THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S.
TSX Venture Exchange: PMV
Issued & Outstanding: 84,749,736
Fully Diluted: 119,908,070
VANCOUVER, Sept. 26 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - Peter
Hooper, President and CEO, announces that the Minister of Lands, Forestry and
Mines of Ghana has approved a twenty year extension to our two Kubi Mining
Leases, located just northeast of the regional capital of Dunkwa in SW Ghana.
The lease extensions were requested as part of the requirements to fund and
develop a new mine at Kubi.
The Kubi Gold project is 100% owned by PMI Gold, subject only to the
Ghanaian Government's 10% free carried interest. Recent mining at Kubi by
AngloGold Ashanti, under an arrangement with the previous owners, recovered
58,696 ounces of gold from two small pits. The required reclamation including
pit back filling and revegetation were completed.
The main Kubi mining lease occupies an area of 19.16 sq km. A portion of
the lease is covered by forest reserve; however, PMI Gold anticipates
developing an underground mining operation with access from outside the forest
reserve area and therefore, will not be overly impacted by forest reserve
issues. Our Kubi area holdings, including the recently announced prospecting
licenses, total 53.62 sq km.
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,
President and 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 MacQuarrie, Executive Director,
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: firstname.lastname@example.org or John Mullen: Tel: 41-522-428795,
e-mail: John Mullen@bluewin.ch; Or visit the PMI Gold Corporation website at