PHI GROUP Signs Agreement With VCS Mining to Engage in Haitian Mining Opportunities
12 Agosto 2009 - 7:00AM
Marketwired
PHI Mining Group, Inc. (PINKSHEETS: PHIG), www.phimining.com, a
company engaged in the exploration for and acquisition of gold,
base metals and industrial minerals, today announced that its
parent 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),
has signed an agreement with VCS Mining, LLC (www.vcsmining.com)
that will allow PHI Mining to become an equal partner with VCS
Mining projects to explore mining opportunities in Haiti.
A geological study of the northeastern section of Haiti situated
along the margin of the Caribbean plate reveals the presence of
copper and gold porphyry deposits. This geological environment in
Haiti, which hosts numerous gold and copper occurrences, is similar
to the Pueblo Viejo deposit in the adjacent Dominican Republic.
According to reports from Barrick Gold Corporation
(www.barrick.com), Pueblo Viejo has 215 million tons of proven and
probable reserves containing 20.4 million ounces of gold, 117.3
million ounces of silver, and 423.5 million pounds of copper, as of
the close of 2007. In contrast, Haiti's mineral potential has yet
to be fully explored.
The VCS-PHI Joint Venture will initially focus on further
exploration in selected locations that are expected to show
significant mineralized deposits, the northeastern and southeastern
areas of Haiti. We will release more information as we complete the
exploratory work on this project.
Angelo Viard, Chairman and CEO of VCS Mining, commented: "We are
very excited about these opportunities in Haiti, especially the
selected locations we identified in the northeastern and
southeastern parts of the country. The results of the United
Nations' study provide us with significant and valuable information
about the potential of this land for the purpose of mining."
Daniel St. John, PHI GROUP's Corporate Strategist, stated: "We
believe the opportunity is right for this season to finish the work
that has been started in this area with VCS Mining, Haiti's Bureau
of Mining and Energy and the people of Haiti. Together we intend to
fulfill the exploration and research necessary to move ahead with
our business plan."
About VCS MINING
VCS Mining, LLC. is a U.S.-based junior exploration company
engaged in the acquisition, exploration and development of precious
metal properties throughout the Caribbean and South America. The
company was founded in 2009 and incorporated in the state of
Nevada.
We are globally-connected. VCS Mining is distinguished from the
junior exploration mass by our strategic global partnerships and
relationships that give us a critical advantage for acquiring and
quickly developing key mineral reserves. VCS Mining is committed to
increasing its future shareholders' value through endurance,
determination, and wise management of investor capital. Web site:
www.vcsmining.com.
About PHI MINING GROUP
PHI MINING GROUP is a U.S.-based mining and exploration
enterprise focused on acquiring and developing precious metal, base
metal and industrial mineral properties. Through its wholly-owned
subsidiary Indochina Mining Corporation, the company has signed
agreements to acquire interests in 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: 714-843-5459 Email: Email Contact
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