Indochina Mining Corporation and Truong Son General Group Form Joint Venture Company for Nonferrous Mining in Northern Vietnam
09 Febrero 2009 - 10:54AM
Marketwired
PHI Mining Group, Inc. (PINKSHEETS: PHIG), a majority owned
subsidiary of Providential Holdings, Inc. (OTCBB: PRVH) (FRANKFURT:
PR7) (WKN 935160), today announced that Truong Son Metal Mineral
Joint Stock Company (TSM.CO), a joint venture company between
Vietnam-based Truong Son General Group of Youth Volunteers and PHI
Mining's wholly owned subsidiary Indochina Mining Corporation
(IMC), has been granted the corporate registration certificate No.
5000310593 by Tuyen Quang Province, Vietnam, to engage in the
exploitation of nonferrous ores and the production of lead, zinc
and tin alloys. Initial chartered capital of TSM.CO is set at 83
billion Vietnamese Dongs, or equivalent to $4,760,540 at the
current exchange rate of VND 17,435 to $US1.
TSM.CO's plan is to survey, mine and process lead and zinc ores
in Phu Ninh Commune, Yen Son District, Tuyen Quang Province,
Northern Vietnam. The mineralized materials at this location are
estimated to be approximately 235,000 tonnes. Current cash prices
for lead and zinc on the London Metal Exchange are approximately
$1,165/tonne and $1,135/tonne, respectively. It is believed that
commodity prices will bounce back quickly once the world economy
begins to recover.
Tai Vo, IMC President, commented: "We are pleased to work with
Truong Son Youth Volunteer Group on this project and believe that
we have a tremendous potential to create significant value for our
shareholders and all the related stakeholders in the near
future."
About PHI Mining Group
PHI Mining Group, Inc. 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 diatomite, 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 Providential Holdings
Providential Holdings and its subsidiaries engage in a number of
diverse business activities, the most important of which are
M&A and consulting services, real estate development, mining
and investing in special situations. The Company assists U.S. and
international companies to go public and raise capital, develops
"Pointe 91," a luxury resort and premium residential community in
Chu Lai, central Vietnam, through its subsidiary Philand
Corporation (www.philandranch.com), and engages in mining through
PHI Mining Group, Inc. (www.phimining.com). The Company's main web
site address is 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 714-843-5461 Email Contact
PHI (CE) (USOTC:PHIG)
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