NEW YORK and MANILA, Philippines, Nov. 5, 2015 (GLOBE NEWSWIRE) -- PHI Group, Inc. (Pink Sheets: PHIL), a U.S. public company engaged in energy and natural resources, announced today that the Company has signed an agreement in principle covering business cooperation and investment with a Filipino Company, Spartan Mining and Development Corporation ("SMDC").
The agreement covers dredging, extracting and processing volcanic sand from the Sto. Tomas, Maloma and Bucao Rivers in Zamales Province to restore navigability of these rivers and to produce sand for reclamation purposes. The total volume of the lahar sand to be dredged is estimated at 1.4 billion metric tonnes. The sand was created by the Mount Pinatubo volcanic eruption in June 1991.
The agreement forms the basis for SMDC and PHI Group to enter into a formal joint venture to dredge, extract, process, sell and export lahar sand from the Zamales rivers. The Joint Venture Agreement is expected to be executed by the end of November 2015. In addition, both companies intend to cooperate to develop affordable housing, engineering and construction, steel and power generation projects in Zamales Province in the near future after dredging work has begun.
Luis Ramos, Chairman and CEO of Spartan Mining and Development Corporation, said, "We are encouraged by our common vision and philosophy and strongly believe that together we can capitalize on our synergies and create very substantial value for shareholders of both companies."
Henry Fahman, PHI Group's Chairman and CEO, commented: "We are very pleased to partner with Spartan Mining and Development Corporation in this historic endeavor, not only to render the Zamales Rivers re-navigable but also create significant economic value and contribute to the general welfare of the Filipino people in this region."
Safe Harbor: This news release and the featured interview contain 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.
About Spartan Mining and Development Corporation
Spartan Mining and Development Corporation was registered with the Philippine Securities and Exchange Commission in May 2011, primarily to engage in the business of large-scale exploration, development and utilization of mineral resources. The Company has applied to the Philippine Department of Public Works and Highways for the dredging permits to dredge extract and process lahar sand from the Sto. Tomas, Maloma, and Bucao Rivers in Zamales Province, Republic of the Philippines.
About PHI Group, Inc.
PHI Group, Inc. (website: www.phiglobal.com), a U.S. publicly traded company established in 1982 (Trading symbol: "PHIL"), adopts a double-tracked strategy to address the needs of both conventional energy and renewables and also invests in mineral and natural resources. The Company's activities include wood pellet projects in North America, reclamation sand for land extensions in Singapore, Brunei and other Asian countries, coal asset development in Indonesia, oleochemicals in Malaysia, a LPG terminal project in Vietnam, potential sand supply development in the Philippines, titanium business in Vietnam and a nickel project in Laos. In addition, the Company also provides M&A advisory and consulting services through its wholly owned subsidiary PHI Capital Holdings, Inc. (www.phicapitalholdings.com)
CONTACT: Henry Fahman +1-702-475-5430 firstname.lastname@example.orgSource:PHI Group, Inc.