PMI GOLD - COMMITTED TO GOLD PRODUCTION IN GHANA, AFRICA'S SECOND LEADING PRODUCER
Our strategic objective is to become a West African gold producer, initially by mining at our 100%-owned Obotan Gold Project, located within the Asankrangwa Gold Belt.
Our properties, totalling 580 square km in area, are all located in Ghana's Golden Triangle, an area in south-west Ghana with combined current reserves and historical gold production of 168 million ounces. Gold has been mined in Ghana for over 1000 years, and the famous AngloGold Ashanti Obuasi mine has been in continuous production for 113 years.
The bulk of Ghana's gold production has come from the Ashanti and Bibiani Gold Belts, however situated in between these is the lesser known, but highly prospective, Asankrangwa Gold Belt. Interest in the Asankrangwa Gold Belt was renewed in 1995 after the first modern airborne magnetic survey was completed over south-west Ghana. The survey identified major deformation zones and cross structures that were spatially related to Ashanti's Obuasi mine and to the numerous historical gold mines and showings that define the Belt.
PMI Gold has received widespread recognition for the quality and potential of its gold portfolio in south-west Ghana. Central to this portfolio is our flagship 4.51Moz Obotan Gold Project which, with the adjoining Asanko Gold Project, provides a commanding strategic position covering gold targets over 70 strike kilometres in the under-explored Asankrangwa Gold Belt.
Significant progress has been achieved at the Obotan Gold Project towards our goal to become a West African gold producer. Results of a feasibility study have confirmed a financially viable and technically robust mining operation based on a gold price of US$1300/ounce. This will be PMI Gold's first gold operation in West Africa, contingent on receiving development approvals and a financial investment decision. Commencement of construction is scheduled in Q1 2013 with full production targeted in H2, 2014.
The Company also holds the Kubi Gold Project located in the Ashanti Gold Belt, which includes the 348,000 ounce (Measured, Indicated & Inferred) Kubi Main Deposit, located some 65 kilometres south-west of Obotan and immediately along strike of the 60M ounce (pre-mined) Obuasi goldfield owned by AngloGold Ashanti.
The full inventory of PMI Gold's NI 43/101 and JORC compliant resources and reserves is shown below:
OBOTAN GOLD PROJECT:
(Mineral resources that are not reserves may not be economic and should not be relied on)
The Company has also implemented a multi-pronged strategy for future organic growth through its aggressive exploration of the exciting pipeline of brownfields and greenfields exploration targets within our existing large tenement holdings, as well as potential value-accretive acquisition opportunities.
As part of a recently launched regional program, PMI Gold has primarily focused on the oxide gold potential in an area within a 15km radius of the Obotan Gold Project, at the northern end of the Asanko Gold Project. Recent drilling in this area, which is a work in progress, has resulted in exciting successes at numerous prospects. Evaluation of this area will continue and progressively extend further afield to evaluate the large number of gold prospects elsewhere on the tenements.
Exploration is also focused on developing a large number of gold geochemical targets on the Kubi Gold Project. Initial drilling on the first target - termed 513 Prospect - intersected bedrock gold mineralization over the length of the soil anomaly. Exploration will progressively evaluate the anomalies as well as the additional potential of the Kubi Main Deposit.
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