May 29, 2007 - 9:38 AM EDT
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A Cash Dividend (Profit-Sharing) To Be Issued to PAIM's Shareholders of Record of June 30, 2007, Payable on August 31, 2007, Pearl Asian Mining Announces!
PAIM’s 2006 Audited Financial Statements Completed, Certified and Posted on Pink Sheets/OTCIQ; ORO Operation Reach Out USA has been Incorporated as a Non-Stock/Non-Profit Organization in the State of Nebraska
Pearl Asian Mining Industries, Inc., with Stock Symbols U.S.A. (OTC:PAIM) (OTC:PAIMP); Germany (GER:R1Z.DE) and (FWB:R1Z.F), Announces: Negotiations with the landowners and small scale mine stakeholders at Gango Gold Rush Site in Bukidnon Province and Aroroy Gold Project in Masbate Province near XYZ Mine Site have been concluded. The refurbishing of the gold mill processing plants on each of the sites and mobilization of manpower and supplies just commenced. Production from both mine sites is anticipated to be much better than in Binasan Mine Project Cagayan de Oro due to the higher gold assay results for Gango and Aroroy with higher actual gold recoveries as well.
With these developments, Pearl Asian Mining is issuing Profit-Sharing Incentives in the form of Cash Dividend, amount to be determined, to PAIM shareholders, with record date of June 30th 2007 and payment date of August 31st 2007. Pearl Asian Mining expects that current revenues from Project Cagayan de Oro and increased revenues as a result of operating the two new mine sites will allow the company to get all other gold projects operational and that subsequently, cash dividends may be possible once or twice a year.
As each mine site becomes operational and productive, the revenues are expected to increase gradually. “We would like to thank our long-term shareholders/investors who believed in us through our trying times, now we will all get to share in the profits from the hard work and perseverance of the ‘PAIM Gold Team,’” exclaimed Randolf Villanueva, Executive President of Pearl Asian Mining Industries.
Furthermore, the 2006 Audited Financial Statements have been completed and certified under USA & Philippine GAAP by its auditing firm, RSM International affiliate Carlos J. Valdes and Associates, now posted in the Pinksheets / OTCIQ. "Pearl Asian Mining views this as a vital step towards eventually becoming a fully reporting company in a higher exchange," stated Jason Piamonte, CEO for USA & EUROPE.
Meanwhile, Pearl Asian announces that ORO - Operation Reach Out USA, a non-stock/non-profit organization, has been incorporated in the State of Nebraska as of May 5th 2007, to facilitate fund-raising efforts for PAIM’s Outreach Programs at its mine sites. Bro. Manolo Tecson, PAIM President for Mindanao Operations & Community Relations Officer, states: “Aside from the obvious benefit of facilitating immensely PAIM’s fund-raising activities to improve the living conditions/livelihood of the people in the host communities, where the company operates, this will also serves as a substantial economic/financial benefit for PAIM as well.”
Donations to ORO Operation Reach Out USA, in cash or in kind, will be greatly appreciated. These may be coursed through Mrs. Jennifer Lyn Bosaw, President/Treasurer at 1601 Hedgeapple Rd., Plattsmouth, Nebraska 68048, Phone # (402) 212-7841, Fax # (347) 214-7841. Likewise, wire donations may be made to: Suncorp Corporate Credit Union 11080 Circle Point Rd. Suite 500 Westminster Co, 80020 (307087399); Further credit to: Sac Federal Credit Union 11515 So 39th St Omaha Ne, 68123 (304083448); Final credit to: Operation Reach Out-USA (2306202353820) USA. Lastly, donations may also be coursed via Pay Pal email address: orojennifer@charter.net.
Forward-Looking Statements:
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs; mining and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Pearl Asian Mining Industries Inc.
Jeffrey Alan Bosaw, 402-212-7840 (USA)
or 011.63.2.567.5163 (P.I.)
(Investor Relations)
Direct e-mail: IRJbosaw@yahoo.com
fax: 877-317-4430
www.PearlAsianMining.com
Source: Business Wire (May 29, 2007 - 9:38 AM EDT)
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