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PAIM (.0006) Shareholders to Sell Their Oil-Related Assets of Pearl Asian Mining to Philippines Gold Mining Corp. (PGMC)
Business Wire "US Press Releases "
MANILA, Philippines--(BUSINESS WIRE)--
Today Pearl Asian Mining Industries, Inc., with stock symbols: U.S.A. (OTC: PAIM); GERMANY (GER: R1Z) (FWB: R1Z), announced that its shareholders will sell all of PAIM's Oil and Energy-related assets to Philippines Gold Mining Corp. (OTC: PGMC) so that PAIM's shareholders will receive 1 share of PGMC for every 100 shares held in PAIM on the record date of February 18, 2007. The shares of PGMC will not be registered with the SEC and therefore will bear a restrictive legend and must be held for at least 1 year. PAIM will ask NASDAQ to set an X-dividend date.
As part of this transaction PGMC will be reincorporating to Wyoming and changing its name to Philippines Royal Oil and Alternative Energy Co., Inc.
Heeding the call of President George W. Bush in his State of the Union address yesterday to cut the country's gasoline consumption by 20% in 10 years and its replacement by alternative fuels such as ethanol and biodiesel, PGMC shall be reconstituted and renamed into Philippines Royal Oil & Alternative Energy Co., Inc. starting with its re-incorporation in the State of Wyoming. Engineer Anthony Val Gary B. Gotanco, MBA, currently Pearl Asian's (PAIM) VP - Business Development and IRO, has been promoted and appointed to head the new company as its President-CEO. Engineer Gotanco, a University of the Philippines Chemical Engineer Graduate, and the Board Top Notcher having an MBA degree, has had more than 12 years of experience handling sales and marketing, logistics, and business research in the petroleum and petrochemical industries.
Pearl Asian (PAIM) has already gone into preliminary oil exploration in an area in the Philippines known to have substantial oil and coal reserves, recently entered into an agreement with a landowner in the Island of Negros to conduct exploration for oil and coal. In early January 2007, Engineer Gotanco accompanied a team of Pearl Asian Geologists in conducting an ocular inspection and oil sampling in the area. The Island of Negros, aside from being rich in various minerals, is the heart of the country's sugar industry, with thousands of hectares of sugarcane fields. This island is also one of the breeding grounds for the emerging bioethanol industry in the country, as sugarcane is used as a raw material for bioethanol production. Last January 12th, Philippine President Gloria Macapagal Arroyo signed into law Republic Act 9367, or the "Biofuels Act of 2006," which mandates the use of biofuels, i.e. bioethanol and biodiesel, as a measure to develop and utilize indigenous renewable and sustainably sourced clean energy sources. Pearl Asian intends to avail of incentives for companies engaged in production and development of alternative fuels as prescribed in the said law.
Meanwhile, Pearl Asian (PAIM) CEO Jason Piamonte reports on the status of the company's mining and community relations activities. Project Cagayan de Oro (CDO) produced the past week another 80 grams of gold, and it is hoped that the initial target production of 1 kilogram of gold a week will be achieved within the first quarter of 2007. Chief Civil Engineer Michael Penalosa has commenced construction of a four-classroom schoolhouse near the Whispering Hope Healing Center with expected completion within a month and acceptance of its first batch of elementary school pupils by June, the start of the school year. Finally, aggressive exploration activities for new mine sites are underway, with five potential mine prospects currently undergoing preliminary exploration and initial feasibility study. "We hope to open for immediate operation at least one abandoned mine prospect within the first quarter, as well," stated CEO Piamonte.
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.
Source: Pearl Asian Mining Industries Inc.
