153 metres of 2.37 g/t gold at PMI Gold's Obotan Gold Project, Ghana

/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:252,170,060
    

- Long high grade gold intersections at Nkran, including:

- 153.40 metres @ 2.37 g/t Au - including 46.00 metres @ 5.23 g/t Au

- 124.24 metres @ 2.25 g/t Au - including 35.32 metres @ 4.10 g/t Au

- Results confirm potential for significant new gold resource at Nkran

- Results received from 43 of 65 drill holes, with balance expected mid September

- NI 43-101 resource estimate, now under preparation by Hellman and Schofield in anticipation of proposed ASX listing and IPO, is expected imminently

- Additional drilling will commence once all the current results have been compiled

VANCOUVER, Aug. 10 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - the Company is pleased to announce the results from the first 43 of 65 diamond drill holes recently completed at our Obotan Gold Project in Ghana. The program consisted of a total of 10,877 metres, with 6,315 metres in 35 resource definition drill holes and 4,562 metres in 30 quality control (QC) drill holes. The results of this definition and QC program have been added to the historical Obotan database of 2,930 drill holes totalling some 202,250 metres. A maiden NI 43-101 resource estimate for Obotan is currently under preparation. Drilling was completed at Nkran (holes labeled below with 'NKC' and 'NKR'), Adubiaso ('ADP'), Asuadai/Edubia ('ASP') and Abore ('ABP').

Douglas R. MacQuarrie, President and CEO commented: "We have achieved the objective of this drill program which was to confirm, and to commence expanding, the historical Obotan drill data base. The excellent grades, widths and continuity of the gold mineralization intersected in drilling at Nkran clearly indicate the potential of this zone for renewed mining activities - by either a pit push back or underground bulk mining techniques. In addition, significant near surface gold mineralization was noted at Adubiaso, Asuadai and Abore. Additional drilling will commence once all of the current results have been compiled."

Table 1 - Significant Gold Intercepts ((greater than)10.00 g/t Au metres) :

    
    -------------------------------------------------------------------------
    Drill Hole      From Metres    To Metres      Width         Weighted Avg.
                                                  Metres        Grade g/t Au
                                                                (uncut)
    -------------------------------------------------------------------------
    NKC10-010       315.00         328.00          12.35           2.13
    -------------------------------------------------------------------------
                    446.90         571.14         124.24           2.25
    -------------------------------------------------------------------------
      including     446.90         482.22          35.32           4.10
    -------------------------------------------------------------------------
      including     461.00         470.00           9.00          10.14
    -------------------------------------------------------------------------
      including     472.81         475.33           2.72           8.00
    -------------------------------------------------------------------------
      including     462.15         462.31           0.16         407.50
    -------------------------------------------------------------------------
      including     473.24         473.62           0.38          43.10
    -------------------------------------------------------------------------
      including     502.00         512.00          10.00           5.03
    -------------------------------------------------------------------------
      including     502.00         502.60           0.60          17.30
    -------------------------------------------------------------------------
      including     508.46         508.55           0.09         251.00
    -------------------------------------------------------------------------
    NKR10-013       119.60         273.00         153.40           2.37
    -------------------------------------------------------------------------
      including     119.60         165.60          46.00           5.23
    -------------------------------------------------------------------------
      including     119.60         122.00           2.40          25.25
    -------------------------------------------------------------------------
      including     119.60         119.80           0.20         282.00
    -------------------------------------------------------------------------
      including     134.85         137.00           2.50          13.26
    -------------------------------------------------------------------------
      including     154.87         156.00           1.17          28.00
    -------------------------------------------------------------------------
      including     165.20         165.60           0.40         202.69
    -------------------------------------------------------------------------
      including     190.76         192.00           1.24          12.50
    -------------------------------------------------------------------------
      including     213.80         214.20           0.40          23.65
    -------------------------------------------------------------------------
    ADP09-005       101.00         107.00           6.00           5.67
    -------------------------------------------------------------------------
      including     105.50         106.50           1.00          21.78
    -------------------------------------------------------------------------
    ADP10-004       218.00         232.00          14.00           3.50
    -------------------------------------------------------------------------
      including     220.30         222.00           1.70          23.25
    -------------------------------------------------------------------------
    ADP10-008       208.34         238.50          30.16           1.49
    -------------------------------------------------------------------------
      including     208.34         220.50          12.16           1.78
    -------------------------------------------------------------------------
      including     230.50         238.50           8.00           2.75
    -------------------------------------------------------------------------
    ADP10-009       106.50         135.00          28.50           1.27
    -------------------------------------------------------------------------
      including     130.74         135.00           4.26           5.75
    -------------------------------------------------------------------------
    ASP10-001        42.75          44.00           1.25          20.38
    -------------------------------------------------------------------------
    ASP10-003        28.35          40.00          11.65           1.67
    -------------------------------------------------------------------------
    ASP10-004         3.05          33.53          30.48           3.03
    -------------------------------------------------------------------------
      including      13.72          24.38          10.66           5.46
    -------------------------------------------------------------------------
    ASP10-005         3.05          39.32          36.27           1.23
    -------------------------------------------------------------------------
      including      19.81          30.48          10.67           2.44
    -------------------------------------------------------------------------
      including      19.81          21.34           1.53          10.14
    -------------------------------------------------------------------------
                     56.00          65.23           9.22           1.47
    -------------------------------------------------------------------------
    ASP10-006        43.00          57.10          14.10           1.57
    -------------------------------------------------------------------------
    ASP10-008        10.67          54.81          44.14           1.48
    -------------------------------------------------------------------------
      including      10.67          36.58          25.91           1.93
    -------------------------------------------------------------------------
    ASP10-023        90.00         102.00          12.00           1.17
    -------------------------------------------------------------------------
    ASP10-025        16.76          24.38           7.62           1.33
    -------------------------------------------------------------------------
                     56.39          68.00          11.61           2.08
    -------------------------------------------------------------------------
    ABP10-001        49.00          58.50           9.50           1.90
    -------------------------------------------------------------------------
                     66.50          75.10           8.60           1.43
    -------------------------------------------------------------------------
    ABP10-002        58.66          65.00           6.34           2.20
    -------------------------------------------------------------------------
    ABP10-003        79.50          86.00           6.50           1.46
    -------------------------------------------------------------------------
    ABP10-007        86.00         132.00          46.00           2.01
    -------------------------------------------------------------------------
      including      97.00          98.00           1.00          21.70
    -------------------------------------------------------------------------
      including     112.00         113.00           1.00          31.65
    -------------------------------------------------------------------------
    ABP10-008        78.00         103.00          25.00           1.53
    -------------------------------------------------------------------------
      including     102.25         103.00           0.75          30.30
    -------------------------------------------------------------------------
    ABP10-011        69.50          81.00          11.50           1.04
    -------------------------------------------------------------------------
    

