SOURCE: Phoenix Associates Land Syndicate

October 31, 2006 07:04 ET

Phoenix Updates on Murphy Sand & Gravel Production Expansion

Mining Capacity Being Expanded; Equipment Being Delivered This Week

MADISONVILLE, LA -- (MARKET WIRE) -- October 31, 2006 -- Phoenix Associates Land Syndicate (PINKSHEETS: PBLS), a holding company with assets and/or interests in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, trucking, contract hauling, construction, swimming pool construction and construction related industries, today updated shareholders on the expansion project at its Murphy Sand & Gravel (MS&G) business unit.

Phoenix indicated that the project announced about eight weeks ago to greatly increase production at its MS&G mining site is well underway with the following equipment to be delivered this week: a new screening plant with conveyers; two radial conveyers; an ALCO 10 X 8 fully equipped dredge; and a long reach excavator.

The Company said that it also expects delivery of a 12 x 10 dredge that was not on the original equipment list to be delivered within 2 weeks, and a new Caterpillar 966G Front End Loader shortly thereafter. Additional equipment that was announced earlier, including a Cutterhead 14 X 12 dredge, with 350% more capacity then the ALCO 10 X 8 dredge, is still expected to be delivered before the end of the year.

Paul Alonzo, President and CEO of Phoenix, stated, "As announced earlier, we are moving a vast amount of new mining equipment to the MS&G mine site so we can meet the growing demand in the Greater Gulf region for products that come out of our Pearl River, Louisiana mining operation."

Mr. Alonzo continued, "As production increases we are currently expecting total revenues from MS&G to exceed $10 million for 2007, and to increase over time, with full depletion of the mine to likely occur in six to eight years. We remain confident that our large investment in the MS&G operation will prove to be a strong contributor to consolidated revenues and earnings for many years."

About Phoenix Associates Land Syndicate (PBLS)

Phoenix Associates Land Syndicate (PBLS) is a public holding company, with thousands of stockholders, that has purchased motivated companies in order to enhance its assets and income basis. Since 1978, PBLS has developed assets and/or interests in aviation, sand & gravel, soil products, land development, oil and natural gas, commodity brokering, plumbing, trucking, contract hauling, construction, swimming pool construction and construction related industries. For more information, visit www.pbls.biz.

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