/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO
U.S. NEWS AGENCIES/
TSX Venture Exchange: PMV
Issued & Outstanding: 84,749,736
Fully Diluted: 119,908,070
VANCOUVER, Sept. 23 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - Douglas
MacQuarrie, Executive Director, announces that the Company has acquired two
new concessions adjoining to the north and south of our current Kubi Mining
Leases. The new prospecting license is in two parts, known as the Gyimigya and
Dunkwa and cover 8.20 and 26.26 sq km respectively. Gyimigya adjoins
immediately to the south of the AngloGold Ashanti Obuasi mine concession.
(link to map: http://www.pmigoldcorp.com/i/maps/DunkwaGyimigyaLocn.gif)
The new property covers a part of the former 390 sq km Dunkwa Continental
Mining Lease. Gold dredging activities were active from 1930 for nearly
70 years on the Ofin, and Ankobra Rivers (Asankrangwa gold belt) and the Oda
and Jeni Rivers (Ashanti gold belt, southwest of Kubi). The dredging operation
was based in Dunkwa, and during this period some 1.45 million ounces of gold
were recovered, with dredge production peaking in the early 1960's at
69,000 ounces per year (Minerals Commission, 2002).
Previous work on the PMI Gold 'Kubi' concessions, consisting of soil
sampling, ground IP, magnetic and radiometric surveys, airborne magnetic and
electromagnetic surveys, trenching, 27 exploration adits and shafts, and 499
RAB drill holes (14,296 m), 229 RC drill holes (19,274 m) and 230 DDH drill
holes (70,634 m) has outlined two strong gold trends: the Kubi trend which
hosts the Kubi gold deposit and which is currently being evaluated for
underground production (see PMI Gold news release dated April 10, 2008); and
the Ashanti trend which 20 km to the north of Kubi hosts the AngloGold Ashanti
Obuasi gold mine (26 million ounces of gold produced to date with current
reserves and resources of over 30 million ounces).
Of particular interest to PMI Gold, are a series of airborne
electromagnetic conductive targets that were outlined by the 1994 survey:
which are in areas of elevated gold in soils; and occur on, near or between
the defined Ashanti and Kubi trends. One of these targets coincides with the
main Kubi gold resource, however there are some 20 km of defined conductors
that have not yet been drill tested; and an additional 4 km of strike length
of the Ashanti and Kubi trends that have not yet been surveyed. These targets
will be the focus of further drilling once adequate financing is completed.
This news release has been prepared by Douglas R. MacQuarrie,
P.Geo.(B.C.), a Qualified Person under National Instrument 43-101, and is
based on a review of the significant Kubi historical data including visits to
all the concessions referred to herein.
PMI Gold is advancing its Kubi Gold Project in Ghana towards production,
and 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
On behalf of the Board,
"Douglas R. MacQuarrie"
New Business & Exploration
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, Telephone: (604) 682-8089,
Toll-Free: (888) 682-8089, Facsimile: (604) 682-8094 or for European
Investors: Florian Riedl-Riedenstein: Tel: 43-2774-28814, e-mail: email@example.com
or John Mullen: Tel: 41-522-428795, e-mail: John Mullen@bluewin.ch Or visit
the PMI Gold Corporation website at www.pmigoldcorp.com