast Asia
through its majority-owned subsidiary PHI Mining Group, Inc.
(www.phimining.com). The Company's main web site address is
www.phiglobal.com.
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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: Henry Fahman Tel: 714-843-5455 Email: Email Contact
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