Keywords : Gold |

Monday, March 02, 2009
Private Placements Announced

Private Placement of $1,000,000

March 2, 2009, Vancouver BC - PMI Gold Corporation (TSX.V:PMV), the Company is pleased to announce it has received subscriptions for a private placement to raise proceeds of $1,000,000 in connection with the private placement of 20,000,000 units of the Company, at the price of $0.05 per unit. Each unit will consist of one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company for a period of three years from the date of issue, at a price of $0.05 per share.

Proceeds of the private placement will be used to pay down the Bridge loan outstanding between the Company and Trafalgar Capital Specialized Investment Fund, FIS and will extend the repayment date of the Trafalgar Bridge and Debenture loans to March 25, 2009.

Private Placement of $1,500,000

The Company also wishes to announce it will use its best efforts to raise an additional $1,500,000 by the private placement of 30,000,000 units of the Company, on the same terms as the initial private placement, except the warrants will be exercisable at $0.10 per share during the second and third years. Proceeds from the second private placement will be applied to pay out the balance of the Bridge loan to Trafalgar and for working capital. In the event that the Company raises additional capital and the Trafalgar loans are paid out in full before March 11, 2009, this private placement will not proceed.

A cash finder's fee of 10% in respect to the gross proceeds raised will be paid and finder's warrants equal to 10% of the number of units sold will be issued to finders. The finder's warrants will be exercisable at $0.10 per share for a three year period.

The private placements remain subject to receipt of necessary stock exchange approvals.

On behalf of the Board,
"Douglas R. MacQuarrie"
President & CEO

For further information please contact:

Douglas MacQuarrie, President & CEO
Telephone: 1 (604) 682-8089
Toll-Free: 1 (888) 682-8089
Facsimile: 1 (604) 682-8094

or for European Investors:
Florian Riedl-Riedenstein:
Tel: 43-2774-28814,
e-mail: frram@aon.at

or John Mullen:
Tel: 41-79-694-8671,
e-mail: JohnMullen@bluewin.ch

Or visit the PMI Gold Corporation website at www.pmigoldcorp.com

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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.

You can also view this News Release on our website at:
http://www.pmigoldcorp.com/s/News.asp?ReportID=340202

PMI Gold Corporation

	EXPLORATION STAGE
	CODE : PMV.V
	ISIN : CA7301531033

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PMI Gold is a gold exploration company based in Canada.

PMI Gold holds various exploration projects in Ghana.

Its main exploration properties are GYIMIGYA & DUNKWA, KANIAGO, OBOTAN, EDUBIA, OFOASE, BANKAME and KUBI in Ghana.

PMI Gold is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 339.6 millions as of today (US$ 321.0 millions, € 236.3 millions).

Its stock quote reached its lowest recent point on November 28, 2008 at CA$ 0.01, and its highest recent level on February 24, 2012 at CA$ 1.46.

PMI Gold has 409 193 000 shares outstanding.

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