PMI Gold Corporation - Trafalgar Capital Update



    /THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
    U.S. NEWS AGENCIES/

    VANCOUVER, April 22 /CNW/ - PMI Gold Corporation (TSX.V:PMV), announces
that Trafalgar Capital Specialized Investment Fund SIF of Luxembourg, lender
to PMI Gold, have advanced a potential solution for the settlement of the
remainder of the outstanding debt. While the lender and PMI Gold explore this
resolution, Trafalgar has agreed in principle to not execute on nor foreclose
pursuant to the previously announced default notice, effectively granting PMI
Gold an undisclosed term for a workout proposal. PMI Gold continues to work
closely with the Fund and its principles on this basis.
    PMI Gold currently holds four previous operating gold mines on 746 square
kilometres of leases and concessions located along the prolific Ashanti and
Asankrangwa gold belts in Ghana. In order to best address our financial
position and source funding to move our Kubi Gold project to production, PMI
Gold has invited selected major and junior exploration companies to review its
substantial Ghana data base. It is expected that these efforts may result in
joint ventures or other associations. Further information will be released
when available.

    
    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:

For further information: Douglas 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: 41-79-694-8671, e-mail: John
Mullen@bluewin.ch, or visit the PMI Gold Corporation website at
www.pmigoldcorp.com

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