PMI Gold Corporation - Page - Sat Jan 28, 2012

-------------Obotan Gold Resource more than triples to 3.22 Moz Measured & Indicated, 1.29 Moz Inferred -----Minesite: Shares In PMI Soar As A Massive Resource Upgrade Clears The Way For The Re-Development Of The Obotan Gold Mine In Ghana ----- PMI Announces Key Appointments to Strengthen Ghanaian Management Team ----------------------Hartleys Australia issues Obotan Resource Upgraded 270% to 4.5Moz Gold

PMI Gold Corporation is an international gold company which is exploring and developing three emerging mining centres in Ghana, West Africa in the heart of one of the world's most prolific gold producing regions.

In January 2012, PMI reported an independent NI43-101 compliant Pre-Feasibility Study at its Obotan Gold Project:

Reserve Classification	Tonnes (Millions)	Au (g/t)	Au ozs (Millions)
Proven	14.0	2.36	1.06
Probable	16.3	2.28	1.20
Total Proven + Probable	30.3	2.32	2.26

The NI43-101/JORC compliant Mineral Resource estimate used as a basis for the PFS, at a 0.5g/t gold cut-off, is shown below:

Mineral Resource (inclusive of Mineral Reserves)	Tonnes (millions)	Average Grade (g/t Au)	Gold Contained ('000 ozs)
Measured	14.67	2.66	1.22
Indicated	27.50	2.32	2.00
Subtotal M+I	42.17	2.40	3.22
Inferred	17.54	2.35	1.29

The pre-tax NPV is US $680.5M and post-tax NPV is US $416.4M assuming a gold price of US $1,300/oz with a 5% discount rate and contract mining scenario

Drilling also continues at Obotan to update the JORC/NI 43-101 resource update for Obotan Project due in Q1, 2012, incorporating the results of 28,800 metres of additional diamond core drilling. The Feasibility Study targeted for completion end of Q2, 2012, leading to a development decision in Q3, 2012 and production is slated for late 2013.

PMI has a second advanced project at Kubi where a mining lease is in place. A recently completed 10,000m auger drilling program has delineated several east-northeast corridors containing numerous priority gold targets within the world-class Ashanti Shear. A deep drilling program will commence in Q1, 2012.

Exploration is also gathering momentum at its Asanko Regional Exploration Project, located to the south and along strike from the Obotan Project.

PMI Gold has been acquiring land and exploring for gold in Ghana for 7 years. Our focus is now bringing its projects to near term production. We control 9 concessions at Obotan and Asanko and two mining leases and two concessions at Kubi covering 530 sq km - in the heart of Ghana's major gold belts. Our holdings on the Asankrangwa gold belt alone are more than 70 km long - the equivalent length of the entire Carlin Trend in Nevada - and cover 3 past producing large scale mines and dozens of small historical operations.

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