PMI Gold Corporation - Private placement increased



    /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: AOJMW7
    Issued & Outstanding: 77,711,311
    Fully Diluted: 103,275,999

    VANCOUVER, Jan. 14 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - Douglas
MacQuarrie, President, announces that the private placement to exempt
investors previously announced on November 27 has been increased from
10 million units to up to 14.3 million units at a price of $0.28 per unit to
raise up to $4,000,000.
    There has been no change in the pricing of the unit. Each unit consists
of one share and one half share purchase warrant at a price of $0.375 if
exercised within the first year and at a price of $0.45 if exercised in the
second year. Finders fees will be payable.
    Funds raised from this private placement will be used to fund engineering
studies to advance the Company's Kubi and Obotan gold projects in Ghana, and
for general working capital.

    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. We Seek Safe Harbour.

    %SEDAR: 00005434E




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: frram@aon.at; or John Mullen: Tel: 41-522-428795,
e-mail: John Mullen@bluewin.ch; Or visit the PMI Gold Corporation website at
www.pmigoldcorp.com (in German: http://pmi.goldseiten.de)

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