PMI Gold Corporation Admitted to the Official List of ASX

This News Release is not for Distribution in the United States or to U.S. News Agencies

VANCOUVER, December 17, 2010 -

    News Release #10-23
    December 17, 2010 

    TSX Venture Exchange: PMV
    Australian Sec. Exchange: PVM
    Frankfurt: PN3N.F

    Shares Issued: 156,326,057
    CDI's Issued: 39,285,714
    Fully Diluted: 251,693,271

PMI Gold Corporation (TSX.V:PMV; ASX:PVM) ("PMI Gold" or "the Company")
is pleased to announce that on December 17, 2010, PMI Gold was admitted to
the Official List of the ASX in Australia. Official Quotation of the
Company's securities will commence at 12:00 pm Australian Eastern Standard
Time on Tuesday December 21, 2010.

As a result of the completion of the Australian public offering and
approval of listing on the ASX, the net funds raised by the Company under its
Canadian special warrant financing, which completed and was the subject of a
news release by the Company on November 29, 2010, will be released to the
Company.

With the closing of the Australian IPO, the Canadian special warrant
financing, and funds on hand, the Company will have cash of approximately
$34.0 million. These funds will be used to accelerate drilling and
pre-feasibility studies at the Company's Obotan and Kubi gold projects in
Ghana, to fast-track regional gold exploration, and for working capital.

Douglas MacQuarrie, President of PMI Gold, stated, "We are delighted that
the Company's shares will be called to trade on the ASX. The listing will
provide PMI Gold the opportunity to service its new Australian shareholders
and provide increased access to capital in a region with strong economic
growth and an affinity for our product - gold. We will also continue to
maintain and grow our shareholder bases in Canada and in Europe with our TSX
Venture Exchange and Frankfurt listings."

On behalf of the Board,

"Douglas R. MacQuarrie"

President & CEO

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.

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.

About PMI Gold

Mining analysts have recently stated that West Africa will soon become
the World's second largest gold producing region after China, with Ghana by
far the largest gold producer in West Africa. PMI Gold controls four previous
operating mines on 85 kilometres of Ghana's major gold belts all located near
the centre of near 200 million ounces of historical gold production and
current resources.

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