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We continue to explore Kubi to find new high grade ore shoots to add to the already defined 604,085 ounce indicated gold resource at the Kubi Main zone which was the subject of a NI 43-101 assessment by Golder Associates Ltd.
At the Nkran deposit at Obotan, drilling has confirmed the presence of magnetic pyrite which is intimately associated with gold mineralization. This suggests that magnetic susceptibility high anomalies at the intersection of favourable structural breaks may represent yet undiscovered gold mineralization and will be high priority exploration targets.
Douglas MacQuarrie,
President & CEO
August 2010
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| | Thu Dec 7, 2006
4.4 G/T AU Over 13.5 Metres Reported At Switchback North, Ghana
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| | December 7, 2006, Vancouver BC - PMI Gold Corporation (TSX/V:PMV) -- Douglas MacQuarrie, President, announces the first assay results from trenches in the DDHSBN004 area on the Switchback North concession, located 7 kilometres west of our Nkran pit (former Obotan Mine), Ghana.
Two trenches totalling 130 metres in length were completed. Trench SBN54350N 9500E was located to test a strong resistivity high feature located on strike 50 metres to the southwest of the previously reported intersection of 1.47 g/t Au over a drill intersection (near true width) of 10.1metres in DDHSBN007.
A total of 38 samples were taken over a 55 metre length of the trench, with the section from 35.0 to 48.5 metres grading 4.4 g/t Au over 13.5 metres. In the section where visible gold was reported, assays to 30.9 g/t over 1 metre were noted. Given the coarse nature of the gold, and to minimize the 'nugget' effect, large 20 kg samples were collected where possible, crushed and riffle split, and then analyzed by a combination of standard 50 g fire assays with AA finish; and selective 24 and 48 hour bottle roll leach techniques.
The second trench, 54300N 9500E, located 50 metres to the southwest, and not on the resistivity high, was cut to test two anomalous gold in soil anomalies. A total of 55 samples were taken over 75 metres, with only two one metre samples grading greater than 1.0 g/t Au.
Based on these results -- further hand trenching is continuing to the northeast along the strike of the defined resistivity anomaly and on other targets outlined in the area. Hand trenching has been selected in order to minimize the disturbance to the local farmers and to increase employment in the nearby villages.
PMI Gold is highly encouraged by the grade and significant width of the quartz reef noted in the trench and in DDHSBN007. We note that a very similar looking 5 metre wide bladed white quartz reef in the Nkran Mine -- known as the Galamsey vein, also often had visible gold and graded +10 g/t Au yielding some 1700 oz Au per vertical metre over its 400 metre strike length and 140 metres of mined dip.
In addition, we would like to correct an error on our previous news release #06-17 dated 7 November 2006, wherein we stated that the deepest down plunge intersection on the gold mineralized body under the Nkran pit, on the interpreted extension of the above noted Galamsey vein structure, was 4.0 metres true width, grading 8.95 g/t Au, and located 326 metres below the pit. The correct values are 8.8 metres true width, grading 8.15 g/t Au. These are robust underground grades and widths.
Ghana is Africa's second largest gold producer and has recently attracted some US$1.5 billion in committed foreign investment due to its long mining history, prospective resource base, reasonable taxation and stable government. PMI Gold's properties cover a 70 km length of the Asankrangwa Gold Belt and are strategically located in Ghana's Golden Triangle -- outlined by Newmont's new Ahafo and Akyem mines on the north and east, and Goldfield's Tarkwa mines on the south. Our newly acquired Abore Mine is located along strike, 13 km southwest of Keegan Resources latest gold discovery.
This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), a Qualified Person under National Instrument 43-101. All assays reported were completed at SGS Bibiani.
On behalf of the Board,
"Douglas R. MacQuarrie"
Douglas R. MacQuarrie
President & CEO
For further information please contact:
Douglas R. MacQuarrie, President & CEO
Telephone: 1 (604) 682-8089
Toll-Free: 1 (888) 682-8089
Facsimile: 1 (604) 682-8094
Or visit the PMI Gold Corporation website at www.pmigoldcorp.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.
NOT FOR RELEASE OR DISTRIBUTION IN THE USA.
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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