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Geological Exploration Expands Showing Extensive Gold Mineralization: Additional Gold Veins Discovered From The ''Operation Cagayan De Oro'' Binasan Gold Project, Pearl Asian Mining Announces

Posted on: Tuesday, 15 August 2006, 09:00 CDT

Pearl Asian Mining Industries (OTC:PAIM) EVP & Chief Geologist Regino L Selvano PRC Lic. No. 0001474 reports that geological exploration continues & expands showing extensive gold mineralization. There were additional gold veins discovered from the "Operation Cagayan De Oro" Binasan Gold Project.

GEOLOGY: Foot traverse using compass-tape survey was made by our Geological Mapper, George Carpio, and covered approximately 12 hectares of the initial 20-hectares mining area. The remaining 8 hectares are part of the exploration program which are an extension of the mineralization in the area that has been cut and separated by local fault lines. Additional 8 veins were identified and some other geologic structures were recorded that contribute to the gold mineralization of the area. These veins were named as Ming Zhu, Hazel, Raye, Benn, Bernadette, Nikki, Tanya and Angeline. Those veins were already plotted on the map and revealed good potential for gold deposits. Re-opening of a nearby tunnel, available to PAIM, was also finished, for the purpose of getting additional information with regard to the mineralization of the area. Rock samples were taken for further studies.

STOCKPILE: Almost all of the existing stockpiles were transferred to the main stockpile located beside the gold mill processing plant. Stockpiling for Lalaine, Michelle, Jessie and Koline Veins continues. At present, Lalaine Vein has recovered a volume of approximately 30 cubic meter stockpile and still shows good signs of gold deposits. On the other hand, the Jessie Vein shows changes on the geology with the occurrence of massive quartz vein recovered on the deeper portion. Initially, it was interpreted as epithermal gold deposit but during the analysis, it was noticed that the quartz veins are still within the joints and beds of the host rock which means it is part of placer gold deposit. Furthermore, most of the veins have showings of the presence of silicates probably quartz and amphiboles, black minerals such as magnetite, and chromite with patches of iron oxides and blue color mineral considered to be a tarnish of pyrite.

MILL PLANT: Construction of the building for the gold mill plant is nearly complete. It is expected to be 100% complete once the gold equipment reaches the mine site on or around August 20th, as it has already passed customs.

The third quarter of 2006 will see the transition of this once small scales mining site of the Indigenous People into an operational and productive site bringing employment to the local community of the Higaonon Tribes.

The "Operation Cagayan De Oro Gold Project" is planned with a minimum risk, cost effective enterprise and will serve as the model and the pioneer for more gold mining projects planned by Pearl Asian Mining Industries (PAIM) throughout the Philippines Archipelago.

FORWARD- LOOKING STATEMENTS:

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. The Factors that could cause actual result to differ materially from anticipated results includes 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 the result of new information, future events or otherwise.

Source: Business Wire

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