PMI Gold Set to Complete Acquisition of Midras Mining Lease After Receiving Key Government Approval

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PMI Gold Corporation (TSX VENTURE:PMV)(FRANKFURT:PN3N)(ASX:PVM) is pleased to
advise that its 100%-owned subsidiary, Adansi Gold Company (Ghana) Limited
("Adansi"), will now proceed to complete the proposed acquisition of a highly
strategic Datano Mining Lease located adjacent to its flagship Obotan Gold
Project in south-west Ghana (Figure 1) after receiving Government approval for
the transaction. 


PMI announced last month that Adansi had entered into an agreement with Midras
Mining Company Ltd ("Midras") to acquire the Datano Mining Lease for US$6
million, subject to receiving approval for the sale and transfer of the mining
lease to Adansi. 


Adansi has now received formal notification from the Ghanaian Minister of Lands,
Forestry and Mines, Hon. M. Hammah, that he has approved the assignment of the
Datano-Manso Mining Lease from Midras to Adansi following a positive
recommendation from the Ghana Minerals Commission.


This clears the way for the acquisition to be completed, with settlement now
targeted for end of August. 


PMI Gold's Managing Director and CEO, Collin Ellison, said he was very pleased
to have received approval from the Ghanaian Government for the assignment of the
Datano Mining Lease, enabling it to complete the transaction with Midras. 


"This in-fills a key gap in our tenement coverage at Obotan," Mr Ellison said.
"The 50km2 Datano Mining Lease is contiguous with the southern boundary of the
Obotan Project and lies to the south of the main Nkran deposit, providing us
with access to the extensions of the mineralised Nkran and Fromenda structures
and the opportunity to develop additional oxide resource targets close to
Obotan.


"The lease area will also provide greater flexibility in the design of
infrastructure within the Obotan Project Feasibility Study design, which is
currently underway," he added. "This puts another key element of the overall
Obotan Project in place as we move towards completing the Feasibility Study in
the coming weeks."


On behalf of the Board,

Collin Ellison, Managing Director & CEO

To view Figure 1 associated with this release, visit the following link:
http://media3.marketwire.com/docs/PMI_Datano.pdf