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| | Wed Sep 14, 2005
DIAMOND DRILL PROGRAM UNDERWAY
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| | The Company is pleased to announce that the next phase consisting of 4,000 metres of diamond drilling has commenced on our Ashanti II Gold Project, Asankrangwa Gold Belt, Ghana.
The initial target is a very strong geophysical IP anomaly outlined in the L34N area of our Diaso concession. The primary target is a 1600 metre long section of the main Asankrangwa Shear Zone at its intersection with the Diaso granite and multiple cross structures. A secondary IP target is an associated 1200 metre long, north stepping, dilational 'break' in the granite. Five drill holes are planned to test these anomalies to depths of up to 200 metres. Initial results from the program are expected in two weeks.
The geophysical program is ongoing with 45% of the 14 kilometre long grid now completed. Additional to the IP targets noted above, other large anomalies have been noted with detail surveying now in progress. These targets will require subsequent drill testing. Additional maps and information can be found on our web site at www.pmiventures.com.
AGENCY AGREEMENT SIGNED WITH DOMINICK AND DOMINICK SECURITIES INC.
The Company has signed an agreement, subject to regulatory approval, with Dominick and Dominick Securities Inc., to raise up to CAD $2 million over the next three months. These funds will be used to continue the geophysical program, to support a major diamond drilling program, and for general working capital.
COMPANY OPTIONS ISSUED
The Company has also granted, subject to regulatory approval, five year incentive stock options expiring on September 15, 2010 to purchase a total of 1,466,250 common shares of the Company, at a price of $0.30 per share, to Directors, Officers, employees and advisors.
On behalf of the Board,
XXXXXXXXX
Pearce Bowman
Executive Chairman
For further information please contact:
Douglas R. MacQuarrie, President
Telephone: 1 (604) 682-8089
Toll-Free: (888) 682-8089
Facsimile: 1 (604) 682-8094
Or visit the PMI Ventures Ltd. website at 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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