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 Business Wire "US Press Releases "
MANILA , Philippines --(BUSINESS WIRE)--
Pearl Asian Mining Industries, 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 the Aroroy Gold 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 CIL tank out 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 flow of harvested gold from this mine site. The estimated annual gross revenue from this mine 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 $650 per ounce X 360 days operations= $912,600 Gross.)
Furthermore, a U.S. shareholder and a major investor who recently visited Pearl Asian's mine site has agreed to personally invest on the acquisition and re-conditioning of the existing gold mill plant for the Gango Gold Rush Project. This mill 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 Bernardo is now designing an enhancement gold mill plant that will strictly comply with the government's environmental protection program and address the future effects on its surrounding community. The estimated annual gross revenue for this gold mine site 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 X 360 days/year = US $5,662,800 Gross)
Pearl Asian has mobilized the initial team members into the XYZ area to start further rehabilitation and exploration of the first existing rich tunnel. Sr. VP/COO Engr. Ricardo Bernardo and his team of mechanical engineers are fast tracking the building of the 250 metric tons per day gold processing plant to become immediately operational. The XYZ gold project operation is very vital for Pearl Asian Mining, hence, the company will be considered a large-scale gold mining operator. The 250 metric tons of ores per day gold processing mill plant is expected 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: estimated 20 grams 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= $37,674,000.00 Gross
On the other hand, Pearl Asian Mining is finalizing the acquisition of 2 heavy equipments needed in its Manganese\Project in Nueva Viscaya, as the company receives from its manganese buyers' increasing demand to purchase rich manganese minerals. 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 or annual gross revenue of $1,200,000.00 .
A unique tailing-ponds reservoir will be built to catch other sensitive, potentially toxic by-products of mining operation, as PAIM's USA Environmental Protection Specialist will carefully monitor this particular aspect and program of Pearl Asian Mining. Ms. Clare Aslan, leader of the U.S. Environmental Scientist is designing the implementation of the best method to protect the environment of the community as well as the water supplies of the whole Masbate Island.
Moreover, Chief Mining Officer Engr. Cesar Rosales and VP/Masbate Gold Team Leader Ariel Caleon are coordinating with Chief Geologist Regie Selvano & Chief Safety Mining Officer Engr. Jonathan Mercado on fast tracking the APSA -320 as another requirement by DENR ( Department of Environmental & Natural Resources ) for the final endorsement and certification of PAIM's MPSA - Mineral Production Sharing Agreement 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 along with a 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 with proven confidence that Pearl Asian Mining Industries is truly a viable mining company. The company is already producing gold and the initial actual revenues from the 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 increase of its gold productions and other minerals in the future.
Lastly, "The simultaneous start of the re-opening of these three idle gold mine sites, 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 it will post an estimated annual gross revenue of $44,259,400.00 plus an estimated $1.2 Million manganese gross revenues," exclaimed Executive President Randolf Villanueva
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