SOURCE: PHI Mining Group

PHI MINING GROUP

August 24, 2009 10:05 ET

PHI Mining Group Provides Corporate Update

LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - August 24, 2009) - PHI Mining Group, Inc. (PINKSHEETS: PHIG) (FRANKFURT: RPBA), www.phimining.com, a company engaged in mining, today announced management updates regarding important corporate activities.

Since November 2008, PHI Mining Group has entered into a number of agreements with strategic partners in Cambodia, Thailand, and Vietnam to participate in mining opportunities including gold, black pearl granite, copper, manganese, and limestone. Recently, the Company has also partnered with VCS Mining, LLC (www.vcsmining.com) to explore special opportunities in Haiti.

In the near term the Company will focus on the black pearl granite and manganese projects in Thailand, the copper project in Vietnam, the limestone project in Cambodia, and the VCS-PHI partnership in Haiti.

The black pearl granite mining area is situated in Wang Mee Commune, Wang Nam Kiew District, Nakhon-Ratchasima Province, Thailand, approximately 81 acres, with estimated total capacity of 1,400,000 cubic meters and minimum capacity of 495,000 cubic meters. In addition, other mines that are part of the this project include: (1) a brown marble mine in Saraburi Province with estimated total capacity of 1,750,000 cubic meters and minimum capacity of 750,000 cubic meters, (2) a black marble mine in Lopburi Province with estimated total capacity of 1,200,000 cubic meters and minimum capacity of 450,000 cubic meters, and (3) a yellow marble mine in Lampang Province with estimated total capacity of 1,800,000 cubic meters and minimum capacity of 800,000 cubic meters.

The mining area for the manganese deposits is approximately 125 hectares (approximately 310 acres), located in Village No. 4, Watthana Nakhon Sub-district, Watthana Nakhon District, Prachin Buri Province, Thailand. The value of this manganese mine is estimated to be in excess of $US 75 million.

The Vietnam copper mining area is located in Nam He - Huoi Say, Muong Tung Commune, Muong Cha District, Dien Bien Province. Nam He project is regarded as the fourth biggest reserve of copper ores in the Northwest region of Vietnam. Previous surveys have shown that the copper metal reserve amounts up to 200,000 metric tons, with an estimated valuation of approximately $1 billion.

The Cambodia limestone mining area is located in Strung Treng Province. It has been estimated that the mineralized deposits in this area exceed 2 billion metric tons and could be worth several billion dollars. PHI Mining Group has partnered with Paul Cham Group Co., a Phnom Penh-based company, to work on this project.

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.

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.

PHI Mining is in the process of completing the required financial audits to update its filings with the Securities and Exchange Commission and resume trading on the OTCBB. The Company will continue to report further progress on the projects mentioned above in the near future.

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. The company has signed agreements to acquire interests in gold, lead, zinc, copper, granite, and limestone properties in South East Asia and has partnered with VCS Mining, LLC. to explore mining opportunities in Haiti. 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.

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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