January 31, 2007, Vancouver BC - PMI Gold Corporation (TSX/VMV) -
Douglas MacQuarrie, President, announces that it has reached agreement
with Goknet Mining Company Limited of Accra, Ghana to explore their
recently acquired 101 square kilometre Bankame reconnaissance license.
The license adjoins to the north of our Ofoase concession, and is
located on the Ashanti Gold Belt 20 kilometres northwest of Newmont\'s
8.5 million ounce Akyem gold project; 50 kilometres northeast of Anglo
Gold Ashanti\'s 55 million ounce Obuasi Mine; 10 km south of the 1.2
million ounce Konongo Mine; and shares its western boundary with AMI
Resources Praso concession.
Bankame is primarily underlain by granite of the Banso batholith, with
minor Birimian and Tarkwaiian series meta-sedimentary rocks located
around its western margin. The Banso granite has an anomalously high
radiometric potassium signature and based on the contact metasomatism
noted in the surrounding meta-sediments is interpreted to be post
Tarkwaiian in age. The batholith is bisected by a late stage, north
south trending dolerite dyke and northwest -- southeast trending
faults.
Previous regional work conducted by the Ghana Geological Survey has
noted a few gold anomalies in silt samples from streams draining the
Bankame area. PMI Gold will commence exploration by completing
regional silt sampling for gold and other anomalous minerals. In the
past granitic terranes were purposely not explored for gold, however
with Newmont\'s major success in the granites at their new Ahafo mine
(10.6 million ounces) structurally prepared granitic terranes are now
known to have significant potential.
PMI can earn up to an 80% direct interest in the concession from Goknet
by undertaking all exploration, keeping the concession in good
standing, making payments of US$5,000 per year and reserving a 2%NSR
royalty on behalf of Goknet.
Ghana is Africa\'s second largest gold producer and has recently
attracted US$1.5 billion in committed foreign investment due to its
long mining history, prospective resource base, reasonable taxation and
stable government. PMI Gold\'s properties now include the former Nkran,
Adubiaso and Abore mines, which collectively produced 730,000 ounces of
gold prior to their closing in 2003. The concessions cover 657 square
kilometres on two of Ghana\'s major gold belts.
On behalf of the Board,
"Douglas R. MacQuarrie"
Douglas R. MacQuarrie
President & CEO
For further information please contact:
Douglas R. MacQuarrie, President & CEO
Malcolm Ashford, Vice President, Corporate Communications [mobile 604.
765-4775]
Telephone: 1 (604) 682-8089
Toll-Free: 1 (888) 682-8089
Facsimile: 1 (604) 682-8094
Or visit the PMI Gold Corporation website at www.pmigoldcorp.com
or in German: pmi.goldseiten.de
Einfach liegenlassen, und Gewinne laufen lassen. Lasst Euch nicht rausschütteln.
mfg
S.H.