PMI Gold Corporation

PMI Gold Corporation

March 09, 2005 12:55 ET

PMI Ventures Ltd.: Phase 2 Report on Structural Analysis and Initial Target Selection


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PMI VENTURES LTD.

TSX VENTURE SYMBOL: PMV

MARCH 9, 2005 - 12:55 ET

PMI Ventures Ltd.: Phase 2 Report on Structural
Analysis and Initial Target Selection

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 9, 2005) - PMI
Ventures Ltd. (the "Company") (TSX Venture:PMV), is pleased to announce
that it has received the preliminary Phase 2 report by SRK Consulting
Ltd. who were contracted to analyze the regional and local structural
setting for gold mineralization within our eight concessions. The
concessions cover 380 square kilometers located along the Asankrangwa
gold belt in SW Ghana. A final report is expected by late March, 2005.

The analysis involved data compilation, computer modeling, field mapping
and re-logging of drill core and incorporates all of the Company's field
data including soil geochemistry, ground and our recent airborne
geophysical data, RC and diamond drilling results. During the
investigation, two SRK structural geologists spent two weeks on the
property mapping road and rail cuts and interpreting diamond drill
results to produce their final interpretation and target selection
criteria. Work was concentrated in the Fromenda "Main Zone" and Gemap
"Kukunapi" areas where the bulk of our diamond drilling has been
completed.

SRK has concluded that gold mineralization at the Fromenda "Main" zone
is hosted in a deformed mafic intrusion close to the SE contact between
the intrusion and the meta sediment (turbidite) sequence. The mafic
intrusion is spatially associated with a marked magnetic susceptibility
high that extends for over one kilometer to the northeast (NE) and which
has only received limited prospecting attention to date. Discrete 3D-IP
anomalies and strong resistivity lows also occur in this area and will
be a significant target for further exploration.

Previously reported gold mineralization in the Gemap "Kukunapi" area has
been correlated with E-W trending
quartz-pyrite-arsenopyrite-chalcopyrite veins, suggesting a dominant E-W
trend to higher grade gold mineralization, contrary to the previously
postulated NE trend.

Four target classes have been defined: (1) at the intersection of E-W
structures with major NE trending fold/thrust belt style deformation -
of the Ashanti Obuasi type; (2) saddle-reef and axial planar veins
associated with regional scale folds/NE trending fold/thrust belts; (3)
the sheared margins of granitoid bodies intersected by the NE and E-W
structures; and (4) mafic intrusions which exhibit major
competence/chemical contrasts with the enveloping meta sediments.

Initial Target Selection

Approximately 12 + major targets have been selected for further
evaluation. The SRK analysis has provided the Company with an excellent
high quality data set upon which to plan future "targeted" exploration
programs, commencing with the highest priority defined target zones. The
Company intends to continue a disciplined approach to investigating each
of these new targets using a combination of appropriate geophysical
surveys, RC pilot holes and eventually diamond drilling.

"Switchback South" Concession - Railway Grid Soil Results

During geological mapping along the railway right of way, a new quartz
reef was identified as previously reported in November 2004 (3.9 meters
@ 8.75 g/t gold). Geochemical soil sampling has now been completed on a
grid some 2.6 kilometers long and 1.4 kilometers wide centered on the
reef outcrop. A total of 700 samples were taken with 35 grading greater
than 100 ppb gold with a peak value of 3400 ppb gold. These anomalies
are located near the intersection of E-W and NE trending structures and
associated with the north west margin of a newly identified granitic
intrusion.

"Gemap" Concession - Forest Grid

A total of 856 soil samples were taken in the Forest Reserve area
located in the NE part of the concession. The grid was positioned to
cover a previously unsurveyed section of the concession. Four samples
located near a mapped NE trending structure graded greater than 1000 ppb
gold with one sample at 7530 ppb. The Company has obtained all the
necessary permits to operate in the Forest Reserve area and carried out
the work under strict and careful Governmental guidelines.

The technical information contained in this release was reviewed and
supervised by Douglas R. MacQuarrie, P.Geo., who is a Qualified Person
as defined by National Instrument 43-101.

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: 30,066,967

Fully Diluted: 44,705,934


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    PMI Ventures Ltd.
    Douglas R. MacQuarrie
    President
    (604) 682-8089 or Toll-Free: 1-888-682-8089
    (604) 682-8094 (FAX)
    or
    PMI Ventures Ltd.
    Larry Myles
    Shareholder Communications
    (604) 682-8089 or Toll-Free: 1-888-682-8089
    (604) 682-8094 (FAX)
    www.pmiventures.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.