PMI GOLD - COMMITTED TO GOLD PRODUCTION IN GHANA, AFRICA'S SECOND LEADING PRODUCER
Our strategic objective is to become a West African gold producer, initially by mining at our 100%-owned Obotan Gold Project, located within the Asankrangwa Gold Belt.
Our properties, totalling 580 square km in area, are all located in Ghana's Golden Triangle, an area in south-west Ghana with combined current reserves and historical gold production of 168 million ounces. Gold has been mined in Ghana for over 1000 years, and the famous AngloGold Ashanti Obuasi mine has been in continuous production for 113 years.
The bulk of Ghana's gold production has come from the Ashanti and Bibiani Gold Belts, however situated in between these is the lesser known, but highly prospective, Asankrangwa Gold Belt. Interest in the Asankrangwa Gold Belt was renewed in 1995 after the first modern airborne magnetic survey was completed over south-west Ghana. The survey identified major deformation zones and cross structures that were spatially related to Ashanti's Obuasi mine and to the numerous historical gold mines and showings that define the Belt.
PMI Gold has received widespread recognition for the quality and potential of its gold portfolio in south-west Ghana. Central to this portfolio is our flagship Obotan Gold Project which, with the adjoining Asanko Gold Project, provides a commanding strategic position covering gold targets over 70 strike kilometres in the under-explored Asankrangwa Gold Belt.
Significant progress has been achieved at the Obotan Gold Project towards our goal to become a West African gold producer. Results of a feasibility study have confirmed a financially viable and technically robust mining operation based on a gold price of US$1300/ounce. This will be PMI Gold's first gold operation in West Africa, contingent on receiving all development approvals and a financial investment decision. The Company also holds the Kubi Gold Project in the Ashanti Gold Belt, located some 65 kilometres south-west of the Obotan Gold Project and 15km south and along strike of the 60M ounce (pre-mined) Obuasi goldfield owned by AngloGold Ashanti.
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