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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PAIM (.0007) to Start Diamond Core Drilling on Binasan Gold Project-Operation Cagayan De Oro
Business Wire "US Press Releases "
MANILA, Philippines--(BUSINESS WIRE)--
Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM); Germany (XETRA:R1Z) and (Frankfurt:R1Z) announces that it is about to start diamond core drilling on Binasan Gold Project-Operation Cagayan de Oro (CDO). With the imminent end to a particularly severe 6-month wet season in the Philippines and the start of the dry season fast approaching, PAIM's Chief Geologist Regino Selvano reports that he is currently reviewing proposals from 3 companies specializing in diamond drilling for the Operation CDO - Binasan Gold Project as the next two months would be the ideal time to start diamond drilling activities. "Up to the present time, exploration activities involved sampling and geological mapping covering only 10 hectares (24 Acres) of the total 20 hectare (49 Acre) Binasan Gold Claim. We are targeting to start diamond drilling by end-February to early March 2007, to cover the entire 20-hectare (49 Acres) coverage area," states Chief Geologist Selvano.
A core drilling campaign is an important part of the overall geological exploration survey of any mineral deposit which assists one to gain a better insight to the geological structure and deposit type of an ore body. It will also be possible to establish quantitative and qualitative parameters of the gold deposits that may be present in the area by accurate sampling of the borehole cores retrieved during the drilling program. It is therefore essential that representative core samples be recovered. The drilling contractor is expected to perform the drilling and extraction work of continuous rock cores, according to the specifications detailed by Chief Geologist Selvano.
The exploration area in Binasan Mine Site, Iligan City, is host to the Himalyan Formation, which consists of metamorphic rock i.e. schist metamorphic grade from nearly undeformed to totally schistose. Continuous diamond core drilling using the wireline system is recommended. To reduce losses, at least double tube core barrels shall be employed in the exploration drill holes. In zones of soft rock formations, heavily fractured rock or clay altered rock formation, it is recommended to use triple tube split core barrels. In all cases, water flushing and cooling systems are to be employed. For the exploratory drillholes consisting of ten (10) boreholes, initial subsurface drill meterages of at least 1,000-meters with an average depth of 100 meters per borehole will be drilled. These will be located and marked in the field at the Binasan prospect by the newly hired Site Geologist Bartolome Apuan, who has had more than 15 years' field experience in various mine sites.
Detailed records of the drilling progress will be kept by the contractor in a daily log giving information on all particulars of the drilling, and reported to Pearl Asian. Results of the drilling activity will then be analyzed, using 3-Dimensional Imaging Software to obtain an actual orientation of the ore body.
Meanwhile, aggressive exploration for new mine projects is in full swing, to ensure continued good revenue prospects for the company. Five (5) abandoned mines are currently being evaluated by a Team headed by VP-Business Dev. & IRO Gary Gotanco. Documentary evaluation has been completed on these, and ocular inspection/ore sampling has been done on one very promising mine site by Engineer Gotanco accompanied by Chief Geologist Selvano and newly hired Field Geologist Arlene Aguila. Ocular inspections are scheduled on the other prospects in the next few weeks as well. Once the initial feasibility report has been completed, projects will then be endorsed to the Detailed Exploration Team headed by VP-COO Ricardo Bernardo. "In addition to the five mines being studied, new joint venture proposals are being accepted, at a rate of at least 3 projects a week, which just shows the huge untapped mining potential in the Philippines," adds Engineer Gotanco.
FORWARD 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.
Source: Pearl Asian Mining Industries Inc.
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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312 Grams (10 Troy Ounces) Produced for the Month of January 2007, With Total Gold Inventory Now at 396 Grams (13 Ounces), Pearl Asian Mining Industries, Inc. Reports Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM); Germany (XETRA:R1Z) and (Frankfurt:R1Z) provides the following production report for its Binasan Gold Project - Operation Cagayan de Oro (CDO). For the first month of commercial operations in January 2007 covering just 26 operating days, Pearl Asian produced a total of 312 grams (10 Troy Ounces, with 31.1 grams in an ounce) of gold valued at about $6,400. Pearl Asian considers this to be a substantial achievement, taking into account that most gold mining companies take more than three years of exploration and development prior to its first gold production, whereas Pearl Asian was able to achieve its first commercially produced gold just 7 months after start of exploration & development. President/COO for Mindanao Operations & CRO Manolo Tecson reports: "Total Pearl Asian gold inventory is now at 396 grams (13 ounces) valued at $8,150. As we need to build substantial gold inventory of at least 25 kilograms minimum before we make our first gold delivery to WIET, we are currently implementing initiatives to substantially increase gold production in order to achieve our initial target production of 1 kilogram (32 Ounces) per week valued at $20,579 by end March 2007, and increase it further afterwards."
