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04.02.2010
PMI Gold Corp: Significant Drill Results Highlighted for New Resource Estimate at Obotan Gold Project, Ghana
PMI Gold Corp: Significant Drill Results Highlighted for New Resource Estimate at Obotan Gold Project, Ghana


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES


February 4, 2010 - Vancouver BC - PMI Gold Corporation (TSX.V:PMV) – the Company is pleased to announce that drilling has resumed on PMI Gold’s Obotan concessions in Ghana. The drill program is to confirm the results of the previous drill data. Once completed, this will allow for the preparation of a NI 43-101 mineral resource estimate on the gold resources remaining at Obotan after the completion of mining in December 2002. Drilling is currently planned for the Abore, Adubiaso, Edubia and African Star targets.

In order to disseminate the drill information on which the resource estimate will be based, the gold intersections under the Adubiaso pit were published on December 23, 2009. Likewise, significant composite drill intersections from the base of the Nkran pit to depths up to 500 metres below the pit, based on 96 drill holes from the historical data and an 8 hole program completed by PMI Gold in 2007, are highlighted below (Note: true widths are estimated at from 50% to 90% of the stated core lengths) :


Table 1 – Underground Bulk/Underground Selective High Grade Type Model
Composite Gold Drill Intercepts (>50.00 g/t Au metres) from below the Nkran Pit
(1.0 g/t Au cut off with no more than 7 consecutive metres of <1.00 g/t Au):

-------------------------------------------------------------------------
Drill Hole From Metres To Metres Width Metres Weighted Avg. Grade
(cut to 50.00 g/t Au)
-------------------------------------------------------------------------
RCD993 322.00 390.00 68.00 3.63
-------------------------------------------------------------------------
DD519 213.00 284.00 71.00 3.34
-------------------------------------------------------------------------
including 271.00 284.00 13.00 7.30
-------------------------------------------------------------------------
RCD993B 335.00 399.00 64.00 3.39
-------------------------------------------------------------------------
RCD855 296.00 334.00 38.00 5.26
-------------------------------------------------------------------------
RCD787 378.00 417.00 39.00 4.80
-------------------------------------------------------------------------
RCD563 257.00 281.00 24.00 7.69
-------------------------------------------------------------------------
including 257.00 262.00 5.00 22.97
-------------------------------------------------------------------------
RCD563 291.00 313.00 22.00 6.41
-------------------------------------------------------------------------
RCD201 364.00 414.00 50.00 3.67
-------------------------------------------------------------------------
including 387.00 397.00 10.00 10.82
-------------------------------------------------------------------------
RCD677 337.00 379.00 42.00 4.06
-------------------------------------------------------------------------
RCD797 275.00 281.00 6.00 25.72
-------------------------------------------------------------------------
RCD797 301.00 317.00 16.00 9.43
-------------------------------------------------------------------------
RCD781 562.00 596.00 34.00 4.40
-------------------------------------------------------------------------
RCD621E 230.00 251.00 21.00 6.82
-------------------------------------------------------------------------
RCD309 273.00 320.04 47.40 2.99
-------------------------------------------------------------------------
including 306.00 320.40 14.40 5.36
-------------------------------------------------------------------------
RCD378 161.00 165.00 4.00 14.75
-------------------------------------------------------------------------
RCD557 147.00 172.00 25.00 5.59
-------------------------------------------------------------------------
RCD756 531.00 573.00 42.00 3.22
-------------------------------------------------------------------------
RCD623 180.00 205.00 25.00 5.04
-------------------------------------------------------------------------
RCD623 245.00 272.00 27.00 2.91
-------------------------------------------------------------------------
RCD630 195.00 225.00 30.00 4.13
-------------------------------------------------------------------------
RCD991A 379.00 437.00 58.00 2.14
-------------------------------------------------------------------------
RCD993A 391.00 432.00 41.00 2.97
-------------------------------------------------------------------------
NK07-001 581.60 626.05 44.45 2.61
-------------------------------------------------------------------------
RCD220 236.00 287.00 51.00 2.04
-------------------------------------------------------------------------
RCD479 216.00 237.00 21.00 5.13
-------------------------------------------------------------------------
RCD480 145.00 154.00 9.00 5.14
-------------------------------------------------------------------------
RCD554 175.00 183.00 8.00 9.75
-------------------------------------------------------------------------
RCD554 192.00 246.00 54.00 2.03
-------------------------------------------------------------------------
RCD617 178.00 185.70 7.70 7.26
-------------------------------------------------------------------------
RCD617 238.00 265.00 27.00 3.83
-------------------------------------------------------------------------
RCD619 251.00 261.00 10.00 5.99
-------------------------------------------------------------------------
RCD621D 242.00 271.00 29.00 3.26
-------------------------------------------------------------------------
RCD621D 400.00 433.00 33.00 2.59
-------------------------------------------------------------------------
RCD626 182.00 214.00 32.00 3.32
-------------------------------------------------------------------------
RCD781B 459.00 477.00 18.00 5.19
-------------------------------------------------------------------------
RCD787A 372.00 379.00 7.00 12.28
-------------------------------------------------------------------------
RCD787A 416.00 425.00 9.00 6.14
-------------------------------------------------------------------------
RCD854A 382.00 399.00 17.00 5.85
-------------------------------------------------------------------------
RCD872 477.00 503.00 26.00 3.74
-------------------------------------------------------------------------
RCD992 363.00 373.00 10.00 4.77
-------------------------------------------------------------------------
RMD200D 84.00 94.00 10.00 4.06
-------------------------------------------------------------------------
RC736 24.00 29.00 5.00 10.16
-------------------------------------------------------------------------


