PHIG PHI Group Inc (CE)

PHI Mining Group, Inc. (PINKSHEETS: PHIG), a company focused on mining opportunities in Southeast Asia, today announced that its wholly owned subsidiary Indochina Mining Corporation (IMC) has signed a partnership agreement with Vietnam-based Truong Son General Group of Youth Volunteers to form Truong Son Metal Joint Stock Company, to survey, mine and process lead and zinc ores in Phu Ninh Commune, Yen Son District, Tuyen Quang Province, Northern Vietnam.

According to the agreement, IMC will own 49% of Truong Son Metal stock, total registered capital for the project will be $5 million, and the mining duration will be 7 to 10 years.

The lead and zinc ores at this location are estimated to be approximately 235,000 tonnes. In addition, there are other underground ores that may extend the lifetime of this joint venture up to twenty years.

Current cash prices for lead and zinc on the London Metal Exchange are approximately $1,135/tonne and $1,235/tonne, respectively. However, management believes that when the world economy begins to recover commodity prices are expected to bounce back quickly.

Tai Vo, IMC Director, commented: "We are enthused to work with Truong Son General Group of Youth Volunteers on this project and are confident that together we will be able to create significant value for our shareholders and all the related stakeholders in the near future."

About PHI Mining Group

PHI Mining Group (PHIG) is a U.S.-based mining and exploration enterprise focused on acquiring and developing industrial mineral properties. The company is in the process of negotiating to acquire interests in diatomite, lead, copper and granite properties in South East Asia and South America. PHI Mining Group (PMG) 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.

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 714-843-5461 Email Contact