Private placement $1.0 million/5 million units announced



    /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: 79,749,736
    Fully Diluted: 109,908,070

    VANCOUVER, Aug. 11 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - Douglas
MacQuarrie, President, announces that the Company has received subscriptions
for a non-brokered private placement to exempt investors totalling 5,000,000
units at a price of $0.20 per unit to raise $1,000,000. Each unit consists of
one share and one share purchase warrant to purchase an additional share at a
price of $0.30 for a period of two years. No finders fees are payable with
respect to this placement.
    Funds raised from this private placement will be used for general working
capital.
    PMI Gold is continuing to advance its Kubi Gold Project in Ghana towards
production, and controls four previous operating mines on 658 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,

    "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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PMI Gold Corporation

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