PHIG PHI Group Inc (CE)

PHI Mining Group, Inc. (Pink Sheets: PHIG), a company focused on mining opportunities in Southeast Asia, today announced that the company has acquired all the issued and outstanding stock of Indochina Mining Corporation, a Nevada corporation, in exchange for 11.2 million shares of newly issued common stock of PHIG. Following the acquisition, Indochina Mining Corporation (IMC) now becomes a wholly-owned subsidiary of PHI Mining Group. Besides a joint venture agreement with Phu Yen Mineral Joint Stock Company to explore diatomite deposits in central Vietnam, IMC is in the process of working with other joint venture partners to engage in mining opportunities in Vietnam, Cambodia and Thailand. IMC will handle all PHI Mining�s operations in Southeast Asia and anticipates reaching significant agreements with several joint venture partners in this region in the near future. PHI Mining Group President Frank Pham commented: �We are very pleased about this transaction and confident that Indochina Mining Corp is well-positioned to capitalize on the imminent opportunities we have identified in Vietnam, Cambodia and Thailand.� About PHI Mining Group, Inc. PHI Mining Group (PHIG) 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 (PMG) 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.