PMI Gold Corporation - Private placement, drilling program expanded


    Venture Exchange: PMV
    Frankfurt: AOJMW7
    Issued & Outstanding: 118,917,570
    Fully Diluted: 168,963,821

    VANCOUVER, May 26 /CNW/ - PMI Gold Corporation (TSX.V:PMV), the Company
is pleased to announce it will use its best efforts to raise up to $1,500,000
by the private placement of up to 30,000,000 units of the Company at the price
of $0.05 per unit. Each unit is comprised of one common share and one share
purchase warrant exercisable at a price of $0.10 per share for three years.
    Proceeds of $110,000 from the private placement will be used to expand
the drilling program currently underway on our Kubi Gold project in Ghana and
the balance for working capital. A finders fee of 8% in cash and 2% in
warrants, will be payable on a portion of the offering. The finder's warrants
will be exercisable at $0.10 per share for a three year period.
    The private placement is subject to receipt of necessary stock exchange

    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: (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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