PMI Secures Grant of Mining Leases for Obotan Gold Project
Published : November 21, 2012

Obotan Continues to Move Towards Development as Key Milestones Are Achieved

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Keywords :   Australia | Canada | Debt | Ghana | Gold | Gold Production | Market | Oil | Report | Water |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2012) -


PMI Gold Corporation ("PMI") (News - Market indicators)(FRANKFURT:PN3N)(ASX:PVM) is pleased to announce that the Mining Leases covering its flagship 100%-owned Obotan Gold Project in south-west Ghana have been formally granted by the Minister of Lands and Natural Resources. This marks another key milestone towards development of a substantial new gold mining operation in West Africa.

The formal grant of the three Mining Leases (renewable under the terms of the Minerals and Mining Act, 2006) follows the favorable recommendation by the Minerals Commission of Ghana in September.

The Mining Leases cover a total area of 93.24 sq km, encompassing the four key deposits at Obotan, the main Nkran deposit and the smaller satellite deposits, Abore, Adubiaso and Asuadai.

In conjunction with the formal issue of the Mining Leases, PMI has also received a key water discharge permit for the Obotan operation which will allow PMI to commence its dewatering operations of the Nkran and Adubiaso pits.

In August, PMI announced the completion of a positive NI 43-101 compliant Feasibility Study confirming a financially and technically robust mining operation at Obotan with forecast production of 221,500oz pa over its first five years (see PMI News Release - 28 August 2012). The Study forecast total production of 2.26 million recovered ounces over an 11.5-year mine life.

The Company has also recently announced a C$115 million equity financing, less costs, to fund the development of the Obotan Project. Discussions with debt providers are well advanced and an appropriate debt funding package is expected to be finalized within the coming weeks.

PMI Gold's Managing Director and CEO, Collin Ellison, said:

"The grant of the Mining Leases for Obotan is another important milestone for the Company as we continue to move inexorably towards development and production."

Collin Ellison

On behalf of the Board,

Managing Director & CEO

Competent Person and Technical Disclosure

NI 43-101

PMI filed a NI 43-101 compliant technical report on the Obotan Project outlining the Mineral Resources and Reserves Estimate and the result of the Feasibility Study on September 17, 2012. The report is available on SEDAR ( The NI43-101 technical report was prepared by GR Engineering Services Limited, and co-authored by P. Gleeson, B.Sc. (Hons), M.Sc, MAIGS, MGSA, J. Price, FAusIMM(CP), FGS, MIE(Aust.), R Cheyne, BEng. (Mining), FAusIMM, CEng (IEI), and G. Neeling, BAppSc. (Multidisciplinary) FAusIMM, each of whom is independent for the purposes of NI 43-101. Mr Collin Ellison, President & CEO, BSc Mining, MIMMM, C.Eng, a "qualified person" within the definition of that term in NI43-101, has supervised the preparation of the technical information regarding the Company's mineral projects which is not covered by the filed NI43-101 technical reports on the Obotan Project.

Forward-Looking Statements

This news release includes forward-looking statements or information. Forward-looking statements or information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statement. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding Ministerial execution of mining leases; future gold production; initial mine life; average annual gold production; forecast life of mine cash cost; initial capital cost; forecast operating parameters including ore mined, mill feed and recoveries; determination of a development decision for the Obotan Project; full production; and financial outcomes of the FS, including NPV, are forward-looking statements of information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the actual results of current exploration activities; changes in gold prices; changes in exchange rates; possibility of equipment breakdowns, delays and availability; changes in mine plans; exploration cost overruns; unexpected increases in costs of equipment, steel, cement and consumables such as diesel and fuel oil; unexpected environmental liabilities or social charges; the unknown impact of the 10% windfall profit tax announced by the Government of Ghana; title defects; the failure of contract parties to perform the unavailability of capital and financing; adverse general economic, market or business conditions; regulatory changes; failure to receive necessary government or regulatory approvals; and other risks and factors detailed herein and from time to time in the filings made by the Company with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in the Company's Annual Information Form dated September 25, 2012. 

Any forward-looking statement or information only speaks as of the date on which it was made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such.

