Significant drill results highlighted for new resource estimate at Obotan
Gold Project, Ghana

/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:197,490,954
    

VANCOUVER, Feb. 4 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - the Company is pleased to announce that drilling has resumed on PMI Gold's Obotan concessions in Ghana. The drill program is to confirm the results of the previous drill data. Once completed, this will allow for the preparation of a NI 43-101 mineral resource estimate on the gold resources remaining at Obotan after the completion of mining in December 2002. Drilling is currently planned for the Abore, Adubiaso, Edubia and African Star targets.

In order to disseminate the drill information on which the resource estimate will be based, the gold intersections under the Adubiaso pit were published on December 23, 2009. Likewise, significant composite drill intersections from the base of the Nkran pit to depths up to 500 metres below the pit, based on 96 drill holes from the historical data and an 8 hole program completed by PMI Gold in 2007, are highlighted below (Note: true widths are estimated at from 50% to 90% of the stated core lengths) :

    
     Table 1 - Underground Bulk/Underground Selective High Grade Type Model
    Composite Gold Drill Intercepts ((greater than)50.00 g/t Au metres) from
                             below the Nkran Pit
    (1.0 g/t Au cut off with no more than 7 consecutive metres of (less
than)1.00 g/t Au):

    -------------------------------------------------------------------------
    Drill Hole   From Metres   To Metres  Width Metres   Weighted Avg. Grade
                                                        (cut to 50.00 g/t Au)
    -------------------------------------------------------------------------
    RCD993            322.00      390.00         68.00                  3.63
    -------------------------------------------------------------------------
    DD519             213.00      284.00         71.00                  3.34
    -------------------------------------------------------------------------
      including       271.00      284.00         13.00                  7.30
    -------------------------------------------------------------------------
    RCD993B           335.00      399.00         64.00                  3.39
    -------------------------------------------------------------------------
    RCD855            296.00      334.00         38.00                  5.26
    -------------------------------------------------------------------------
    RCD787            378.00      417.00         39.00                  4.80
    -------------------------------------------------------------------------
    RCD563            257.00      281.00         24.00                  7.69
    -------------------------------------------------------------------------
      including       257.00      262.00          5.00                 22.97
    -------------------------------------------------------------------------
    RCD563            291.00      313.00         22.00                  6.41
    -------------------------------------------------------------------------
    RCD201            364.00      414.00         50.00                  3.67
    -------------------------------------------------------------------------
      including       387.00      397.00         10.00                 10.82
    -------------------------------------------------------------------------
    RCD677            337.00      379.00         42.00                  4.06
    -------------------------------------------------------------------------
    RCD797            275.00      281.00          6.00                 25.72
    -------------------------------------------------------------------------
    RCD797            301.00      317.00         16.00                  9.43
    -------------------------------------------------------------------------
    RCD781            562.00      596.00         34.00                  4.40
    -------------------------------------------------------------------------
    RCD621E           230.00      251.00         21.00                  6.82
    -------------------------------------------------------------------------
    RCD309            273.00      320.04         47.40                  2.99
    -------------------------------------------------------------------------
      including       306.00      320.40         14.40                  5.36
    -------------------------------------------------------------------------
    RCD378            161.00      165.00          4.00                 14.75
    -------------------------------------------------------------------------
    RCD557            147.00      172.00         25.00                  5.59
    -------------------------------------------------------------------------
    RCD756            531.00      573.00         42.00                  3.22
    -------------------------------------------------------------------------
    RCD623            180.00      205.00         25.00                  5.04
    -------------------------------------------------------------------------
    RCD623            245.00      272.00         27.00                  2.91
    -------------------------------------------------------------------------
    RCD630            195.00      225.00         30.00                  4.13
    -------------------------------------------------------------------------
    RCD991A           379.00      437.00         58.00                  2.14
    -------------------------------------------------------------------------
    RCD993A           391.00      432.00         41.00                  2.97
    -------------------------------------------------------------------------
    NK07-001          581.60      626.05         44.45                  2.61
    -------------------------------------------------------------------------
    RCD220            236.00      287.00         51.00                  2.04
    -------------------------------------------------------------------------
    RCD479            216.00      237.00         21.00                  5.13
    -------------------------------------------------------------------------
    RCD480            145.00      154.00          9.00                  5.14
    -------------------------------------------------------------------------
    RCD554            175.00      183.00          8.00                  9.75
    -------------------------------------------------------------------------
    RCD554            192.00      246.00         54.00                  2.03
    -------------------------------------------------------------------------
    RCD617            178.00      185.70          7.70                  7.26
    -------------------------------------------------------------------------
    RCD617            238.00      265.00         27.00                  3.83
    -------------------------------------------------------------------------
    RCD619            251.00      261.00         10.00                  5.99
    -------------------------------------------------------------------------
    RCD621D           242.00      271.00         29.00                  3.26
    -------------------------------------------------------------------------
    RCD621D           400.00      433.00         33.00                  2.59
    -------------------------------------------------------------------------
    RCD626            182.00      214.00         32.00                  3.32
    -------------------------------------------------------------------------
    RCD781B           459.00      477.00         18.00                  5.19
    -------------------------------------------------------------------------
    RCD787A           372.00      379.00          7.00                 12.28
    -------------------------------------------------------------------------
    RCD787A           416.00      425.00          9.00                  6.14
    -------------------------------------------------------------------------
    RCD854A           382.00      399.00         17.00                  5.85
    -------------------------------------------------------------------------
    RCD872            477.00      503.00         26.00                  3.74
    -------------------------------------------------------------------------
    RCD992            363.00      373.00         10.00                  4.77
    -------------------------------------------------------------------------
    RMD200D            84.00       94.00         10.00                  4.06
    -------------------------------------------------------------------------
    RC736              24.00       29.00          5.00                 10.16
    -------------------------------------------------------------------------
    

