PMI Gold Corporation: First Holes Reported from 28 Drill Hole Program, Obotan Project, Ghana

PMI Gold Corporation: First Holes Reported from 28 Drill Hole Program, Obotan Project, Ghana


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES


December 23, 2009 - Vancouver BC - PMI Gold Corporation (TSX.V:PMV) the Company is pleased to announce the results from the first two drill holes in the Adubiaso pit area, located 4.0 km north northwest of the Nkran deposit on our Obotan Project in Ghana. These holes are the first of a proposed 28 drill hole program to validate the previous drill data base at Obotan. When the program is completed, an initial NI 43-101 mineral resource estimate will be prepared.

The quality control (QC) holes, ADP09-002 and ADP09-005 were drilled between/in the vicinity of holes drilled by the previous operator Resolute Amansie Limited prior to their completion of mining in December 2002. To that date, the Obotan mine produced a total of 730,000 ounces of gold from the Nkran, Adubiaso and Abore pits at an average grade of 2.2 g/t.

The current QC drill results (italics) are presented in the table below, along with intersections (calculated from historical data) from below the bottom of the pit:

Table 1 Significant Gold Intercepts from below or beside the Adubiaso Pit:

To view the news release including drill results, please follow the link:
http://www.irw-press.com/dokumente/PMI231209English.pdf

Douglas R. MacQuarrie, President and CEO commented: Our first two drill holes at the Adubiaso pit site have confirmed that significant near surface gold mineralization remains at this location. It is also particularly encouraging to note strong gold grades and widths under the pit. This suggests potential exists for developing deep resources in plunging ore shoots as is typical at our Nkran deposit and elsewhere in Ghana. Drilling at Adubiaso is expected to resume early in the New Year.


Please see the following link for the Adubiaso Pit Drill Collar Plan map: http://www.pmigoldcorp.com/i/maps/AdubiasoDrillPlanNRDec2309.pdf

This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), a Qualified Person under National Instrument 43-101. Field work was supervised by Paul Abbott MSc, a member of the Geological Society of South Africa with 21 years relevant experience in West Africa. HQ, and NQ core was logged, sawn and sampled on site, with half samples sent to SGS Analabs Pty. Ltd. in Bibiani, and analyzed for gold by fire assay-AA on a 50 gram sample charge. Internal QC consisted of inserting both blanks and standards into the sample stream and multiple re-assays of selected anomalous samples. Where multiple assays were received for an interval, the final value reported was the average of all results for the interval. Results from the QC program suggest that the reported results are accurate. Confirmation of the historical drill hole data base is ongoing and the data is believed to be reliable, however it is presented as received by PMI Gold Corporation. Intercepts were calculated with a minimum 1.0 g/t Au cut off at the beginning and the end of the intercept and allowing for no more than six consecutive metres of less than 1.0 g/t Au. Internal intercepts above 10.0 g/t Au are reported separately. Grade x Width intercepts of less than 10.0 g/t meters were not reported. True widths are estimated at 70% to 80% of the stated core length.

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


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.

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Companys 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.