Contact Information: Contact: Henry Fahman 714-843-5455
Providential Holdings Subsidiary PHI Mining Group Signs Agreement With Angkor Metal Corporation to Engage in Copper Mining in Cambodia
| Source: Providential Holdings, Inc.
LOS ANGELES, CA and PHNOM PENH, CAMBODIA--(Marketwire - January 7, 2009) - Providential
Holdings, Inc. (OTCBB : PRVH ) (FRANKFURT : PR7 ) (WKN 935160), a company
engaged in mergers and acquisitions, real estate development, mining, and
investing in special situations, today announced that PHI Mining Group,
Inc. (PINKSHEETS : PHIG ), a company focused on mining opportunities in
Southeast Asia, through its wholly owned subsidiary Indochina Mining
Corporation (IMC), has signed a principal contract with Angkor Metal
Corporation, a Cambodia-based company, to survey, explore, exploit and
process copper ores in Preah Vihear Province, Cambodia. According to the
agreement, IMC will own 51% of Angkor Metal Corp. stock at the closing of
the transaction.
Angkor Metal Corporation has already been granted an exploration license
for a total area of 192 km2 (47,440 acres) in Kolean District, Preah Vihear
Province, Cambodia, potentially one of the largest copper ore reserves in
Southeast Asia, of which 2.5 km2 (618 acres) is fully surveyed with
promising commercial exploitation ability. This mineralized material
opportunity is estimated to be in excess of 500,000 metric tons and may
amount to several million metric tons.
Providential Holdings, Inc. currently owns approximately 18 million shares
(80%) of PHI Mining Group, Inc. stock.
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. As part of its activities in Vietnam, Providential has been
hosting seminars in conjunction with the Nasdaq Stock Market to help
Vietnamese companies go public and raise capital through the U.S. financial
markets. The Company currently develops "Pointe 91," an upscale residential
community and luxury resort in Chu Lai, central Vietnam. Web site:
www.phiglobal.com.
About PHI Mining Group
PHI Mining Group is a U.S.-based mining and exploration enterprise focused
on acquiring and developing industrial mineral properties. The company is
in the process of negotiating to acquire interests in diatomite, lead,
copper and granite properties in South East Asia and South America. 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.
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.