PMI Gold Corporation

PMI Gold Corporation

November 09, 2005 18:23 ET

PMI Ventures Ltd.: Ashanti II Project Update-Diaso IP Survey-Test Hole Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2005) - PMI Ventures Ltd. (the "Company") (TSX VENTURE:PMV) (Frankfurt/Berlin WKN 888063) is pleased to announce that 85% of the 210 line km IP (Induced Polarisation) survey commenced in July, has now been completed. The survey grid is 3 km wide and covers the area between the Juabo and Diaso intrusions - a distance of over 14 km. The Company and SRK Consulting (Canada) Inc. identified 25 major structural targets in a recent project review, 11 of which are located within this survey grid, for detailed follow up.

The survey has outlined five strong NE and locally EW trending linear IP anomalies, each measuring from one to three kilometres long. One of these correlates with the previously reported Railway showing (8.75 g/t Au over 3.9 metres); another with the Old Kukunapi Mine area (visible gold and sulfide mineralization to 10.6 g/t Au over 2.25 metres); and a third occurs just west of the old Kumi Shaft galamsey workings (grab samples to 3 g/t Au).

Based on the strong IP survey results, high priority drill targets have been selected for further detailed evaluation, including ICP soil geochemistry in non-alluvial areas, RC and or diamond drilling. Each of the selected targets is on a strong multi-line IP anomaly; at the intersection of NE and EW IP trends; is co-incident with elevated resistivities (local silicification-quartz veining); on a major lithological break; on the margins of favourable granitoid intrusions or dikes; and co-incident with major regional EW transfer faults.

Assay results have now been received for four test holes totalling 931 metres. Three holes were drilled to test two IP targets: DG001&2 tested a strong IP high located on the south west side of the Diaso intrusion. Widespread, finely disseminated pyrite was noted within massive sericitic quartz monzonite. Only minor quartz pyrite stringers were noted, with no significant gold assays. DG005 was located 500 metres south of the nose of the Diaso intrusion near the southern end of a 1600 metre long IP anomaly which flanks its western side (previously reported on 2 August). The hole intersected up to 5% fracture controlled and primary sulfides in carbonaceous meta-sediments, minor granitic dikes, and quartz pyrite stringers. The targeted main ASZ1 shear was not intersected, suggesting it is located further to the east on the east side of the Diaso intrusion. No significant assays were received. Collars for DG003&4 were prepared to test the strong north-south trending IP anomaly within the Diaso intrusion, however these holes are scheduled for a future drill program.

The fourth hole, FBSZ004 was drilled to test a 3D-IP anomaly 2.2 km north east of the Main zone on our Fromenda concession. Strong sulfide mineralization was intersected in meta sediments confirming the IP target, however only minor gold assays were noted.

Drill Hole Co-ordinates:

Hole ID LWGS84E LWGS84N Local E Local N Az. Dip Length

DG001 594293 E 682165 N 16240 33500 135 -45 158 m

DG002 594190 E 682110 N 16200 33400 135 -45 151 m

DG005 593578 E 681274 N 16350 32400 135 -45 301 m

FBSZ004 604016 E 686238 N 9515 4300 135 -45 322 m

The survey has confirmed the SRK geological interpretation of generally NE trending, steeply dipping and isoclinally folded Birimian turbiditic meta-sediments comprised of interbedded carbonaceous argillite, siltstones and greywackes, intruded by a series of deep seated granitoid intrusions and dikes. This entire package has been subject to NE trending strike-slip and reverse faulting and cut by late EW trending transfer faults. The NE trending faults (D2) and gold mineralised showings define the +150 km long Asankrangwa gold belt and host the Obotan mine (original published reserve 2.5 M ozs. Au) located 9 km along strike to the NE; the EW trending faults (D4/D5) have been correlated with gold mineralization in the project area and are spatially related to gold mineralization at AngloAshanti's Obuasi mine (+50 M ozs. Au reserves plus past production), located 50 km to the east.

Douglas R. MacQuarrie, President, P.Geo., a qualified person under National Instrument 43-101 prepared this news release. Additional maps and data will be posted as available on our web site

The Company is currently in the market to raise up to $2 million for the ongoing exploration work scheduled for the 2005/2006 season.

On behalf of the Board,

Douglas R. MacQuarrie, President

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: 35,941,967

Fully Diluted: 51,261,038

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

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