Oct 19 2010
PMI Gold Corporation (TSX.V:PMV) - the Company has announced the results from the remaining 22 of 65 diamond drill holes completed at our Obotan Gold Project in Ghana during May through the end of July 2010.
- 95.50 metres @ 2.16 g/t Au - including 12.26 metres @ 4.67 g/t Au
- Additional drilling has commenced with two rigs
- Proposed IPO in Australia on track for November 2010
Initial results for the program were announced in our news release dated August 10, 2010. The program consisted of a total of 10,877 metres, with 6,315 metres in 35 resource definition drill holes and 4,562 metres in 30 quality control (QC) drill holes.
The results from these 22 drill holes were not included in the recent NI43-101 Obotan mineral resource estimate by Hellman and Schofield Pty Ltd of Australia, which stated: Indicated 3.06 million tonnes grading 1.59 g/t gold for 156,000 oz; Inferred 15.64 million tonnes grading 2.1 g/t gold for 1,053,000 oz; however they will be included with additional new drill results in the next resource estimate update expected in early 2011.
Based on the recent $5 million pre-IPO funding, drilling re-commenced at Obotan on October 1. A minimum of 16,000 metres is currently planned, however this is expected to increase to 40,000 metres on completion of the IPO now targeted for mid November 2010.
Drilling was completed at the Nkran ('NKR'), Adubiaso ('ADP'), Asuadai ('ASP') and Abore ('ABP') deposits.
This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), a Qualified Person as defined under National Instrument 43-101. Field work was supervised by Donald Allen, MASc. P.Eng.(B.C.) and Paul Abbott MSc., Consulting Geologists. HQ, and NQ core was logged, sawn and sampled on site, with half samples sent to SGS Laboratory in Tarkwa, and analyzed for gold by fire assay-AA on a 50 gram sample charge.
Source: PMI Gold Corporation