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 PMI Gold Corporation is a junior gold exploration company trading on the TSX Venture Exchange under the symbol PMV and on the Frankfurt Stock Exchange under the symbol AOJMW7. PERFECTLY POSITIONED IN GHANA'S GOLDEN TRIANGLE PMI Gold controls 663-square kilometres of gold exploration concessions in Ghana in the middle of one of the World's most productive gold mining areas, commonly known as the "Golden Triangle". Over US$1.5 billion in new capital is currently being invested in Ghana by the world's largest gold mining companies, including Newmont, AngloGold Ashanti and Goldfields. Management of PMI has been active in Ghana since 1993 and is assisted by strong Ghanaian Directors, Advisors and consultants. THREE PAST GOLD PRODUCERS ACQUIRED NOVEMBER 2006 Since early 2003, PMI has committed over US$6 million to the Ashanti II Gold Project on the Asankrangwa Gold Belt, earning a net 86.8% interest in the concessions. Using state of the art exploration techniques, it has also outlined more than 20 excellent gold exploration targets. Initial drilling on a few of these has intersected significant gold mineralization -- up to 23 metres grading 5.7 g/t Au. In November 2006, PMI Gold acquired from the Government of Ghana the former Obotan gold mine, which had previously been operated by Resolute Mining of Perth. Up to its closing in 2003, Obotan produced some 730,000 ounces of gold at a recovered grade of near 2.20 g/t gold. Production came from three pits - the Nkran, Adubiaso and Abore. PMI Gold acquired a 90% interest in these concessions, with the Ghana Government holding the rights to a 10% carried interest after all costs are recovered. The Government retains the right to purchase an additional 20% interest, on terms to be agreed to between the parties. Exploration is currently underway in the near vicinity of the Nkran pit. A US $500,000 drill program commenced at the end of May 2007 consisting of eight holes totaling 2,539 metres Highlights include 44.5 metres of 2.61 g/t Au in hole NK07-001 which tested the down dip extension of the Nkran pit oprebody 33o metres below the base of the previously mined pit; and 2.7 metres of 8.91 g/ton Au in hole NK07-005 collared 170 metres to the south of the southern end of the pit. In addition, a 327-line kilometre detailed airborne EM survey over a 3 x 4 km grid centered on the Nkran pit was carried out to map auriferous graphitic shears to a depth of +250 metres below the surface of the Nkran pit. Any targets outlined by the system but not currently drill tested will be targeted for follow-up drilling. RSG CONSULTING REPORT RECOMMENDS UNDERGROUND EXPLORATION/BULK SAMPLING AT NKRAN PMI Gold commissioned RSG Global Consulting Pty. Ltd of Perth to further define and prioritize the deep, one to two million-ounce exploration target under the Nkran pit. This report was received in July 2007 and PMI Gold is confident the best way to further define the mineralization would be by conducting an underground exploration/bulk sampling program. (click here for RSG report) ACQUISITION OF EDUBIA SUGGESTS ADDTIONAL DEEP, UNDERGROUND RESOURCES PMI Gold's latest acquisition was made in August 2007, the Edubia Mining Lease located eight kilometres northeast of the Nkran mine. This 13-kilometre lease was originally issued in 1931 to one of the original indigenous owners of the concession that now hosts the world-famous AngloGold Ashanti Obuasi Mine. During the mid-1990's a license was granted over a much larger area and work programs consisting of sampling old adits, extensive trenching and soil sampling were conducted. Some 213 short drill holes were also completed, averaging 40 metres and with a maximum length of 126 metres. Gold mineralization was outlined in a zone from 20-60 metres wide and elongated northeasterly over a 700-metre length. Localized drilling results indicated 1 to 5-metre true with grades ranging from 3.0 to 12.0 g/t Au. The acquisition of the Edubia lease joins the Abirem and Abore concessions together and gives PMI Gold an additional 4,500 metre-long and highly prospective gold in soil anomaly which is on strike with and part of a continuous 13,000 metre-long trend on its concessions which host Nkran and the African Star deposit. It also attractive because being close to Nkran, it quite possibly fits in the model to develop deep, underground resources. PMI GOLD ACQUIRES NEVSUN'S KUBI GOLD PROJECT In September 2007, we acquired this gold project located 20 kilometres south of the AngloGold Ashanti Obuasi mine and 46 kilometres southeast of Obotan. First developed by artisinal miners, eight adits were driven in the 1920s. In 1988 BHP (now BHP Billiton) outlined strong gold anomalies near old working during a major reconnaissance soil survey and in NS Ghana, who optioned the property in 1993, defined gold mineralization in a near vertical 1.0 to 15.0 metre thick Au, garnet and sulphide rich horizon. Drilling has defined the mineralized zone over an 1,800 metre long by up to 700 metre deep block contained within a northeast trending shear zone at the contact between Birimian and Tarkwaiian metasediments. In 1999, NS Ghana transferred the property to Ashanti, who in return for cash and royalty payments to NS Ghana, mined from two small pits 58,696 ounces of gold in 500,230 tonnes of oxide ore grading 3.65 g/t Au, with the recovered grade 28% higher than Ashanti's modeled grade. GOLDER ASSOCIATES DETERMINES N.I. 43-101 GOLD RESOURCE AT KUBI -- PROJECT REVIEW UNDERWAY
Inferred: 315,079 ounces Au -- 5.38 million tonnes grading 1.88 g/t In December 2007, PMI Gold commissioned Golder to commence a scoping and pre-feasibillity study as we believe there is a strong potential for significant tonnage of +10.0 g/t material to be developed within this resource and also to substantially increase the resource base. |
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