Pacific Imperial Mines Inc.
TSX VENTURE : PPM

Pacific Imperial Mines Inc.

April 28, 2008 18:21 ET

Pacific Imperial Mines Inc.: Update on Gold Mining Activities in Yunnan Province, China

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - PACIFIC IMPERIAL MINES INC. ("The Company") (TSX VENTURE:PPM) announces that it is reassessing its position with respect to the agreements entered into on October 15, 2007 with Yunnan Nonferrous Metals Geological Bureau (YNGB) (see News Release November 16, 2007) as a result of non-performance by YNGB.

Mining activities on the Tangshang and Salachong properties are ongoing. It appears that these operations are being carried out by YNGB under the Company's wholly owned subsidiary - Guangnan Gold. However, the Company has not been provided with a full accounting of the financial activities and operations concerning the mining activities. Attempts are being made by the Company to clarify the situation with YNGB.

Although to date the Company has not received the minimum royalty payment of 900,000 RMB due December 3, 2007, it has been advised that partial payment is imminent. At this time shares to be issued to YNGB in accordance with the October 15, 2007 agreement are being withheld pending receipt of the delinquent royalty payment and a full financial accounting from YNGB.

Further announcements will be made as developments occur.

On behalf of the Board of Directors

PACIFIC IMPERIAL MINES INC.

Leo King, President and Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Pacific Imperial Mines Inc.
    Leo King
    President
    (604) 669-6332
    (604) 688-9336 (FAX)
    Email: ppm-corp@telus.net