PHI Mining Signs Joint Venture Agreement to Exploit Black Pearl Granite in Thailand

LOS ANGELES, CA and FRANKFURT, GERMANY--(Marketwire - January 26, 2009) - Providential Holdings, Inc., (OTCBB: PRVH) (FRANKFURT: PR7) (WKN 935160), a company engaged in mergers and acquisitions, real estate development, mining, and investing in special situations, today announced that its majority-owned subsidiary PHI Mining Group, Inc. (PINKSHEETS: PHIG), a company focused on mining opportunities in Southeast Asia, through its wholly owned subsidiary Indochina Mining Corporation (IMC), has signed a partnership agreement with Mr. Chinnawat Chaikijjanuwat of Bangkok to form a joint venture company, IMC Thailand Joint Venture Co., in order to exploit and process black pearl granite in Wang Mee Commune, Wang Nam Kiew District, Nakhon-Ratchasima Province, Thailand.

The mining area for the black pearl granite is 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 joint venture agreement 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.

Recent market prices for black pearl granite, brown marble, black marble, and yellow marble FOB Xiamen, China are approximately $2,100, $1,100, $960, and $800 per cubic meter, respectively.

IMC Thailand Joint Venture Co. will obtain the mining license from the appropriate authorities of The Kingdom of Thailand and will have the rights to own the land, hold, mine and process the mineralized materials. According to the agreement, IMC will contribute $3.75 million toward the total registered capital of $7 million for the black pearl granite project.

Tai Vo, President of IMC, commented: "Our joint venture with Mr. Chinnawat Chaikijjanuwat provides a tremendous opportunity for us to work together and unlock significant value for all the stakeholders involved. We anticipate getting the joint venture license very soon and also acquiring an existing factory to expedite our operation 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 industrial mineral properties. Through its wholly owned subsidiary Indochina Mining Corporation, the company has signed agreements to acquire interests in diatomite, 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 Providential Holdings

Providential Holdings and its subsidiaries engage in a number of diverse business activities, the most important of which are M&A and consulting services, real estate development, mining and investing in special situations. The Company assists U.S. and international companies to go public and raise capital through the U.S. and European stock markets, develops "Pointe 91," a luxury resort and upscale residential community in Chu Lai, central Vietnam, through its subsidiary Philand Corporation (www.philandranch.com), and engages in mining in Southeast Asia through its majority-owned subsidiary PHI Mining Group, Inc. (www.phimining.com). The Company's main web site address is www.phiglobal.com.

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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.

Contact Information: Contact: Henry Fahman Tel: 714-843-5455 Email: