PHI Mining Group, Inc., www.phimining.com, a company focused on mining opportunities in Southeast Asia, today announced that its wholly owned subsidiary Indochina Mining Corporation (IMC), has signed an agreement with Enter Blessing Company Limited, a Thai company, to form a joint venture company, IMC Thailand Manganese Co., in order to exploit manganese deposits in Thailand. 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), currently owns approximately 83 percent of PHI Mining Group.
The mining area for the manganese deposits is approximately 125 hectares (approximately 310 acres), located in Village No. 4, Watthana Nakhon Sub-district, Watthana Nakhon District, Prachin Buri Province, Thailand. According to the agreement, IMC will contribute $5.5 million for 51 percent equity ownership in the joint venture company, subject to the confirmation of a minimum reserve of 300,000 metric tonnes using geophysical measurement method. The value of this manganese mine is estimated to be in excess of $ 75 million.
Sumonrat Chaikijjanuwat, director of Enter Blessing Company Limited, commented: "Our joint venture with IMC and PHI Mining Group enables us to work together and unlock significant value for all the shareholders and stakeholders involved."
Tai Vo, President of IMC and Managing director of PHI Vietnam, Ltd, stated: "Delighted to work with Enter Blessing on this project, we anticipate confirming the required reserve very soon and being able to start operation and generate revenues within 5 months after capital contribution."
About PHI MINING GROUP
PHI MINING GROUP is a US-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 limestone, 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 neighbouring 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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