PMI Gold Corporation
TSX VENTURE : PMV
FRANKFURT : PN3N
ASX : PVM

PMI Gold Corporation

July 18, 2012 11:35 ET

PMI Gold Corporation: Update on Obotan Project Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2012) -

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

PMI Gold Corporation ("PMI") (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) has engaged Optimum Capital Pty Ltd. ("Optimum Capital") to assist PMI identify and secure appropriate finance for development of the Obotan Gold Project.

Optimum Capital is a well-known and independent advisory house based in Australia that focuses on the mid-tier mining sector. Optimum Capital's team provides commercial, financial and technical skills and experience aimed at assisting clients to optimize their funding outcomes.

The full range of available financing alternatives is being explored in order to ensure the best result for shareholders. To date PMI has received expressions of interest to provide project finance for the Obotan project from 12 international banks. PMI together with Optimum Capital has reduced these to a short list of potential funders to provide project finance to PMI. Each of the shortlisted banks has a strong global reputation and demonstrated experience in financing mining projects in Ghana.

Communications with the shortlisted banks have commenced on a range of issues. Due diligence will also commence shortly.

PMI is pleased to be working with Optimum Capital and a group of experienced and well regarded international banks in financing the Obotan project.

The recent addition of Dr. Michael Price to the Board, bringing his financing expertise, is also well timed to assist with upcoming decisions.

On behalf of the Board,

Collin Ellison, Managing Director & 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.

Contact Information

  • Fig House Communications
    Rebecca Greco
    Investor Relations Canada
    +1 (416) 822-6483
    fighouse@yahoo.com

    Read Corporate
    Nicholas Read/Paul Armstrong
    Investor Relations Australia
    +61 8 9388 1474 or M. +61 419 929 046

    PMI Gold Corporation - Canada
    Marion McGrath
    Corporate Secretary
    +1 (604) 684-6264 or Toll Free: 1 (888) 682-8089

    PMI Gold Corporation - Australia
    Collin Ellison
    Managing Director & CEO
    +61 8 6188 7900
    www.pmigoldcorp.com