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| | Wednesday, August 29, 2007
PMI Gold Drills 44.5 Metres @ 2.61 G/T Au at Nkran, Ghana
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News Release # 07-17
August 29, 2007, Vancouver BC - PMI Gold Corporation (TSX/V:PMV) - Douglas MacQuarrie, President, announces that PMI Gold Corporation ("PMI Gold") has received final assay results from the recent eight hole, 2,539 metre drill program completed on our Obotan project, Ghana.
Highlights from the drilling are 44.5 m of 2.61 g/t gold in hole NK07-001 which tested the down dip extension of the Nkran pit orebody 330 m below the base of the previously mined pit; and 2.7 m of 8.91 g/t gold in NK07-005 collared 170 m to the south of the southern end of the pit.
Table 1 - Drill Collar co-ordinates:
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HOLEID GRIDE GRIDN WGS84E WGS84N AZIMUTH DIP DEPTH M
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NK07-001 9510 10000 611408 700592 133 -50 648.00
NK07-002 9550 9800 611303 700408 133 -50 104.60
NK07-003 9545 9825 611317 700430 133 -50 637.03
NK07-004 10018 9625 611552 699975 133 -50 199.95
NK07-005 9986 9625 611528 699995 133 -50 212.14
NK07-006 10020 9650 611571 699998 133 -50 169.47
NK07-007 10020 9675 611587 700017 133 -50 169.47
NK07-008 9700 10700 611995 701003 133 -50 398.07
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*note NK07-003 was a retest of NK07-002 which was not completed
Table 2 - Significant Gold Intercepts:
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Weighted Avg.
Drill From To Width Grade g/t Au
Hole Metres Metres Metres (uncut)
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NK7-001 581.60 626.05 44.45 2.61
including 581.60 584.65 3.05 3.58
including 588.50 600.00 11.50 5.95
including 593.60 598.50 4.90 9.12
including 593.60 594.50 0.90 26.27
including 597.50 598.50 1.00 19.10
including 605.40 609.80 4.40 1.85
including 619.00 626.05 7.05 3.55
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NK07-005 56.39 59.13 2.74 8.91
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NK07-006 38.10 39.62 1.52 8.22
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NK07-007 28.96 31.09 2.13 3.51
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NK07-008 125.20 127.00 1.80 3.13
NK07-008 350.00 351.00 1.00 6.68
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Douglas R. MacQuarrie, President and CEO commented: "Our first deep drill test beneath the Nkran pit has increased our confidence in the structural and grade continuity of the Nkran West Zone underground gold mineralization. Previous intersections in hole RCD787A located 100 metres up dip from the new intersection in NK07-001 gave 52 metres of 3.07 g/t Au (true width estimated at 45 metres); and RCD756 located 80 m down dip, returned 41 metres of 3.27 g/t Au (estimated 24 metre true width). On section 10,000N, gold mineralization has been outlined to a depth of 425 metres below the pit and with true widths varying from 20 to 45 metres. Within this bulk mineralized zone there are significant high grade drill intersections including 7.0 metres of 12.28 g/t Au; 8.0 metres of 10.00 g/t Au; 5.0 metres of 23.00 g/t Au; and 4.0m of 10.00 g/t Au. In order to prove the viability of this zone for bulk or selective mining, further detailed drilling will be required, preferably from underground drill stations as suggested by RSG Global in their recent concept study report on the Nkran mineralization. We are also encouraged by the new gold values intersected to the north and south of the pit. A complete review of the Nkran database in conjunction with the results from the Geotech VTEM survey which will be flown in September will prioritize targets for further drilling."
This news release has been prepared by Douglas R. MacQuarrie, P.Geo. (B.C.), a Qualified Person under National Instrument 43-101. Oriented NQ, and HQ core was logged, sawn and sampled on site, with half samples sent to SGS Analabs Pty. Ltd. in Bibiani, and analyzed for gold by fire assay-AA on a 50 gram sample charge. Internal QC consisted of inserting both blanks and standards into the sample stream and multiple re-assays of selected anomalous samples. Where multiple assays were received for an interval, the final value reported was the average of all results for the interval. Results from the QC program confirmed that the reported results are accurate. Intercepts were calculated with a minimum 2.0 g/t Au cut off at beginning and end of the intercept and allowing for no more than six consecutive metres of less than 1.0 g/t Au. Internal intercepts above 10 g/t Au are reported separately. Grade x Width intercepts of less than 5 g/t metres were not reported.
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 483 square kilometres along a 70 kilometre length of the Asankrangwa Gold Belt in 12 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
For further information please contact:
Douglas R. MacQuarrie, President & CEO
Telephone: 1 (604) 682-8089
Toll-Free: 1 (888) 682-8089
Facsimile: 1 (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)
NOT FOR RELEASE OR DISTRIBUTION IN THE USA.
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.
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