PMI Gold Corporation - Closing of private placement


    News Release No. 09-10   TSX Venture          US PMVGF.PK
                             Exchange: PMV
    May 15, 2009             Frankfurt: AOJMW7    Issued & Outstanding:
                                                  Fully Diluted: 168,963,821

    VANCOUVER, May 15 /CNW/ - PMI Gold Corporation (TSX.V: PMV), is pleased
to announce that the Company has now closed the non-brokered private placement
in the amount of 11,300,000 units at the price of $0.05 per unit, announced on
March 2, 2009. Each unit is comprised of one common share and one share
purchase warrant exercisable, as to 7,625,000 shares at a price of $0.05 per
share in the first year and at a price of $0.10 per share in the second and
third years; and 3,675,000 share purchase warrants exercisable at a price of
$0.10 per share for three years.
    All of the shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period and may not be traded until September
15, 2009 except as permitted by Canadian securities legislation and the TSX
Venture Exchange. The proceeds of the private placement will be used for
general working capital.

    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: or John Mullen, Tel: 41-79-694-8671, e-mail: John; Or visit the PMI Gold Corporation website at

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