PMI announces key appointments to strengthen Ghanaian management team

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/


TSX Venture Exchange: PMV
Australian Securities Exchange: PVM
Frankfurt: PN3N.F


VANCOUVER, Nov. 21, 2011 /CNW/ - PMI Gold Corporation (TSXV: PMV) (ASX: PVM) ("the Company") is pleased to announce a number of key appointments to strengthen its in-country management team in Ghana, West Africa as it completes the Pre-Feasibility Study on its flagship Obotan Gold Project and ramps up regional exploration activities.

Mr. Thomas Amoah, who was appointed earlier this year as Exploration Manager of the Company's wholly-owned operating subsidiary, Adansi Gold Company, has been promoted to the position of Vice President Exploration-West Africa.

In this new role, Mr. Amoah will have overall responsibility for PMI's rapidly expanding West African exploration activities, including ongoing resource drilling activities at Obotan and regional exploration at Obotan, Kubi and Asankrangwa gold projects, as well as developing the Company's exploration strategy, and the evaluation and development of new business opportunities within Ghana and West Africa

Mr. Amoah has extensive experience in resource exploration and project development within West Africa. Before joining PMI Gold, he was Exploration Manager for Avocet Mining 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.

The Company has previously granted to Mr. Amoah, in his position as Exploration Manager, 500,000 incentive stock options at an exercise price of C$0.80 per share with an expiry date of June 1, 2016 to purchase common shares of the Company under its Stock Option Plan.  The options vest as follows:

  • 166,666 on completion of 12 months employment;
  • 166,667 on completion of 24 months employment; and
  • 166,667 on completion of 36 months employment.

The Company has granted an additional 250,000 options to Mr. Amoah in his role as Vice President Exploration - West Africa, exercisable at a price of $1.75 per share exercisable in whole or in part on or before November 19, 2016.  The options will vest as follows:

  • 125,000 on a decision made to proceed to production before 31 December 2012; and
  • 125,000 on the discovery or acquisition by the Company of at least 1Moz of gold resources (reported in accordance with the JORC code) in the area beyond a 20km radius of the Company's resources at Obotan and Kubi Project, at the time of the appointment.

As a result of Mr. Amoah's change of roles, PMI has recruited a highly experienced Ghanaian geologist and senior exploration executive, Mr. John Nketia Gyedu, as Exploration Manager.

Mr. Gyedu has 15 years of experience in gold exploration and mining in Ghana and Algeria, including most recently as Geology Manager and Senior Mine Geologist with GMA Resources in Algeria and, prior to that, as Chief Mine Geologist, Senior Mine Geologist, Pit Supervisor and Senior Pit Geologist with Goldfields Ghana Limited.  He commenced his career with Ranger Minerals (Abosso Goldfields Limited) in Ghana.

The Company has also appointed Mr. Eric Darko as Community Relations and Environment Manager, also based in Ghana. Mr. Darko has 14 years experience working in similar roles within Ghana, most recently with Chirano Gold Mine Limited where he was Community & Public Relations Manager and Local Communications Officer from 2005 to 2011.

Mr. Darko will be responsible for the design and implementation of appropriate community relations programs, the development of environmental management programs, the organisation and provision of logistics support, and management of the Company's community relations team in Ghana.

PMI Managing Director and CEO, Mr. Collin Ellison, said the new appointments would significantly strengthen and enhance the Company's in-country management team in the key areas of exploration, mine geology and community relations.

"With drilling activity continuing to ramp up, both at Obotan and at our key regional projects, it is vital that our exploration division has an appropriate depth of expertise and management capability," he said.

"As a result of these appointments, Mr. Amoah will be able to take on overall responsibility for the Company's West African exploration activities, while Mr. Gyedu will focus on managing exploration programs at each of our key projects.

The Pre-feasibility Study on the Obotan Project remains on target for completion in December 2011 to be immediately followed by a bankable Feasibility Study scheduled for completion mid-2012.

This Study will be based on the upgraded JORC and NI 43-101 compliant resource inventory for the Obotan Project announced in October 2011 comprising Measured 1.22 million ounces, Indicated 2.0 million ounces and Inferred 1.29 million ounces.

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

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.

SOURCE PMI Gold Corporation

For further information:

Investor Relations Canada:      Investor Relations Australia:                
Rebecca Greco, Fig House Communications        Nicholas Read/Paul Armstrong, Read Corporate
P. +1 (416) 822-6483         P. +61 8 9388 1471 
E. fighouse@yahoo.com      M. +61 419 929 046
       
PMI Contact Canada:       PMI Contact Australia: 
Marion McGrath, Corporate Secretary      Collin Ellison, Managing Director & CEO
P. +1 (604) 684-6264      P. +61 8 6188 7900  
Toll-Free: 1 (888) 682-8089      

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

 

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PMI Gold Corporation

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