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impressive volume today i know...it´s a POS but just in case it makes a move like last year i got myself some at .0004 i´m not expecting all that much but we´ll see...
Posts: 2473 | Registered: May 2006
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A Cash Dividend (Profit-Sharing) To Be Issued to PAIM's Shareholders of Record of June 30, 2007, Payable on August 31, 2007, Pearl Asian Mining Announces!
Business Wire "US Press Releases "
MANILA, Philippines--(BUSINESS WIRE)--
Pearl Asian Mining Industries, Inc., with Stock Symbols U.S.A. (OTC:PAIM) (OTC:PAIMP); Germany (GER:R1Z.DE) and (FWB:R1Z.F), Announces: Negotiations with the landowners and small scale mine stakeholders at Gango Gold Rush Site in Bukidnon Province and Aroroy Gold Project in Masbate Province near XYZ Mine Site have been concluded. The refurbishing of the gold mill processing plants on each of the sites and mobilization of manpower and supplies just commenced. Production from both mine sites is anticipated to be much better than in Binasan Mine Project Cagayan de Oro due to the higher gold assay results for Gango and Aroroy with higher actual gold recoveries as well.
With these developments, Pearl Asian Mining is issuing Profit-Sharing Incentives in the form of Cash Dividend, amount to be determined, to PAIM shareholders, with record date of June 30th 2007 and payment date of August 31st 2007. Pearl Asian Mining expects that current revenues from Project Cagayan de Oro and increased revenues as a result of operating the two new mine sites will allow the company to get all other gold projects operational and that subsequently, cash dividends may be possible once or twice a year.
As each mine site becomes operational and productive, the revenues are expected to increase gradually. "We would like to thank our long-term shareholders/investors who believed in us through our trying times, now we will all get to share in the profits from the hard work and perseverance of the 'PAIM Gold Team,'" exclaimed Randolf Villanueva, Executive President of Pearl Asian Mining Industries.
Furthermore, the 2006 Audited Financial Statements have been completed and certified under USA & Philippine GAAP by its auditing firm, RSM International affiliate Carlos J. Valdes and Associates, now posted in the Pinksheets / OTCIQ. "Pearl Asian Mining views this as a vital step towards eventually becoming a fully reporting company in a higher exchange," stated Jason Piamonte, CEO for USA & EUROPE.
Meanwhile, Pearl Asian announces that ORO - Operation Reach Out USA, a non-stock/non-profit organization, has been incorporated in the State of Nebraska as of May 5th 2007, to facilitate fund-raising efforts for PAIM's Outreach Programs at its mine sites. Bro. Manolo Tecson, PAIM President for Mindanao Operations & Community Relations Officer, states: "Aside from the obvious benefit of facilitating immensely PAIM's fund-raising activities to improve the living conditions/livelihood of the people in the host communities, where the company operates, this will also serves as a substantial economic/financial benefit for PAIM as well."
Donations to ORO Operation Reach Out USA, in cash or in kind, will be greatly appreciated. These may be coursed through Mrs. Jennifer Lyn Bosaw, President/Treasurer at 1601 Hedgeapple Rd., Plattsmouth, Nebraska 68048, Phone # (402) 212-7841, Fax # (347) 214-7841. Likewise, wire donations may be made to: Suncorp Corporate Credit Union 11080 Circle Point Rd. Suite 500 Westminster Co, 80020 (307087399); Further credit to: Sac Federal Credit Union 11515 So 39th St Omaha Ne, 68123 (304083448); Final credit to: Operation Reach Out-USA (2306202353820) USA. Lastly, donations may also be coursed via Pay Pal email address: orojennifer*charter.net.
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.
Posts: 1580 | From: World | Registered: Jul 2006
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-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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.0005 x .0006 .... is PAIM showing signs of life ?
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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Press Release Source: Pearl Asian Mining Industries Inc.
1,074,000,000 (One Billion and Seventy-Four Million) PAIM Common Shares Requested To Be Cancelled, Pearl Asian Mining Reports Wednesday May 30, 10:38 am ET
MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries, Inc., with Stock Symbols: U.S.A. (OTC:PAIM - News; OTC:PAIMP - News); Germany (GER:R1Z) and (FWB:R1Z), reports that on March 1, 2007, Pearl Asian Mining requested the cancellation of one billion and seventy-four million (1,074,000,000) of PAIM common shares from an Investor/Buyer for apparent non-compliance with the agreed terms, i.e. the said Investor/Buyer reportedly paid only 1/16th of the agreed amount that should have been paid to the seller. Despite this and even after PAIM duly notified them of such cancellation, the said Investor/Buyer managed to sell PAIM common stocks that they did not own, resulting in a short position in PAIM common shares. This is supported by the fact that PAIM has been reported to have considerable short interest in the OTC Equity Short Interest report for the past several months.
Pearl Asian Mining was informed that in December 2006, a PAIM shareholder, as seller, entered into a stock sale agreement with an investor/buyer. Having allegedly failed to remit the total agreed consideration, the seller reported the incident to both Pearl Asian Mining and its transfer agent. Meanwhile, said Investor reportedly continued to sell off the shares that it did not have. This resulted in a substantial short position in PAIM shares, which apparently caused the recent gradual yet continued fall in the price per share from December 2006 up to a few days ago.
CEO Jason Piamonte states "To protect the identities of the parties concerned, PAIM cannot divulge any names while we continue to ascertain the facts. We continue to consult with our US lawyer specializing in SEC matters that we recently engaged to handle PAIM's listing in a higher exchange. We are closely coordinating with our lawyer in considering all possible options to arrive at a resolution beneficial to all PAIM shareholders."
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.
Contact: Pearl Asian Mining Industries, Inc. Jefferey Alan Bosaw, 402-212-7840 (USA) or 310-728-6907 (P.I.) Investor Relations IRJbosaw*yahoo.com www.PearlAsianMining.com Fax: 877-317-4430
-------------------------------------------------------------------------------- Source: Pearl Asian Mining Industries Inc.
