/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
U.S. NEWS AGENCIES/
TSX Venture Exchange: PMV
Issued & Outstanding: 77,711,311
Fully Diluted: 103,275,999
VANCOUVER, Jan. 30 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - Douglas
MacQuarrie, President, announces that it, and its 100% owned subsidiary Adansi
Gold Company (Gh) Ltd. ("Adansi"), have entered into a letter agreement with
Golden Lion Resources (Ghana) Ltd. ("Golden Lion") and Goknet Mining Company
(Ghana) Limited ("Goknet"), whereby Golden Lion will purchase a 100% interest,
subject to the government of Ghana's 10% free carried interest, in the Bankame
and Ofoase concessions located on the Ashanti gold belt in Ghana. Adansi is
the operator and currently holds an option interest in the concessions. Mono
Minerals Limited ("Mono"), the registered owner of Ofoase, has also agreed to
assign all its underlying rights in the Ofoase concession to Golden Lion.
Golden Lion Resources Ltd. ("GLR"), a company to be listed on the
Australian Stock Exchange (ASX) has agreed to pay one million shares in its'
capital stock and a 2% NSR royalty interest, as to 50% to each of Adansi and
Goknet, within 14 days of the listing of GLR on the ASX. This agreement is
subject to the entering into of a Final Agreement incorporating the terms of
the letter agreement; the listing of GLR on the ASX; and the requisite consent
of the Minister of Lands, Forestry and Mines of Ghana. The GLR shares issued
pursuant to this agreement may also be subject to an escrow period pursuant to
the rules of the ASX.
Douglas R. MacQuarrie, President and CEO commented: "With Golder
Associates currently completing their initial assessment of the mining
potential of our Kubi Gold Project and an initial resource estimate at our
Obotan Gold Project, only a limited program of exploration at Bankame and
Ofoase had been planned for 2008. We welcome this agreement with Golden Lion
that will allow them to maximize the discovery potential of the concessions,
and at the same time give PMI Gold a significant shareholding and royalty
interest in any discovery."
On behalf of the Board,
"Douglas R. MacQuarrie"
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.
For further information:
For further information: Douglas R. MacQuarrie, President & CEO,
Telephone: (604) 682-8089, Toll-Free: (888) 682-8089, Facsimile: (604)
682-8094; or for European Investors: Florian Riedl-Riedenstein: Tel:
43-2774-28814, e-mail: email@example.com; 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)