| ||Fri Sep 26, 2008|
Kubi Mining Leases Extended For 20 Years
| ||September 26, 2008, Vancouver BC - PMI Gold Corporation (TSX.V:PMV) -- Peter Hooper, President and CEO, announces that the Minister of Lands, Forestry and Mines of Ghana has approved a twenty year extension to our two Kubi Mining Leases, located just northeast of the regional capital of Dunkwa in SW Ghana. The lease extensions were requested as part of the requirements to fund and develop a new mine at Kubi.|
The Kubi Gold project is 100% owned by PMI Gold, subject only to the Ghanaian Government's 10% free carried interest. Recent mining at Kubi by AngloGold Ashanti, under an arrangement with the previous owners, recovered 58,696 ounces of gold from two small pits. The required reclamation including pit back filling and revegetation were completed.
The main Kubi mining lease occupies an area of 19.16 sq km. A portion of the lease is covered by forest reserve; however, PMI Gold anticipates developing an underground mining operation with access from outside the forest reserve area and therefore, will not be overly impacted by forest reserve issues. Our Kubi area holdings, including the recently announced prospecting licenses, now total 53.62 sq km.
PMI Gold controls four previous operating gold mines on 746 square kilometres of leases and concessions located along the prolific Ashanti and Asankrangwa gold belts. Ghana is Africa's second largest gold producer and has attracted over $7 billion in foreign direct investment into the minerals and mining sector over the last decade. Ghana is a destination of choice because of its long gold mining history, prospective resource base, reasonable taxation and stable government.
On behalf of the Board,
President and CEO
For further information please contact:
Douglas MacQuarrie, Executive Director
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
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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