Here's another fine mess Pino got himself into..."We will also vote at our next shareholders' meeting whether to hold the Western Pacific shares or pay them as a dividend to our shareholders."
Mellon Buys Major Stake In Silver Mining Company
SCOTTSDALE, Ariz., Dec 15, 2004 (PRIMEZONE via COMTEX) -- Mellon Research, Inc. (Pink Sheets:MLON), the market leader in providing boutique investment banking services to private mid cap companies, today announced that it acquired 200,000,000 shares (44%) of Western Pacific Minerals, Ltd. from Pearl Asian Mining Industries, Inc. (Pink Sheets:PRMN) in exchange for 500,000,000 newly issued MLON shares subject to SEC RULE 144.
Western Pacific Minerals, LTD. is the beneficial owner of 50 mining claims in the historical silver-rich Slocan Mining District of British Columbia at an approximate book value of $1m.
Mario Pino, Founder and CEO of Mellon Research noted that, "We believe this acquisition is a good hedge against inflation and with the upward trend in silver prices, those silver-rich mining claims should benefit our shareholders. We will also vote at our next shareholders' meeting whether to hold the Western Pacific shares or pay them as a dividend to our shareholders.
E. Pearl Asian, Founder and Chairman of Pearl Asian Mining commented, "We are excited about becoming one of the largest shareholders of Mellon Research and turning control of Western Pacific Minerals over to merger and acquisition experts of the magnitude of Mellon Research."
About Pearl Asian Mining Industries, Inc.
Pearl Asian Mining Industries, Inc. (PRMN) is a fast-growing international and multi-national mining company that currently owns 12 gold, silver and other precious mining claims in Vancouver Island plus 50 silver mining claims in British Columbia, Canada, and a Philippines' Mining Production Sharing Agreement (MPSA), an equivalent to the Mining Rights in US & Canada. Pearl Asian's mission is to partner with the Philippine Government in order to acquire abandoned mines with known and proven gold reserves, left untapped and abandoned for centuries. In addition, Pearl Asian is involved in providing products and services targeting the small scale miners in order to create orderly and sustainable gold and mineral productions that promote the growth of this newly-born, Mining Revival Industry Sector of the Philippines. This Small Scale Mining is the community livelihood economic base that covers 1% of the total Philippines Gold Mines and a substantial amount of Gold production output. Drawing on world-class and world-renowned mining engineers, civil engineers, geologists, and support teams, Pearl Asian Mining Industries, Inc. is leading the Filipino mining industry into the 21st century. Pearl Asian Mining currently trades on the OTC under the symbol: PRMN. |
