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Gyimigya & Dunkwa
In September 2008, the Company acquired two new concessions adjoining to the north and south of our current Kubi Mining Leases. The new prospecting license is in two parts, known as the Gyimigya and Dunkwa and cover 8.20 and 26.26 sq km respectively. Gyimigya adjoins immediately to the south of the AngloGold Ashanti Obuasi mine concession. The new property covers a part of the former 390 sq km Dunkwa Continental Mining Lease. Gold dredging activities were active from 1930 for nearly 70 years on the Ofin, and Ankobra Rivers (Asankrangwa gold belt) and the Oda and Jeni Rivers (Ashanti gold belt, southwest of Kubi). The dredging operation was based in Dunkwa, and during this period some 1.45 million ounces of gold were recovered, with dredge production peaking in the early 1960's at 69,000 ounces per year (Minerals Commission, 2002). Previous work on the PMI Gold 'Kubi' concessions, consisting of soil sampling, ground IP, magnetic and radiometric surveys, airborne magnetic and electromagnetic surveys, trenching, 27 exploration adits and shafts, and 499 RAB drill holes (14,296 m), 229 RC drill holes (19,274 m) and 230 DDH drill holes (70,634 m) has outlined two strong gold trends: the Kubi trend which hosts the Kubi gold deposit and which is currently being evaluated for underground production (see PMI Gold news release dated April 10, 2008); and the Ashanti trend which 20 km to the north of Kubi hosts the AngloGold Ashanti Obuasi gold mine (26 million ounces of gold produced to date with current reserves and resources of over 30 million ounces). Of particular interest to PMI Gold, are a series of airborne electromagnetic conductive targets that were outlined by the 1994 survey: which are in areas of elevated gold in soils; and occur on, near or between the defined Ashanti and Kubi trends. One of these targets coincides with the main Kubi gold resource, however there are some 20 km of defined conductors that have not yet been drill tested; and an additional 4 km of strike length of the Ashanti and Kubi trends that have not yet been surveyed. These targets will be the focus of further drilling once adequate financing is completed.
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