PMI Gold Corporation
TSX VENTURE : PMV

PMI Gold Corporation

August 02, 2005 18:09 ET

PMI Ventures Ltd.: Strong IP Anomalies Extended, L34N Target, Ashanti II Project, Ghana

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 2, 2005) - PMI Ventures Ltd. (the "Company") (TSX VENTURE:PMV)(Frankfurt/Berlin WKN 888063), is pleased to announce that the IP (induced polarisation) survey has now extended the two strong IP anomalies (announced on 25 July 2005), from 600 metres to 1200 metres and 1400 metres in length, respectively. These anomalies are generally linear, from 50 to over 200 metres in width and are interpreted to extend up to the depth limit of the survey at greater than 150 metres. At their intersection, the IP anomaly covers an area of at least 600 by 700 metres which is open to further expansion.

The anomalies occur on the southwest margin of the Diaso granite in the L34N target area and are associated with regional scale deep seated shear zones along the western margin and on major fractures within the granite body, and also locally with extensive galamsey workings.

Spot gold soil geochemical highs are noted in the vicinity of the IP high anomalies, however the sample results obtained by previous exploration companies in the swampy, alluvial covered and difficult ground are not considered reliable. Recent sampling by the Company on a railway cut some 5 kilometres along the main shear zone to the southwest of these IP anomalies noted a 3.9 metre wide, sheared quartz reef, which assayed 8.75 g/t Au over 4 metres.

In addition, the longer anomaly, which cuts through the granite, has a distinct northerly trend towards the Subriso Hill area where some 180 local galamsey are currently working the selvages of quartz reefs for gold. The IP survey will be extended to this area over the coming weeks.

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

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

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

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