PMI
Gold Corporation (TSX.V:PMV; ASX:PVM) ("PMI Gold"
or "the Company") is pleased to announce that on December
17, 2010,
PMI Gold was admitted to the Official List of the ASX in Australia.
Official Quotation of the Company's securities will commence at 12:00
pm
Australian Eastern Standard Time on Tuesday December 21,
2010.
As
a result of the completion of the Australian public offering and approval of
listing on the ASX, the net funds raised by the Company under its Canadian
special warrant financing, which completed and was the subject of a news
release by the Company on November 29, 2010,
will be released to the Company.
With
the closing of the Australian IPO, the Canadian special warrant financing,
and funds on hand, the Company will have cash of approximately $34.0
million.
These funds will be used to accelerate drilling and pre-feasibility studies
at the Company's Obotan and Kubi
gold projects in Ghana, to fast-track
regional gold exploration, and for working capital.
Douglas
MacQuarrie, President of PMI Gold, stated "We
are delighted that the Company's shares will be called to trade on the
ASX. The listing will provide PMI Gold the opportunity to service its
new Australian shareholders and provide increased access to capital in a region
with strong economic growth and an affinity for our product - gold. We
will also continue to maintain and grow our shareholder bases in Canada
and in Europe with our TSX Venture
Exchange and Frankfurt listings."
On
behalf of the Board,
"Douglas
R. MacQuarrie"
President
& CEO
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. We Seek Safe Harbour.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About
PMI Gold
Mining
analysts have recently stated that West Africa
will soon become the World's second largest gold producing region after China,
with Ghana by far the largest
gold producer in West Africa.
PMI Gold controls four previous operating mines on 85 kilometres
of Ghana's major gold belts all located near the centre of near 200 million
ounces of historical gold production and current resources.
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