PMI GOLD - COMMITTED TO GOLD PRODUCTION IN GHANA, AFRICA'S SECOND LEADING PRODUCER
Our strategic objective is to become a gold producer, initially by mining at our 100%-owned Obotan Gold Project located within the Asankrangwa Gold Belt, with production slated for late 2013.
Our properties, totalling 530 square km in area, are all located in Ghana's Golden Triangle, an area in southwest 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 southwest 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 a strong portfolio of assets in Ghana, with a dominant 70km contiguous landholding in the Asankrangwa Gold Belt with interests in 9 concessions which comprises the Obotan Gold Project and the Asanko Regional Exploration Project. PMI also holds 2 mining leases and 2 concessions within the Ashanti Gold Belt which comprises the advanced exploration Kubi Gold Project.
The Company continues to progress its flagship Obotan Gold Project with the release of a Pre-feasibility Study and Maiden Reserve on January 12 2012. A final Feasibility and development decision is scheduled for mid-2012, with first gold production targeted in late 2013.
We now control significant gold resources and reserves (NI 43-101 and JORC Compliant):
OBOTAN GOLD PROJECT:
| • | Maiden Proven and Probable Mineral Reserves of |
| | 30.3 million tonnes | @ 2.32 g/t | for 2.26 million Au ounces |
| | | Proven | 14.0 million tonnes | @ 2.36 g/t | for 1.06 million Au ounces |
| | | Probable | 16.3 million tonnes | @ 2.28 g/t | for 1.20 million Au ounces |
| • | Measured Resources: | 14.67 million tonnes | @ 2.66 g/t | for 1.22 million Au ounces |
| • | Indicated Resources: | 27.50 million tonnes | @ 2.32 g/t | for 2.00 million Au ounces |
| • | Inferred Resources: | 17.54 million tonnes | @ 2.35 g/t | for 1.29 million Au ounces |
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KUBI GOLD PROJECT:
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| • | Measured Resources: | 0.66 million tonnes | @ 5.30 g/t | for 112,000 Au ounces |
| • | Indicated Resources: | 0.66 million tonnes | @ 5.65 g/t | for 121,000 Au ounces |
| • | Measured & Indicated: | 1.32 million tonnes | @ 5.48 g/t | for 233,000 Au ounces |
| • | Inferred Resources: | 0.67 million tonnes | @ 5.31 g/t | for 115,000 Au ounces |
(Mineral resources that are not reserves may not be economic and should not be relied on)
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