The activities to substantially increase gold production consist of several measures to be implemented by mine personnel. To enhance effectivity of the hydraulicking method used to expose gold ore bodies, water flow rates will be increased up to double the current rates. New channels will be excavated increasing the surface area of water flow. A new dam will be constructed to ensure a continuous supply of water to the hydraulicking activity. Construction of new sluice boxes are also being done, each having a total area of about 30 square feet. These sluice boxes entrap gold particles for harvesting, to be fed to the gold processing equipment. Finally, as a result of the surface mapping activities by PAIM's geological team, there is a very good chance that another hydraulicking trench will be developed within the next month. "It is also worth noting that so far, we have only been extracting gold basically from the surface. Once diamond drilling is done, we can then start to extract the richer gold veins under the ground," added President Tecson.
Meanwhile, WIET LLC, the US company which has gone into an agreement with Pearl Asian to purchase gold, is coordinating on a schedule for its President, Mr. Roman Gudzyuk, to visit Operation CDO very soon. "Mr. Gudzyuk is very eager to accept Pearl Asian's first gold delivery, and is likewise keen on buying other metals such as copper, manganese, iron, and others. There are also plans for Mr. Gudzyuk to accompany our Preliminary Exploration Team in its ocular inspections of new mine sites, and we hope to show them the gold, copper, and manganese mines we are evaluating at present," stated Engr. Gary Gotanco, VP-Business Development & IRO.
Last but not the least, Pearl Asian is issuing this clarification on the issuance of stock dividends of Philippines Royal Oil & Alternative Energy Co., Inc. For every 100 common shares of PAIM held as of record date of February 18, 2007, shareholders will receive 1 share of Philippines Royal Oil & Alternative Energy Co., Inc. Ex-dividend date shall be announced once determined by NASD. The change in name from Philippines Gold Mining Corporation (Other OTC Symbol: PGMC) to Philippines Royal Oil & Alternative Energy Co., Inc. is ongoing, including its incorporation in the State of Wyoming, thus no symbol is available for the new company as of now. "Philippines Royal Oil & Alternative Energy Co. has good potential, as oil is present in the Philippines but is as yet largely untapped. In addition, the recent directive from US President Bush to cut the country's oil consumption by 20% in 10 years and mandating the shift to biofuels ensures a large biofuels market in the US. The Philippines has vast plantations of sugarcane-raw material for bioethanol, and coconut-which is a raw material for biodiesel. The Philippines can supply much of the US demand, so it's a perfect match," stated Engr. Gotanco who is concurrently President/CEO of Philippines Royal Oil & Alternative Energy Co., Inc.
FORWARD 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. - Philippines Investor Relations: Engr. Gary Gotanco, MBA, 866-732-7888 (USA) or 011.63.2.567.5163 (P.I.) Fax: 877-317-4430 e-mail: IR*PearlAsianMining.com www.PearlAsianMining.com
Source: Business Wire (January 31, 2007 - 10:01 AM EST)
News by QuoteMedia
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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PAIM (.0006) $6,800 Gross Sale/Revenue From Over 312 Grams (10 Ounces) Is Being Sold This Week From First Gold Production, Pearl Asian Mining Industries, Inc. Announces
Business Wire "US Press Releases "
MANILA, Philippines--(BUSINESS WIRE)--
Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM); Germany (XETRA:R1Z) and (Frankfurt:R1Z) proudly announces its highly anticipated first revenue this week from its first developed and operational gold mine site using the manual methods and hydraulicking procedure of gold harvesting. This first gold revenue along with the coming months marks the beginning of revenue reporting to be reflected this first quarter of PAIM's 2007 financial statement.
