LOS ANGELES & HO CHI MINH CITY, Vietnam--(Business Wire)--
PHI Mining Group, Inc. (Pink Sheets: PHIG), a company focused on mining
opportunities in Southeast Asia, today announced that the company has acquired
all the issued and outstanding stock of Indochina Mining Corporation, a Nevada
corporation, in exchange for 11.2 million shares of newly issued common stock of
PHIG.
Following the acquisition, Indochina Mining Corporation (IMC) now becomes a
wholly-owned subsidiary of PHI Mining Group. Besides a joint venture agreement
with Phu Yen Mineral Joint Stock Company to explore diatomite deposits in
central Vietnam, IMC is in the process of working with other joint venture
partners to engage in mining opportunities in Vietnam, Cambodia and Thailand.
IMC will handle all PHI Mining`s operations in Southeast Asia and anticipates
reaching significant agreements with several joint venture partners in this
region in the near future.
PHI Mining Group President Frank Pham commented: "We are very pleased about this
transaction and confident that Indochina Mining Corp is well-positioned to
capitalize on the imminent opportunities we have identified in Vietnam, Cambodia
and Thailand."
About PHI Mining Group, Inc.
PHI Mining Group (PHIG) is a U.S.-based mining and exploration enterprise
focused on acquiring and developing industrial mineral properties. The company
is in the process of negotiating to acquire interests in diatomite, lead, copper
and granite properties in South East Asia and South America. PHI Mining Group
(PMG) 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.
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.
PHI Mining Group, Inc.
Frank Pham, 714-843-5461
frank.pham@phimining.com
Copyright Business Wire 2009
