/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
U.S. NEWS AGENCIES/
TSX Venture Exchange: PMV
Issued & Outstanding: 79,749,736
Fully Diluted: 109,908,070
VANCOUVER, Aug. 21 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - David
Buckle, Chairman, announces that the Company's subsidiary Adansi Gold Company
(Gh) Limited has acquired the Kaniago Prospecting License by direct
application to the Minerals Commission of Ghana.
Kaniago, which is 23 kilometres long and from 1.3 to 3.5 kilometres wide
centered on the Ofin River, joins together our Abore Abirem (Obotan),
Switchback, Fromenda, and Diaso Afiefiso concessions, now giving PMI Gold a
continuous 70 kilometres of the central Asankrangwa gold belt. This completes
the aggressive land acquisition program commenced by PMI Gold in 2003.
The concession covers a 54 square kilometre part of the former 390 square
kilometre Dunkwa Continental Mining Lease where dredging activities were
active from 1930 for nearly 70 years on the Ofin, and Ankobra Rivers
(Asankrangwa gold belt) and the Oda and Jeni Rivers (Ashanti gold belt,
southwest of our Kubi gold project). During this period some 1.45 million
ounces of gold were recovered, with dredge production peaking in the early
1960's at 69,000 ounces per year (Minerals Commission, 2002).
Of prime interest to PMI Gold, the concession covers five northeast
trending and deep seated gold mineralized trends, including the Juabo - Nkran
(Obotan) - Edubia trend; the Switchback - Abore Mine - Keegan trend; and the
MEM - Fromenda - Miradani Mine trend. Historical reports from the dredging
indicated increased gold grades in the Ofin River near the Miradani Mine
(Ghana Geological Survey Annual Report 1964-1965) suggesting a local source
for the gold. The intersection of the strong northeast gold trends with the
north trending Ofin River linear is considered to be a prime exploration
target for deep seated gold mineralization.
PMI Gold is continuing to advance its Kubi Gold Project in Ghana towards
production, and controls four previous operating gold mines on 712 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,
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: 1-888-682-8089, 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