PMI Gold Corporation

PMI Gold Corporation

January 31, 2006 18:44 ET

PMI Ventures Ltd.: New Reef Discovered-Ashanti II Project-Ghana

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2006) - PMI Ventures Ltd. (the "Company") (TSX VENTURE:PMV)(Frankfurt/Berlin WKN 888063) announces that a new quartz reef system has been outlined by significant artisanal mining activity in the Appiahkrom area of the Agyaka-Manso concession - the southwestern most concession of the eight concessions operated by the Company on the Asankrangwa gold belt in Ghana.

Work by the artisanal miners consists of a series of open stopes connected by more than 50 small shafts over a current strike length of 150 metres and to reported depths of over 30 metres.

The new workings are co-incident with a previously outlined reconnaissance IP high anomaly near the interpreted contact of Birimian carbonaceous phyllites and greywackes, and 500 metres northeast of extensive alluvial gold workings. The reef system transects two shallow trenches cut by previous operators and for which no reliable historical data exists. Grab samples of quartz reef and wall rock material from the new workings have been submitted for assay.

Detailed IP surveys on this discovery and the other defined IP targets in this area will be completed prior to drilling. Surveys are now underway on the strong 2 kilometre long gold soil anomaly located on Switchback North and on the southwest continuation of the Diaso/Juabo survey, in preparation for a subsequent drilling program.

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: 39,771,353

Fully Diluted: 59,244,810

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

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