Welcome To PHI Mining Group
Dec 07, 2010 13:36 ET
PHI Mining Group to Change Name to PHI Gold Corporation and Spin Off Business Unit
LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - December 7, 2010) - PHI Mining Group, Inc. (PINKSHEETS: PHIG) (FRANKFURT: RPBA), a majority owned subsidiary of PHI Group, Inc. (OTCBB: PHIE) (FRANKFURT: PR7) (XETRA: PR7), announced today that the company will change its name to PHI Gold Corporation to reflect its sole focus on gold mining. The company will spin off Indochina Mining Corp. as a separate entity engaged in industrial minerals.
PHI Gold Corporation will use the recently acquired Maisy Mae Creek gold mine in the Yukon Territory, Canada as a platform for additional acquisitions of other gold mines. The company currently has made three offers on mines similar to Maisy Mae and is investigating other gold ore properties in the U.S. and Asia.
As part of the restructuring plan, PHI Mining will declare a special dividend of Indochina Mining Corp. stock to shareholders of PHI Mining and register Indochina Mining as a separate public company. Indochina Mining will concentrate on non-gold and other industrial mineral properties.
PHI Gold Corporation will continue to complete the audits of its financial statements and file the required reports with the Securities and Exchange Commission to regain its full reporting status on the OTCBB and upgrade to a senior exchange in the future when appropriate.
Currently PHI Mining Group has 200 million authorized shares, of which 22,424,628 shares are issued and outstanding and 1,428,286 are free trading. PHI Mining does not intend to issue new shares for these contemplated acquisitions. The Company expects to complete the name change and declare the special dividend by December 31, 2010.
Henry Fahman, Chairman of PHI Mining Group, said, "We believe that by making these changes we will be able to create greater value for our shareholders. We look forward to providing further updates on the company in the coming weeks."
About PHI Mining Group
PHI Mining Group is a U.S.-based mining and exploration enterprise focused on acquiring and developing gold, silver, copper and industrial mineral properties. The company owns Maisy Mae Creek Gold Mine, a producing mine located in the Dawson Creek Mining District, one of the richest gold bearing areas of the Yukon Territory, Canada. Through its wholly owned subsidiary Indochina Mining Corporation, the company has also signed agreements with several partners in South East Asia to engage in mining of industrial mineral properties. PHI Mining Group is committed to high standards in the areas of environmental management and health and safety for its employees and neighboring communities. Web site: www.phimining.com.
About PHIGroup, Inc.
PHIGroup (OTCBB: PHIE) provides M&A advisory and consulting services, develops real estate and natural resources and invests in special situations. PHIGroup, which specializes in raising capital and helping take companies public, is developing PHILand Ranch, one of the largest master planned communities in Vietnam. This project includes Pointe91, a luxury resort and premium residential community in Quang Nam province in central Vietnam (www.PHILandranch.com). PHIGroup is also engaged in mining activities through its majority-owned subsidiary PHI Mining Group, Inc. (PINKSHEETS: PHIG) (www.phimining.com). Website: www.phiglobal.com.
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
17011 Beach Boulevard, Suite 1230
Huntington Beach, CA 92647
Telephone: (714) 843-5450
Facsimile: (714) 843-5452
6 Thai Van Lung St, 11th Floor
District 1, Ho Chi Minh City, Vietnam
Telephone: (84) 882-73612
Facsimile: (84) 882-73611
Kabani & Company, Inc.
6033 West Century Blvd., Suite 810
Los Angeles, CA 90045
Attn: Hamid Kabani, CPA
Telephone: (310) 694-3590
Facsimile: (310) 410-0371
Dietrich & Associates
11300 W. Olympic Blvd., Suite 800
Los Angeles, CA 90064
Telephone: (310) 312-6888
Facsimile: (310) 312-6680
Share Structure & Transfer Agent
22,424,628 as of Sep 17, 2009
200,000,000 as of Sep 17, 2009
1,492,400 as of Sep 17, 2009
Estimated Market Cap
$1,793,970 as of Dec. 2, 2010
Pinksheet PHIG Info
Note: Share structure also shown on company website.
Interstate Transfer Company
6084 South 900 East, Suite 101
Salt Lake City, UT 84121
Attn: Janis Patterson
Note: Contacting the T/A is encouraged if you would like further verification of the share structure.
