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"PMI Gold is continuing to explore at 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. In addition, we control four previously operating gold mines on 746 square kms of leases and concessions in Ghana which are slated for further exploration."
Douglas MacQuarrie, President & CEO
President's Letter May 2009
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| | Thu Feb 4, 2010
Significant Drill Results Highlighted for New Resource Estimate at Obotan Gold Project, Ghana
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| | THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
February 4, 2010 - Vancouver BC - PMI Gold Corporation (TSX.V:PMV) - the Company is pleased to announce that drilling has resumed on PMI Gold's Obotan concessions in Ghana. The drill program is to confirm the results of the previous drill data. Once completed, this will allow for the preparation of a NI 43-101 mineral resource estimate on the gold resources remaining at Obotan after the completion of mining in December 2002. Drilling is currently planned for the Abore, Adubiaso, Edubia and African Star targets.
In order to disseminate the drill information on which the resource estimate will be based, the gold intersections under the Adubiaso pit were published on December 23, 2009. Likewise, significant composite drill intersections from the base of the Nkran pit to depths up to 500 metres below the pit, based on 96 drill holes from the historical data and an 8 hole program completed by PMI Gold in 2007, are highlighted below (Note: true widths are estimated at from 50% to 90% of the stated core lengths):
Table 1 - Underground Bulk/Underground Selective High Grade Type Model
Composite Gold Drill Intercepts (>50.00 g/t Au metres) from below the Nkran Pit
(1.0 g/t Au cut off with no more than 7 consecutive metres of <1.00 g/t Au):
Drill
Hole |
From
Metres |
To
Metres |
Width
Metres |
Weighted Avg. Grade
(cut to 50.00 g/t Au) |
| RCD993 |
322.00 |
390.00 |
68.00 |
3.63 |
| DD519 |
213.00 |
284.00 |
71.00 |
3.34 |
including |
271.00 |
284.00 |
13.00 |
7.30 |
| RCD993B |
335.00 |
399.00 |
64.00 |
3.39 |
| RCD855 |
296.00 |
334.00 |
38.00 |
5.26 |
| RCD787 |
378.00 |
417.00 |
39.00 |
4.80 |
| RCD563 |
257.00 |
281.00 |
24.00 |
7.69 |
including |
257.00 |
262.00 |
5.00 |
22.97 |
| RCD563 |
291.00 |
313.00 |
22.00 |
6.41 |
| RCD201 |
364.00 |
414.00 |
50.00 |
3.67 |
including |
387.00 |
397.00 |
10.00 |
10.82 |
| RCD677 |
337.00 |
379.00 |
42.00 |
4.06 |
| RCD797 |
275.00 |
281.00 |
6.00 |
25.72 |
| RCD797 |
301.00 |
317.00 |
16.00 |
9.43 |
| RCD781 |
562.00 |
596.00 |
34.00 |
4.40 |
| RCD621E |
230.00 |
251.00 |
21.00 |
6.82 |
| RCD309 |
273.00 |
320.04 |
47.40 |
2.99 |
including |
306.00 |
320.40 |
14.40 |
5.36 |
| RCD378 |
161.00 |
165.00 |
4.00 |
14.75 |
| RCD557 |
147.00 |
172.00 |
25.00 |
5.59 |
| RCD756 |
531.00 |
573.00 |
42.00 |
3.22 |
| RCD623 |
180.00 |
205.00 |
25.00 |
5.04 |
| RCD623 |
245.00 |
272.00 |
27.00 |
2.91 |
| RCD630 |
195.00 |
225.00 |
30.00 |
4.13 |
| RCD991A |
379.00 |
437.00 |
58.00 |
2.14 |
| RCD993A |
391.00 |
432.00 |
41.00 |
2.97 |
| NK07-001 |
581.60 |
626.05 |
44.45 |
2.61 |
| RCD220 |
236.00 |
287.00 |
51.00 |
2.04 |
| RCD479 |
216.00 |
237.00 |
21.00 |
5.13 |
| RCD480 |
145.00 |
154.00 |
9.00 |
5.14 |
| RCD554 |
175.00 |
183.00 |
8.00 |
9.75 |
| RCD554 |
192.00 |
246.00 |
54.00 |
2.03 |
| RCD617 |
178.00 |
185.70 |
7.70 |
7.26 |
| RCD617 |
238.00 |
265.00 |
27.00 |
3.83 |
| RCD619 |
251.00 |
261.00 |
10.00 |
5.99 |
| RCD621D |
242.00 |
271.00 |
29.00 |
3.26 |
| RCD621D |
400.00 |
433.00 |
33.00 |
2.59 |
| RCD626 |
182.00 |
214.00 |
32.00 |
3.32 |
| RCD781B |
459.00 |
477.00 |
18.00 |
5.19 |
| RCD787A |
372.00 |
379.00 |
7.00 |
12.28 |
| RCD787A |
416.00 |
425.00 |
9.00 |
6.14 |
| RCD854A |
382.00 |
399.00 |
17.00 |
5.85 |
| RCD872 |
477.00 |
503.00 |
26.00 |
3.74 |
| RCD992 |
363.00 |
373.00 |
10.00 |
4.77 |
| RMD200D |
84.00 |
94.00 |
10.00 |
4.06 |
| RC736 |
24.00 |
29.00 |
5.00 |
10.16 |
Please see the following link for the full list of 1.0 g/t Au cut off, composited, drill intersections and drill hole collar data:
http://www.pmigoldcorp.com/i/maps/NkranDrillIntersectionsUnderPitFeb0410.pdf
