WE are Ghana Focused- Largest Gold Producer in West Africa
The West African country of Ghana has an extensive history of gold production and local gold was a feature in the Sahara trade routes for several thousand years. It is believed that the gold of ancient Rome and Egypt was produced in part from Ghana. This knowledge led the Portuguese to seek a sailing route from Europe to West Africa in 1471 (Griffis, et al, 2002).
Until British colonialists discovered gold and developed mines in the late 1800s, Ghana produced gold through artisanal means. The largest and most extensive of these is Ashanti Goldfield's Obuasi Mine which has recorded production exceeding 30M oz of Au during the 113 years of continuous production. In the last 20 plus years, Ghana has undergone a resurgence of exploration activity with several major international mining companies committing significant resources to operations in the country:
Ghana is politically stable with a parliamentary system yet also honours an historic chief system. It is a modern developing country with strong economic ties in West Africa as well as with Europe and North America. It is the world's second largest cocoa producer and is emerging as an oil-producing nation through newly discovered offshore fields.
PMI Gold owns the tenements upon which four mines previously operated on 85 kms of Ghana's major gold belts -- the Asankrangwa and Ashanti -- located near the centre of an area which has nearly 200 million ounces of historical production and current gold resources. Multiple opportunities for additional discoveries on the 70 km long Ashanti II gold project are also possible.
At Obotan, in August 2010, we announced a maiden gold resource (156,000 oz @ 1.59 g/t Au Indicated; 1,053,000 oz @ 2.1 g/t Au Inferred) which adds to near 1 million ounces of resources at our Kubi gold project (604,000 oz @ 3.66 g/t Indicated; 315,000 oz @ 1.88 g/t Au Inferred)
In 2010, a $7 million capital raising and co-listing on the ASX which raised $27.5 million was completed, increasing our liquidity with listings on three continents: Canada, Europe and Australia, exposing us to a larger investor base.
We have highly experienced corporate mining and exploration teams with in- country expertise.
PMI Gold continues to seek projects with near term production and organic growth from cash flow. In addition, we have a low market capitalization -- an attractive entry point -- as well as a strong private shareholder base.
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