/ CORRECTION - PHI Group Subsidiary Acquires Producing Canadian Gold Mine
02 Diciembre 2010 - 1:44PM
Marketwired
In the news release, "PHI Group Subsidiary Acquires Producing
Canadian Gold Mine," issued earlier today by PHI Group, Inc.
(OTCBB: PHIE) (FRANKFURT: PR7) (XETRA: PR7), we are advised by the
company that the first sentence of the first paragraph should also
include the tickers for PHI Mining Group, Inc. (PINKSHEETS: PHIG)
(FRANKFURT: RPBA). Complete corrected text follows.
PHI Group Subsidiary Acquires Producing Canadian Gold Mine
LOS ANGELES, CA and FRANKFURT, GERMANY -- December 2, 2010 --
PHI Group, Inc. (OTCBB: PHIE) (FRANKFURT: PR7) (XETRA: PR7)
announced today that its subsidiary PHI Mining Group, Inc.
(PINKSHEETS: PHIG) (FRANKFURT: RPBA), a mining and exploration
enterprise focused on acquiring and developing gold, silver, copper
and industrial mineral properties, has acquired all the issued and
outstanding stock of Maisy Mae Mining, Inc., a New Brunswick
corporation with a placer mining business in the Yukon Territory,
Canada on a mine known as the Maisy Mae Creek mine. The purchase
was made in exchange for cash and marketable securities.
The Maisy Mae Creek gold mine is a producing mine consisting of
135 placer claims, located in the Dawson Creek Mining District, one
of the richest gold bearing areas of the Yukon Territory, Canada.
The claims are 2,000 feet wide x 500 feet long; however only a 400
feet wide cut up the center of 22.8 claims has been mined. There
are 112.2 claims that have not been mined, with additional claims
available.
Based on trench sample testing up and down the creek, the gold
values run very consistent (about 0.028 ounces Au per cubic yard).
A draft NI 43-101 report has shown in-ground proven and probable
reserves of 672,833 ounces. The mine has already generated revenues
and is currently fully outfitted with equipment and housing to
resume operations at the beginning of the next mining season. There
is sufficient water supply in the creek to sustain at least four
200 cubic yard per hour machines.
Maisy Mae Creek will serve as a platform for additional
acquisitions in the near future. Assuming gold value of $1,200 per
ounce and projected volume extracted annually at 28,512 ounces, the
projected annual extracted value will be $34,214,400 and the
cumulative production value for years 2011-2021 will be
$225,363,390.
As of December 2, 2010, PHI Mining Group has 200 million
authorized shares, of which 22,424,628 shares are issued and
outstanding and 1,428,286 are free trading.
Daniel St. John, corporate strategist of PHI Group, Inc.,
stated: "The closing of the Maisy Mae Creek acquisition provides us
with a producing platform to create substantial value for our
shareholders and related stakeholders. We are also in discussions
for additional acquisitions and look forward to updating our
shareholders and investors with new developments in the coming
weeks."
About PHI Mining Group PHI Mining Group is
a U.S.-based mining and exploration enterprise focused on acquiring
and developing gold, silver, copper and industrial mineral
properties. The Company owns Maisy Mae Creek Gold Mine, a producing
mine located in the Dawson Creek Mining District, one of the
richest gold bearing areas of the Yukon Territory, Canada. Through
its wholly owned subsidiary Indochina Mining Corporation, the
company has also signed agreements with several partners in South
East Asia to engage in mining of industrial mineral properties. 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 PHIGroup, Inc. PHIGroup (OTCBB:
PHIE) provides M&A advisory and consulting services, develops
real estate and natural resources and invests in special
situations. PHIGroup, which specializes in raising capital and
helping take companies public, is developing PHILand Ranch, one of
the largest master planned communities in Vietnam. This project
includes Pointe91, a luxury resort and premium residential
community in Quang Nam province in central Vietnam
(www.PHILandranch.com). PHIGroup is also engaged in mining
activities through its majority-owned subsidiary PHI Mining Group,
Inc. (PINKSHEETS: PHIG) (www.phimining.com). Website:
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.
Contact: Daniel St. John Tel: +1-714-843-5453 Email:
daniel.stjohn@phiglobal.com
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