PMI appoints highly experienced geologist to lead aggressive exploration push in Ghana

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PMI appoints highly experienced geologist to lead aggressive exploration push in Ghana

PMI Gold Corporation (TSX.V: PMV) (ASX: PVM) is pleased to advise that it has appointed Thomas Amoah as Exploration Manager for Adansi Gold Company, a wholly-owned subsidiary of PMI, to lead the expanding exploration and development activities at the Company’s Obotan and Kubi gold projects and the additional 480km2 tenement area within the Asankrangwa gold belt and adjoining the Obotan project.

The appointment of Mr. Amoah, who has extensive experience in resource exploration and project development within West Africa, is a key element of PMI’s planned development of an experienced senior management team to develop the full potential of the Company’s assets and transform the Company from a successful explorer to a substantial West African gold producer. Mr. Amoah was previously employed by Avocet Mining as their Exploration Manager in Burkina Faso, where he was responsible for the development and extension of the Inata Gold Mine resources and other deposits at the Belahouro Project area.

PMI Managing Director and CEO, Mr. Ellison said Mr. Amoah’s exploration and mineral resource evaluation experience would be invaluable to PMI as it continues its development of a Pre Feasibility Study at the Obotan Project, with resources of 1.2 million ounces1, starts an exploration drilling programme at its Kubi Project, with resources of 348,000 ounces2, and recommences exploration on its 70 kilometres tenement package in the Asankrangwa belt.

“PMI is accelerating its shift from a pure exploration company to one with substantial development opportunities which we are confident have the potential to underpin the Company’s transition to major gold production status,” Mr Ellison said. “These opportunities could lead to the development of a second project either at Kubi or within the Asankrangwa gold belt.

“The appointment of Mr. Amoah, combined with the $35 million capital raising that accompanied the Company’s ASX listing in December, has left PMI ideally positioned for strong growth.

“PMI has a substantial resource inventory, an aggressive exploration program, a healthy war-chest and is developing a strong, experienced management team to achieve the next stage in the Company’s development.”

On behalf of the Board,
"Collin Ellison"
Managing Director/CEO

About PMI Gold

PMI Gold Corporation (TSX.V: PMV, ASX: PVM) controls four previous operating mines on 85 kilometres of Ghana's major gold belts which were successfully mined at much lower gold prices, all located near the centre of near 200 million ounces of historical gold production and current resources.

OBOTAN GOLD PROJECT: At PMI Gold's flagship Obotan Gold Project, where previous mining yielded 730,000 ounces of gold at a grade of 2.2 g/t (at gold prices below US$350 per ounce), in 2010 PMI Gold announced a maiden +1 million ounce gold mineral resource estimate1 and the commencement of an aggressive drilling campaign. Based on the previous production history at Obotan, PMI Gold plans to quickly advance the project to the scoping study stage and then, subject to additional positive exploration results and expansion and upgrading of mineral resources, to pre-feasibility, targeted for completion in late 2011.

KUBI GOLD PROJECT: PMI Gold's Kubi Gold Project2 adjoins the 60 million ounce AngloGold Ashanti Obuasi mine, the largest underground mine in West Africa with a 113 year, continuous mining history. Recent airborne geophysical surveys have outlined significant targets, and exploration drill testing of geophysical targets is proving successful with the discovery of the 513 gold zone - 1.4 kilometres to the SW of the Kubi Main gold deposit.

Mining analysts have recently stated that West Africa will soon become the World’s second largest gold producing region after China, with Ghana by far the largest gold producer in West Africa.

1. Indicated Resource of 3.06 million tonnes grading 1.59 g/t gold for 156,000 oz; Inferred Resource of 15.64 million tonnes grading 2.1 g/t gold for 1,053,000 oz., as reported in the December 8, 2010 technical report prepared by Hellman & Schofield Pty. Ltd., available at www.sedar.com.

2. Measured Resource of 0.66 million tonnes grading 5.30 g/t gold for 112,000oz; Indicated Resource of 0.66 million tonnes grading 5.65g/t gold for 121,000oz; Inferred Resource of 0.67 million tonnes grading 5.31 g/t gold for 115,000oz., as reported in the December 3, 2010 technical report prepared by SEMS Exploration Services Ltd., available at www.sedar.com.

For further information please contact:
Canada: Dianne Szigety, Corporate Secretary: 1 (604) 682-8089 Toll-Free: 1 (888) 682-8089
Australia: Collin Ellison, Managing Director & CEO: (+61) 401 888 323
or Nicholas Read / Paul Armstrong, Read Corporate: +61 8 9388 1474 Mobile: +61 419 929 046

or visit the PMI Gold Corporation website at www.pmigoldcorp.com

Please find the figure 1. under the following link: http://www.irw-press.com/dokumente/PMI-090511Figure1.pdf

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Datum: 10.05.2011 - 08:06 Uhr
Sprache: Deutsch
News-ID 29793
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