PMI Gold closes $1,603,000 private placement financing



    /NOT FOR RELEASE OR DISTRIBUTION IN THE USA/

    
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    TSX Venture Exchange:  PMV                                   US PMVGF.PK
    Frankfurt            PN3.F              Issued & Outstanding: 63,781,456
                                                   Fully Diluted: 88,115,356
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                            Drill program planned
    

    VANCOUVER, April 11 /CNW/ - PMI Gold Corporation (TSX/V:PMV) - Douglas
MacQuarrie, President, announces that PMI Gold Corporation ("PMI Gold") has
closed the private placement of 6,150,000 units at a price of $0.28 per unit,
150,000 units more than was announced on March 14, 2007.
    Each unit consists of one share and one share purchase warrant at a price
of $0.375 if exercised before March 28, 2008, and at a price of $0.45 if
exercised in the second year until March 28, 2009. The Units have a four-month
hold period expiring July 30, 2007. A total of 6,150,000 shares have now been
issued to raise $1,603,000. A total of $119,000 were paid in finder's fees.
    PMI Gold is currently sourcing a drill contractor to commence a
US$500,000 drill program to test: 1. down dip extensions of the gold
mineralization previously outlined under the Nkran pit on our Obotan mine
project; 2. new geophysical targets outlined on the southwest side of the
Nkran pit; 3. untested gold geochemical anomalies located 750 metres northwest
of the Nkran pit; 4. down dip extensions to the mineralization previously
outlined at the African Star deposit - located 4.5 kilometres northeast of the
Nkran pit; and 5. gold mineralization outlined by previous trenching and
drilling and newly outlined co-incident EM conductors and their extensions on
the Switchback North concession - located 7 kilometres west of Nkran.
    In addition, regional geochemical silt and BLEG sampling has commenced on
our new Bankame concession option, adjoining to the north of our Ofoase
option, Ashanti Gold Belt, with results expected in the next few weeks.
    Ghana is Africa's second largest gold producer and has recently attracted
US$1.5 billion in committed foreign investment due to its long mining history,
prospective resource base, reasonable taxation and stable government. PMI Gold
now controls 470 square kilometres along a 70 kilometre length of the
Asankrangwa Gold Belt in 11 concessions, including the former Obotan mine
which produced 730,000 ounces of gold prior to its closing in 2003; and a
further 186 square kilometres in 2 concessions on the Ashanti Gold Belt.
    This news release has been prepared by Douglas R. MacQuarrie,
P.Geo.(B.C.), a Qualified Person under National Instrument 43-101.

    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.

    %SEDAR: 00005434E




For further information:

For further information: Douglas R. MacQuarrie, President & CEO; Malcolm
Ashford, Vice President, Corporate Communications, (mobile (604) 765-4775),
Telephone: (604) 682-8089, Toll-Free: 1-888-682-8089, Facsimile: (604)
682-8094, Or visit the PMI Gold Corporation website at www.pmigoldcorp.com or
in German: http://pmi.goldseiten.de

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