April 11, 2007 - 2:28 PM EDT
Pearl Asian Mining Getting Nearer to Clinching an Agreement for a Rich Gold Prospect Adjacent to the Atlas Mining Company in Aroroy Gold Rush Area, Masbate Province
Projected Initial Monthly Revenue of about $86,000 Expected from 1 Kilogram a Week Gold Production
Pearl Asian Mining Drawing Closer to Obtaining Piggyback Qualification and Becoming a Fully Reporting Company, as Audit Firm CJVA (RSM International Affiliate) Presents Preliminary Financial Statements to Management; Provides Updates on Oro Pearl Geoservices Laboratory and XYZ Mine
Pearl Asian Mining Industries, Inc., with stock symbols: U.S.A. (OTC: PAIM) (OTC: PAIMP); Germany (GER: R1Z) (FWB: R1Z), announces that it is getting nearer to clinching a joint venture agreement for a gold prospect adjacent to the former Atlas Mining Company Project in Aroroy gold rush area, Masbate.
President Randolf Villanueva reports: ?In view of the current lull in the right-of-way negotiations for XYZ mine, but recognizing that the Masbate area where XYZ mine is located, has some of the richest gold deposits in the Philippines, PAIM management has decided to have a secondary option to take advantage of the bright prospects in that area. The gold ores in Aroroy (Town) gold rush area also has high gold content, with the potential Joint Venture partner/landowner reporting actual gold recovery of 17 grams per ton of ore. Aroroy may be considered the proverbial ?tail of the sleeping golden dragon,? with XYZ at the dragon?s heart, which is why we continue to pursue XYZ aggressively.?
?Our mining team estimates that at current mine site infrastructure and equipment, i.e. 2 small tunnels, current available miners, and gold processing equipment, gold production of 1 kilogram a week is achievable, which is equivalent to gold revenues of around $86,000 for the first month of production. What?s more, with rehabilitation of existing tunnels, development of new ones, and use of modern equipment, we estimate gold production to increase substantially. We are currently finalizing the feasibility study on the Aroroy Prospect, and will keep shareholders informed on developments,? President Villanueva added.
Meanwhile, Pearl Asian is moving closer to attaining piggyback qualification and eventually become a fully reporting company with the following recent developments. On April 5th, 2007, PAIM submitted to the company?s sponsoring broker full documentation to obtain piggyback qualification and to eventually attaining full reporting status, with one set of documents for submission to NASD and another set to be submitted to SEC. It is estimated that final review and approval of the documentation will take at least 4 more weeks.
On April 11th, 2007, RSM International affiliate Carlos J. Valdes & Associates (CJVA) presented to PAIM management the preliminary financial statements with proposed adjusting journal entries and management letter. Chief Financial Officer Arnel Morilla states: ?We shall finalize our comments to their preliminary findings/statements at the soonest possible time, and we expect to obtain the complete audited financial statements in as short as 2-3 weeks. We will subsequently post it for perusal by shareholders.?
Last but not the least, Oro Pearl Geoservices Laboratory is nearing completion of the refurbishing of the newly acquired building, with expected startup within this month of April.
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. Investor Relations: Engr. Gary Gotanco, MBA, 866-732-7888 (USA) or 011-63-2-567-5163 (P.I.) fax: 877-317-4430 IR@PearlAsianMining.com www.PearlAsianMining.com
Source: Business Wire (April 11, 2007 - 2:28 PM EDT)
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