SOURCE: ZNext Mining Corporation, Inc.

ZNext Mining Corporation, Inc.

June 15, 2009 06:51 ET

ZNext Mining (Symbol: ZNXT) Acquired by AZHA Mining Getting Close to Obtaining Large Scale Mining Permit; Begun Ground Breaking for the Ore Crushing Processing Plant Site

AZHA Assures ZNXT Shareholders/Investors to Remain Confident in the Company's Future Despite the Recent SEC June 12th News

MANILA, PHILIPPINES--(Marketwire - June 15, 2009) - AZHA Mining / ZNext Mining Corporation (PINKSHEETS: ZNXT) (OTC Preferred: ZNXPP) announces today that the large scale mining permit is nearing its completion in compliance with the DENR Region V requirements for the issuance of the pending MPSA. Should there be no more obstacles, AZHA Mining should be issued its MPSA on or before the end of August 2009.

UPDATES: (1) XYZ Project~ about 3/4 hectare of land was bought by AZHA as the site for the XYZ Gold Ores Crushing Plant and the XYZ Staff Housing. AZHA fast tracked and begun the ground breaking on the gold ores crushing site and the tunnels 3 & 4 that contain the most gold, silver & copper reserves. (2) LIBONA, Bukidnon Projects ~ AZHA's 100+ hectares of proven gold & other mineral deposits will be ready for processing as soon as the copper floatation device installation to the existing leaching tanks is completed. This will enhance the gold and silver recovery to 100%. The Gango Gold Rush Processing Plant should be fully operational by the end of July. (3) BINASAN Gold Project~ re-opening of this site is being discussed by the board during their 1st Annual Board Meeting (4) GANGO Gold Processing & Refining Plant~ AZHA plans that most of the crushed gold ores coming from all the mine sites are to be processed and refined in the Gango Gold Processing plant.

SPECIAL REPORT: AZHA's Board of Directors learned of the recent SEC News dated June 12th about allegations of the former PAIM /ZNXT and its founder. This should not be a cause for panic. AZHA called for a Special Board Meeting on June 13th, voted on the hiring of a US SEC Counsel to represent the past ZNXT's position with utmost diligence, to address the SEC's claims.

AZHA found that the probable cause for the SEC to publish such news would have been triggered by the malicious and damaging reports made by a disgruntled employee; a former Vice-President/ Business Development Officer, who once served as the Pearl Asian (PAIM)'s Investor Relation Officer, but resigned after a failed plot of his take over scheme. Anthony Val Gary Gotanco who was hired in December 2006, was an officer of the Pearl Asian Mining, but then lost control of his limited power and position. In retaliation of his failure, Gotanco engaged in character assassination of the company and its founder. Gotanco maliciously published negative, destructive, false information on the Internet under several "aliases and pseudo names"; joined forces with other "known Bashers," and continuously bashed the mining company, destroying its reputation using personal attacks against the founder with the intention to put PAIM/ZNXT on a downtrend; thus causing the price per share of the company's stock to drop. AZHA Board discovered that Gotanco has several civil and criminal pending lawsuits in the Philippines brought by Pearl Asian Mining (See excerpts from the suit)

"4. In the instant case, it will be herein shown the complaint was filed as a reprisal and retaliation of the complainant on the several cases that we have filed against him. This complaint was made by the complainant in order for us to withdraw the numerous civil and criminal complaints that we have filed against him and for us to accede to his monetary demand in the labor case pending before the 3nd Division of the National Labor Relations Commission entitled 'Anthony Val Gary B. Gotanco vs. Pearl Asian Mining Ind. Inc.,' et al, docketed as NLRC NCR Case No. 10-115502-07/LAC 03-000956-08.

3. It must be noted that we filed al least two (2) Civil Cases and one criminal complaint against the herein complainant, to wit:

a. Civil Case No. 184427-CV for Sum of Money with damages pending before the Metropolitan Trial Court (MTC) of Manila Branch 13 entitled 'Pearl Asian Mining Industries Incorporated vs. Anthony Val Gary Gotanco'.

b. Civil Case No. 07-118318 for Damages pending before the Regional Trial Court of Manila Branch 55 entitled, 'Pearl Asian Mining Industries Inc. vs. Anthony Val Gary Gotanco'.

c. Criminal complaint for Perjury pending before the Honorable City Prosecutor of Quezon City docketed as I.S. No. 08-5728, entitled 'Abegail Dormitorio and Arnel Morilla (Corporate Officers of Pearl Asian Mining Inc.,) vs. Anthony Val Gotanco.'"

Furthermore, the former lawyer of Pearl Asian Mining notified the AZHA Board that Gotanco failed to appear, and he instead left for the USA last year; in consequence he must have been given a visa to travel as supported by a certain group of bashers, who had financed Gotanco's trip to the USA in order to meet with the SEC, with the intention to destroy the company and its founder. The company is certain that Gotanco brazenly provided false testimony to the US SEC similar to his libelous actions in the Philippine courts. The US SEC news did confirm that Pearl Asian Mining owns mining assets in the Philippines, however, based on lack of information, the US SEC was unaware that PAIM/ZNXT founder irrevocably and unconditionally held her shares in Pearl Asian (PI) for the benefit of the PAIM/ZNXT shareholders. The main reason to agree to sell all of the assets to AZHA was to eliminate this layer of ownership and so that the publicly trading entity and its shareholders could directly own 100% of the company's Philippines assets as previously announced.

The US SEC also seems to be unaware of the fact that for many years ZNXT and its predecessors, subsidiaries have owned real estate in Hawaii and mining interests in Canada.

More discussions were under further review waiting for the advice of AZHA's Legal Counsel. AZHA intends to push for an amicable resolution with the SEC, including a Special Invitation to any US SEC Representative to visit the company and the gold mining sites in the Philippines Island.

AZHA Mining acquired all of PAIM/ ZNXT gold mining and real property assets and NOT its liabilities. AZHA is reassuring all of the past and current PAIM / ZNXT Investors & Shareholders not to panic. AZHA can and will prove to the SEC that PAIM/ZNXT has true mining operations, has existing gold processing plants, has existing gold tunnels both in Bukidnon and XYZ Masbate and had produced gold and some silver, that all the mining and feasibility reports made in the past were factual and can be substantiated. However, in 2008 due to unforeseen circumstances with the Founder's nearly fatal aneurism, all the project operations were stalled affecting the mining operations and productivity which also led to AZHA acquiring ZXNT and Pearl Asian Mining.

AZHA Board of Directors is determined to protect the best interest of all ZNXT shareholders/investors; that gold and silver mining are positively promising and will endeavor to increase productivity to reach profitability.


Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding gold production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, mineral deposits and production costs, mining and development risks; the risk of commodity price fluctuations; political and regulatory risks, and risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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