PMI Gold Corporation

PMI Gold Corporation

August 26, 2005 09:30 ET

PMI Ventures Ltd. Announces $500,000 Non-Brokered Private Placement

VANCOUVER, BRTISH COLUMBIA--(CCNMatthews - Aug. 26, 2005) - PMI Ventures Ltd. (the "Company") (TSX VENTURE:PMV)(FRANKFURT/BERLIN WKN 888063), is pleased to announce a non-brokered private placement of up to 2,500,000 Units of the Company at a price of $0.20 per Unit to raise gross proceeds of up to $500,000. Each Unit will consist of one common share and one share purchase warrant, each share purchase warrant entitling the holder to acquire one additional common share of the Company for a period of one year at a price of $0.30 per share. Funds raised will be used for continuing the IP (induced polarisation) survey and to initiate the drill program along a 14 kms. by 3 kms. zone in the Asankrangwa gold belt of southwest Ghana, West Africa and general working capital.

This placement is subject to acceptance by regulatory authorities. The shares issued under the private placement will be subject to a four-month hold period from the date of TSX Venture Exchange approval.

On behalf of the Board,

Pearce Bowman, Executive Chairman

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.

Issued & Outstanding: 33,291,967

Fully Diluted: 48,656,434

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • PMI Ventures Ltd.
    Douglas R. MacQuarrie
    (604) 682-8089 or Toll-Free: (888) 682-8089
    (604) 682-8094 (FAX)