Press Release Source: Pearl Asian Mining Industries Inc. - Philippines
Pearl Asian Mining Industries, Inc. Commences Implementation of ''Operation Cagayan De Oro,'' Coinciding with the Start of Gold Trading Operations in Mindanao
Tuesday May 30, 8:00 am ET
MANILA, Philippines--(BUSINESS WIRE)--May 30, 2006--Pearl Asian Mining (OTC:PAIM - News) announced today that its Engineering Team, led by Chief Mining Officer (CMO) Engineer Cesar Rosales, submitted the work plan on "Operation Cagayan de Oro." This is slated to commence the development of the gold mining site once the Small Scale Mining Permit (SSMP) is secured. The site is located about 3 hours south east of Cagayan de Oro (River of Gold) City, Mindanao Island, Philippines, which is approximately 1 1/2 hours flight south of Manila.
Initially, CMO Engineer Rosales reported, "The Team had determined that considerable amounts of gold and other precious mineral resources are indeed present in the area. This is based upon the information relayed by the Higaonon (local tribesmen) elders to the PAIM Gold Team, regarding the historical and current small-scale mining activities of the Tribe's Chieftain.
"The mining operation will start small with a minimum of 3 tons/day production due to manual breaking and hauling of ores. Once we operate the mine, our target is to increase our production output from 3 tons/day to 150 tons/day. The tonnage will increase when we find additional veins for mining. Together with Senior Geologist Reggie Selvano and OIC Engr. Jonathan Mercado we will be conducting reconnaisance and prospecting in the area to look for the best site for our tailings dam. The mining method to be employed is tunneling (stoping). The processing method to be used in our operation is environment friendly and is in accordance with the Pearl Asian's vision and mission. The process will depend on the specific gravity of gold and will not require the use of acids that are known to be destructive to the environment and harmful to health. Of course, actual operations will commence once we obtain our SSMP, which is currently being processed."
The entire mining plant will be fabricated from China. President/CEO Randolf Villanueva and Chief Metallurgist Elvis Hidalgo are scheduled to visit the manufacturing center during the week of June 1st to the 4th to finalize the purchase and shipping of the mining plant.
Sr. Geologist Selvano and group will prospect for additional reserves to assist the operation in providing available veins/veinlets to be mined. Landslide is prone in the area due to hydraulicking, this will be included in the geo-hazard analysis to safely locate the site of our mill facilities and bunkhouses. The present scenario of the area, particularly the environment will be documented, and will be included in our environmental report. Civil Engineer Mike Penalosa will lead the design and construction of the staff house, warehouse and the structures needed in the mill site. Site grading will be done to level the ground in the near future. Backhoes will be used in the tailings dam construction thus making the work fast and easy.
Our Mechanical Engineers will do the planning to install and maintain all the equipment and machines of the mine and mill. Construction of small dams for the embankment of water is to be used for water supply. Brother Manny, the Chief Community Relation Officer, will orient the host and nearby communities regarding the activities of Pearl Asian Mining Industries. He will also address the basic needs of the community such as building schools, a chapel, already under construction, safe water systems, etc. He will coordinate with the Department of Environment and Natural Resources to acquire seedlings to be planted around the mine site, thus helping to develop a relationship with the community.
Chief Metallurgist Engr. Elvis Hidalgo will be in charge of the laboratory analysis of the samples and refining our products. Prior to the mining operation, the Metallurgical Laboratory & Gold Refinery will be constructed on the newly acquired industrial lot. The permits and licenses for the construction of the gold refinery in Cagayan de Oro are already in the process. "We are targeting to start the construction of the gold refinery and laboratory complex in July, 2006," exclaimed V.P. & Chief Chemist Engr. Gary Gotanco.
The Metallurgical Laboratory & Gold Refinery is centrally located, just adjacent to the Airport of Cagayan De Oro, for easy access and transport of the gold & silver powders to Geneva, Switzerland for final Hallmarking and Gold Silver Bullion production.
"Operation Cagayan de Oro" will be an immediate revenue-making mine, with an initial gold buying and selling to begin the last week of June and early July, 2006. Thus, Gold production will immediately begin after securing the SSMP within the year 2006. "We are looking forward to a positive impact on the 2006 Pearl Asian's Second and Third Quarter Financial Statements," remarked President/CEO 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. The Factors that could cause actual result to differ materially from anticipated results includes 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 the result of new information, future events or otherwise.
Contact:
Pearl Asian Mining Industries Inc. - Philippines
Gary Gotranco, 650-814-3268
Toll Free: 866-732-7888
Fax: 877-317-4430
IR@PearlAsianMining.com
www.PearlAsianMining.com
Source: Pearl Asian Mining Industries Inc. - Philippines
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