Contact Information: Contact: Frank Pham 714-843-5461
Indochina Mining Corporation and Truong Son General Group Form Joint Venture Company for Nonferrous Mining in Northern Vietnam
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and HOCHIMINH, VIETNAM--(Marketwire - February 9, 2009) - PHI Mining Group,
Inc. (PINKSHEETS : PHIG ), a majority owned subsidiary of Providential
Holdings, Inc. (OTCBB : PRVH ) (FRANKFURT : PR7 ) (WKN 935160), today announced
that Truong Son Metal Mineral Joint Stock Company (TSM.CO), a joint venture
company between Vietnam-based Truong Son General Group of Youth Volunteers
and PHI Mining's wholly owned subsidiary Indochina Mining Corporation
(IMC), has been granted the corporate registration certificate No.
5000310593 by Tuyen Quang Province, Vietnam, to engage in the exploitation
of nonferrous ores and the production of lead, zinc and tin alloys.
Initial chartered capital of TSM.CO is set at 83 billion Vietnamese Dongs,
or equivalent to $4,760,540 at the current exchange rate of VND 17,435 to
$US1.
TSM.CO's plan is to survey, mine and process lead and zinc ores in Phu Ninh
Commune, Yen Son District, Tuyen Quang Province, Northern Vietnam. The
mineralized materials at this location are estimated to be approximately
235,000 tonnes. Current cash prices for lead and zinc on the London Metal
Exchange are approximately $1,165/tonne and $1,135/tonne, respectively. It
is believed that commodity prices will bounce back quickly once the world
economy begins to recover.
Tai Vo, IMC President, commented: "We are pleased to work with Truong Son
Youth Volunteer Group on this project and believe that we have a tremendous
potential to create significant value for our shareholders and all the
related stakeholders in the near future."
About PHI Mining Group
PHI Mining Group, Inc. is a U.S.-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 diatomite, 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 neighboring communities. Web site:
www.phimining.com
About Providential Holdings
Providential Holdings and its subsidiaries engage in a number of diverse
business activities, the most important of which are M&A and consulting
services, real estate development, mining and investing in special
situations. The Company assists U.S. and international companies to go
public and raise capital, develops "Pointe 91," a luxury resort and premium
residential community in Chu Lai, central Vietnam, through its subsidiary
Philand Corporation (www.philandranch.com), and engages in mining through
PHI Mining Group, Inc. (www.phimining.com). The Company's main web site
address is 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.