Fiscal agent appointed for Kubi Gold Project financing



    /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: 78,749,736
    Fully Diluted: 98,712,327

    VANCOUVER, June 3 /CNW/ - PMI Gold Corporation (TSX.V:PMV) announces that
it has appointed Devitor AB of Stockholm, Sweden, as its corporate finance
adviser. Devitor has undertaken to arrange a 5 year secured bond for
US$ 65 million to finance the Kubi gold deposit to a producing mine. It is
expected the bond will carry a similar rating to the sovereign one for Ghana,
namely B+.
    Devitor has initiated a bookbuilding process designed to test investor
interest, subject to a satisfactory rating. The preparation and assembly of
data to facilitate this is underway. Finders fees, which may include bonus
warrants, will be payable on closing. The financing is subject to regulatory
approval.
    The Company also reports the recently completed Preliminary Assessment
study commissioned by PMI Gold on its 100% owned Kubi Gold Project in Ghana,
West Africa, and disclosed on April 10, 2008, has now been filed on SEDAR at
http://www.sedar.com (or download via the link
http://www.staff.goknet.net/Reports/Kubi_Preliminary_Assessment_May08.pdf).
Mineral resources that are not mineral reserves do not have demonstrated
economic viability.
    The report indicates that Kubi can be developed as a profitable
underground mining operation with a pre-tax base case Internal Rate of Return
(IRR) of 28%, and a Net Present Value (NPV) at a 10% discount rate, of
US$38.6 million. Based on the findings of the Golder Associates Ltd.
('Golder') study, PMI Gold is now advancing Kubi toward a full feasibility
study for production of up to 50,000 ounces of gold per year commencing Q1
2011, and at an expected average cash cost of production for the first five
years of US$336 per ounce and a US$750 gold price.

    PMI Gold now controls four previous operating mines on its 698 square
kilometres of leases and concessions located along the prolific Ashanti and
Asankrangwa gold belts in Ghana. In addition to developing a mine at Kubi, PMI
Gold has contracted Golder to prepare an initial resource estimate for the
Nkran deposit at our Obotan Gold project. 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 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:

For further information: Douglas R. MacQuarrie, President & CEO,
Telephone: (604) 682-8089, Toll-Free: 1-888-682-8089, Facsimile: (604)
682-8094; or for European Investors: Florian Riedl-Riedenstein: Tel:
43-2774-28814, e-mail: frram@aon.at; or John Mullen: Tel: 41-522-428795,
e-mail: John Mullen@bluewin.ch; Or visit the PMI Gold Corporation website at
www.pmigoldcorp.com (in German: http://pmi.goldseiten.de)

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PMI Gold Corporation

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