HUGE PAIM NEWS AFTER THE BELL
PAIM---Big gapper tommorow
Press Release Source: Pearl Asian Mining Industries Inc.
Pearl Asian Mining Closes Regulation D Offering: 100% Completion of the 90% Buy Back, Starts Processing Gold Ores
Wednesday September 13, 3:42 pm ET
MANILA, Philippines--(BUSINESS WIRE)--Sept. 13, 2006--Pearl Asian Mining Industries, Inc. (OTC: PAIM - News) announced today that it has closed its Regulation D, Rule 504 offering over the past two months, and is no longer selling shares of its common stock to the accredited investor. A Form D will soon be filed with the Securities and Exchange Commission disclosing that the company raised just under $1 million dollars during this year 2006. The limit to any such offering is $1 million in the trailing twelve months. The completed offering had provided the company the working capital to see us through the further funding of a non-dilutive offering of a Limited Partnership. The 90% Buy Back is now 100% completed.
The completed offering has assisted Pearl Asian in providing the rapidly increasing needs of working capital in the development of its mine sites' infrastructures, such as access roads towards the Binasan gold mine site, engineer's staff housing, dining mess hall, and health, learning and meditation centers. The funds were used to pay salaries, telecommunications, traveling and other direct and indirect overhead costs. It was used for the acquisition of all the necessary mining equipment, power generator sets, a backhoe, off-road and company vehicles, as well as real estate acquisitions covering the Manila Head Office near the U.S. Embassy, the Corporate and Guest Housing facility, the Metallurgical/Chemical Laboratory and Industrial Facilities.
Randolf Villanueva, President/CEO, commented: "This private offering has helped Pearl Asian to be in a position to expand, to grow and to support all of its other gold-mining projects with even richer gold deposits and other mineral exploration ventures. Pearl Asian starts processing the stockpiles today after 3 days of tedious troubleshooting and debugging with effective quality control led by Chief Metallurgist Elvis Hidalgo. The unique gold processing plant is now operational and our underlying mission of ensuring the environmental protection on the mine site looks as bright as ever. The first gold concentrate will soon be produced, giving PAIM its first gold revenues."
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., Philippines
Gary Gotanco, 678-570-6538 or 310-728-6907
Source: Pearl Asian Mining Industries Inc.