/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
U.S. NEWS AGENCIES/
TSX Venture Exchange: PMV
Issued & Outstanding: 85,833,070
Fully Diluted: 126,082,981
VANCOUVER, Jan. 5 /CNW/ - PMI Gold Corporation (TSX.V:PMV) is pleased to
announce that Jeffery Sternberg has been appointed as a Director of the
Mr. Sternberg has over three decades of experience in manufacturing and
distribution and has spent a large part of his career setting up distribution
channels for various international companies including senior board positions
on small to mid cap publicly traded companies. Mr. Sternberg's most recent
post was as President & CEO of Advantage Capital Development Corp. He has been
a Managing Member of Phoenix Capital Partners LLC since June 2002. Mr.
Sternberg currently works as a financial services consultant in Miami,
Trafalgar Capital Specialized Investment Fund, FIS ("Trafalgar") advanced
$3.5 million to the Company in July 2008, 50% as to a bridge loan now due
January 31, 2009, and 50% as to a convertible debenture to finance the
purchase of our Kubi gold project in Ghana. The Company has now issued
1,083,334 shares pursuant to the November and December 2008 debenture payments
due under the Kubi convertible loan facility.
The Company is currently in discussion with funding sources to raise
US$20 million to finance a direct shipping, custom milling operation at Kubi
and for general working capital. Current plans, subject to financing and
requisite permitting, are to access higher grade sections of the defined gold
resource via a decline from the old pit. Mining would be carried out by
locally available contract miners and processed at nearby custom milling
facilities. Further information will be provided as these plans are advanced.
Douglas R. MacQuarrie, President & CEO stated that: "The Company is
looking forward to a large increase in world wide capital flows into the gold
sector in 2009 - capital flows which have already resulted in a near doubling
of the market capitalizations of the larger gold producers from their recent
lows. These flows should then move into the mid tier and into near term new
gold producers, which PMI intends to soon join with the advancement of Kubi to
production. We wish all our shareholders, employees and contractors a truly
PMI Gold controls four previous operating gold mines on 746 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.
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:
firstname.lastname@example.org; or John Mullen: Tel: 41-79-694-8671, e-mail: John
Mullen@bluewin.ch; Or visit the PMI Gold Corporation website at