PHI Mining Group Signs Agreement to Mine Manganese in Thailand
02 July 2009 - 10:30PM
Marketwired
PHI Mining Group, Inc. (PINKSHEETS: PHIG), www.phimining.com, a
company focused on mining opportunities in Southeast Asia, today
announced that its wholly owned subsidiary Indochina Mining
Corporation (IMC), has signed an agreement with Enter Blessing
Company Limited, a Thai company, to form a joint venture company,
IMC Thailand Manganese Co., in order to exploit manganese deposits
in Thailand. PHI GROUP INC. (OTCBB: PHIE) (FRANKFURT: PR7), a
company engaged in mergers and acquisitions, real estate
development, mining, and investing in special situations
(www.phiglobal.com), currently owns approximately 83% of PHI Mining
Group.
The mining area for the manganese deposits is approximately 125
hectares (approximately 310 acres), located in Village No. 4,
Watthana Nakhon Sub-district, Watthana Nakhon District, Prachin
Buri Province, Thailand. According to the agreement, IMC will
contribute $5.5 million for 51% equity ownership in the joint
venture company, subject to the confirmation of a minimum reserve
of 300,000 metric tons using geophysical measurement method. The
value of this manganese mine is estimated to be in excess of $US 75
million.
Mrs. Sumonrat Chaikijjanuwat, Director of Enter Blessing Company
Limited, commented: "Our joint venture with IMC and PHI Mining
Group enables us to work together and unlock significant value for
all the shareholders and stakeholders involved."
Tai Vo, President of IMC and Managing Director of PHI Vietnam,
Ltd., stated: "Delighted to work with Enter Blessing on this
project, we anticipate confirming the required reserve very soon
and being able to start operation and generate revenues within 5
months after capital contribution."
About PHI MINING GROUP
PHI MINING GROUP is a U.S.-based mining and exploration
enterprise focused on acquiring and developing industrial mineral
properties. Through its wholly-owned subsidiary Indochina Mining
Corporation, the company has signed agreements to acquire interests
in limestone, gold, lead, zinc, copper and granite properties in
South East Asia. 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 PHI GROUP INC.
PHI GROUP focuses on M&A and consulting services, real
estate development, mining and investing in special situations. The
Company assists companies to go public and raise capital, develops
"Pointe 91," a luxury resort and premium residential community in
Chu Lai, central Vietnam, (www.philandranch.com), and engages in
mining in Southeast Asia (www.phimining.com). Main URL:
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.
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Contact: Frank Pham Tel: 714-843-5461 Email: Email Contact
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