PMI Gold Announces Further Positive Resources Drill Results from its Flagship Obotan Gold Project

Wednesday, Feb 22, 2012

PMI Gold Corporation (TSX-V: PMV) (ASX: PVM) is pleased to report further assays have been received from resource drilling  at its 100% owned Obotan Gold Project in Ghana, West Africa (Figure 1). The results from 46 diamond drill holes representing 6,395 samples from 11,843 metres of drilling have been received.

These results are from all four deposits in the Obotan Gold Project. All drill holes were designed to test the down dip extension of mineralization on the four deposits (Nkran, Adubiaso, Abore and Asuadai) in the Obotan Gold Project. The results continue to reinforce the resource estimate and block models for the various deposits and continue to support the potential of the project.

These results will be included in a new resource estimate due in the March quarter, 2012 for the definitive Feasibility Study. The definitive Feasibility Study is targeting completion by June 2012.

To date, PMI Gold has completed 311 diamond drill holes totaling 80,218 metres at the Obotan Project.

Resource expansion and exploration drilling continues within the Obotan Project area with one multi-purpose RC/Diamond core drill rig and one RAB/Aircore drill rig testing multiple oxide targets. One additional multi-purpose RC/Diamond core drill rig is completing a hydrogeological drill program for the evaluation of pit wall drainage and the future expansion of the existing Obotan process water supply.

With the commencement of operations of the Obotan preparation laboratory, established for the exclusive use of PMI Gold by AMS/MinAnalytical Laboratory Services Australia Pty. Ltd., the provision of assay results has improved considerably on the local commercial laboratories resulting in an average turn-around time for sample results of 20 days. This is enhancing the quick interpretation of PMI's drilling activities and allows more informed decisions to be made during our exploration drilling programs.

SOURCE PMI Gold Corporation