| ||Wed Jan 30, 2008|
Option Of Bankame And Ofoase Concessions To Golden Lion Resources (Ghana) Ltd.
| ||THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES|
January 30, 2008, Vancouver BC - PMI Gold Corporation (TSX.V:PMV) - Douglas MacQuarrie, President, announces that it, and its 100% owned subsidiary Adansi Gold Company (Gh) Ltd. ("Adansi"), have entered into a letter agreement with Golden Lion Resources (Ghana) Ltd. ("Golden Lion") and Goknet Mining Company (Ghana) Limited ("Goknet"), whereby Golden Lion will purchase a 100% interest, subject to the government of Ghana's 10% free carried interest, in the Bankame and Ofoase concessions located on the Ashanti gold belt in Ghana. Adansi is the operator and currently holds an option interest in the concessions. Mono Minerals Limited ("Mono"), the registered owner of Ofoase, has also agreed to assign all its underlying rights in the Ofoase concession to Golden Lion.
Golden Lion Resources Ltd. ("GLR"), a company to be listed on the Australian Stock Exchange (ASX) has agreed to pay one million shares in its' capital stock and a 2% NSR royalty interest, as to 50% to each of Adansi and Goknet, within 14 days of the listing of GLR on the ASX. This agreement is subject to the entering into of a Final Agreement incorporating the terms of the letter agreement; the listing of GLR on the ASX; and the requisite consent of the Minister of Lands, Forestry and Mines of Ghana. The GLR shares issued pursuant to this agreement may also be subject to an escrow period pursuant to the rules of the ASX.
Douglas R. MacQuarrie, President and CEO commented: "With Golder Associates currently completing their initial assessment of the mining potential of our Kubi Gold Project and an initial resource estimate at our Obotan Gold Project, only a limited program of exploration at Bankame and Ofoase had been planned for 2008. We welcome this agreement with Golden Lion that will allow them to maximize the discovery potential of the concessions, and at the same time give PMI Gold a significant shareholding and royalty interest in any discovery."
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: firstname.lastname@example.org
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)
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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