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Pearl Asian Mining Industries Opens Chemical/Metallurgical and Smelting/Refining Division in Cagayan De Oro

MANILA, Philippines, Aug 08, 2006 (BUSINESS WIRE) --

Chief Metallurgist Elvis Hidalgo of Pearl Asian Mining (OTC:PAIM) reports: The Chemical & Metallurgical Engineering Group has acquired a site to set up Pearl Asian's own Chemical/Metallurgical Laboratory and The Smelting/Refining Center in Cagayan De Oro.

Chief Metallurgist Engr. Hidalgo and Chief Chemist, VP/IR Officer Engr. Gary Gotanco, MBA, made a working alliance with the largest gold mining and smelting company in the Peoples' Republic of China, after their recent trip to Beijing. The alliance between Pearl Asian Mining Industries and Henan Zhongyuan Gold Smelter, a wholly owned subsidiary of China National Gold Corp. (CNGC), will bring forth the production of its gold and silver bullion of up to 99.999 weight % purity. CNGC is currently registered as a member in good standing of the LBMA (London Bullion Metals Association).

Pearl Asian is sending a ton of its high grade gold/silver ores to CNGC for final smelting and refining into bullion, and to determine the correct design specifications for the fabrication of Pearl Asian's own small-scale refining system for its CDO-Smelting Refining Center. This system is envisioned to complement the previously acquired smelting and refining system, currently used in on-site pilot plant.

Furthermore, Pearl Asian announces the purchase of its own ICPMS Unit (Inductively Coupled Plasma Mass Spectrophotometer) from Shimadzu Corp., a renowned Japanese manufacturing company. This ICPMS is a state-of-the-art device used for a wide range of elemental analysis from trace elements to high concentration chemical analysis. This is an accurate spectral measurement of wide range of wavelengths, little interference between elements, and with excellent precision and reproducibility. Thus, not only gold and silver will be detected and measured accurately but also all other precious metals such as platinum, palladium, iridium and rhodium when present.

"The main objective of the Metallurgical Division is to produce an enriched final product containing the most valuable minerals out of the ore taken from the Pearl Asian's gold mining sites. In line with these operations, the processing should be in the most efficient and economical manner. This Metallurgical Division is an added revenue-making subsidiary for Pearl Asian Mining Industries, Inc., as it will offer the services to all other mining companies, currently in operation in the Philippines and eventually in Southeast Asia," stated Engr. 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. The factors that could cause actual results 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.

SOURCE: Pearl Asian Mining Industries Inc.

Pearl Asian Mining Industries Inc. Investor Relations: Gary Gotanco, 866-732-7888 or 678-570-6538 (USA) or 310-728-6907 or 011 [phone] (Philippines) fax: [phone] [e-mail] www.PearlAsianMining.com