PHI Mining Group to Change Name to PHI Gold Corporation and Spin Off Business Unit
07 Dezembro 2010 - 4:35PM
Marketwired
PHI Mining Group, Inc. (PINKSHEETS: PHIG) (FRANKFURT: RPBA), a
majority owned subsidiary of PHI Group, Inc. (OTCBB: PHIE)
(FRANKFURT: PR7) (XETRA: PR7), announced today that the company
will change its name to PHI Gold Corporation to reflect its sole
focus on gold mining. The company will spin off Indochina Mining
Corp. as a separate entity engaged in industrial minerals.
PHI Gold Corporation will use the recently acquired Maisy Mae
Creek gold mine in the Yukon Territory, Canada as a platform for
additional acquisitions of other gold mines. The company currently
has made three offers on mines similar to Maisy Mae and is
investigating other gold ore properties in the U.S. and Asia.
As part of the restructuring plan, PHI Mining will declare a
special dividend of Indochina Mining Corp. stock to shareholders of
PHI Mining and register Indochina Mining as a separate public
company. Indochina Mining will concentrate on non-gold and other
industrial mineral properties.
PHI Gold Corporation will continue to complete the audits of its
financial statements and file the required reports with the
Securities and Exchange Commission to regain its full reporting
status on the OTCBB and upgrade to a senior exchange in the future
when appropriate.
Currently 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. PHI Mining does not intend to issue new shares
for these contemplated acquisitions. The Company expects to
complete the name change and declare the special dividend by
December 31, 2010.
Henry Fahman, Chairman of PHI Mining Group, said, "We believe
that by making these changes we will be able to create greater
value for our shareholders. We look forward to providing further
updates on the company 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.
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Contact: Henry Fahman Tel: +1-714-843-5455 Email: Email
Contact
PHI (CE) (USOTC:PHIG)
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