Indochina Mining Corporation and Truong Son General Group Form Joint Venture Company for Nonferrous Mining in Northern Vietnam

PHI Mining Group, Inc., a majority owned subsidiary of Providential Holdings, Inc., announced that Truong Son Metal Mineral Joint Stock Company (TSM.CO), a joint venture company between Vietnam-based Truong Son General Group of Youth Volunteers and PHI Mining’s wholly owned subsidiary Indochina Mining Corporation (IMC), has been granted the corporate registration certificate No. 5000310593 by Tuyen Quang Province, Vietnam, to engage in the exploitation of nonferrous ores and the production of lead, zinc and tin alloys. Initial chartered capital of TSM.CO is set at 83 billion Vietnamese Dongs, or equivalent to $4,760,540 at the current exchange rate of VND 17,435 to $US1.

TSM.CO’s plan is to survey, mine and process lead and zinc ores in Phu Ninh Commune, Yen Son District, Tuyen Quang Province, Northern Vietnam. The mineralized materials at this location are estimated to be approximately 235,000 tonnes. Current cash prices for lead and zinc on the London Metal Exchange are approximately $1,165/tonne and $1,135/tonne, respectively. It is believed that commodity prices will bounce back quickly once the world economy begins to recover.

Tai Vo, IMC President, commented: “We are pleased to work with Truong Son Youth Volunteer Group on this project and believe that we have a tremendous potential to create significant value for our shareholders and all the related stakeholders in the near future.”