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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Has anyone heard any new information, since the May 30th PR, updating the status of the requested cancellation of the 1.074 billion shares?
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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News for 'PAIM' - (Cash Dividend, Based on Year-to-Date Gold Production and Sales Report Ending July 31, 2007, is Estimated at around $0.00001 Per Share, Pearl Asian Mining Announces Approximately $841,434.89 Calculated Net Revenue Based on 50% Recovery at Gango Gold Rush; Gold Ore Reserves Estimated at around 1,026,000 Metric Tons; Life Span Estimated at 56 Years)
MANILA, Philippines, Jun 06, 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 that PAIM's Board of Directors shalldeterminethe final Profit Sharing-Cash Dividend for its legitimate Common Shareholders of record date June 30, 2007 during a board meeting coinciding withitsSemi-Annual MBO Meeting. The Cash Dividend will be based on the year-to-dategoldproduction and sales report as of July 31, 2007, but it is initially estimated to be around $0.00001 per share. The Semi-Annual MBO Meeting isscheduledon June 21, 2007 at the Cagayan De Oro Headquarters of Pearl Asian Mining.Chief Geologist Regie Selvano reports that the Gango Gold Rush Project is one ofthepromising prospects of Pearl Asian Mining Industries that is expected to contribute good additional revenue based on the computed projected goldrecovery.The following estimates were used in the computation: 6-year gold production operation, gold ore reserves of around 1,026,000 metric tons (MT),cut-offgrade of 10 g/t (average grade), 90% production recovery and a computed life span of approximately 56 years. In the first year of operation, theestimatednet revenue from operations is $73,202.23. Furthermore, using a very conservative 50% overall recovery estimate and assuming a realistic productionincreaseof 100% in the second year, and production is maintained for the remaining 4 years, after 6 years of operation the calculated overall net revenueis$841,434.89 and possibly more.
The Gango Gold Rush Site, located in Barangay Gango, Province of Bukidnon onMindanaoIsland, covers a total land area of 59 hectares (146 Acres) with 21 existing tunnels operated by members of the local small scale miners'cooperativeand also has an operational gold processing plant on-site. The property, located 14 kilometers (8.7 Miles) south east of Cagayan de Oro City,isaccessible through an all-weather farm-to-market road. The area is confinedina slight to moderately sloping topography with elevations ranging from 100 to450meters above sea level. The metamorphic rocks that characterize the area, particularly phyllite, host the low sulphidation epithermal gold deposits.Phylliteis commonly foliated, light gray to yellowish green with extremely fine-grained textures. It is composed of microcrystalline quartz with powderedmagnetiteand possible limonite. The deposit is evidently confined in a sheeted quartz vein having a thickness ranging from 0.5 to 5 m. The small scale minerscurrentlyoperating in the area manually extract the ore, but Pearl Asian Mining plans to bring in heavy equipment for more efficient operations. To view pleaseCtrl+Click to see this link below. http://s184.photobucket.com/albums/x214/irjbosaw/Furthermore, Investor Relations Officer Jeffrey Alan Bosaw reports: "PAIM'sshareholdersare massively converting their preferred shares from last year's dividends, into common share. Currently, the Preferred Shares (symbol: PAIMP)areconverted on a ratio of 5,000 preferred shares per every 1 common share (Symbol:PAIM). It is estimated that when the record date of June 30 approaches,thetotal number of outstanding public float will be at around 15 billion shares."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 310-728-6907IRJbosaw*yahoo.comwww.PearlAsianMining.comFax: 877-317-4430Copyright Business Wire 2007
-0-KEYWORD: Philippines
Asia PacificINDUSTRY KEYWORD: Natural Resources
Mining/MineralsSUBJECT CODE: Dividend
Source: Comtext Market News
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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MANILA, Philippines, Jun 08, 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) reports that a memorandum of understanding MOU) isbeingfinalized to formalize the proposed role of Austin and Clare Aslan from the USA as Environmental Consultants aiming to bolster the company's mission.Themission statements of Pearl Asian Mining are preservation of a healthy environment and contribution to sustainable local living as key to ethically-soundgold mining in Binasan and to all other future gold projects.
"Sound environmental practices geared toward long-term conservation of habitatandnatural resources in the mine sites must include the following six areas: water quality monitoring and maintenance -- erosion control -- mine siterestoration -- sustainable forest harvesting -- ecotourism development and -- sustained wildlife monitoring," Clare Aslan Environmental Consultant reports.TheAslan USA Environmental Consultants Team will develop a Site-Based Environmental Plan (SBEP) to be implemented in order to maintain heenvironmentalhealth of the region.
Jennifer Lyn Academy, The Binasan Pearl Learning Center (JLA*BPLC) is gettingreadyfor its June 28, 2007 school grand opening. Mrs. Jennifer Lyn, President/CEO of the ORO Operation Reach Out USA, continuously and untiringlydevotingher precious moments by giving a more than 100% of her volunteer services, moved by her love & compassion to the underprivileged children ofPearlAsian's mine workers in Binasan Cagayan De Oro.
