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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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| | Fri Aug 10, 2007
Private Placement CAN$1,055,549 Closed; Board Changes, New Director Appointed
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| | August 10, 2007, Vancouver BC - PMI Gold Corporation (TSX.V:PMV) - Douglas MacQuarrie, President, announces that PMI Gold Corporation ("PMI Gold") has closed the private placement of 3,769,855 units at a price of $0.28 per unit, which was announced on June 28, 2007.
Each unit consists of one share and one share purchase warrant at a price of $0.375 if exercised within the first year and at a price of $0.45 if exercised in the second year. The units have a four-month hold period expiring December 1, 2007.
A total of 3,769,855 shares have now been issued to raise $1,055,549. A total of $77,067 in cash and 183,493 warrants were paid in finder's fees. Funds raised from this private placement will be used for exploration on the Company's Ghana gold projects and for general working capital.
PMI Gold also announces that Thomas Ennison LLM, currently the Corporate Secretary of our wholly owned subsidiary Adansi Gold Company (Gh) Ltd., has been appointed a Director to replace Pearce Bowman who due to time constraints has stepped down to the Company's Advisory Board. Both appointments are effective immediately.
Ghana is Africa's second largest gold producer and has recently attracted US$1.5 billion in committed foreign investment due to its long mining history, prospective resource base, reasonable taxation and stable government. PMI Gold now controls 470 square kilometres along a 70 kilometre length of the Asankrangwa Gold Belt in 11 concessions, including the former Obotan mine which produced 730,000 ounces of gold prior to its closing in 2003; and has options on a further 186 square kilometres in 2 concessions on the Ashanti Gold Belt.
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 for European Investors: Florian Riedl-Riedenstein: Tel: 43-2774-28814, e-mail: frram@aon.at
or John Mullen: Tel: 41-522-428795, e-mail: John Mullen@bluewin.ch
Or visit the PMI Gold Corporation website at www.pmigoldcorp.com (in German: http://pmi.goldseiten.de)
NOT FOR RELEASE OR DISTRIBUTION IN THE USA.
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. We Seek Safe Harbour. |
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| | You can view the Next News Releases item: Thu Aug 16, 2007, PMI Gold Acquires Rights to Purchase Edubia Lease, Ghana
You can view the Previous News Releases item: Mon Jul 9, 2007, PMI Gold Releases RSG Global Report on Mining Potential of Nkran, Ghana, Gold Mine
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