PHI Mining Group, Inc., a company engaged in mining, today announced that its subsidiary IMC Granite Marble Thailand Company, Ltd., has been granted Mining License # 1/2552 for granite and marble mining by the Department of Primary Industries and Mines, Nakorn Ratchasima Province, Thailand.



The black pearl granite and marble mining area in connection with this license is situated in Wang Mee Sub-district, Wang Nam Kiew District, Nakorn-Ratchasima Province, Thailand, with approximately 81 acres and estimated total capacity of 1,400,000 cubic meters. After receiving the license, the company has exploited 700 cubic meters of granite and marble so far from this location.



The granting of this license is a result of the joint venture agreement between Indochina Mining Corporation (IMC), a wholly-owned subsidiary of PHI Mining Group, and Mr. Chinnawat Chaikijjanuwat of Bangkok to engage in granite and marble mining in Thailand. Other mines that are part of this agreement include: (1) a brown marble mine in Saraburi Province with estimated total capacity of 1,750,000 cubic meters and minimum capacity of 750,000 cubic meters, (2) a black marble mine in Lopburi Province with estimated total capacity of 1,200,000 cubic meters and minimum capacity of 450,000 cubic meters, and (3) a yellow marble mine in Lampang Province with estimated total capacity of 1,800,000 cubic meters and minimum capacity of 800,000 cubic meters. According to the agreement, IMC will contribute $3.75 million toward the total registered capital of $7 million for the black pearl granite project.



As references for the potential value of the above-mentioned mines, recent market prices for black pearl granite, brown marble, black marble, and yellow marble FOB Xiamen, China are approximately $2,100, $1,100, $960, and $800 per cubic meter, respectively.



About PHI MINING GROUP



PHI MINING GROUP is a U.S.-based mining and exploration enterprise focused on acquiring and developing precious metal, base metal and industrial mineral properties. The company has signed agreements to acquire interests in gold, lead, zinc, copper, granite, and limestone properties in South East Asia and has partnered with VCS Mining, LLC. to explore mining opportunities in Haiti. 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.