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.

Investor Relations Canada:
Rebecca Greco
Fig House Communications
+1 (416) 822-6483
Investor Relations Australia:
Nicholas Read/Paul Armstrong
Read Corporate
+61 8 9388 1474 or M. +61 419 929 046
PMI Contact Canada:
Marion McGrath
Corporate Secretary
+1 (604) 684-6264 or Toll-Free: 1 (888) 682-8089
PMI Contact Australia:
Collin Ellison
Managing Director & CEO
+61 8 6188 7900
Data and Statistics for these countries : Australia | Canada | Ghana | All
Gold and Silver Prices for these countries : Australia | Canada | Ghana | All

PMI Gold Corporation

ISIN : CA7301531033
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PMI Gold is an exploration gold 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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Corporate Presentations of PMI Gold Corporation
10/4/2007Larry Myles Reports: Another Look at PMI Gold Corporation.
Annual reports of PMI Gold Corporation
2008 Annual report
Annual Report 2007
Financings of PMI Gold Corporation
11/13/2012Completes Equity Financing; Overallotment Option Exercised i...
10/10/2012Announces C$100 Million Equity Financing
3/15/2011Completes Short-Form Prospectus And Qualifies Exercise of Sp...
10/29/2010C$7.5 Million Private Placement
10/12/2010Closes Private Placement for $5 Million 2:1 Share Consolidat...
9/20/2010to Raise $5 Million to Fund 20,000 Metre Ghana Gold Drilling...
10/20/2009Private Placement for $3,645,500 Closes
9/30/2009$2.75 Million Private Placement Increased to $3.20 Million
8/25/2009$2.75 Million Private Placement, Drilling Program Expanded
6/16/2009Repricing of warrants
5/26/2009Private Placement, Drilling Program Expanded
3/3/2009announces two private placements
3/3/2009Private Placements Announced
2/19/2009US$20 Million Private Placement Announcement
2/19/2009Announces US$20 million private placement
8/11/2008Private Placement $1.0 Million/5 Million Units Announced
4/15/2008Reprices Brokered Private Placement
3/12/2008Non-Brokered Private Placement Closed Fiscal Advisory Agreem...
1/14/2008Private Placement Increased
11/27/2007Private Placement 10 Million Units - $2,800,000 Announced
Nominations of PMI Gold Corporation
9/9/2013Advises Appointment Of General Manager Corporate Developmen...
4/4/2013appoints Jim Askew as Chairman and Non-Executive Director
2/26/2013Resignation of Chairman
4/12/2011PMI Gold Corporation - Resignation of Director
9/15/2008New Board Appointments; Stock Option Announced
Project news of PMI Gold Corporation
2/6/2014Asanko Gold Inc. Completes Acquisition Of PMI Gold Corporati...
7/26/2013Targets Maiden Gold Resource for Dynamite Hill After Further...
7/19/2013(Obotan)Implements Multi-Pronged Strategy for Advancing the Obotan P...
6/6/2013Intersects High Grade Gold at Newly Discovered Dynamite Hill...
3/11/2013(Kubi)Regional Air Core Drilling Continues to Identify Anomalous G...
2/18/2013(Obotan)Obotan Project Update
11/21/2012(Obotan)Secures Grant of Mining Leases for Obotan Gold Project
11/21/2012(Obotan)Secures Grant of Mining Leases for Obotan Gold Project
11/21/2012(Obotan)Secures Grant of Mining Leases for Obotan Gold Project
9/26/2012(Obotan)to receive Mining Leases for Obotan Gold Project Another Imp...
9/26/2012(Obotan)to Receive Mining Leases for Obotan Gold Project
8/28/2012(Obotan)Obotan Gold Project Feasibility Study Demonstrates a Robust...
5/25/2011(Obotan)- Positive drilling results pave way for resource upgrade at...
5/4/2011PMI Gold Corporation - Extensive gold zones intersected in l...
