PHI Mining Group Provides Corporate Update
August 24 2009 - 10:05AM
Marketwired
PHI Mining Group, Inc. (PINKSHEETS: PHIG) (FRANKFURT: RPBA),
www.phimining.com, a company engaged in mining, today announced
management updates regarding important corporate activities.
Since November 2008, PHI Mining Group has entered into a number
of agreements with strategic partners in Cambodia, Thailand, and
Vietnam to participate in mining opportunities including gold,
black pearl granite, copper, manganese, and limestone. Recently,
the Company has also partnered with VCS Mining, LLC
(www.vcsmining.com) to explore special opportunities in Haiti.
In the near term the Company will focus on the black pearl
granite and manganese projects in Thailand, the copper project in
Vietnam, the limestone project in Cambodia, and the VCS-PHI
partnership in Haiti.
The black pearl granite mining area is situated in Wang Mee
Commune, Wang Nam Kiew District, Nakhon-Ratchasima Province,
Thailand, 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 this project
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.
The mining area for the manganese deposits is approximately 125
hectares (approximately 310 acres), located in Village No. 4,
Watthana Nakhon Sub-district, Watthana Nakhon District, Prachin
Buri Province, Thailand. The value of this manganese mine is
estimated to be in excess of $US 75 million.
The Vietnam copper mining area is located in Nam He - Huoi Say,
Muong Tung Commune, Muong Cha District, Dien Bien Province. Nam He
project is regarded as the fourth biggest reserve of copper ores in
the Northwest region of Vietnam. Previous surveys have shown that
the copper metal reserve amounts up to 200,000 metric tons, with an
estimated valuation of approximately $1 billion.
The Cambodia limestone mining area is located in Strung Treng
Province. It has been estimated that the mineralized deposits in
this area exceed 2 billion metric tons and could be worth several
billion dollars. PHI Mining Group has partnered with Paul Cham
Group Co., a Phnom Penh-based company, to work on this project.
The VCS-PHI Joint Venture will initially focus on further
exploration in selected locations that are expected to show
significant mineralized deposits, the Northeastern and Southeastern
areas of Haiti.
A geological study of the northeastern section of Haiti situated
along the margin of the Caribbean plate reveals the presence of
copper and gold porphyry deposits. This geological environment in
Haiti, which hosts numerous gold and copper occurrences, is similar
to the Pueblo Viejo deposit in the adjacent Dominican Republic.
According to reports from Barrick Gold Corporation
(www.barrick.com), Pueblo Viejo has 215 million tons of proven and
probable reserves containing 20.4 million ounces of gold, 117.3
million ounces of silver, and 423.5 million pounds of copper, as of
the close of 2007. In contrast, Haiti's mineral potential has yet
to be fully explored.
PHI Mining is in the process of completing the required
financial audits to update its filings with the Securities and
Exchange Commission and resume trading on the OTCBB. The Company
will continue to report further progress on the projects mentioned
above 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 precious metal, base
metal and industrial mineral properties. The company has signed
agreements to acquire interests in gold, lead, zinc, copper,
granite, and limestone properties in South East Asia and has
partnered with VCS Mining, LLC. to explore mining opportunities in
Haiti. 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.
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Contact: Frank Pham Tel: 714-843-5459 Email: Email Contact
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