Jennifer Lyn has gathered over 20,000 children's books to fill up the schoollibrary.Micro Center's Red Calub Manager in Santa Clara, California offered almost 40% discount for 15 laptop computers to be used in the school. EagleGlobalhas given ORO Operation Reach Out -- Jennifer Lyn, an excellent package deal to deliver boxes of relief goods, computers, books, etc. to the Philippinesandto other underprivileged countries. More donations for ORO Operations ReachOutUSA continue to come in. Jennifer & Jeffrey Bosaw and Clare Aslan are scheduled for an 8 day visit to the Philippines from June 25th to July 3rd 2007.Toview, please Ctrl+ Link http://www.webspawner.com/users/jenniferbosaw/index.htmlMeanwhile, Pearl Asian Mining has recently engaged the services of AGN Associates & Stock Transfer Services Co., LLC as transfer agent. AGN Associates'effectivehandling of Pearl Asian Mining's stock transfer transactions has been noted by PAIM's Board of Directors, for which reason the latter has decided tocontinueutilizing AGN Associates' services, benefitting both PAIM and all its shareholders. AGN Associates & Stock Transfer Services Co., LLC is a DTCCmember:AGN Associates & Stock Transfer Services, LLC. It is located at 5431 Auburn Blvd, Suite #178, Sacramento, CA 95841. Phone#: 916/760-7712; Fax#:916/313-8828(EFax); e-mail: agnstockta*yahoo.com, ATTN: Mrs. Alice Navas, President/Owner."Our Mission and Vision Statement include a business plan not only for increaseprofitand long term growth. Pearl Asian Mining's successful strategic plan is the so-called `double bottom line' business formula. (1) Conventional financialprofitbottom line and the (2) Social bottom line to include (a) long term relationship with our shareholders/investors through profit sharing cashdividendsissuance, along with direct communication of our Investors Relation Officer Jeffrey Alan Bosaw; (b) a positive harmonious impact on our employeesworkingas a team with profit sharing among others, (c) and awareness of our host community with strong emphasis on community service and the environmentalpreservationand protection. This social awareness is what enables PAIM to succeed and will thrive for a long time in this kind of industry," quote CEOJasonPiamonte.
FORWARD 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. - PhilippinesJeffrey Alan Bosaw, Investor Relations402-212-7840 (USA)011.63.2.567.5163 (P.I.)Direct e-mail: IRJbosaw*yahoo.comwww.PearlAsianMining.comFAX: 877-317-4430Copyright Business Wire 2007
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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Pearl Asian Mining Industries Issues Clarification on 15 Billion Projected Increased Public Float of Its (PAIM) Common Shares 9:30 AM ET - BusinessWire Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM); (OTC:PAIMP) reports: Investor Relations Officer Jeffrey A. Bosaw, explains and clarifies concerns and issues about the projected increase of approximately 15,000,000,000 of its issued and outstanding common shares:
"I know that a lot of PAIM shareholders are upset, or do not understand the float increase, that I projected last week. A lot of people are converting their preferred shares which are being added to O/S float. In 2006 last year, some people converted their CDs which added to the float also. What concerns me most is that the preferred shares have been converted, or are being converted now. I have been receiving many phone calls from brokerage houses, and investment firms from all over the place, wanting information on how to get the preferred shares converted, that are in their clients' accounts and the numbers are staggering way beyond what was issued."
"The 15 Billion that I mentioned the projected float could be by the end of June, is a maximum calculation, it should not be that. The current float still remains the same. We announced this now, so people did not get upset with the company, trying to say we were hiding it. We want to keep our shareholders/ investors informed of what is going on right now," reports Bosaw.
"Going back to my concern about all the extra preferred that are being claimed out there, that should not be there. Almost all of the broker dealers, and investment firms' are asking how to get the certificates, which is leaving me to the understanding that there is a lot of shorted preferred, which would be consistent with the complaint filed by one brokerage firm against this larger brokerage firm for failure to deliver (FTD). I now know that there are a lot of shareholders that could not get their certificates if they tried, because they are FTD. I believe this to be the case, if not all of the brokerage houses and investment firms. This would explain why they all decided to send people's certificates out, when other people can't get them from the same brokerage houses and investment firms. I know of one shareholder who has been waiting for his preferred certificates for over 9 months now. He has filed many complaints with the SEC too," added Mr. Bosaw.
Pearl Asian Mining is looking at having profit sharing for all shareholders at least once per year. The Cash Dividend will be issued directly to the shareholders, and mailed to their known address upon verification of its legitimacy as holders on the record date. The distribution will not go through any brokerage house or investment firm, but directly to the shareholders' known address.
"Yes, we have a plan to decrease the O/S float, and it will not be a reverse split, the company promised it would not do that, and PAIM will not. PAIM will not do another CD debenture either. It will be something that will benefit all long term shareholders. The secret share holder of the 1,074,000,000 reported for cancellation never got the certificates for clearance, yet just started selling and perhaps may have sold them all. How can someone be able to sell without the shares?" noted Bosaw.
"The cash dividend is only being issued on common shares of PAIM. The CDs have both face value, and conversion value, so do not let your broker tell you different. Yes, we are working on getting PAIMP trading again, it should have never stopped. Furthermore, the Company will not and does not have to sue anyone that owes dividends because they are short. The shareholders will have to get from their brokers that owe them. We will have a list of all that got paid, and the ones that need to get paid," explained Bosaw.
The company does not pay 60% to anyone. Company pays from 1% to 3% to the agreed M.P.S.A (Mineral Processing Sharing Agreement) of the net profit. PAIM is now generating revenue, 60% stays in the Philippines for expansion, working operations, improvements and salaries and so on, and 40% goes to PAIM Wyoming in accordance to the Philippine Law. PAIM has its own separate community outreach funds from "ORO Operation Reach Out USA" to help the company's own community relation services and programs.
"Lastly, the gold is only reported when it goes through the Central Bank of the Philippines, or sold to a private party. The company owns everything free and clear DEBT FREE, therefore it cannot and will never go bankrupt. If it did file a bankruptcy, PAIM would be liquidated, and the shareholders would make a killing!" exclaimed Bosaw.
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.
Pearl Asian Mining Industries Inc. - Philippines Jeffrey Alan Bosaw, Investor Relations 402-212-7840 (USA) Direct e-mail: IRJbosaw*yahoo.com www.PearlAsianMining.com fax: 877-317-4430
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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NASDAQ Set X-Dividend Date As June 27, 2007 For Cash Dividend Distributions, Pearl Asian Mining Announces As of January 31, 2007 PAIM O/S Float Was 6,587,389,302; Float Not Expected to Exceed 9 Billion After June 27, 2007; SEC Votes To End Short-Selling 'Grandfather' Protections
Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC: PAIM) (OTC: PAIMP) reports that NASDAQ set the x-dividend date for the cash dividend distribution as June 27, 2007. Pearl Asian Mining will distribute a Cash Dividend to each registered PAIM shareholder on record date of June 30, 2007. Therefore, only shareholders owning shares on the record date and shareholders that bought out of the market and hold beyond the X-date of June 27 will be entitled to receive the cash distribution.
