PMI Gold Corporation Announces "Overnight Marketed" Offering

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA AND AUSTRALIA ONLY AND
IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


PMI Gold Corporation (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) (the "Company")
is pleased to announce that it has filed a preliminary prospectus with the
securities regulatory authorities in all of the Provinces of Canada, other than
the Province of Quebec, in connection with a proposed offering ("Offering") of
common shares ("Common Shares"). The Company has retained Clarus Securities Inc.
and RBC Capital Markets as joint bookrunners and co-lead underwriters on behalf
of a syndicate of underwriters (collectively, the "Underwriters"). An
underwriting agreement for the Offering has not yet been entered into by the
Company and the Underwriters. The Common Shares will be priced in the context of
the market (the "Offering Price"). 


The Company plans to use the net proceeds of the Offering to fund the
development of the Company's Obotan Gold Project in accordance with its
definitive feasibility study and for Ghana exploration activities.


The Offering is subject to customary conditions and receipt of required
regulatory approvals, including the approval of the TSX Venture Exchange, as
well as shareholder approval by application of certain rules of the Australian
Securities Exchange. The Common Shares will be offered in Canada (other than
Quebec) by short form prospectus, and in Australia and the United States on a
private placement basis, and in other jurisdictions outside of Canada, Australia
and the United States which are agreed to by the Company and the Underwriters,
where the Common Shares can be issued on a private placement basis, exempt from
any prospectus, registration or other similar requirements. The Offering is
expected to close on or about November 13, 2012.


The securities referred to in this news release have not, nor will they be,
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption
from the U.S. registration requirements. This release does not constitute an
offer for sale of securities nor a solicitation for offers to buy any
securities.


On behalf of the Board,

Collin Ellison, Managing Director & CEO

This news release includes forward-looking statements or information.
Forward-looking statements or information involve risks, uncertainties and other
factors that could cause actual results, performances, prospects and
opportunities to differ materially from those expressed or implied by such
forward-looking statement. All statements other than statements of historical
fact included in this release, including, without limitation, statements
regarding the timing and use of proceeds of the Offering, the execution of an
underwriting agreement, and the completion of the Offering. There can be no
assurance that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements
or information. Important factors that could cause actual results to differ
materially from the Company's plans or expectations include the actual results
of marketing activities, changes in gold prices; adverse general economic,
market or business conditions; regulatory changes; and other risks and factors
detailed herein and from time to time in the filings made by the Company with
securities regulators and stock exchanges, including in the section entitled
"Risk Factors" in the Company's Annual Information Form dated September 25,
2012.


Any forward-looking statement or information only speaks as of the date on which
it was made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such.

Pmi Gold Corporation (TSXV:PMV)
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