1/20/2011appoints experienced resources executive as CEO in lead-up t...
10/22/2009(Obotan)Retires Debt - Next Phase Kubi Drilling Commences - Obotan O...
9/9/2009(Kubi)New gold zone discovered at Kubi, Ghana
7/15/2009(Kubi)Change Of Control Approved By Shareholders Additional Drilli...
7/1/2009(Obotan)Updates Obotan Project, Ghana
9/23/2008(Kubi)Kubi License Area Increased In Ghana
6/3/2008(Kubi)Fiscal Agent Appointed for Kubi Gold Project Financing
4/10/2008Announces Positive Preliminary Assessment Scoping Study Resu...
8/29/2007Drills 44.5 Metres @ 2.61 G/T Au at Nkran, Ghana
Corporate news of PMI Gold Corporation
1/21/2014ISS and Glass Lewis Recommend Asanko and PMI Shareholders Vo...
1/7/2014Asanko and PMI Mail Joint Information Circular in Connection...
12/17/2013Asanko Gold To Acquire PMI To Create An Emerging Mid-Tier Go...
11/28/2013Announces Results of Annual and Special Meeting
10/24/2013Disclosure of CEO Remuneration
9/17/2013Announces Change of CEO
7/30/2013Quarter Activity Update for the period ended 30 June 2013
2/18/2013and Keegan Agree to Terminate Merger Plans
2/6/2013Follow-up RC Drilling at PMI Gold's Afiefiso Prospect Contin...
2/1/2013Quarter Activity Update - For the period ended 31 December 2...
1/24/2013And Keegan Mail Joint Information Circular In Connection Wit...
1/10/2013Anomalous Gold Intersected at PMI Gold's Diaso Prospect, Gh...
12/21/2012(Kaniago)Continues to Encounter Significant Gold Intercepts at its Ka...
12/5/2012And Keegan To Merge As Equals To Form Asanko GoldMerger To C...
11/28/2012Graduates to the TSX
10/26/2012Quarter Activity Update for the Period Ended 30 September 20...
10/9/2012Announces "Overnight Marketed" Offering
9/26/2012Secures US$30m Standby Funding Facility Decision to Apply f...
9/19/2012(Obotan)Files National Instrument 43-101 Compliant Technical Report ...
4/30/2012(Obotan)Positive Drilling Results Show Potential for Fromenda Prospe...
4/19/2012(Obotan)New Discovery at Kaniago Strengthens Satellite Oxide Gold Po...
2/22/2012(Obotan)Announces Further Positive Resources Drill Results from its ...
10/14/2011(Obotan)- 270% Increase in Obotan Project Gold Resources, Ghana
5/10/2011PMI Gold appoints highly experienced geologist to lead aggre...
11/29/2010Completes Canadian Special Warrant Financing to Raise $7,500...
11/8/2010PMI Gold - Launches $27.5M Australian IPO to Build Major Wes...
3/16/2010raises $7.5 m for Ghana gold work
12/11/2009 Warrant exercised / shares for debt issued
1/30/2009on Trafalgar capital Bridge Loan Facility
1/30/2009- updates Trafalgar bridge loan
1/5/2009- New Director Appointed/Debenture Shares Issued
11/20/2008- bridge loan extension-MacQuarrie returns as President
9/26/2008Kubi Mining Leases Extended For 20 Years
9/23/2008acquires two more concessions, Ghana
9/3/2008Private Placment Can$1,000,000 Closed; Private Investor Inc...
8/21/2008New Concession Acquired in Ghana
8/11/2008to raise $1 million privately
7/9/2008$3.5 Million Secured Loan Arranged Kubi Gold Project Purchas...
5/29/2008VTEM Survey Confirms New Drill Targets At Obotan
2/11/2008(audio) Korelin Daily Radio Inverview with Doug MacQuarrie
1/30/2008Option Of Bankame And Ofoase Concessions To Golden Lion Reso...
12/3/2007Golder Associates to Commence Kubi Gold Project Review
10/15/2007Acquires Nevsun's Kubi Gold Project, Ghana
9/17/2007to purchase Nevsun's Kubi Gold Project, Ghana
8/16/2007Acquires Rights to Purchase Edubia Lease, Ghana
1/13/2006(Obotan)ANALYSIS : Follow up N° 7
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