“As of January 31, 2007 our o/s float was 6,587,389,302 as per records with PAIM’s Transfer Agent. The TA confirmed as of Monday our float will probably not exceed 9 billion shares even after taking into account the conversions to common shares from CDs and preferred shares,” reports IR Officer Jeffery Bosaw.
SEC Approved Regulation SHO Governing Short Sales - The Protective "Grandfather" Clause To Combat Short-Selling Abuses - SEC Votes To End Short-Selling "Grandfather" Protections
The U.S. Securities and Exchange Commission voted yesterday, June 13, 2007, to amend certain Rules under Regulation SHO – rules that govern the reporting, monitoring, and closing requirements for Failed-to-Delivers or short sales. Most notably, the SEC voted unanimously to remove the “grandfather clause” which has allowed unscrupulous parties to engage in manipulative stock trading practices, particularly naked short selling. The grandfather clause excluded from reporting and monitoring requirements short positions on stocks prior to the time these stocks were included in a threshold list of stocks with substantial short positions.
The SEC meeting may be viewed in its entirety via the following link: Once the “US SEC Open Meeting Webcasts” page opens, click the appropriate viewing software under “Archived Video Webcast, Original Live Broadcast: Wednesday, June 13, 2007.”
Short selling involves sales of borrowed securities, producing profits when prices decline. The practice is legal and is viewed by many to play an important role in market efficiency, but the SEC's Regulation SHO sought to curb abuses of the same, particularly so-called "naked" short sales, in which short sellers don't borrow securities they sell, a practice some view as akin to counterfeiting or selling “phantom” shares.
Regulation SHO, which took effect in 2005, imposed stricter requirements on locating and delivering shares that are sold short but excluded some previous short positions through a "grandfather" clause.
The Securities and Exchange Commission voted Wednesday to approve a change to tighten rules intended to curb manipulative short sales, most importantly, "naked" short sales.
The change eliminated an exception that protected existing short positions from requirements to deliver hard-to-borrow shares within 13 days of settlement. Once the change takes effect, short positions previously protected by the grandfather clause must be closed out within 35 days.
SEC Chairman Christopher Cox said persistent failures to deliver shares sold short seem to be due to the grandfather protections, which the SEC included in 2004 to prevent stock-market volatility. Critics complained the protections undermined efforts to clean up abuses involving "naked" short sales.
Short selling involves sales of borrowed securities, producing profits when prices decline. The practice is legal, but the SEC's Regulation SHO sought to prevent "naked" short sales, in which short sellers don't borrow securities they sell.
SEC officials said delivery failures have declined about 35% overall since Regulation SHO took effect and have fallen about 53% for hard-to-borrow stocks defined as "threshold" securities.
Furthermore, PAIM believes that since 2005 it has been a victim of naked short selling and applauds this latest action taken by the SEC, but is concerned that the new rules will not be vigorously enforced. PAIM also believes that institutions that are responsible for reporting short positions are not following the rules, and therefore the monthly reports are inaccurate.
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. Jeffrey Alan Bosaw, 402-212-7840 Fax: 877-317-4430 IRJbosaw*yahoo.com www.PearlAsianMining.com
Source: Business Wire (June 14, 2007 - 9:30 AM EDT)
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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Initial Annual Gross Revenue Estimated * $2,737,800.00 - Average Combined Gold Recovery From 3 Operating Mine Sites, Pearl Asian Mining Announces Re-Conditioning of Gold Processing Plants Ongoing; Detailed Feasibility Study & Geological Exploration Commences; Extensive Gold Mineralization Observed In Aroroy & Gango Gold Projects; Higher Daily Gold Recovery at Binasan Minesite Reported
Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC: PAIM) (OTC: PAIMP) reports Sr. Vice-President and C.O.O. / Chief Mechanical Engineer Ricardo Bernardo leads a team of engineers in re-conditioning and re-furbishing the existing gold processing mill plants in both the Aroroy Gold Mine and Gango Gold Rush Projects. The current Aroroy Gold Mill Plant is capable of processing up to a maximum of 7.2 metric tons of gold ores per day. Based on actual gold recoveries obtained in about 17 years of operation, the Aroroy Gold Project is producing an average of 17 grams of gold per ton of ore, equivalent to approximately 3.9 ounces of gold per day. On the other hand, the Gango Gold Rush Project, with its existing gold processing plant capable of processing up to 15 metric tons of gold ores per day with an average recovery of at least 15 grams per ton, should produce approximately 7.3 ounces of gold per day. Engr. Bernardo’s team is likewise responsible in assessing possible improvements/upgrades in both gold processing plants, with the end in view of designing more efficient, effective, and environment-friendly gold processing equipment.
The Binasan Gold Project, of placer type or free gold, is continuously increasing its gold recovery, with production currently averaging around 18 grams gold per day, equivalent to 0.5 ounce of gold per day. All in all, the total average gold recovery from the 3 operating mine sites is estimated at 11.7 ounces per day. Assuming that the price of gold per ounce is * $650.00 USD, and given that for every ounce there is approximately 31.0 grams and with 360 days of production in a year, the following calculations show the gross revenue from each mine site:
1. Aroroy Project: 17 grams/ton X 7.2 metric tons of ores/day processing = 122.4 grams/day, or 3.9 ounces/day X $650.00/oz X 360 days/year = US $912,600 Gross
2. Bukidnon Project: 15 grams/ton X 15 metric tons/day processing = 225 grams/day, or 7.3 ounces X $ 650.00 X 360 days /year = US$1,708,200.00 Gross
3. Binasan Project = 18 grams/day, or 0.5 ounce/day X $650/oz X 360 days/year = $117,000 Gross
Estimated Total Annual Gross Gold Recovery is US$2,737,800.00
Pearl Asian Mining Vice President/PRO Ariel Caleon leads the Exploration Mining Team in Aroroy Gold Mine Site consisting of Chief Mining Engineer Cesar Rosales, Chief Geologist Regie Selvano, Chief Metallurgist Elvis Hidalgo and Chief Security Officer General Frank Acosta; while President for Mindanao Operations Manolo Tecson leads the Bukidnon Gango Gold Rush Project.
