PMI Gold Corporation

PMI Gold Corporation

January 17, 2006 19:23 ET

PMI Ventures Ltd.: New 'Banket Gold' Discovery-OFOASE Concession-Ghana

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 17, 2006) - PMI Ventures Ltd. (the "Company") (TSX VENTURE:PMV)(Frankfurt/Berlin WKN 888063), announces that assays have been received from a preliminary sampling program, testing a small part of the previously noted 2.5 km long "Banket 1" gold soil geochemical anomaly on the OFOASE concession. This concession is located on the Ashanti Gold Belt, 20 kilometres due west of Newmont's Akyem gold project and 45 kilometres northeast of Anglo Ashanti's Obuasi Mine.

Trench BH-1, located in the Banket Hill area on Line 10200E from 10192N to 10212N was cut to test a 140 ppb gold in soil anomaly. Sampling of quartz pebble conglomerate returned 7 metres grading 1.83 g/t gold, with individual one metre fire assays within this section grading to 4.24 g/t gold.

In addition, a grab sample of pyritic quartz pebble conglomerate taken 570 metres along the strike of the soil anomaly on Line 10800E at 10165N assayed 1.61 g/t gold. Sample analyses were completed at SGS Analabs Pty. Ltd. at Bibiani, and analyzed for gold by fire assay-AA on a 50 gram sample charge. The work program was under the direction of Douglas R. MacQuarrie, P.Geo. (B.C.).

These samples are the first confirmation that 'banket type' quartz pebble conglomerates on the concession carry potential mining grades and widths. Additional trenching to further outline the favourable 'banket' horizon has commenced.

Further maps and diagrams which complement the above disclosure will be available in due course on the Companies web site.

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: 51,586,038

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

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