Phoenix Minerals S.A.C. - Phoenix Minerals SAC, Group of Companies

Picchu Rio Gold Mining Co. SAC receives Exploit go ahead for river mining of their Gold, Precious Metals and Rare Earths river deposits.

• Picchu Rio Gold Mining Corporation S.A.C. ( “ Picchu Rio Gold ” ) is pleased to announce that it has completed it’s Phase IV production studies on their number two ( 2 ) concession, filed it’s mining plan and has received it’s exploitation permit for medium - volume river dredging operations to begin in the Cusco District of Echarate, Peru, South America.
• “ Picchu Rio Gold ” has acquired four (4) of the twelve (12) concessions previously owned by Vista Continental Corporation. Mining prospects for these concessions were initially validated by the March 2002 summary report on placer deposits by Mr. A. David V. Heyl, an International Consulting Geologist in his own words, “The closest geologic comparisons” to the claims containing rare earths, zircon and strategic metals are “the veins and placer deposits of the Mother Lode belts of the California and Eastern Australia gold belts”.
• “ Picchu Rio Gold ” is effecting shipping of equipment to include a 300/yd/hr dredge, process equipment and vehicles, in order to begin medium - production volumes in the 2nd quarter of 2010.

Growth in tourism and mining in the region is leading tolocal development boom.

LIMA -(Dow Jones)- Widespread tourist attractions, stable politics and a robust economy are contributing to a boom in the hotel industry in Peru, where a wide range of international hotel chains are looking to open more rooms.

The Trade and Tourism Ministry says Peru in 2009 boasted 1,784 hotels, up from 1,358 in 2001. The number of four- and five-star hotels has nearly doubled to 63 from 34 in the same period, with another seven hotels forecast to open by the end of 2011.

The rise in hotel building comes on the heels of growing tourism and strong growth in the mining sector.