The Aroroy Gold Team is currently exploring and mining the 18-hectares (44 acres) total land area located in close proximity to Filminera (formerly Atlas) mining company. The Aroroy Gold Team aims to complete a detailed feasibility & geological exploration by the end of June 2007, gathering more samples to determine the total gold reserves and other minerals present. “It was noted that back in 1990 the current owner had profited at least US $600,000 using the old-fashioned way of mining and recovery. More than 200 kg (6,430 oz.) of gold has been extracted from 1990 to the present. Currently, the mine site has 2 working tunnels, but more tunnels will be developed once geological mapping is completed,” reports Executive President Randolf Villanueva.
“In the Binasan Gold Project, diamond drilling is estimated to start around August 2007, as sporadic afternoon rainfall had delayed the drilling to cover the entire 20-hectares (49 Acres) coverage area of the Binasan mine site. A core drilling campaign is an important part of the overall geological exploration survey of any mineral deposits, which assists one to gain a better insight on the geological structure and deposit type of an ore body. This can also possibly 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,” Chief Geologist Regie Selvano reports.
Meanwhile, new offers and expressions of interest from small scale mining operators/landowners for joint venture partnership with Pearl Asian continue to pour in. The Project Santa Barbara in Camarines Norte near Paracale is targeted to start operating soon, as well as the long anticipated opening of the XYZ Gold Mine Site in Baleno.
“Pearl Asian Mining looks forward to this second half of 2007 to bring the best as PAIM continues to expand by opening abandoned mine sites across the country; while sales of other minerals such as manganese, chromite and copper among others are in progress. It is our vision to assist the small scale miners as well as the community to make better use of the God-given resources for the upliftment and betterment of their lives, while benefitting the investments of our foreign investors and shareholders with increased gold productions as well as other minerals which means increased revenues,” exclaimed Exec. V.P. Ariel Caleon
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 Jeffrey Alan Bosaw, 402-212-7840 (Investor Relations) FAX: 877-317-4430 IRJbosaw*yahoo.com www.PearlAsianMining.com
Source: Business Wire (June 18, 2007 - 9:47 AM EDT) News by QuoteMedia
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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Pearl Asian Mining Steps Closer to Becoming A Large Scale Mining Company, with the Resolution of Right-of-Way Concerns Over XYZ Gold Project, Having An Estimated $2,170,260.00 Per Month Gold Production 9:47 AM ET - BusinessWire
Pearl Asian Mining Industries, Inc. with stock symbols (OTC common shares: PAIM)(OTC preferred shares: PAIMP) announces that it is about to start exploration, feasibility studies, construction of the gold mill plant, road construction, infrastructure development, then finally the operations of its very rich gold mine project located on Masbate Island. The "sleeping golden dragon" known as the XYZ Gold Project, whose rich gold deposits have been historically proven since Pre-World War II, is reportedly capable of producing a minimum of 120.57 ounces of gold per day.
The XYZ GOLD MINE SITE is a Pre-World War II gold mining property with high grade gold ores containing from 15 grams up to 90.37 grams per ton of gold and 533.6 grams per ton of silver. After installation of a planned 50-250 tpd (tons per day) gold mill/processing plant, Pearl Asian Mining (PAIM) plans to process at least 50 tons of ore per day to produce an estimated 3,750 grams or 120.57 troy ounces of gold per day, at an average gold grade of 75 grams of gold per ton.
In 1997, A Canadian Company (Pottinger - Gaherty Environmental Consultants Ltd., CANADA) was commissioned to do a written exploration and feasibility report, which showed the following: The estimated monthly revenue at the cost of US $600.00 per troy oz: 120.57 oz per day X 30 operating days per month X $600.00/oz = $2,170,260.00 per month. The estimated yearly gross revenue: $2,170,260.00 per month X 12 months per year operations = USD $26,043,120.00 per year.
Pearl Asian Mining's Legal Counsel, Atty. Ron Bagasbas and members of the Board of Directors, namely, Chairman Bae Katiguman, Executive President Randolf Villanueva, VP-Lead Exploration Officer for XYZ Masbate Project Ariel Caleon, Chief Operating Officer Engineer Ricardo Bernardo and Lead Task Force Security Officer Retired General Frank Acosta met on June 24, 2007 with representatives of XYZ land claimants and their legal counsel. The two parties finally agreed and arrived at an amicable settlement in granting right-of-way and access to the XYZ mine. This agreement between the two parties shall ensure that processing of the MPSA (Mineral Production Sharing Agreement) under the name of Pearl Asian Mining Industries will be facilitated by the Department of Environment and Natural Resources, the government agency mandated to issue MPSA's, similar to the Mining Claims in the USA, after more than 3 years of long and tedious negotiations. Furthermore, an MPSA shall allow Pearl Asian Mining to export, deliver and trade its gold/ silver bullion outside the country to satisfy the demands of its foreign clients.
Since October 4, 2004, Pearl Asian Mining's XYZ MPSA application on over 8,000 hectares (19,600 acres) has been filed with the Region V- Bureau of Mines and Geo-Sciences. On November 22, 2005, Pearl Asian was granted a Small Scale Mining Permit (SSMP) Permit No. 005-05 O.R. No. 1956032 D, a claim right to stake, to operate and mine on 20 hectares (49 acres) of the XYZ Gold Mine Site. Pearl Asian was not able to operate XYZ due to right-of-way concerns. In the meantime, Pearl Asian (PAIM) has been operating for almost a year under small scale permit and joint venture alliances with other small scale mining owners and operators in other parts of the country. With this agreement reached with the XYZ land claimants, the company gets closer to finally operating its centerpiece mine site in the Philippines.
