PMI Gold Corporation - Bridge loan extension/Board appointments

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

    TSX Venture Exchange: PMV
    US PMVGF.PK
    Frankfurt: AOJMW7
    Issued & Outstanding: 84,749,736
    Fully Diluted: 119,523,070VANCOUVER, Nov. 20 /CNW/ - PMI Gold Corporation (TSX.V:PMV) is pleased to
announce that Trafalgar Capital Specialized Investment Fund, FIS ("Trafalgar")
has granted the Company an extension to its bridge loan which was originally
advanced on July 8th, 2008. Terms for the extension to January 31st, 2009 are
the issuance of shares in the capital stock of PMI held by Trafalgar to total
9.9% of the then issued capital after adjustment for additional shares for
debt as noted herein. Any shares issued pursuant to this agreement will have a
4 month hold period.
    At a Board meeting held on November 19th, the Company accepted the
resignation of David M. Buckle, and has appointed Douglas R. MacQuarrie as the
President and CEO. Peter Hooper, the former President & CEO has agreed to
continue as a Non-Executive Director. The Board thanks Mr. Buckle for his
assistance and wish him well with his future endeavours.
    Considering the depressed state of the equity markets and our negative
working capital position, the Company has resolved to lower the price of all
the outstanding share purchase options and warrants to $0.10, or such other
price acceptable to the TSX Venture Exchange. Any such reduced price on the
options will require the majority approval of the dis-interested shareholders
of the Company, such approval to be sought at the Annual General Meeting
called for December 12, 2008.
    The Company also announces that it intends to settle as much of its
current accounts payable by issuing shares for debt at a deemed price of $0.12
per share to those creditors who accept the offer. Pursuant to the policies of
the TSX Venture Exchange, this offer must be made to all creditors of the
Company. Further details will be released upon final Exchange approval.
    Douglas R. MacQuarrie, President & CEO stated that: "The additional
extension granted by Trafalgar will allow the Company time to continue to
evaluate many other opportunities to finance our operations and the early
construction of our Kubi Gold Mine. In the medium term, once some normality
returns to the World's corporate debt markets, we will revisit our previously
announced rated bond offering. We thank our shareholders for their continued
patience during these difficult times."

    PMI Gold controls four previous operating gold mines on 746 square
kilometres of leases and concessions located along the prolific Ashanti and
Asankrangwa gold belts. Ghana is Africa's second largest gold producer and has
attracted over $7 billion in foreign direct investment into the minerals and
mining sector over the last decade. Ghana is a destination of choice because
of its long gold mining history, prospective resource base, reasonable
taxation and stable government.On behalf of the Board,
    "Douglas R. MacQuarrie"
    President & CEO

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.This news release contains forward-looking statements which involve known
and unknown risks, delays and uncertainties not under the Company's control
which may cause actual results, performance or achievements of the Company to
be materially different from the results, performance or expectations implied
by these forward-looking statements. We Seek Safe Harbour.

    %SEDAR: 00005434E

For further information: Douglas MacQuarrie, President & CEO, Telephone:
[phone], Toll-Free: 1-888-682-8089, Facsimile: [phone]; or for
European Investors: Florian Riedl-Riedenstein: Tel: [phone], e-mail:
[e-mail] or John Mullen: Tel: [phone], e-mail: John
[e-mail]; Or visit the PMI Gold Corporation website at
www.pmigoldcorp.com