Palmdale Executive Homes Corp. Provides Corporate Update

LAS VEGAS, Nov. 18, 2011 /PRNewswire/ - Palmdale Executive Homes Corp. (OTCBB: PMDX) is pleased to announce the following corporate update about the company and its recent business activities.

Management

In September 2011, Matias Defensor was elected as a director and appointed Chief Operating Officer of the Company. Mr. Defensor has been the CEO and President for AMD Starlight Mining Corp from 2009 to the present and Director for Pecanto Mining Corp. from 2008 until the present. His responsibilities include overall management and the oversight of various projects in both roles.  From 2004 to 2010, Mr. Defensor served as a consultant for the House of Representatives in Bastion Hills, Philippines.

Mr. Defensor brings extensive experience in a variety of areas, including coordinating and implementing various projects throughout the world.   Mr. Defensor graduated with a Bachelor of Science in Business Administration from the National College of Business and Arts, Quezon City, Philippines in 1990. 

Also in September 7, 2011, Joseph Calpito was appointed Vice President-Geology of the Company. Mr. Calpito is qualified as a Senior Geologist. From 2009 to the present, he has been serving as an Exploration Manager for a Papua New Guinea Gold Project on behalf of Mining Asia, Ltd. His responsibilities include strategic and overall systematic planning for this project. From 2006 to 2008 Mr. Caplito served as Senior Exploration Geologist for Sacre-Coeur Minerals, Ltd. Mr. Calpito has also served as Chief Mine Geologist / Executive Assistant to the President & CEO, Quarry Superintendent and several other leading roles within the discipline of Geology. Mr. Calpito has accumulated extensive experience in the area of Geology, including coordinating and implementing various projects throughout the world.  Mr. Calpito has over 30 years of field experience and Bachelor of Science degree in Mining Engineering.

Property Acquisition

In August 2011, we entered into a Mining Lease and Option to Purchase Agreement to lease a gold mining property located in Tuolumne County, California. The property consists of 65 acres of real property interests and 13 unpatented mining claims. The lease has a term of three years. Pursuant to the Agreement, we are obligated to expend $150,000 per year of the lease developing the property. In addition, we must pay annual advance royalty amounts of $50,000 for the first year ($10,000 of which was pre-paid as a deposit with the balance paid upon signing of the Agreement), $50,000 in the second year and $60,000 in the final year. We must also pay a net smelter return royalty of 10% during the term of the lease until expiry of the Agreement or the exercise of the option to purchase. The advance royalty payments are credited against any net smelter returns royalties payable during the term year in question. The option to purchase is exercisable for a 75% interest in the property with the seller retaining a 25% interest as tenants in common. The purchase price of the 75% interest is $2 million in cash plus the ongoing payment of a net smelter return royalty of 2.5% to the seller. If the property option is exercised all lease terms and related obligations expire upon the closing of such sale.

About Palmdale

Palmdale is a U.S.-based exploration company, focused on the acquisition and development of gold and other precious commodity projects that are economically viable. Palmdale is a fully reporting company quoted on the OTCBB under the symbol PMDX.

Forward-Looking Statement

This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the completion of the Mining Lease and Option to Purchase Agreement.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

SOURCE Palmdale Executive Homes Corp.