"With the endorsement of Pearl Asian Mining's MPSA application from the Region V- Bureau of Mines and Geo-Sciences to the Secretary of the Department of Environment & Natural Resources, we can now expect that the final approval of said MPSA will be facilitated, subject to our compliance with all pertinent government requirements" exclaimed Executive President Villanueva.
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: Jeffrey Alan Bosaw, 402-212-7840 IRJbosaw*yahoo.com www. PearlAsianMining.com FAX: 877-317-4430
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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News for 'PAIM' - (PAIM Gold Team Update: XYZ Gold Project to Start Mobilization in a Few Days; Aroroy Gold Project Increases Stock Piling of Gold Ores, Design of Gango Gold Mill Plant Started Four Visiting Shareholders/Guests from the USA Are Headed for PAIM's Various Gold Mine Sites, and Also Attend Opening of the Primary School for the Higaonon Tribe)
MANILA, Philippines, Jun 28, 2007 (BUSINESS WIRE) -- Pearl Asian MiningIndustries,Inc. (OTC:PAIM)(OTC:PAIMP) announces the latest activities of Pearl Asian Mining's Gold Team on gold-rich areas of Masbate Island, as Pearl AsianMiningcommences operating Aroroy Gold Project and will start operations on XYZ Project within the next few days. Masbate Gold Team Leader VP/PRO Ariel Caleonreportsthat Aroroy Gold Project currently has 120 bags (approx. 3.6 metric tons) of raw ores on stock pile, and needs to build up a minimum of 240 bags(approx.7.2 metric tons) to optimize utilization of the gold mill plant on-site. The 240 bags will generate an estimated 122 grams, or 4 ounces of gold.In the XYZ Gold Project, the team members shall soon mobilize into the area tocheckwhich of the six existing tunnels is most viable for immediate rehabilitation and exploration. Moreover, PAIM Executive President RandolfVillanuevais closely monitoring and fast-tracking the approval of PAIM's Mineral Production Sharing Agreement (MPSA) Application, as the Memorandum ofAgreementon the Right-of-Way and Access to the XYZ Gold Project was signed today.On the other hand, regarding operations in Gango Gold Rush in Bukidnon Provincenearthe vicinity of Binasan Mine Project Cagayan de Oro, COO Engr. Ricardo Bernardo reports that his engineering team has commenced designing a gold millplantthat will comply with the government requirements on environmental protection, particularly concerns regarding the well-being of surroundingcommunities.For this reason, PAIM recently tapped the services of Clare Aslan, an Environmental Consultant from the USA, to do a detailed study and evaluationofthe environmental aspect.
Meanwhile, Pearl Asian Mining's Board of Directors has decided to temporarilystopmining operations at Binasan Gold mine due to frequent mud slides, washed out roads, and high river currents resulting from intermittent yet heavyrainfallin the area recently. The Board feels that, with the almost simultaneous start of the three other gold mines, the shutdown of Binasan willnotsubstantially affect PAIM's revenues. In relation to this, the Board has postponed the diamond drilling scheduled next month, instead re-scheduling it toApril2008. Additionally, during the temporary shutdown, rehabilitation of access roads will continue in preparation for the scheduled arrival of thediamonddrilling equipment next year. During the rainy season, fallen trees, logs and timbers will be gathered for added revenues and new seedlings will bere-plantedas Pearl Asian Mining implements its Green Re-Forestation Program during the six-month rainy season in the country.Last but not the least, Pearl Asian Mining announces the grand opening of itsprimaryschool at the Binasan Mine Site today, June 28, 2007. With its mission to educate the children along with some adults of the Higaonon Indigenous Peopletowipe out illiteracy and end poverty in Binasan, the Jennifer Lyn Academy/Binasan Pearl Learning Center was established through the generousfundingand support of PAIM's Operation Reach Out USA. Mrs. Jennifer Lyn Bosaw was the main Guest of Honor, joined by visiting US shareholders and guests:PearlAsian's IR Officer Jeffrey Bosaw, Environmental Consultant Clare Aslan, Dr. Thomas Wellbrook, who will assist in bringing in volunteer physicians fortheWhispering Hope Kramer Foundation Healing Center, Mayor Lawrence Cruz of Iligan City, local education officials Gulliermo Fuentes and Dr. Leticia Tolog,otherofficials of Iligan City, Tribal Chieftains, Datus & Sultans. Also on hand to witness this historic event were PAIM CEO for USA Jason Piamonte, PresidentforMindanao Operations Manolo Tecson, and other members of the Gold Team. PearlAsianis pleased to announce that over 90 children are currently enrolled from pre-school to third grade this inaugural school year.Jason Piamonte stated, "Pearl Asian Mining will continue to support the needs ofthecommunities and its people. The 3 C's - Consideration, Compassion & Commitment - are still PAIM's perpetual main theme. Aside from improving thelivingconditions/livelihood of communities, environmental protection and reforestation near the areas where the company operates its gold miningprojects,this will serve a substantial economic/financial benefit for PAIM as well, as communities will continue to welcome PAIM's operations, as a result.Communityacceptance is a very vital component for continued mining operations and existence of Pearl Asian Mining (PAIM) under Philippine laws."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.Jefferey Alan Bosaw, 402-212-7840 (USA)011-63-2-567-5163 (P.I.)Fax: 877-317-4430IRJbosaw*yahoo.comwww.PearlAsianMining.comCopyright Business Wire 2007
-0-KEYWORD: Philippines
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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Mandatory Buy Back of Approximately 8,611,655,441 or 95% of PAIM's Issued and Outstanding Common Shares; Record Date of July 20, 2007; Payable at the Rate of $0.00002 Beginning October 10, 2007, Pearl Asian Mining Announces
Business Wire "US Press Releases "
MANILA, Philippines--(BUSINESS WIRE)--
Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A. (OTC:PAIM) (OTC:PAIMP) announces that by Special Corporate Action of the Board of Directors in a meeting held on June 21, 2007 in Cagayan de Oro, Philippines and with full consent and approval of the 77% majority PAIM shareholders, the company resolved to do a mandatory buyback of approximately 8,611,655,441 (Eight Billion Six Hundred Eleven Million, Six Hundred Fifty-Five Thousand and Four Hundred Forty-One) PAIM Common Shares, or 95% of its issued and outstanding common shares effective immediately. Shareholders of record as of July 20, 2007 will be paid at the rate of $0.00002 per common share commencing October 10, 2007.
