PHI Gold Corporation Subsidiary Cooperates With AXN Group LLC (AXNG) in Asian Mining Projects
03 Februar 2011 - 5:53PM
Marketwired
PHI Gold Corporation (PINKSHEETS: PHIG) (FRANKFURT: RPBA), a
majority owned subsidiary of PHI Group, Inc. (OTCBB: PHIE)
(FRANKFURT: PR7) (XETRA: PR7), announced today that its wholly
owned subsidiary Indochina Resources, Inc. has signed an agreement
with AXN Group, LLC (AXNG), a Delaware corporation, to cooperate in
assembling and operating a portfolio of industrial minerals and
natural resources in the wider Indochina region including Vietnam,
Laos, Cambodia, Myanmar, Thailand and the Malaysian Peninsula.
According to the agreement, AXNG and Indochina Resources will
jointly organize, arrange, acquire, contribute and operate a
portfolio of industrial minerals and other natural resources
originated from the wider Indochina region for mutual benefits of
both companies. Under the agreement, AXN Group will own 11,200,000
shares, equivalent to 50%, of Indochina Resources stock. In
addition, PHI Gold Corporation will distribute 3,000,000 shares of
Indochina Resources stock to its shareholders of record as of
February 28, 2011. Indochina Resources will register with the
Securities and Exchange Commission to become a separate publicly
traded company focused on industrial minerals and natural
resources.
Allen Wu, Managing Member of AXNG, said, "We look forward to
working closely with PHIE and its subsidiaries in expedited
implementation of Indochina mining assets via organic growth as
well as mergers and acquisitions."
Henry Fahman, Chairman of PHI Group, Inc., said, "Since AXNG has
already made significant progress in identifying and securing a
number of properties in industrial minerals and natural resources
in the wider region of Indochina, we are confident that our joint
cooperation will create tremendous synergy and unlock substantial
value for shareholders of both companies and our related
subsidiaries in the near future."
About PHI Gold Corporation PHI Gold
Corporation is focused on acquiring and developing gold ore
properties. The company has acquired Maisy Mae Mining Inc., a New
Brunswick corporation, with mining operation in the Yukon
Territory, Canada.
About AXN Group AXN Group LLC (AXNG),
founded in 1997, has been a global investor in natural resources
sector, encompassing oil & gas, forestry/timber, and mining. In
the mining area, AXNG focuses on gold, coal, iron ore/Iron sand,
nickel and copper, with significant projects across the Americas,
Africa and Association of South East Asian Nations (ASEAN,
including Philippines, Myanmar, Laos, Cambodia, Vietnam, Malaysia,
Thailand, Brunei, Indonesia and Singapore). For further
information, inquire at info@axngroup.com.
About PHI Group PHIGroup (OTCBB: PHIE)
provides M&A advisory and consulting services, develops real
estate and natural resources and invests in special situations.
PHIGroup, which specializes in raising capital and helping take
companies public, is developing PHILand Ranch, (FRANKFURT: 1P8) one
of the largest master planned communities in Vietnam. This project
includes Pointe91, a luxury resort and premium residential
community in Quang Nam province in central Vietnam
(www.PHILandranch.com). PHIGroup is also engaged in mining
activities through its majority-owned subsidiary PHI Gold
Corporation (PINKSHEETS: PHIG). Website: www.phiglobal.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.
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Contact: Henry Fahman 714-843-5455 Email Contact
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