SOURCE: PHI Mining Group, Inc.

PHI Mining Group, Inc.

August 12, 2009 08:00 ET

PHI GROUP Signs Agreement With VCS Mining to Engage in Haitian Mining Opportunities

LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - August 12, 2009) - PHI Mining Group, Inc. (PINKSHEETS: PHIG), www.phimining.com, a company engaged in the exploration for and acquisition of gold, base metals and industrial minerals, today announced that its parent PHI GROUP, INC. (OTCBB: PHIE) (FRANKFURT: PR7), a company engaged in mergers and acquisitions, real estate development, mining, and investing in special situations (www.phiglobal.com), has signed an agreement with VCS Mining, LLC (www.vcsmining.com) that will allow PHI Mining to become an equal partner with VCS Mining projects to explore mining opportunities in Haiti.

A geological study of the northeastern section of Haiti situated along the margin of the Caribbean plate reveals the presence of copper and gold porphyry deposits. This geological environment in Haiti, which hosts numerous gold and copper occurrences, is similar to the Pueblo Viejo deposit in the adjacent Dominican Republic. According to reports from Barrick Gold Corporation (www.barrick.com), Pueblo Viejo has 215 million tons of proven and probable reserves containing 20.4 million ounces of gold, 117.3 million ounces of silver, and 423.5 million pounds of copper, as of the close of 2007. In contrast, Haiti's mineral potential has yet to be fully explored.

The VCS-PHI Joint Venture will initially focus on further exploration in selected locations that are expected to show significant mineralized deposits, the northeastern and southeastern areas of Haiti. We will release more information as we complete the exploratory work on this project.

Angelo Viard, Chairman and CEO of VCS Mining, commented: "We are very excited about these opportunities in Haiti, especially the selected locations we identified in the northeastern and southeastern parts of the country. The results of the United Nations' study provide us with significant and valuable information about the potential of this land for the purpose of mining."

Daniel St. John, PHI GROUP's Corporate Strategist, stated: "We believe the opportunity is right for this season to finish the work that has been started in this area with VCS Mining, Haiti's Bureau of Mining and Energy and the people of Haiti. Together we intend to fulfill the exploration and research necessary to move ahead with our business plan."

About VCS MINING

VCS Mining, LLC. is a U.S.-based junior exploration company engaged in the acquisition, exploration and development of precious metal properties throughout the Caribbean and South America. The company was founded in 2009 and incorporated in the state of Nevada.

We are globally-connected. VCS Mining is distinguished from the junior exploration mass by our strategic global partnerships and relationships that give us a critical advantage for acquiring and quickly developing key mineral reserves. VCS Mining is committed to increasing its future shareholders' value through endurance, determination, and wise management of investor capital. Web site: www.vcsmining.com.

About PHI MINING GROUP

PHI MINING GROUP is a U.S.-based mining and exploration enterprise focused on acquiring and developing precious metal, base metal and industrial mineral properties. Through its wholly-owned subsidiary Indochina Mining Corporation, the company has signed agreements to acquire interests in gold, lead, zinc, copper and granite properties in South East Asia. PHI Mining Group is committed to high standards in the areas of environmental management and health and safety for its employees and neighboring communities. Web site: www.phimining.com.

About PHI GROUP INC.

PHI GROUP focuses on M&A and consulting services, real estate development, mining and investing in special situations. The Company assists companies to go public and raise capital, develops "Pointe 91," a luxury resort and premium residential community in Chu Lai, central Vietnam (www.philandranch.com), and engages in mining in Southeast Asia. (www.phimining.com). Main URL: 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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