The Board of Directors issued this special corporate action in order to reduce the staggering public float of approximately 9 Billion issued & outstanding common shares. This final decision is in preparation for the company's application for listing in a higher exchange and to maintain a reasonable public float below 1 billion shares. This mandatory buyback is a creative, positive, and beneficial solution, which enables the company to fulfill a promise made to its shareholders that no reverse split will ever occur. Each shareholder is going to be paid in cashier checks on the retired 95% common shares. The retired PAIM common shares shall then be deposited back in the company's treasury.
Subsequently, Pearl Asian will send the payment directly to the shareholders of record after the shareholders surrender the Original PAIM Common Stock Certificates prior to the pay date commencing October 10, 2007. The certificate (s), with a letter attachment from the shareholder of record advising the Transfer Agent of their current and correct addresses, are to be sent directly to: AGN Associates & Stock Transfer Services, LLC: 5431 Auburn Blvd., Suite #178, Sacramento, CA 95841: Phone: (916)760.7712: Fax: (916)313.8828: e-mail: agnastockta*yahoo.com
While Pearl Asian has set the record date for July 20, 2007, the company would like to prevent the occurrence of confusion among shareholders similar to what happened during the 2006 mandatory buy back. Pearl Asian shall take necessary steps to ensure that DTCC is fully apprised of this corporate action, thereby assuring that all member banks and brokerages are sufficiently informed by their clearing houses, that 95% of all common shares, they hold for their clients should be segregated to a restricted account the day after the record date, i.e. on July 20, 2007. This will prevent shareholders from selling any of the shares covered by the buyback, i.e. selling more than the remaining 5% PAIM shares in their accounts as of close of business day on July 20, 2007, otherwise these shareholders could unintentionally and unwittingly incur short positions in PAIM.
Pearl Asian Mining is encouraging all its shareholders to check their accounts and discuss with their brokers regarding this mandatory buy back to give them advance information and to avoid discrepancies in the future. Any shares bought or sold in the market after July 20, 2007 should only be the remaining 5%. Therefore, the remaining 5% of common shares in the shareholders' accounts is freely trade-able at any time after the record date of July 20, 2007. On the other hand, shareholders who opt not to participate in the buy back program may want to sell their shares before the record date.
DTCC should immediately start the process of delivering to the company's Transfer Agent the 95% of the outstanding PAIM Common Shares prior to the exchange date and pay date of October 10, 2007.
"Lastly, Pearl Asian Mining advises members of DTCC participants, i.e. the banks and brokers, to notify their clients, likewise Pearl Asian Mining advises its shareholders to immediately discuss with their brokers regarding this mandatory buyback. To reiterate, the buyback rate is that for every PAIM Common share surrendered, Pearl Asian will pay $0.00002. The company had resolved this mandate because of two major issues: the reduction of the huge issued and outstanding public float and the preparation of the company to register to the next higher level of exchange," explains Jeffrey Alan, Investor Relations Officer.
For any questions, please do not hesitate to contact the company's Investor Relations Officer Jeffrey Alan at (402)212.7840 or e-mail; IRJBosaw*yahoo.com.
-------------------- "The greatest risk is to take no risk at all" Posts: 54 | Registered: Apr 2006
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WTF??????????????????? If I owned 10 million shares at .0003 I would definitely want .00002 for mine. Who in their right mind would even come up with something as convuluted as this and THEN expect the shareholders to fall over themselves getting their shares transferred to hard copy to send to the TA. What a friggin joke. I wonder when they are going to do that to the preferred? They think that 8 billion shares is staggering I wonder what word they would use for the OS of those shares gigantic, humuongus, outragous? End of rant... TMAN...
-------------------- In the end, trust only yourself when trading stocks. Posts: 2048 | From: Texas | Registered: Feb 2006
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Boy, what a company of character. "We'll never do a reverse split, but we'll buy your shares back at a 94% discount."
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Kywee, I'm not trying to be a a-hole, but what part of that news did you think was good? The volume was people selling for whatever they could get.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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Exactly, I glanced at it and misunderstood it. Hence the "uneducated" part of my statement. I should have known better.
Posts: 2329 | From: MD | Registered: Jul 2005
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I sold all of my shares to pick up usxp. I noticed that PAIM is always doing geological surveys - but producing almost no gold or revenue. My advice is to convert your preferred shares and dump them as soon as you get them. This process will take months. You can only hope that they don't sting you again before you can get them and dump them ASAP.
-------------------- It is what it is Posts: 196 | From: Tampa, FL | Registered: Mar 2006
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Ok, sorry about the misunderstanding. Hope you didn't lose much.
quote:Originally posted by kywee: Exactly, I glanced at it and misunderstood it. Hence the "uneducated" part of my statement. I should have known better.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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NEL, I'm wondering that as well, honestly, my gut is that it CAN'T be, but purely my instinct, based on logic and common sense, which is usually wrong on these pinkies Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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They can do a mandatory stock purchase, apparently. They got away with taking 90% of our shares in 2006 using a mandatory coversion of our shares into some worthless preferred shares, hundreds of billions of them. Now as we cash them in for a fraction of the original shares we had. It is like a reverse split without actually calling it that. My only question is who is stupid enough to buy these shares, over 1 billion today.
