PMI Gold to Appoint Two Non-Executive Directors, Peter Buck and Ross Ashton to the Board Subject to the Co-Listing of the Company in Australia

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

VANCOUVER, October 21, 2010 -

    TSX Venture Exchange: PMV Issued & Outstanding: 284,014,088
    Frankfurt: AOJMW7                Fully Diluted: 393,434,463

PMI Gold Corporation (TSX.V:PMV) ("PMI Gold" or "the Company") announces
that Mr. Peter Buck and Mr. Ross Ashton have agreed to join the Board of PMI
Gold as Independent Non-Executive Directors subject to and following its
proposed Australian co-listing.

Commenting on the appointments of Messrs. Buck and Ashton (Members
AUSIMM), PMI Gold CEO, Douglas MacQuarrie stated, "PMI Gold is pleased to be
able to attract such experienced and respected Australian Directors to join
the Board of the Company following its proposed Australian listing. Mr. Buck
has been associated with the discovery and development of a number of mineral
deposits in Australia and Brazil, and Mr. Ashton was the founding Managing
Director of Red Back Mining Inc., which was recently the subject of a merger
with Kinross Gold Corporation which valued Red Back at US$7.1B. Their wealth
of exploration and development experience will be invaluable for PMI Gold as
the Company progresses development at its Obotan and Kubi Gold Projects in
Ghana."

Mr. Buck is a geologist with 35 years of international exploration and
production experience, principally in nickel, base metals and gold. During
his career he has been associated with the discovery and development of a
number of mineral deposits in Australia and Brazil.

Mr. Buck worked with WMC Resources for 23 years in a variety of senior
exploration and production roles, before joining Forrestania Gold as
Exploration Manager in 1994. Forrestania Gold was subsequently acquired by
LionOre Mining International with whom he was the Director of Exploration &
Geology until mid-2006. He managed the highly successful exploration team
that discovered several nickel deposits and the two million ounce Thunderbox
gold deposit in Western Australia. Also, he played key senior management role
in progressing these deposits through feasibility studies to production. Mr.
Buck also played key senior advisory roles in indigenous relations in
Australia, LionOre's African operations and new business development. During
this period Mr. Buck was also a non-Executive Director with Gallery Resources
(now IAMGOLD), and Breakaway Resources.

In 2006, Mr. Buck played a key role in managing the divestment of a large
portion of LionOre's nickel exploration portfolio into Breakaway Resources.
Following this transaction, Mr. Buck became the Managing Director and CEO of
Breakaway. In 2009 Mr. Buck left Breakaway to pursue other professional and
personal interests.

Mr. Buck is currently Vice President of The Association of Mining and
Exploration Companies (AMEC) and a Board Member of the Centre for Exploration
Targeting established at the University of Western Australia and Curtin
University.

Mr. Ashton has been involved in the exploration, consulting, financing
and development of international resource projects since 1972. Most recently
in his capacity as Managing Director and subsequently Chair of Red Back
Mining Inc., Mr. Ashton was responsible for identifying the prospectivity and
leading the team which discovered the multi million ounce Chirano gold
deposit in Ghana. In 2004 Mr. Ashton re-domiciled Red Back from the ASX to
the TSX with a new Canadian CEO, management and board. In 2005 Mr. Ashton
resigned as Red Back Chair. In September, 2010 Red Back, as a +400,000 ounce
per year gold producer, was the subject of a merger with Kinross Gold
Corporation which valued that company at US$7.1B.

Mr. Ashton is a Non Executive Director of Brockman Resources Limited, an
ASX listed iron ore explorer/developer with a market cap of ~$500 million.

With the appointment of Messrs. Buck and Ashton to the Board of PMI Gold,
subject to and following the proposed Australian co-listing, Mr. Len Dennis
will resign as a board member but will remain with the Company as a
consultant.

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.

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. Our Kubi Gold Project (NI43-101 mineral resource estimate
of 604,000 ounces @3.66 g/t gold Indicated; 315,000 ounces @1.88 g/t gold
Inferred, see SEDAR) adjoins the 60 million ounce AngloGold Ashanti Obuasi
mine, the largest underground mine in West Africa with a 113 year, continuous
mining history. At Obotan, where previous mining yielded 730,000 ounces of
gold at a grade of 2.2 g/t, we recently announced a maiden +1 million ounce
gold mineral resource estimate, and the commencement of an aggressive
drilling campaign.

%SEDAR: 00005434E

    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

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