Private placement CAN$1,055,549 closed - Board changes, new director appointed



    /NOT FOR RELEASE OR DISTRIBUTION IN THE USA/

    TSX Venture Exchange: PMV
    US PMVGF.PK
    Frankfurt: WKN888063
    Issued & Outstanding: 67,611,311
    Fully Diluted: 94,750,999

    VANCOUVER, Aug. 10 /CNW/ - PMI Gold Corporation (TSX.V:PMV) - Douglas
MacQuarrie, President, announces that PMI Gold Corporation ("PMI Gold") has
closed the private placement of 3,769,855 units at a price of $0.28 per unit,
which was announced on June 28, 2007.
    Each unit consists of one share and one share purchase warrant at a price
of $0.375 if exercised within the first year and at a price of $0.45 if
exercised in the second year. The units have a four-month hold period expiring
December 1, 2007.
    A total of 3,769,855 shares have now been issued to raise $1,055,549. A
total of $77,067 in cash and 183,493 warrants were paid in finder's fees.
Funds raised from this private placement will be used for exploration on the
Company's Ghana gold projects and for general working capital.
    PMI Gold also announces that Thomas Ennison LLM, currently the Corporate
Secretary of our wholly owned subsidiary Adansi Gold Company (Gh) Ltd., has
been appointed a Director to replace Pearce Bowman who due to time constraints
has stepped down to the Company's Advisory Board. Both appointments are
effective immediately.
    Ghana is Africa's second largest gold producer and has recently attracted
US$1.5 billion in committed foreign investment due to its long mining history,
prospective resource base, reasonable taxation and stable government. PMI Gold
now controls 470 square kilometres along a 70 kilometre length of the
Asankrangwa Gold Belt in 11 concessions, including the former Obotan mine
which produced 730,000 ounces of gold prior to its closing in 2003; and has
options on a further 186 square kilometres in 2 concessions on the Ashanti 
Gold Belt.

    On behalf of the Board,
    "Douglas R. MacQuarrie"
    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.

    %SEDAR: 00005434E




For further information:

For further information: Douglas R. 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: frram@aon.at; or John Mullen: Tel: 41-522-428795,
e-mail: John Mullen@bluewin.ch; or visit the PMI Gold Corporation website at
www.pmigoldcorp.com (in German: http://pmi.goldseiten.de)

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PMI Gold Corporation

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