PMI Gold Corporation: Update on Obotan Project Financing

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PMI Gold Corporation ("PMI") (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) has
engaged Optimum Capital Pty Ltd. ("Optimum Capital") to assist PMI identify and
secure appropriate finance for development of the Obotan Gold Project.


Optimum Capital is a well-known and independent advisory house based in
Australia that focuses on the mid-tier mining sector. Optimum Capital's team
provides commercial, financial and technical skills and experience aimed at
assisting clients to optimize their funding outcomes.


The full range of available financing alternatives is being explored in order to
ensure the best result for shareholders. To date PMI has received expressions of
interest to provide project finance for the Obotan project from 12 international
banks. PMI together with Optimum Capital has reduced these to a short list of
potential funders to provide project finance to PMI. Each of the shortlisted
banks has a strong global reputation and demonstrated experience in financing
mining projects in Ghana.


Communications with the shortlisted banks have commenced on a range of issues.
Due diligence will also commence shortly. 


PMI is pleased to be working with Optimum Capital and a group of experienced and
well regarded international banks in financing the Obotan project. 


The recent addition of Dr. Michael Price to the Board, bringing his financing
expertise, is also well timed to assist with upcoming decisions. 


On behalf of the Board,

Collin Ellison, Managing Director & CEO