PHI Group Subsidiary Acquires Producing Canadian Gold Mine
12/02/10 11:57 AM
PHI Mining Group's Subsidiary Receives Thai Granite and Marble Mining License
9/08/09 10:47 AM
PHI Mining Provides Corporate Update
8/24/09 10:05 AM
PHI Group Signs Agreement with VCS Mining to Engage in Haitian Mining Opportunities
8/12/09 8:00 AM
PHI Mining Group Signs Agreement to Mine Manganese in Thailand
7/02/09 8:30 AM
PHI Group, Inc. Changes Trading Symbol, Updates on Subsidiary's Mining Business
5/15/09 8:00 AM
Current Report Filing (8-K)
4/03/09 4:22 PM
Providential Holdings Reports Operating Results for Q2 FY '09
2/17/09 6:00 PM
Indochina Mining Corporation and Truong Son General Group Form Joint Venture Company for Nonferrous Mining in Northern Vietnam
2/09/09 11:54 AM
PHI Mining Signs Joint Venture Agreement to Exploit Black Pearl Granite in Thailand
1/26/09 8:00 AM
Providential Holdings Engages Cohen Independent Research Group to Provide Independent Research Analyst Coverage
1/22/09 8:00 AM
Providential Holdings Changes Annual General Meeting Date to March 13, 2009
1/20/09 3:49 PM
PHI Mining Signs Agreement with Truong Song General Group to Engage in Lead and Zinc Mining in Vietnam
1/15/09 11:37 AM
Providential Holdings Subsidiary PHI Mining Group Signs Agreement with Angkor Metal Corporation to Engage in Copper Mining in Ca
1/07/09 9:59 AM
PHI Mining Group Acquires Indochina Mining Corporation
1/05/09 8:30 AM
DDC Industries, Inc. Changes Corporate Name to PHI Mining Group, Inc.
12/19/08 11:48 AM
- President and Director of Mining & Exploration Operations in Australia, Papua New Guinea, USA, Canada, and Mexico for Nord Pacific Ltd.
- Vice-President of Exploration, Australia, Asia & US for Nord Resources Corporation
- Manager of Precious Metals Exploration, North America, for Kennecott Copper, Inc.
- Senior Geologist, Houston; Supervisory Geologist, Perth, Western Australia; Exploration Manager, Queensland New South Wales, Australia; Exploration Manager, Uranium and Copper, Australia, for Exxon Minerals, Inc.
Exploration and Mining Career Highlights:
- Discovery, financing, and development of the Kurara gold mine in Western Australia with subsequent successful operation
- Acquisition, financing, and development of the Girilambone copper property using then-new and technically innovative and highly successful SX-EW processing system
- Discovery of Emu South gold mine in Western Australia, joint venture of the property to Western Mining and subsequent sale of interest and $40 million distribution to limited partner investors
- Acquisition of the Tabar Islands gold property, in a joint venture with Kennecott
- Completion of Ramu nickel pre-feasibility study based on pressure acid leaching
- Discovery of Tritton copper deposit using state-of-the-art geophysical methods
- Purchase of Kennecott's interest in the Tabar Islands gold project
- Acquisition of the Johnson Camp copper mine in the Southwestern United States
- Sales of Ramu nickel project, Papua New Guinea and Sierra Rutile titanium mine, Sierra Leone
- Arrangement of project debt financing of $42 Million for copper and other mines
Henry Fahman, Director
Born in Vietnam, Henry Fahman has more than 20 years of experience in general management, mergers and acquisitions, corporate finance, investment banking, and investment advisory services. Henry is Chairman of Providential Vietnam Growth Fund, a private equity fund being launched to invest primarily in Vietnam-based companies. He is also founder and Chairman of Providential Holdings, an international M&A and financial advisory management company. Prior to Providential Holdings, Henry was investment advisor and investment banker with A. G. Edwards, Livingston Securities, and Providential Securities. Since 1996, Henry has involved working with government and private sectors in Vietnam, exploring dynamic opportunities in the growing sectors of Vietnam in recent years. According to Vietnam Investment Review, his recent track record has been seen with the central provincial government authorization for a master plan development for a new tourist destination in Vietnam coastal central region near Hoi An which could become the largest in the Asia Pacific region. As the pioneer in taking the very first Vietnamese companies public in the US capital markets, Henry has good track record in executing growth strategies for his clients to substantially increase shareholders’ values with timely exits and high returns on investments. Henry Fahman holds a Bachelor of Science, magna cum laude, in Business Administration with emphases in Finance and Economic Analysis and Policy, from University of California at Berkeley and is a graduate of the Advanced Management Program, Harvard Business School. He has also attended other Executive Education programs including mergers and acquisitions and corporate strategies at Harvard Business School and Stanford University.
Lawrence Olson, Director
Mr. Olson became a director of Santa Fe Gold Corp., a public company (OTCBB:SGFE), in March 1999 in connection with the Company's acquisition of Arizona Mica Properties, Inc., a private Arizona corporation owned by Mr. Olson and his partners. He has held the position of Chairman of Santa Fe Gold’s Board of Directors since October 2000, and until October 2003 also held the positions of President and Chief Executive Officer. Mr. Olson has owned and operated a successful business, Olson Precast of Arizona Inc., since 1973. Mr. Olson received a B.S. Degree in Civil Engineering from the University of Southern California.