Please see the following link for the full list of 1.0 g/t Au cut off, composited, drill intersections and drill hole collar data: http://www.pmigoldcorp.com/i/maps/NkranDrillIntersectionsUnderPitFeb0410.pdf

If the above intercepts are re-calculated to emphasize width rather than grade as at other advanced development stage or producing open cut gold projects in Ghana, Australia and Canada, with a minimum of a 0.80 g/t Au cut-off at the beginning and end of the intercept, and allowing for no more than ten consecutive samples (ten metres) of less than 0.80 g/t Au., the following significant drill intersections are noted:

    
           Table 2 - "Super Pit" Low Grade - High Widths Type Model
    Composite Gold Drill Intercepts ((greater than)130.00 g/t Au metres) from
                             below the Nkran Pit

    (0.8 g/t Au cut off with no more than 10 consecutive metres of (less
than)0.80 g/t Au):

    -------------------------------------------------------------------------
    Drill Hole   From Metres   To Metres  Width Metres   Weighted Avg. Grade
                                                        (cut to 50.00 g/t Au)
    -------------------------------------------------------------------------
    RCD563            109.00      313.00        214.00                  1.65
    -------------------------------------------------------------------------
    RCD797            229.00      351.00        122.00                  2.87
    -------------------------------------------------------------------------
    RCD677            180.90      416.00        235.10                  1.33
    -------------------------------------------------------------------------
    RCD621D           230.00      508.00        278.00                  1.08
    -------------------------------------------------------------------------
    RCD781            324.00      596.00        272.00                  1.10
    -------------------------------------------------------------------------
    RCD854A           294.00      505.00        211.00                  1.31
    -------------------------------------------------------------------------
    RCD782            261.00      505.00        244.00                  1.12
    -------------------------------------------------------------------------
    RCD993            291.00      390.00         99.00                  2.57
    -------------------------------------------------------------------------
    RCD787            174.00      458.00        284.00                  0.89
    -------------------------------------------------------------------------
    RCD494            202.00      363.00        161.00                  1.53
    -------------------------------------------------------------------------
    RCD201            266.00      443.00        177.00                  1.39
    -------------------------------------------------------------------------
    RCD309            162.00      320.40        158.40                  1.54
    -------------------------------------------------------------------------
    DD519             189.00      284.00         95.00                  2.53
    -------------------------------------------------------------------------
    RCD623            180.00      289.00        109.00                  2.19
    -------------------------------------------------------------------------
    RCD993B           175.00      404.00        229.00                  1.04
    -------------------------------------------------------------------------
    RCD617            178.00      312.00        134.00                  1.77
    -------------------------------------------------------------------------
    RCD630            182.00      421.00        239.00                  0.92
    -------------------------------------------------------------------------
    RCD201            266.00      414.00        148.00                  1.49
    -------------------------------------------------------------------------
    RCD855            272.00      339.00         67.00                  3.14
    -------------------------------------------------------------------------
    RCD787            174.00      417.00        243.00                  0.86
    -------------------------------------------------------------------------
    RCD554            161.00      246.00         85.00                  2.25
    -------------------------------------------------------------------------
    RCD781B           297.00      502.00        205.00                  0.91
    -------------------------------------------------------------------------
    RCD787A           346.00      425.00         79.00                  2.30
    -------------------------------------------------------------------------
    RCD621E           213.00      274.00         61.00                  2.72
    -------------------------------------------------------------------------
    RCD557            130.80      174.55         43.75                  3.58
    -------------------------------------------------------------------------
    RCD621E           360.00      489.00        129.00                  1.08
    -------------------------------------------------------------------------
    RCD756            531.00      576.00         45.00                  3.04
    -------------------------------------------------------------------------
    RCD854A           294.00      405.00        111.00                  1.23
    -------------------------------------------------------------------------
    RCD220            187.00      287.00        100.00                  1.30
    -------------------------------------------------------------------------
    

Please see the following link for the full list of 0.80 g/t Au cut off, composited, drill intersections: http://www.pmigoldcorp.com/i/maps/NkranDrillIntersectionsUnderPitFeb0410.pdf

Douglas R. MacQuarrie, President and CEO commented: "High gold prices, strong gold grades and widths, and the observed continuity of mineralization from section to section as confirmed in the previous mining, indicate the potential for a bulk mineable and/or high grade selective underground mining opportunity at Nkran. Mineralization has been noted at depths to 500 metres below the pit, and the zone is open to further extension at depth. Additional nearby deep drill targets were also indicated in the airborne VTEM geophysical surveys flown by PMI Gold in 2008 (http://www.pmigoldcorp.com/i/maps/VTEML1200Section.jpg ). Further drill data from Obotan will be released as available."

Please see the following link for the Nkran Pit - Drill Collar Plan map: http://www.pmigoldcorp.com/i/maps/NkranPitCollarPlanFeb10.jpg

Please see the following link for the 210000N Cross Section -Nkran Pit map: http://www.pmigoldcorp.com/i/maps/Sec210000N.jpg

This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), a Qualified Person under National Instrument 43-101. Confirmation of the historical Obotan drill hole data base is ongoing and the data is believed to be reliable, however it is presented as received by PMI Gold Corporation. The full Nkran drill data base is available for viewing at the offices of PMI Gold Corporation. For the purposes of the grade compositing, all assays were cut to a maximum of 50.00 g/t Au. Given the various possible geometries to the mineralization depending on selected cut off grades, true widths are estimated at from 50% to 90% of the stated core lengths.

    
    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

SOURCE PMI Gold Corporation

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 visit the PMI Gold Corporation website at www.pmigoldcorp.com

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