The Gold Team led by Chief Mining Officer Engineer Cesar Rosales continues to develop, enhance, and improve the production rate to reach the initial goal of at least 1 kilogram (32 ounces) of gold per week. "We look forward to a very healthy gold production this month of February and the months ahead as the warm and sunny weather has started in the Philippines," exclaimed CMO Rosales.
Meanwhile, diamond core drilling is due to start this month as Chief Geologist Regino Selvano and his team of geologists Arlene Aguila and Bart Apuan are already at the mine site to focus on this vital task.
FORWARD 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.
Source: Pearl Asian Mining Industries Inc. - Philippines
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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Breakthrough Reached in Right-of-Way Negotiations for XYZ Gold Mine Site, PAIM Announces Pearl Asian Mining Industries Reports Landowner of Property Adjacent to XYZ Mine Site Agreeable to Allow Immediate Passage to Commence Geological Survey and More Detailed Sampling, Subject to Mutually Beneficial Terms; PAIM Provides Clarification on Issuance of Stock Dividends of PGMC to PAIM Common Shareholders as of Record Date of Feb. 18, 2007 Feb 12, 2007 1:12:00 PM Copyright Business Wire 2007 MANILA, Philippines--(BUSINESS WIRE)--
Pearl Asian Mining Industries, Inc. with stock symbols: U.S.A. (OTC: PAIM); GERMANY (GER: R1Z) (FWB: R1Z), reports that it has reached a breakthrough in its right-of-way negotiations with a landowner near the XYZ mine site. Executive President Randolf Villanueva reports: "We recently met with the landowner of an adjacent property, who has a pending small-scale mining permit. The discussions were directed towards reaching a mutually beneficial arrangement. The details of the arrangement will be disclosed at the most opportune time so as not to preempt nor jeopardize the talks." The immediate result of the positive discussions: both parties have agreed to schedule the conduct of a geological survey utilizing passage through the subject property, within the week, involving PAIM's team composed of Chief Mining Engineer Cesar Rosales, Field Geologist Bart Apuan Jr., Executive President Villanueva, and VP-PRO Ariel Caleon. With this development, PAIM is more confident of achieving one of its main targets: to get the very promising and potentially profitable XYZ Mine Project operational this year.
Meanwhile, because of the numerous queries from eager PAIM shareholders, Pearl Asian is again providing a clarification on the issuance of stock dividends of Philippines Royal Oil & Alternative Energy Co., Inc. (formerly PGMC, new stock symbol to be announced when available). For every 100 common shares of PAIM held as of record date of Feb. 18, 2007, shareholders will receive 1 share of PGMC/PHIL OIL. Ex-dividend date shall be announced once determined by NASD. For example, a shareholder who owns 1 million common shares of PAIM as of close of business day on Feb. 18, 2007, will receive a dividend equivalent to 10,000 common shares of PGMC/PHIL OIL (Restricted, subject to Rule 144 - 1 year holding); based on the following calculation: 1,000,000/100 = 10,000 common shares of PGMC/PHIL OIL. It is important to note that the PGMC stock dividends issued are already post-forward split. It is also worth noting that only Common Shares held as of record date of Feb. 18, 2007 are entitled to the stock dividend of PGMC/PHIL OIL, which means shareholders who exclusively own Preferred Shares and/or Convertible Debentures only are NOT entitled to the stock dividend. Pearl Asian shall furnish in future PRs the mechanics of the stock dividend issuance and the procedure shareholders need to follow to claim their stock dividends.
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.
Source: Pearl Asian Mining Industries, Inc.
