Thursday, 3rd February 2005 (2556 views)

Pearl Asian Mining Industries has announced that gold has been identified in results from its recent rock sample testing.

The mining firm studied trenches and tunnels in its XYZ Mining Claim in the Philippines and found high metal content including 37.36 to 94.20 grams of gold per tonne.

E. Pearl Asian, the Founder/Chairman of Pearl Asian Mining Industries said: "We anticipate to process from 30-50 tons per day production within the next 180 days, as long as we are on schedule.

"We remain committed to optimising our production profile while maintaining our focus on capital discipline to maximise our returns for our investors."

However, the company still needs to raise around $1.5 million in working capital for equipment purchases and operational expense to extract the gold reserves.

Peal Asian was founded in 2003 and focuses on discovering and accessing valuable mining properties that have not been developed to their full potential. It is currently operational on two continents, in Canada and the Philippines.

 

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