|
September 23, 2008, Vancouver
BC - 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 government.
On behalf of the Board,
"Douglas R. MacQuarrie"
Executive Director
New Business & Exploration
For further information please contact:
Douglas MacQuarrie
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
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.
You can also
view this News Release on our website at:
http://www.pmigoldcorp.com/s/News.asp?ReportID=320317
|