---------------------------------------------- Pearl Asian Mining Industries Inc. - Philippines Investor Relations: Engr. Gary Gotanco MBA 310-728-6907 (P.I.) or 011-63-2-567-5163 (P.I.) or 866-732-7888 (USA) or Fax: 877-317-4430 IR*PearlAsianMining.com www.PearlAsianMining.com
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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News for 'PAIM' - (Record Date for Issuance of Stock Dividends of Philippines Royal Oil & Alternative Energy Co., Inc. to PAIM Shareholders Moved to February 26, 2007, Pearl Asian Mining Industries, Inc. Announces Pearl Asian Coordinating Closely with NASDAQ to obtain Payment Date for Stock Dividend of 1 Common Share in PGMC for Every 100 Shares of PAIM)
MANILA, Philippines, Feb 21, 2007 (BUSINESS WIRE) -- Pearl Asian MiningIndustries,Inc. with stock symbols: U.S.A. (OTC: PAIM); Germany (GER: R1Z) and (FWB: R1Z) announces that it has moved the Record Date to February 26, 2007 forIssuanceof Stock Dividends of Philippines Royal Oil & Alternative Energy Co., Inc. (Old Stock Symbol: PGMC; New Stock Symbol pending NASDAQ advise), or PhilOil,to PAIM shareholders. CEO Jason Piamonte states: "We are coordinating closely with NASDAQ to obtain a payment date for the stock dividend, wherein 1commonshare of PGMC will be issued for every 100 PAIM Common Shares to all shareholders of record as of February 26, 2007. The record date has been revisedtocomply with documentary requirements set by NASDAQ. The positive effect of this is that more shareholders can avail of this stock dividend in a solidcompanywith bright potentials such as Phil Oil."
Once a payment date is furnished by NASDAQ, along with the issuance of a newstocksymbol for Phil Oil, Pearl Asian shall commence sending out stock certificates by mail on the set payment date for completion within a reasonableamountof time. It is also worth noting that this stock dividend issuance will occur without any action required on the part of PAIM shareholders. The commonsharesof PGMC issued as stock dividend are post-forward split, i.e. PAIM shareholders will receive the exact number of shares.To find out more about Phil Oil, please check out its website: www.philippinesroyaloil.com.Forward-Looking Statements: Forward-looking statements involve known and unknown risks, uncertainties andotherfactors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievementsexpressedor implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company'sprojectionsregarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risksanduncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk ofcommodityprice fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks areveryhighly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or reviseanyforward-looking statements, whether as a result of new information, future events or otherwise.SOURCE: Pearl Asian Mining Industries, Inc.
CONTACT: Pearl Asian Mining Industries, Inc.Gary Gotanco, U.S.A. 866-732-7888 orP.I. 011-63-2-567-5163Fax: 877-317-4430e-mail: IR*PearlAsianMining.comURL: www.PearlAsianMining.comCopyright Business Wire 2007
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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Pearl Asian Mining Industries Sets March 31, 2007 as Payment Date for Issuance of Stock Dividends of Philippines Royal Oil & Alternative Energy Co., Inc. (Stock Symbol: PROL) to PAIM Shareholders
NASDAQ Need Not Set an X-Dividend for PAIM’s Stock Dividend, as the Dividend Shares of PROL to PAIM Shareholders are Restricted Under SEC Rule 144; First Pure Gold Refined by PAIM’s own Refinery/Metallurgy, Pearl Asian Mining Reports
Pearl Asian Mining Industries, Inc. with stock symbols: U.S.A. (OTC: PAIM)(OTC: PAIMP); Germany (GER: R1Z) and (FWB: R1Z), announces that it has set March 31, 2007 as Payment Date for the issuance of stock dividends of Philippines Royal Oil & Alternative Energy Co., Inc. (OTC: PROL), previously Philippines Gold Mining Corp. (OTC: PGMC). PAIM’s CEO Jason Piamonte, states: “We have set March 31, 2007 as the payment date for issuance of stock dividends of 1 Post Split Common share of PROL for each 100 PAIM Common shares held as of record date of February 26, 2007. NASDAQ need not set an X-Dividend, as the stock dividends are restricted for one year under SEC rule 144. Furthermore, no action is required of PAIM shareholders eligible for the stock dividend. We shall mail the post-forward split PROL stock certificates to their listed addresses. We would like to thank all PAIM shareholders for patiently bearing with us through the unforeseen delays we encountered during the processing and transition of this corporate action.”
