PPM Pacific Imperial Mines Inc

PACIFIC IMPERIAL MINES INC. ("The Company") (TSX VENTURE:PPM) announces that it
has filed an application with the British Columbia Securities Commission seeking
an order revoking the Cease Trade Order issued against the Company on November
6, 2008. The Cease Trade Order was issued as a result of the Company having
failed to file audited financial statements for its financial year ended June
30, 2008 pursuant to the requirements of National Instrument 51-102. These
financial statements, together with the related management discussion and
analysis, have now been completed and filed and are available on SEDAR for
review.


Management has also determined that the Company has lost its control of the
assets and operations of its wholly owned subsidiary, Guangnan Tangshang Gold
Co., Ltd ("GGC"), including the Tangshang and Salachong gold properties (the
"Properties") and the related mineral exploration and mining licenses, to Yunnan
Nonferrous Metals Geological Bureau and Yunnan Non-Ferrous Metals Resource
(Group) Co. Ltd., each a state owned entity of the Chinese government
(collectively the "Yunnan Group"). The Yunnan Group is the operator engaged to
carry out the mining work on the Properties under the Mining Operations
Agreement dated October 15, 2007 made among the Company, Yunnan Bureau and
Yunnan Resource Group (the "Yunnan Agreement") Based on management's
determination, the Company effectively recognized the disposal of the net assets
and operations of GGC during the financial year ended June 30, 2008.


In accordance with the Yunnan Agreement, the Yunnan Group was to pay the Company
90% of profits from mining activities being conducted on the Properties and
retain a 10% profit interest for its services. The Yunnan Group guaranteed the
Company minimum profits of RMB 900,000 for its share of profits from the mining
operations for the period from October to December 2007. On July 10, 2008, the
Company received the minimum 2007 profit payment in the amount of $131,537 (RMB
900,000) from Yunnan Group. However, no further payments have been made to the
Company, including the guaranteed profit payment of RMB 4,000,000 for the 2008
calendar year. As a result of the Yunnan Group's failure to make such payments
and to provide an accounting to the Company for its mining activities on the
Property, the Company is unable to determine the profits due to it under the
terms of the Yunnan Agreement. Accordingly, as the Yunnan Group has failed to
fulfill its obligations under the Yunnan Agreement, the Company considers the
Agreement to be in default.


The Company is reassessing its position with to respect to the Yunnan Agreement
as a result of non-performance by the Yunnan Group and has initiated
negotiations with the Yunnan Group with the objective of terminating the Yunnan
Agreement and transferring the Properties back to the Yunnan Group on terms
acceptable to the Company. There is no assurance that such negotiations will
lead to any agreement being concluded.


The Company also intends to commence a search for new business opportunities to
pursue.


On behalf of the Board of Directors

PACIFIC IMPERIAL MINES INC.

Leo King, President and Director

This news release has been prepared by management and no regulatory authority
has approved or disapproved the information contained herein.

Pacific Imperial Mines (TSXV:PPM)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Pacific Imperial Mines (TSXV:PPM)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024