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| | Mon Jan 26, 2004
Appointment of Interim President & Continuation of Exploration Program
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| | PMI Ventures Ltd. (the "Company") [TSX Venture:PMV] is extremely sad to report that Mr. Arthur T. Fisher, the Company's President, passed away suddenly on Friday, January 23, 2004. Mr. Fisher was appointed as President on November 6, 2002. A professional engineer, graduate of the University of Edinburgh in mining engineering and business administration, Mr. Fisher touched many lives during his long and illustrious career. Our thoughts and prayers are with his family, friends and colleagues.
As President, Mr. Fisher managed the Company's Vancouver office and oversaw the Ashanti II Deep Gold exploration project in Ghana, West Africa. The exploration project in Ghana has a well-developed, self-contained management structure under the leadership of Douglas R. MacQuarrie, P.Geo. (B.C.). Mr. MacQuarrie currently acts as the VP of Exploration for the Company and holds a B.Sc in Geology and Geophysics (Combined Honours) from the University of British Columbia. Mr. MacQuarrie has been actively involved in gold exploration in West Africa since 1993.
Mr. Laurie Sadler, a director, has been appointed as interim President. Mr. Sadler, a chartered accountant and MBA, has been involved in the Company for the last four years and has actively assisted Mr. Fisher in the co-management of PMI Ventures Ltd. since Mr. Fisher's appointment in the fall of 2002.
PMI Ventures Ltd. will continue with its planned drilling program as outlined in the Company's January 5, 2004 press release. Drilling is scheduled to start on February 5, 2004. The initial phase of the drill program will consist of deep diamond drilling on the School Zone and the commencement of a significant deep sensing, three-dimensional geophysical program. This geophysical program is designed to identify potential gold mineralized structures at depth which will be aggressively tested by further drilling in the second quarter of 2004. The exploration budget allotted to Ashanti II Deep Gold Project drill program is US$1 million dollars and will represent the largest drilling program undertaken by PMI Ventures Ltd. to date. The funds to conduct this program are in place.
PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in nine exploration concessions and applications. Goknets' interests vary from 85% to 100%, subject to a 10% non-participating interest in favour of the Government of Ghana.
On behalf of the Board,
"Laurie Sadler"
Laurie Sadler
President |
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| | You can view the Next News Releases item: Mon Feb 9, 2004, Commencement Of Drilling - Ashanti II Gold Project Overview
You can view the Previous News Releases item: Mon Jan 5, 2004, PMI Ventures Ltd.: Significant Gold Mineralization Discovered in School Zone East Area
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