/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/Berlin: AOJMW7
Issued & Outstanding: 187,444,570
VANCOUVER
,
Oct. 29
/CNW/ - PMI Gold Corporation (TSX.V:PMV) - Douglas MacQuarrie, President is pleased to welcome
Dr. John Clarke
as an Executive Director of the Company, effective immediately.
Dr. Clarke
holds a B.Sc. in metallurgy from University College
Cardiff
, a Ph.D. in metallurgy from Cambridge University and an MBA from Middlesex Polytechnic. During his long career involved in African mining he has held a number of executive positions including Executive Director of Ashanti Goldfields and most recently was the CEO of Nevsun Resources Limited, an exploration and development company engaged in gold and base metals exploration and development in
Africa
.
While at Ashanti,
Dr. Clarke
was responsible for strategic planning and business development and contributed to establishing Ashanti's gold exploration program throughout sub-Saharan
Africa
, including the acquisition of the Geita deposit in
Tanzania
, the Siguiri deposit in
Guinea
and the Bibiani deposit in
Ghana
.
At Nevsun,
Dr. Clarke
was responsible for the commissioning of their first mine in a remote and logistically difficult part of
Mali
, and the exploration and resource definition and major project planning in
Eritrea
with respect to their Bisha Mine, now under final construction. In addition he was responsible for leasing the Kubi gold project, now owned by PMI Gold, to AngloGold Ashanti for a surface mining operation.
Dr. Clarke
is also a Director of several other
Africa
based exploration and development companies which affords him an excellent 'continent wide' African outlook.
Dr. Clarke
on his appointment stated, "I look forward to assisting PMI Gold to further explore, finance, and move its significant gold assets in
Ghana
to production. In particular - I am truly excited about the prospects for underground development at Kubi - a potential selective mining project to be developed along the lines of so many mines previously developed in
Canada
that started small but grew significantly over time from their own cash flow. This is a model which holds great upside in
Africa
- for high grades, high margins and low environmental impact."
The Company also announces that the Company has granted, subject to regulatory approval, five year incentive stock options expiring on
October 28, 2014
, to purchase a total of 1,000,000 common shares of the Company, at a price of
$0.20
per share to a Director.
On behalf of the Board,
"Douglas R. MacQuarrie"
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
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: Douglas 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 protected]; Or visit the PMI Gold Corporation website at www.pmigoldcorp.com
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