For further information on Philippines Royal Oil & Alternative Energy Co., Inc., please check out the company website: www.philippinesroyaloil.com.
Chief Metallurgist, Elvis Hidalgo proudly shows the first refined gold containing 472.8 grams of pure gold, that had been refined by PAIM’s own refinery/metallurgy: ORO Pearl GeoServices, Inc. “After (8) eight months of patience, perseverance and great team work, we, the gold team, are excited to show our first refined pure gold and the revenues to be reflected in our 2007 First Quarter Balance Sheet Report ending March 31,” exclaimed Eng. Hidalgo.
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 011-63-2-567-5163 FAX: 877-317-4430 E-mail: IR*PearlAsianMining.com www.PearlAsianMining.com
Source: Business Wire (March 21, 2007 - 9:38 AM EDT)
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-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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J_U_ICE Member posted 2007-04-02 10:39 PROL (.03) Announces Promising Results of Laboratory Analysis on Crude Oil Sample From Calatrava Oil Find, Indicating High Kerosene and Gasoline Content
Business Wire "US Press Releases "
MANILA, Philippines--(BUSINESS WIRE)--
Philippines Royal Oil & Alternative Energy Co., Inc. (OTC: PROL), previously Philippines Gold Mining Corporation (Old OTC Symbol: PGMC), announces that the laboratory results on the crude oil sample taken from the Calatrava Oil Find, Phil Oil's first oil project, have been released. The laboratory test was conducted by the Energy Research & Testing Laboratory Services of the Philippine Department of Energy. Utilizing the fractional distillation method, the lab analysis result indicates that the oil sample from Calatrava contained the following:
Water Boiling Point Difference 8.00 Gasoline -same- 7.50 Kerosene -same- 63.00 Residue -same- 18.50 Others -same- 3.00
Furthermore, the crude oil sample had an API Gravity of 11.78, which qualifies it as "heavy oil". Kerosene, aside from being a heating fuel used mostly in 3rd world countries and a solvent in the paint/colorant industry, may also be converted through further processing in a refinery into jet A-1 fuel used by airliners throughout the world.
Gary Gotanco, President/CEO states: "The very promising laboratory results obtained is but an initial indication of the quality of crude oil in the Calatrava Oil Find. Phil Oil will then go through the systematic oil exploration method of conducting additional tests, i.e. geological, geophysical, and geochemical studies, including a seismic survey to determine the extent of the five elements necessary for a good oil prospect: the source rock, mechanism of migration, the trap, cap rock, and the oil reservoir. Once it has been determined through these tests that all five elements are present, and if the estimated recoverable oil reserves are of commercial quantity, only then shall we proceed with the conduct of a costly oil well drilling program."
Meanwhile, Phil Oil clarifies that it was not responsible for nor has any knowledge of the reasons behind the recent unusual increase in trading volume and stock price of PROL.
For the full laboratory analysis/test report, and additional information on Phil Oil, please view Phil Oil's website:
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.
Source: Philippines Royal Oil & Alternative Energy Co., Inc.
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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Pearl Asian Mining Industries Issues Clarification on Pink Sheets Announcement Entitled 'Pearl Asia Mining (PAIM) Not Eligible for OTCQX (Announcement)' Dated March 29, 2007 PAIM Reassures Shareholders and Investors That Steps Are Being Taken to List in a Higher Exchange Having More Stringent Reportorial Requirements This Year, Starting with Obtaining Market Maker Sponsorship
Pearl Asian Mining Industries, Inc., with Stock Symbols: U.S.A. (OTC: PAIM) (OTC: PAIMP); Germany (GER: R1Z) and (FWB: R1Z), issues the following clarification on a Pink Sheets announcement entitled “Pearl Asia Mining (PAIM) Not Eligible for OTCQX (Announcement)” dated March 29, 2007.
