| ||Mon Aug 15, 2005|
Major Drill Targets Confirmed, Financing Update, Ashanti II Project, Ghana
| ||News Release #05-12|
PMI Ventures Ltd. (the "Company") [TSX Venture: PMV], is pleased to announce that final data processing for the first 22 lines of the IP (induced polarisation) survey in the L34N area has now been completed, confirming major targets for follow up core drilling.
Interpretation of the data suggests that the primary target is a 1600 metre long, carbonaceous shear zone with strong sulphide (pyrite?) mineralization. It occupies a dilational 'north step' in the main ASZ2 shear zone at the contact of the Birimian sediments with the Diaso granite and the east west trending "D4/D5" shears. A secondary drill target is an associated 1200 metre long, north stepping, dilational 'break' in the granite and is also interpreted to contain major quartz-sulphide stock work mineralization.
The AngloAshanti Obuasi gold mine, located 50 kilometres to the east, occurs in a similar geological and structural environment. The bulk of mine production over its 108 year history has come from multiple, north stepping, sub parallel quartz-sulphide, carbonaceous shear zones trending over a length of five kilometres and to depths of over two kilometres. The gold mineralization at Obuasi is also spatially related to a series of major east-west and west-southwest trending structures. These structures have been traced to the Company's Ashanti II Gold Project and to the L34N area in particular.
Two new northeast trending quartz reef-shear zone systems have also been discovered. These shears, one and two kilometres respectively to the northwest of the ASZ2 shear zone are termed the ASZ2 "a" and "b" shears. Greasy black to white quartz reef outcrops, spot high gold in soil geochemical anomalies and galamsey workings have been variously noted along the trend of the anomalies. Each of these new targets has a length of greater than 2 kilometres. Detail prospecting and evaluation of these zones is now underway. The IP survey is being continued to cover the full 14 kilometre long grid area.
Additional maps and data can be found at www.pmiventures.com.
The Company is in negotiation with several financial sources to raise sufficient funds for drilling and general working capital. Further details will be announced when finalized.
The Company has also granted, subject to regulatory approval, five year incentive stock options expiring on August 14, 2010, to Mr. Peter Hooper, Director, to purchase 500,000 common shares of the Company, at a price of $0.25 per share.
Douglas R. MacQuarrie, President, P.Geo., a qualified person under National Instrument 43-101 prepared this news release.
On behalf of the Board,
For further information please contact:
Douglas R. MacQuarrie, President
Telephone: (604) 682-8089
Toll-Free: (888) 682-8089
Facsimile: (604) 682-8094
www.pmiventures.com or in German: http://pmi.goldseiten.de
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.
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