/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
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TSX Venture Exchange: PMV
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
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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.
SOURCE PMI Gold Corporation
For further information: 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: firstname.lastname@example.org; Or visit the PMI Gold Corporation website at www.pmigoldcorp.com