This clarification is directed towards an announcement stating that Pink Sheets received a copy of a press release stating that Atty. Stephen Czarnik had submitted an application to Pink Sheets in the last quarter of 2006 to become a Designated Advisor for Disclosure (DAD), and that approval of Atty. Czarnik’s application would bring Pearl Asia(n) Mining Industries Inc. closer to listing in the OTCQX this year. Moreover, the said announcement advised investors and other interested persons that Pink Sheets has not received an application from Mr. Czarnik to become a DAD or from Pearl Asia to list on OTCQX, and that based on “limited information available regarding this issuer (Pearl Asian Mining Industries) … it does not appear that Pearl Asia would meet the qualifications for an OTCQX listing, whether or not Mr. Czarnik is approved to serve as a DAD.”
The Press Release referred to in the first statement in preceding paragraph was issued on January 8, 2007 entitled “Pearl Asian Mining Industries, Inc. Engages Services of Accounting Firm Affiliated with One of the Top Global CPA Companies…,” the pertinent portion of which reads:
“Meanwhile, Atty. Stephen Czarnik, Pearl Asian's nominated Designated Advisor for Disclosure (DAD), has submitted his application to Pink Sheets the last quarter of 2006 and just awaiting to become an approved DAD for PAIM. Pearl Asian believes OTCQX's mandatory DAD application process shall ensure compliance with strict eligibility criteria. The approval of Pearl Asian's DAD brings PAIM closer to listing in the OTCQX this year 2007.”
Based on a recommendation by a group of investors, Pearl Asian Mining Industries, Inc. retained the services of Atty. Czarnik in September 2006. In October 2006, Pearl Asian submitted to Atty. Czarnik a completed OTCQX Prime application form for his evaluation and review. Subsequently, Atty. Czarnik advised Pearl Asian that he would act as PAIM DAD and file the necessary OTCQX application. Thereafter, Pearl Asian issued press releases pertaining to the status of PAIM’s OTCQX application based on information from Atty. Czarnik. Around the end of January 2007, Pearl Asian sent an email inquiry to Atty. Czarnik on the status of PAIM’s OTCQX application, which remains unanswered to date.
On March 6, 2007, after receiving several queries from shareholders, Pearl Asian sent an email inquiry to Pink Sheets on the status of PAIM’s OTCQX application and Atty. Czarnik’s application to act as PAIM DAD. Although Pink Sheets did not respond, Pearl Asian noted the substantial length of time elapsed since the application was allegedly submitted, and the fact that Atty. Czarnik was still not listed as an approved PAIM DAD. This prompted Pearl Asian to terminate the services of Atty. Czarnik and to search for a suitable replacement.
Management of Pearl Asian has concluded that Atty. Czarnik’s either did not apply or was not accepted to act as PAIM DAD and that PAIM’s OTCQX application was not submitted.
Aware of the fact that one of the requirements for PAIM’s application to list on a OTCQX exchange or in any alternative United States stock exchange is sponsorship by a market maker, management of Pearl Asian is currently working hard to procure a market maker and begin the process. Pearl Asian would like to reassure all of its valued shareholders and investors that the company still expects to achieve its key objective to list on the OTCQX exchange or in any alternative United States stock exchange (i.e. one with more stringent reportorial requirements) in fiscal 2007.
