153 Metres of 2.37 g/t Gold at PMI Gold's Obotan Gold Project, Ghana
By Pmi Gold Corporation, PRNEMonday, August 9, 2010
This News Release is Not for Distribution in the United States or to U.S. News Agencies
VANCOUVER, August 10, 2010 -
TSX Venture Exchange: PMV
US PMVGF.PK
Frankfurt: AOJMW7
Issued & Outstanding:252,170,060
- Long high grade gold intersections at Nkran, including:
- 153.40 metres @ 2.37 g/t Au - including 46.00 metres @ 5.23 g/t Au
- 124.24 metres @ 2.25 g/t Au - including 35.32 metres @ 4.10 g/t Au
- Results confirm potential for significant new gold resource at Nkran
- Results received from 43 of 65 drill holes, with balance expected mid
September
- NI 43-101 resource estimate, now under preparation by Hellman and
Schofield in anticipation of proposed ASX listing and IPO, is expected
imminently
- Additional drilling will commence once all the current results have
been compiled
PMI Gold Corporation (TSX.V:PMV) - the Company is pleased to announce the
results from the first 43 of 65 diamond drill holes recently completed at our
Obotan Gold Project in Ghana. The program consisted of a total of 10,877
metres, with 6,315 metres in 35 resource definition drill holes and 4,562
metres in 30 quality control (QC) drill holes. The results of this definition
and QC program have been added to the historical Obotan database of 2,930
drill holes totalling some 202,250 metres. A maiden NI 43-101 resource
estimate for Obotan is currently under preparation. Drilling was completed at
Nkran (holes labeled below with 'NKC' and 'NKR'), Adubiaso ('ADP'),
Asuadai/Edubia ('ASP') and Abore ('ABP').
Douglas R. MacQuarrie, President and CEO, commented: "We have achieved
the objective of this drill program which was to confirm, and to commence
expanding, the historical Obotan drill database. The excellent grades,
widths and continuity of the gold mineralization intersected in drilling at
Nkran clearly indicate the potential of this zone for renewed mining
activities - by either a pit push back or underground bulk mining techniques.
In addition, significant near surface gold mineralization was noted at
Adubiaso, Asuadai and Abore. Additional drilling will commence once all of
the current results have been compiled."
Table 1 - Significant Gold Intercepts (>10.00 g/t Au metres) :
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Drill Hole From Metres To Metres Width Weighted Avg.
Metres Grade g/t Au
(uncut)
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NKC10-010 315.00 328.00 12.35 2.13
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446.90 571.14 124.24 2.25
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including 446.90 482.22 35.32 4.10
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including 461.00 470.00 9.00 10.14
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including 472.81 475.33 2.72 8.00
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including 462.15 462.31 0.16 407.50
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including 473.24 473.62 0.38 43.10
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including 502.00 512.00 10.00 5.03
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including 502.00 502.60 0.60 17.30
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including 508.46 508.55 0.09 251.00
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NKR10-013 119.60 273.00 153.40 2.37
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including 119.60 165.60 46.00 5.23
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including 119.60 122.00 2.40 25.25
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including 119.60 119.80 0.20 282.00
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including 134.85 137.00 2.50 13.26
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including 154.87 156.00 1.17 28.00
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including 165.20 165.60 0.40 202.69
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including 190.76 192.00 1.24 12.50
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including 213.80 214.20 0.40 23.65
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ADP09-005 101.00 107.00 6.00 5.67
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including 105.50 106.50 1.00 21.78
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ADP10-004 218.00 232.00 14.00 3.50
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including 220.30 222.00 1.70 23.25
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ADP10-008 208.34 238.50 30.16 1.49
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including 208.34 220.50 12.16 1.78
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including 230.50 238.50 8.00 2.75
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ADP10-009 106.50 135.00 28.50 1.27
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including 130.74 135.00 4.26 5.75
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ASP10-001 42.75 44.00 1.25 20.38
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ASP10-003 28.35 40.00 11.65 1.67
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ASP10-004 3.05 33.53 30.48 3.03
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including 13.72 24.38 10.66 5.46
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ASP10-005 3.05 39.32 36.27 1.23
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including 19.81 30.48 10.67 2.44
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including 19.81 21.34 1.53 10.14
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56.00 65.23 9.22 1.47
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ASP10-006 43.00 57.10 14.10 1.57
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ASP10-008 10.67 54.81 44.14 1.48
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including 10.67 36.58 25.91 1.93
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ASP10-023 90.00 102.00 12.00 1.17
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ASP10-025 16.76 24.38 7.62 1.33
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56.39 68.00 11.61 2.08
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ABP10-001 49.00 58.50 9.50 1.90
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66.50 75.10 8.60 1.43
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ABP10-002 58.66 65.00 6.34 2.20
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ABP10-003 79.50 86.00 6.50 1.46
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ABP10-007 86.00 132.00 46.00 2.01
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including 97.00 98.00 1.00 21.70
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including 112.00 113.00 1.00 31.65
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ABP10-008 78.00 103.00 25.00 1.53
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including 102.25 103.00 0.75 30.30
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ABP10-011 69.50 81.00 11.50 1.04
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Please see the following web links for the Drill Collar Data, Collar Plan
map, and Drill Section 210325:
www.pmigoldcorp.com/i/maps/NR10-10DrillCollars.pdf
www.pmigoldcorp.com/i/maps/NR10-10DrillCollarPlan.jpg
www.pmigoldcorp.com/i/maps/NR10-10Section210325N.jpg
This news release has been prepared by Douglas R. MacQuarrie,
P.Geo.(B.C.), a Qualified Person under National Instrument 43-101. Field work
was supervised by Donald Allen, MSc. P.Eng and Paul Abbott MSc., Consulting
Geologists. HQ, and NQ core was logged, sawn and sampled on site, with half
samples sent to SGS Laboratory in Tarkwa, and analyzed for gold by fire
assay-AA on a 50 gram sample charge. Where visible gold was noted, on
occasion both 1/2's of the core were assayed after geological logging and
photographing (please see
www.pmigoldcorp.com/i/maps/NR10-10VGphotos.pdf for photos from the
drill program). Internal QC consisted of inserting both blanks and standards
into the sample stream and multiple re-assays of selected anomalous samples.
Where multiple assays were received for an interval, the final value reported
was the average of all results for the interval. Results from the QC program
suggest that the reported results are accurate. The data also suggests that
diamond drilling may understate the gold grades relative to reverse
circulation drilling, based on the larger sample sizes obtained with RC
drilling. Intercepts were calculated with a minimum 1.0 g/t Au cut off at the
beginning and the end of the intercept and allowing for no more than ten
consecutive metres of less than 1.0 g/t Au internal dilution. Intercepts
above 10.0 g/t Au metres are reported separately. Grade x Width intercepts of
less than 10.0 g/t Au metres were not reported. True widths are estimated at
circa 70% of the stated core length.
On behalf of the Board,
"Douglas R. MacQuarrie"
President & CEO
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.
For further information: 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
For further information: 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 at aon.at
Tags: August 10, canada, Ghana, Pmi Gold Corporation, Vancouver
