Pearl Asian Mining Industries, Inc., with stock symbols: U.S.A. (OTC:PAIM) (OTC:PAIMP); Germany (GER:R1Z) and (FWB:R1Z), announces that 98% of the outstanding shares subject to the 95% Mandatory Buy Back have been submitted to the Transfer Agent, AGN Associates & Stock Transfer Services, LLC. The remaining 5% remains freely tradeable post buy back without any restrictions.
DTCC's temporary "chill" placed upon Pearl Asian Mining Industries (PAIM: Cusip #704755107 9) on deposits and withdrawal will remain until 100% of the outstanding shares are received by the Transfer Agent. Shareholders, brokers, and banks who are holding the remaining 2% MUST SUBMIT the certificates to the Transfer Agent by Monday, August 6, 2007. These shares will be cancelled by the end of that day. We are urging the cooperation and diligence of these shareholders, brokers, banks to expediently submit the actual certificates to the Transfer Agent so that the temporary "chill" can be lifted by DTCC immediately thereafter.
"On behalf of Pearl Asian Mining, I appreciate all the efforts and cooperation of DTCC and its participating banks and brokers, our transfer agent, as well as our precious shareholders for bearing with our company's reorganizations and transition," stated CEO Jason Piamonte.
Moreover, Pearl Asian has mobilized two separate gold teams to fast track the re-opening and full operations of the Gango Gold Rush Gold Project and the XYZ Gold Project as well as the Binasan Gold Project.
The Masbate Gold Team had started assessing the development of the access roads towards the XYZ Mine site, the rehabilitation of the existing gold tunnels, and the designing of the many building infrastructures in one area of the 8,000 hectares (app. 16.6 Acres) XYZ Gold Mine Sites. Pearl Asian Mining will be developing a unique Eco-Tourism Village Resort on an 8-acre site of the XYZ. "This Eco-Tourism village within the XYZ Mine Site will allow American nature-lovers in particular to experience a real paradise and to experience the life within the gold mine site," exclaimed Ariel Caleon, VP & OIC of the Masbate Gold Team.
Pearl Asian will continue to hire workers from and around the island, thus providing livelihood to the people. The company is extending its outreach programs by giving relief goods, building school facilities, health clinics, sports activities and providing other livelihood for women particularly in the towns of Cancahorao, Mapina, Baleno, Masbate City & Libona, Bukidnon, and soon to expand to all the communities surrounding the XYZ Mine Site but not limited to other communities in the island of Masbate.
-- Vice-President Ariel Caleon leads the Masbate Gold Project. He is teamed up with Chief Geologist Regie Selvano and Chief Mining Officer Engineer Cesar Rosales who are working diligently compiling additional data necessary for the final approval of its Pearl Asian's Mineral Processing And Sharing Agreement Certification (MPSA). Documentations such as EXPA application, SSMP, Right Of Way MOA, MPSA Application, Geological Studies and Chemical Lab results including the feasibility studies that contain the operating cost and capital cost of the XYZ project, capital cost of mill plant, tailings pond and underground developments and roads construction are to be submitted to the Secretary of the DENR.
-- President/COO Engineer Ricardo Bernardo and its Mechanical Engineering Team are completing the design of the 250 Metric Tons of XYZ Gold Processing Plant. Furthermore, the team had started to prepare the technical process for the re-conditioning of the existing Gango Gold Rush's 50 Metric Tons Gold Processing Plant. The team intends to purchase a Cyclone / Cyclone pump assembly in addition to the existing gold mill plant, together with a set of pulverizer and small jaw crusher to be used for a quick gold mineral assay on-site. A brand new fully automated Carbon Elution Column Carbon Reactivation and Electrowinning Plant will also be added to the existing gold mill refinery plant.
-- Geologist Arlene Aguila who leads the Gango Gold Rush Project in Bukidnon is rounding up the needed technical manpower for the full operation of Gango Gold Rush, estimated to become operational the beginning of the September, 2007.
-- "Binasan Gold Project is now gearing up for the re-opening and start of the gold operation using a profit-sharing mechanism among the KAHIB - Indigenous Group of People, our Muslim brothers and sisters and Pearl Asian," added President of Mindanao Operations Manolo Tecson.
Forward-Looking Statements:
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Pearl Asian Mining Industries Inc. Gary Gotanco, 866-732-7888 or 310-728-6907 Fax: 877-317-4430 IRPAIM@hotmail.com www.PearlAsianMining.com
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