NEW YORK, Aug. 31, 2017 (GLOBE NEWSWIRE) -- PHI Group, Inc., (www.phiglobal.com) (OTCQB:PHIL), a company focused on mergers and acquisitions and investments in natural resources, energy, agriculture, healthcare and special situations, announced today that its wholly owned subsidiary American Pacific Resources, Inc. (“APR”) has signed a Letter of Intent to acquire a 51% interest in Twenty-One Mining Claims over an area of 400 acres in Granite Mining District, Grant County, Oregon (“the Claims”).
According to the LOI, APR will enter into a definitive purchase and sale agreement within thirty days to acquire a 51% interest in the Claims in exchange for twenty-five million dollars to be paid by a combination of preferred stock, cash and other mutually acceptable considerations. The Company intends to promptly close this transaction and start mining of gold and precious metals from the Claims in four to six months.
The Company will utilize innovative Korean-invented HYMAX HD processing technology to recover precious metals from otherwise non-economically feasible stock. Based on an independent third-party valuation study by Madison-Ross Holding, LLC, the estimated precious metals that can be recovered from the Claims could reach 6,770,000 ounces, which would be worth over a billion dollars at current prices.
Henry Fahman, CEO of PHI Group, said, “We will quickly enter into a definitive purchase and sale agreement in order to close this transaction and start production as soon as possible. In the meantime, we also expect to generate revenues from sale of concentrated tailings to our processing partner in the next few months.”
About PHI Group
PHI Group (www.phiglobal.com) primarily focuses on mergers and acquisitions and invests in select industries and special situations that may substantially enhance shareholder value. PHI Group also provides M&A and consulting services through its wholly owned subsidiary, PHI Capital Holdings, Inc. (www.phicapitalholdings.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 pursuant to the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995.