First Cash Dividend Checks to Be Sent Starting August 31st; XYZ Gold Projects Pending MPSA Almost Complete; Small Scale Mining Permit Extends to 2009, Pearl Asian Mining Announces
15:30 30.08.07
Gango Gold Rush Exploration & Development Continues
MANILA, Philippines--(BUSINESS WIRE)--Pearl Asian Mining Industries, Inc. with Stock SYMBOLS: U.S.A.
(OTC:PAIM) (OTC:PAIMP) announces that it will start sending out the
first dividend checks to record shareholders of June 30, 2007 @ the rate
of $0.00001 per shares starting August 31st.
AGN Associates Stock Transfer Services, LLC will start sending out the
checks to banks and brokers members of DTCC to be distributed to all PAIMs
Common Shareholders.
XYZ Gold Project Updates: The Honorable Governor of Masbate, Dr.
Elisa Kho and Colonel Augusto Erebete met on August 27th
with the members of PAIMs Board of Directors
discussed the plan of action for the final certification of the MPSA
(Mineral Production Sharing Agreement) of Pearl Asian Minings
XYZ Gold Project in Masbate Island. Pearl Asian and the Governor had
mutually agreed to fast track the XYZ Gold Project by extending its SSMP
(Small Scale Mining Permit) to 2009 and the approval of the following:
a) SSMP Certification on 20 hectares (49 acres)
Exploration and operation of the XYZ Mineral Deposits being extended to
2009.
b) MPSA Application (APSA-000320-V) covering the area of 72
hectares or 158.4 acres.
c) EXPA-000044-V, Area covering 679.88 hectares or 1,495.736
acres
d) EXPA-000041-V, Area covering 1,127.59 hectares or 2,480.69
acres of land in Baleno, Masbate.
The mechanical engineering team is now developing the building of 250
Metric tons per day gold processing plant and to start the construction
next month, expected to be completed later this year, which includes the
building of various infrastructures within the XYZ Gold Mine Site. The
estimated monthly revenue of XYZ 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 continues its mobilization in the development and
exploration of the Gango Gold Rush Project. Its gold team aspires to get
the gold mill plant operational on or before the target scheduled of
September 20, 2007. The OROGAPCO (Minahang Bayan) the Small Scales
Mining Stakeholders disclosed to PAIM their past agreement with the
Continental Gold Field Mining and cancellation of the contract passed by
the majority members of the Board as resolved that this company to
withdraw from the area because of some violation they have made in the
contract Norte De Oro. Pearl Asian has no conflict on their programs.
Pearl Asian Mining
PAIM continues to rehabilitate the tunnels simultaneously while the 50
metric tons of gold processing plant is being built and re-furbished as
targeted, quoted by President of Mindanao
Operations, Manolo Tecson.
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