Tai Vo, Director
Tai Vo currently serves as Managing Director of Providential Vietnam Ltd., a wholly-owned subsidiary of Providential Holdings, Inc. In 2004, joining to Thanh Viet Investment Fund Management Corporation (TVMC) - the non state-owned fund management company in Vietnam with over $100 million under management – he served as Chief Executive Officer. Prior to that, Tai was a managing member of Peregrine Capital Vietnam, a subsidiary of Peregrine Capital Hong Kong Limited. In 1994, he was one of the founder of Dragon Capital Group and then held as the Finance Director there until 2000 . From 1995 to 2000, Tai worked with Enterprise Investment Management Ltd (VEIL) – a member of Dragon Capital Group – as the Director. As a member of Board of Directors of Dragon Capital and TVMC, Mr.Tai has contributed in getting many successful investment records for the Vietnam companies. In mining aspect, he used to work with Phu Yen Mineral Joint-stock company as the Chairman and brough many success to this enterprise. Mr.Tai also has been involved succesfully in equitization and due dilligence for more than 1,500 enterprises since 1994. Tai Vo holds a BA from the Finance and Accounting University in Saigon, Vietnam.
Frank Pham, President
Frank Pham has more than 20-year working experience in sales and marketing, operation and general management, including nearly 15 years with multinational corporations such as BP and Shell. From 1989 to 1992, he served as Production Manager for Legamex Co. In 1993, he joined BP Petco Ltd. as one of the pioneers. The company has been the most successful and is currently the market leader in lubricant business in Vietnam. Mr. Pham served as Lubricant Marketing Executive and Retail Development Manager for BP Petco before he moved to LPG business in 2000 and served as LPG National Sales Manager and then LPG General Manager. From 2007, Mr. Pham served as Commercial Manager for Shell Gas Vietnam Ltd., which is 100% owned by Shell group. Mr. Pham joined Providential Holdings, Inc. in the US in 2008. Mr. Pham holds a Bachelor of Science in Mechanical Engineering from the Polytechnics University and Master of Business Administration with emphasis in Quality Management from the Open University in Saigon, Vietnam.
Quang Le, Chief Geologist, Indochina Mining Corp.
Quang Le is with IMC as a chief geologist. He has been working with many companies relating to mapping and mining in Viet Nam in position of Director and Chief Geologist, such as Southern Geological Mapping Division, TRACODI, Tin Nghia Granite Factory, etc. He has lately worked with Timex company, a state-owned enterprise and has been linked a good relationship with many Government officials. In 1985, he graduated from Mining Technical University as an enigeer. In 2000 and 2001, respectively, he got scholarship to study a short-course in Mining and Management System for Minerals in Queensland University and Project Appraisal in Harvard University. He has ten year experience in mining aspect, such as exploiting iron in Huaphan of Laos, exp-processing bauxite in Orang, Cambodia; processing calcium carbonate in Yen Bai provine, exp-processing kaolin in Dong Hoi, Quang Binh province, exp-processing iron ores in Stung Treng, Cambodia, etc. Joining into IMC, he will help the company to establish the mining and management system for producing minerals in South East Asia, including Vietnam, Laos and Cambodia, Malaysia, etc.
John Nguyen, Secretary and Treasurer
Mr. Nguyen has been serving as Vice President of Business Development and Assistant Chief Financial Officer of Providential Holdings, Inc. since September 2005. Prior to joining Providential Holdings, Mr. Nguyen served as a Sales Financial Analyst and Senior Accountant for Technicolor – West Coast Film in Burbank, CA from July 2003 to August 2005, and as Financial Analyst for Ritek Global Media in City of Industry, CA from August 2001 to April 2004. Mr. Nguyen holds a Bachelor of Science in Business Administration with emphasis in finance from the University of Southern California and a Certificate of Accounting from the University of California at Los Angeles Extension Program.
Tuan Nguyen, Chief Financial Officer
Graduated from Ha Noi University with emphases in accounting and auditing, Tuan Nguyen served as a senior auditor with Deloitte for 6 years where he was in charge of an audit team for several clients and worked with numerous corporate financial policies. Since April 2008, Mr. Nguyen has been responsible for corporate finance and reporting for PHI Vietnam, Ltd. Mr. Nguyen is a CPA.
- PHIG 8/24 PR>PHI Mining is in the process of completing the required financial audits to update its filings with the Securities and Exchange Commission and resume trading on the OTCBB. The Company will continue to report further progress on the projects mentioned above in the near future.
1. Canada - Dec 2, 2010 PHI Group Subsidiary Acquires Producing Canadian Goldmine. Estimated cumulative production value for the years 2011-2021 will be $225,363,390.
2. Vietnam - Copper - Dien Bien
- Meetings with Cambodian Armed Forces, Cambodian Red Cross, and Ministry of Industry, Mines, and Energy of Cambodia
- Limestone - Stung TrengThe Cambodia limestone mining area is located in Strung Treng Province. It has been estimated that the mineralized deposits in this area exceed 2 billion metric tons and could be worth SEVERAL BILLION DOLLARS. PHI Mining Group has partnered with Paul Cham Group Co., a Phnom Penh-based company, to work on this project.
Granite & Marble - Nakorn Rachasima
- Factory (under-development)
- Black Pearl Granite Wang Nam Khieu
- Yellow Marble in Wang Muang & Lampham (under-development)
- Black Marble in Lamphaya Klang (under-development)
-Manganese - Prachin Buri ESTIMATED VALUE IS $75,000,000 USD$
5. Laos (coming soon)
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