-------------------- It is what it is Posts: 196 | From: Tampa, FL | Registered: Mar 2006
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News for 'PAIM' - (Simultaneous Re-Opening of XYZ Gold, Aroroy Gold and Gango Gold Projects To Post An Estimated Initial Annual Gross Gold Revenue of $44,259,400.00; Estimated $1.2 Million Annual Gross Manganese Revenue, Pearl Asian Mining Announces Masbate Gold Processing: Aroroy Gold -7.2 Metric Tons Per Day; XYZ Gold - 250 Metric Tons Per Day & Bukidnon Gold Operation: Gango Gold Rush- 50 Metric Tons Per Day)
MANILA, Philippines, Jul 09, 2007 (BUSINESS WIRE) -- Pearl Asian MiningIndustries,Inc. with Stock SYMBOLS: U.S.A. (OTC common shares: PAIM)(OTC preferred shares: PAIMP) announces that after 2 weeks of the re-opening of theAroroyGold Mine site, the Masbate Gold Team led by Ariel Caleon, Sr. V.P. announced the processing of the first 259 sacks of ores into the existing CILtankout of the original target of 210 bags. The Aroroy Gold Team continues to stockpile gold ores for processing as Pearl Asian continues to increase the flowofharvested gold from this mine site. The estimated annual gross revenue fromthismine site is $912,600.00. (Aroroy Gold project: 17 grams per ton per day X 7.2 metric tons of ores per day processing = 122.4 grams or 3.9 ounces per day X$650per ounce X 360 days operations= $912,600 Gross.)
Furthermore, a U.S. shareholder and a major investor who recently visited PearlAsian'smine site has agreed to personally invest on the acquisition and re-conditioning of the existing gold mill plant for the Gango Gold Rush Project.Thismill plant is designed to process a minimum of 50 metric tons of gold per day. The mechanical engineering team led by President/COO Engr. Ricardo Bernardoisnow designing an enhancement gold mill plant that will strictly comply withthegovernment's environmental protection program and address the future effectsonits surrounding community. The estimated annual gross revenue for this goldminesite is $5,662,800.00. (Gango Gold Rush: 15 grams/ton per day X 50 metric tons of ores/day processing = 750 grams/day, or 24.2ounces/day X $650.00/oz X360days/year = US $5,662,800 Gross)
Pearl Asian has mobilized the initial team members into the XYZ area to startfurtherrehabilitation and exploration of the first existing rich tunnel. Sr. VP/COO Engr. Ricardo Bernardo and his team of mechanical engineers are fasttrackingthe building of the 250 metric tons per day gold processing plant to become immediately operational. The XYZ gold project operation is very vital forPearlAsian Mining, hence, the company will be considered a large-scale gold mining operator. The 250 metric tons of ores per day gold processing mill plantisexpected to be completed within 3-6 months. The estimated annual gross revenue for this gold mine site is $37,674,000.00: XYZ Gold project: estimated20grams per ton per day X 250 metric tons of ores per day processing = 5,000 grams per day or 161 ounces per day X $650.00 per ounce X 360 days operations=$37,674,000.00Gross
On the other hand, Pearl Asian Mining is finalizing the acquisition of 2 heavyequipmentsneeded in its Manganese\Project in Nueva Viscaya, as the company receives from its manganese buyers' increasing demand to purchase rich manganeseminerals.This manganese sale can add to the future revenue for PAIM with an estimated additional income of at least a minimum of $100,000 USD per month orannualgross revenue of $1,200,000.00.
A unique tailing-ponds reservoir will be built to catch other sensitive,potentiallytoxic by-products of mining operation, as PAIM's USA Environmental Protection Specialist will carefully monitor this particular aspect and programofPearl Asian Mining. Ms. Clare Aslan, leader of the U.S. Environmental Scientist is designing the implementation of the best method to protect theenvironmentof the community as well as the water supplies of the whole Masbate Island.Moreover, Chief Mining Officer Engr. Cesar Rosales and VP/Masbate Gold TeamLeaderAriel Caleon are coordinating with Chief Geologist Regie Selvano & Chief Safety Mining Officer Engr. Jonathan Mercado on fast tracking the APSA -320 asanotherrequirement by DENR (Department of Environmental & Natural Resources) for the final endorsement and certification of PAIM's MPSA - Mineral ProductionSharingAgreement covering the XYZ Gold Project. On June 28, 2007 the Memorandum of Agreement on the right of way access to the XYZ Gold Mine was signed alongwitha harmonious working alliance and community development of the surrounding community of the XYZ Gold Area with the pasteur lease stakeholder.The recent visit of several U.S. shareholders in PAIM's Gold mine sites, particularly the XYZ area, had seen the rich gold presence in that tunnel withprovenconfidence that Pearl Asian Mining Industries is truly a viable mining company. The company is already producing gold and the initial actual revenuesfromthe Masbate and Bukidnon projects are soon to be announced at the end of each quarter report commencing the third quarter of 2007.More working alliances with other small-scale miners and operators in this island had been presented, in which Pearl Asian foresees the four-fold increaseofits gold productions and other minerals in the future.
Lastly, "The simultaneous start of the re-opening of these three idle gold minesites,Aroroy Gold, Gango Gold Rush and the XYZ Gold Project, as well as the Nueva Viscaya Manganese Project, Pearl Asian is very, very optimistic that itwillpost an estimated annual gross revenue of $44,259,400.00 plus an estimated $1.2 Million manganese gross revenues," exclaimed Executive President RandolfVillanueva.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. - PhilippinesInvestor Relations:Gary Gotanco, USA: 310-728-6907 or 866-732-7888P.I. - 011.63.2.567.5163IRPAIM*hotmail.comwww.PearlAsianMining.comFAX: 877-317-4430Copyright Business Wire 2007
-------------------- "No nation was ever ruined by trade." Benjamin Franklin Posts: 533 | From: Dooville, Indiana | Registered: Jul 2006
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