Please see the following link for the full list of 1.0 g/t Au cut off, composited, drill intersections and drill hole collar data: http://www.pmigoldcorp.com/i/maps/NkranDrillIntersectionsUnderPitFeb0410.pdf


If the above intercepts are re-calculated to emphasize width rather than grade as at other advanced development stage or producing open cut gold projects in Ghana, Australia and Canada, with a minimum of a 0.80 g/t Au cut-off at the beginning and end of the intercept, and allowing for no more than ten consecutive samples (ten metres) of less than 0.80 g/t Au., the following significant drill intersections are noted:


Table 2 – “Super Pit” Low Grade - High Widths Type Model
Composite Gold Drill Intercepts (>130.00 g/t Au metres) from below the Nkran Pit
(0.8 g/t Au cut off with no more than 10 consecutive metres of <0.80 g/t Au):

-------------------------------------------------------------------------
Drill Hole From Metres To Metres Width Metres Weighted Avg. Grade
(cut to 50.00 g/t Au)
-------------------------------------------------------------------------
RCD563 109.00 313.00 214.00 1.65
-------------------------------------------------------------------------
RCD797 229.00 351.00 122.00 2.87
-------------------------------------------------------------------------
RCD677 180.90 416.00 235.10 1.33
-------------------------------------------------------------------------
RCD621D 230.00 508.00 278.00 1.08
-------------------------------------------------------------------------
RCD781 324.00 596.00 272.00 1.10
-------------------------------------------------------------------------
RCD854A 294.00 505.00 211.00 1.31
-------------------------------------------------------------------------
RCD782 261.00 505.00 244.00 1.12
-------------------------------------------------------------------------
RCD993 291.00 390.00 99.00 2.57
-------------------------------------------------------------------------
RCD787 174.00 458.00 284.00 0.89
-------------------------------------------------------------------------
RCD494 202.00 363.00 161.00 1.53
-------------------------------------------------------------------------
RCD201 266.00 443.00 177.00 1.39
-------------------------------------------------------------------------
RCD309 162.00 320.40 158.40 1.54
-------------------------------------------------------------------------
DD519 189.00 284.00 95.00 2.53
-------------------------------------------------------------------------
RCD623 180.00 289.00 109.00 2.19
-------------------------------------------------------------------------
RCD993B 175.00 404.00 229.00 1.04
-------------------------------------------------------------------------
RCD617 178.00 312.00 134.00 1.77
-------------------------------------------------------------------------
RCD630 182.00 421.00 239.00 0.92
-------------------------------------------------------------------------
RCD201 266.00 414.00 148.00 1.49
-------------------------------------------------------------------------
RCD855 272.00 339.00 67.00 3.14
-------------------------------------------------------------------------
RCD787 174.00 417.00 243.00 0.86
-------------------------------------------------------------------------
RCD554 161.00 246.00 85.00 2.25
-------------------------------------------------------------------------
RCD781B 297.00 502.00 205.00 0.91
-------------------------------------------------------------------------
RCD787A 346.00 425.00 79.00 2.30
-------------------------------------------------------------------------
RCD621E 213.00 274.00 61.00 2.72
-------------------------------------------------------------------------
RCD557 130.80 174.55 43.75 3.58
-------------------------------------------------------------------------
RCD621E 360.00 489.00 129.00 1.08
-------------------------------------------------------------------------
RCD756 531.00 576.00 45.00 3.04
-------------------------------------------------------------------------
RCD854A 294.00 405.00 111.00 1.23
-------------------------------------------------------------------------
RCD220 187.00 287.00 100.00 1.30
-------------------------------------------------------------------------


Please see the following link for the full list of 0.80 g/t Au cut off, composited, drill intersections: http://www.pmigoldcorp.com/i/maps/NkranDrillIntersectionsUnderPitFeb0410.pdf

Douglas R. MacQuarrie, President and CEO commented: "High gold prices, strong gold grades and widths, and the observed continuity of mineralization from section to section as confirmed in the previous mining, indicate the potential for a bulk mineable and/or high grade selective underground mining opportunity at Nkran. Mineralization has been noted at depths to 500 metres below the pit, and the zone is open to further extension at depth. Additional nearby deep drill targets were also indicated in the airborne VTEM geophysical surveys flown by PMI Gold in 2008 (http://www.pmigoldcorp.com/i/maps/VTEML1200Section.jpg ). Further drill data from Obotan will be released as available.”


Please see the following link for the Nkran Pit – Drill Collar Plan map: http://www.pmigoldcorp.com/i/maps/NkranPitCollarPlanFeb10.jpg


Please see the following link for the 210000N Cross Section -Nkran Pit map: http://www.pmigoldcorp.com/i/maps/Sec210000N.jpg


This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), a Qualified Person under National Instrument 43-101. Confirmation of the historical Obotan drill hole data base is ongoing and the data is believed to be reliable, however it is presented as received by PMI Gold Corporation. The full Nkran drill data base is available for viewing at the offices of PMI Gold Corporation. For the purposes of the grade compositing, all assays were cut to a maximum of 50.00 g/t Au. Given the various possible geometries to the mineralization depending on selected cut off grades, true widths are estimated at from 50% to 90% of the stated core lengths.

On behalf of the Board,
"Douglas R. MacQuarrie"
President & CEO


For further information please contact:

Douglas MacQuarrie, President & CEO
Telephone: 1 (604) 682-8089 Toll-Free: 1 (888) 682-8089 Facsimile: 1 (604) 682-8094
or for European Investors: Florian Riedl-Riedenstein: Tel: 43-2774-28814, e-mail: frram@aon.at
Or visit the PMI Gold Corporation website at www.pmigoldcorp.com


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. We Seek Safe Harbour.



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