If the above intercepts are re-calculated to emphasize width rather than grade as at other advanced development stage or producing open cut gold projects in Ghana, Australia and Canada, with a minimum of a 0.80 g/t Au cut-off at the beginning and end of the intercept, and allowing for no more than ten consecutive samples (ten metres) of less than 0.80 g/t Au., the following significant drill intersections are noted:
Table 2 - "Super Pit" Low Grade - High Widths Type Model
Composite Gold Drill Intercepts (>130.00 g/t Au metres) from below the Nkran Pit
(0.8 g/t Au cut off with no more than 10 consecutive metres of <0.80 g/t Au):
Drill
Hole |
From
Metres |
To
Metres |
Width
Metres |
Weighted Avg. Grade
(cut to 50.00 g/t Au) |
| RCD563 |
109.00 |
313.00 |
214.00 |
1.65 |
| RCD797 |
229.00 |
351.00 |
122.00 |
2.87 |
| RCD677 |
180.90 |
416.00 |
235.10 |
1.33 |
| RCD621D |
230.00 |
508.00 |
278.00 |
1.08 |
| RCD781 |
324.00 |
596.00 |
272.00 |
1.10 |
| RCD854A |
294.00 |
505.00 |
211.00 |
1.31 |
| RCD782 |
261.00 |
505.00 |
244.00 |
1.12 |
| RCD993 |
291.00 |
390.00 |
99.00 |
2.57 |
| RCD787 |
174.00 |
458.00 |
284.00 |
0.89 |
| RCD494 |
202.00 |
363.00 |
161.00 |
1.53 |
| RCD201 |
266.00 |
443.00 |
177.00 |
1.39 |
| RCD309 |
162.00 |
320.40 |
158.40 |
1.54 |
| DD519 |
189.00 |
284.00 |
95.00 |
2.53 |
| RCD623 |
180.00 |
289.00 |
109.00 |
2.19 |
| RCD993B |
175.00 |
404.00 |
229.00 |
1.04 |
| RCD617 |
178.00 |
312.00 |
134.00 |
1.77 |
| RCD630 |
182.00 |
421.00 |
239.00 |
0.92 |
| RCD201 |
266.00 |
414.00 |
148.00 |
1.49 |
| RCD855 |
272.00 |
339.00 |
67.00 |
3.14 |
| RCD787 |
174.00 |
417.00 |
243.00 |
0.86 |
| RCD554 |
161.00 |
246.00 |
85.00 |
2.25 |
| RCD781B |
297.00 |
502.00 |
205.00 |
0.91 |
| RCD787A |
346.00 |
425.00 |
79.00 |
2.30 |
| RCD621E |
213.00 |
274.00 |
61.00 |
2.72 |
| RCD557 |
130.80 |
174.55 |
43.75 |
3.58 |
| RCD621E |
360.00 |
489.00 |
129.00 |
1.08 |
| RCD756 |
531.00 |
576.00 |
45.00 |
3.04 |
| RCD854A |
294.00 |
405.00 |
111.00 |
1.23 |
| RCD220 |
187.00 |
287.00 |
100.00 |
1.30 |
Please see the following link for the full list of 0.80 g/t Au cut off, composited, drill intersections:
http://www.pmigoldcorp.com/i/maps/NkranDrillIntersectionsUnderPitFeb0410.pdf
Douglas R. MacQuarrie, President and CEO commented: "High gold prices, strong gold grades and widths, and the observed continuity of mineralization from section to section as confirmed in the previous mining, indicate the potential for a bulk mineable and/or high grade selective underground mining opportunity at Nkran. Mineralization has been noted at depths to 500 metres below the pit, and the zone is open to further extension at depth. Additional nearby deep drill targets were also indicated in the airborne VTEM geophysical surveys flown by PMI Gold in 2008 (http://www.pmigoldcorp.com/i/maps/VTEML1200Section.jpg). Further drill data from Obotan will be released as available."
Click to Enlarge
Please see the following link for the Nkran Pit - Drill Collar Plan map:
http://www.pmigoldcorp.com/i/maps/NkranPitCollarPlanFeb10.jpg
Click to Enlarge
Please see the following link for the 210000N Cross Section -Nkran Pit map:
http://www.pmigoldcorp.com/i/maps/Sec210000N.jpg
This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), a Qualified Person under National Instrument 43-101. Confirmation of the historical Obotan drill hole data base is ongoing and the data is believed to be reliable, however it is presented as received by PMI Gold Corporation. The full Nkran drill data base is available for viewing at the offices of PMI Gold Corporation. For the purposes of the grade compositing, all assays were cut to a maximum of 50.00 g/t Au. Given the various possible geometries to the mineralization depending on selected cut off grades, true widths are estimated at from 50% to 90% of the stated core lengths.
On behalf of the Board,
"Douglas R. MacQuarrie"
President & CEO
For further information please contact:
Douglas 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 visit the PMI Gold Corporation website at www.pmigoldcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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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