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 011-63-2-567-5163 Fax: 877-317-4430 IR*PearlAsianMining.com www.PearlAsianMining.com
Source: Business Wire (April 2, 2007 - 9:41 AM EDT)
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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MANILA, Philippines, May 09, 2007 (BUSINESS WIRE) -- Pearl Asian MiningIndustries,Inc., with Stock Symbols U.S.A. (OTC: PAIM) (OTC: PAIMP); Germany (GER: R1Z.DE) and (FWB: R1Z.F), announces the positive results of laboratoryassaysdone by McPhar Geoservices (Philippines) on ore samples from the Aroroy Gold Rush Site in Masbate Province very near XYZ mine, revealing average goldcontentof 44 grams Au per ton of ore. "This is one of the reasons why we are fast-tracking the negotiations to operate one promising area of the Aroroy GoldRushSite," states Randolf Villanueva, Executive President of Pearl Asian MiningIndustries,Inc.
It is expected that negotiations with the landowner will be concluded within themonthof May, and mobilization to commence operation to begin immediately thereafter. Subsequently, operations in another promising mine site, Gango GoldRushsite in Bukidnon Province near the vicinity of Binasan Mine Project CagayandeOro, is expected to commence before the end of June 2007, with the expectedcompletionof the initial feasibility study this week. Villanueva adds, "Before the end of June, Pearl Asian Mining is foreseen to be commercially operating 3small-scalegold mines, as minimal development of infrastructure is expected in these areas considering the presence of roads in both sites and, equallyimportant,operational gold processing equipment are on-site as well."
Meanwhile, Pearl Asian announces that ORO - Operation Reach Out USA, anon-stock/non-profitorganization, has applied for incorporation in the State of Nebraska to facilitate fund-raising efforts for PAIM's Outreach Programs at itsminesites. Jason Piamonte, PAIM CEO for USA and Europe, states: "Aside from theobviousbenefit of facilitating immensely PAIM's fund-raising activity to improve the living conditions/livelihood of communities wherein the companyoperatesmines, it also serves a substantial economic/financial benefit for PAIM as well. Firstly, this will ensure that the communities continue to welcomePAIM'soperations, as community acceptance is a vital component for continued operations of mines under Philippine laws. Secondly, part of the funds raisedwillallow PAIM to recover the company's financial resources advanced for its community relations projects such as construction of roads, churches/temples,thehealing center, the Jennifer Bosaw Academy (the Binasan Pearl Learning Center), etc. In other words, PAIM may be reimbursed these funds and use theseforimprovement of operations such as upgrading of equipment/facilities to increase gold production, and to cover other vital operating expenses."Donations to ORO Operation Reach Out USA in cash or in kind may be made throughMrs.Jennifer Lyn Bosaw, President/Treasurer at 1601 Hedgeapple Rd., Plattsmouth, Nebraska 68048, Phone # (402) 212-7841, Fax # (347) 214-7841.Likewise,cash donations may be sent via SAC Federal Credit Union payable to: Operation Reach Out USA or via Paypal email address: orojennifer*charter.net.PearlAsian Mining Industries would like to extend its heartfelt appreciation for the untiring efforts of the Bosaw couple, especially Mrs. Bosaw who isfulfillingher role as President/Treasurer of ORO Operation Reach Out USA pro bono.Furthermore, Pearl Asian Mining announces the appointment of Jeffrey Alan Bosawasthe new Investor Relations Officer for PAIM & PROL. This management decisiontoengage a highly experienced and very knowledgeable IR Officer within the USAwillenable the company to handle effectively and efficiently the ever-increasing inquiries of the company's shareholders.Forward-Looking Statements:
Forward-looking statements involve known and unknown risks, uncertainties andotherfactors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievementsexpressedor implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company'sprojectionsregarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risksanduncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk ofcommodityprice fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks areveryhighly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or reviseanyforward-looking statements, whether as a result of new information, future events or otherwise.SOURCE: Pearl Asian Mining Industries Inc.
CONTACT: Pearl Asian Mining Industries Inc.Jeffrey Alan Bosaw, 402-212-7840 or 011-63-2-567-5163Fax: 877-317-4430Direct e-mail: bosawj*charter.netE-mail: IR*PearlAsianMining.comwww.PearlAsianMining.comCopyright Business Wire 2007
-------------------- "No nation was ever ruined by trade." Benjamin Franklin
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