/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/
TSX Venture Exchange: PMV
Issued & Outstanding: 252,170,060
Fully Diluted: 364,284,185
VANCOUVER, Aug. 18 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - PMI Gold advises that it has received the data from the high resolution magnetic and radiometric geophysical survey recently completed over its Obotan and Kubi gold project areas, Ghana.
The survey, completed by New Resolution Geophysics of South Africa, totaled 10,030 line km's, and was flown with a terrain clearance of 30 metres and a line spacing of 100 metres. It is the highest resolution airborne data set obtained to date over our project areas.
The data is currently being analyzed by Mira Geoscience, Advanced Geophysical Interpretation Centre in Vancouver. Mira Geoscience will be integrating the survey data with the previous airborne geophysical, ground geochemical and geological, and drill hole data, to prioritize targets for follow up drilling.
Please see the following links for low resolution images of the survey data:
Douglas R. MacQuarrie, President and CEO commented: "The initial images produced from the survey data are spectacular, and clearly map the major and secondary structures, and lithological boundaries which are known to be closely associated with gold mineralization in Ghana. At the Nkran deposit on our Obotan concessions, drilling has confirmed the presence of magnetic pyrite (pyrrhotite) which is intimately associated with gold mineralization. This suggests that magnetic susceptibility high anomalies at the intersection of favourable structural breaks may represent yet undiscovered gold mineralization and will be high priority exploration targets. It is expected that an aggressive exploration program to evaluate these targets will take place in conjunction with the continued resource expansion drilling at Obotan and further drilling and engineering studies to advance Kubi to production."
The Company is also pleased to announce that it has entered into an agreement with JNS Capital Corp. for the provision of corporate development services. The Company has granted stock options to JNS Capital to purchase up to 850,000 common shares at $0.235 per share for a three year period.
Mining analysts have recently stated that West Africa will soon become the World's number 2 gold producing region, after China. Ghana is by far the largest gold producer in West Africa, and PMI Gold now controls four previous operating mines on 85 kilometres of Ghana's major gold belts, located near the centre of some 200 million ounces of historical production and current gold resources. Our Kubi Gold Project adjoins the 60 million ounce AngloGold Ashanti Obuasi mine, the largest underground mine in West Africa with a 110 year, continuous mining history.
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.
SOURCE PMI Gold Corporation
For further information: For further information: Douglas MacQuarrie, President & CEO, Telephone: 1 (604) 682-8089, Toll-Free: 1 (888) 682-8089, Facsimile: 1 (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