Please see the following web links for the Drill Collar Data, Collar Plan map, and Drill Section 210325:

http://www.pmigoldcorp.com/i/maps/NR10-10DrillCollars.pdf

http://www.pmigoldcorp.com/i/maps/NR10-10DrillCollarPlan.jpg

http://www.pmigoldcorp.com/i/maps/NR10-10Section210325N.jpg

This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), a Qualified Person under National Instrument 43-101. Field work was supervised by Donald Allen, MSc. P.Eng and Paul Abbott MSc., Consulting Geologists. HQ, and NQ core was logged, sawn and sampled on site, with half samples sent to SGS Laboratory in Tarkwa, and analyzed for gold by fire assay-AA on a 50 gram sample charge. Where visible gold was noted, on occasion both 1/2's of the core were assayed after geological logging and photographing (please see http://www.pmigoldcorp.com/i/maps/NR10-10VGphotos.pdf for photos from the drill program). Internal QC consisted of inserting both blanks and standards into the sample stream and multiple re-assays of selected anomalous samples. Where multiple assays were received for an interval, the final value reported was the average of all results for the interval. Results from the QC program suggest that the reported results are accurate. The data also suggests that diamond drilling may understate the gold grades relative to reverse circulation drilling, based on the larger sample sizes obtained with RC drilling. Intercepts were calculated with a minimum 1.0 g/t Au cut off at the beginning and the end of the intercept and allowing for no more than ten consecutive metres of less than 1.0 g/t Au internal dilution. Intercepts above 10.0 g/t Au metres are reported separately. Grade x Width intercepts of less than 10.0 g/t Au metres were not reported. True widths are estimated at circa 70% of the stated core length.

On behalf of the Board,

"Douglas R. MacQuarrie"

President & 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.

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

SOURCE PMI Gold Corporation

For further information: For further information: Douglas MacQuarrie, President & CEO, Telephone: 1 (604) 682-8089, Toll-Free: 1 (888) 682-8089, Facsimile: 1 (604) 682-8094; or for European Investors: Florian Riedl-Riedenstein, Tel: 43-2774-28814, e-mail: frram@aon.at; Or visit the PMI Gold Corporation website at www.pmigoldcorp.com

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