PMI Gold Corporation: Agreement to Purchase Contiguous Mining Lease With the Obotan Gold Project

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PMI Gold Corporation (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) is pleased to
announce that its 100% wholly-owned subsidiary, Adansi Gold Company (Ghana)
Limited ("Adansi") has entered into an agreement with Midras Mining Company Ltd
("Midras") to acquire the Datano Mining Lease which sits contiguous to the
Company's flagship Obotan Gold Project in south-west Ghana (Figure 1).


The Midras concession covers an area of 50km2 and sits strategically south of
the Nkran deposit providing PMI access to the extensions of the mineralised
Nkran and Fromenda structures and the opportunity to develop additional oxide
resource targets close to the Obotan Project. The concession was previously
explored by Ashanti Gold Corporation and Kiwi Goldfields Limited where multiple
targets associated with traversing lineaments were recognised within a 7km wide
corridor of the Asankrangwa Gold Belt.


The lease area will also provide greater flexibility in the design of
infrastructure within the Obotan Project Feasibility Study design, which is
currently in progress. 


The agreement allows for a purchase price of US$6 million and is contingent upon
obtaining the approval of the sale and transfer of the Mining Lease to Adansi by
the Ghana Minerals Commission and Minister of Lands, Forestry and Mines.


On behalf of the Board,

Collin Ellison, Managing Director & CEO

To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/PMVfigure1.pdf

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