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PMI Gold Corp (TSX.V:PMV) Smack Dab in the Middle of Elephant Country
By Darryl Kelley

Africa, besides being the cradle of civilization, is also host to some
of the world's oldest and richest gold mines.

Ngwenya Mountain in Swaziland hosts what is believed to be the world's
oldest mine, where early man mined hematite and specularite over
42,000 years ago.

PMI Gold's properties are all located in Ghana's Golden Triangle, an
area in southwest Ghana with combined current reserves and historical
gold production of 170 million ounces. Gold has been mined in Ghana
for over 1000 years, and the famous AngloGold Ashanti Obuasi mine has
been in continuous production for 110 years.

PMI Gold now has interests in 14 concessions in Ghana on the
Asankrangwa and Ashanti Gold Belts, for a total of 669 square
kilometers.

In November 2006, PMI Gold acquired the 89 square kilometre Abirem and
Abore concessions - which cover the former Obotan Mine operations of
Resolute Mining of Perth - from the Ghanaian government. Resolute
ceased mining in 2002 after a total of 730,000 ounces of gold were
produced, with 590,000 ounces mined at 2.2 g/t gold from the Nkran
pit, and a further cumulative 140,000 ounces from the Adubiaso and
Abore pits. The price of gold, at then less than $320 per ounce, had
rendered the remaining known ore body uneconomical for further
development.

Prior to completing the mining at the Nkran pit, Resolute conducted
extensive studies on the feasibility of continuing mining from
underground mineralization beneath the pit. Modeling completed with a
US$350 gold price suggested good potential for establishing an
underground operation.

PMI Gold believes there is an exploration target of one to two million
ounces of gold grading from 3.0 to 6.0 g/t below the Nkran pit based
on previous deep drilling results and projections to 400 m below the
deepest intersection.

Resolute had previously completed internal studies concerning
underground mining scenarios to co-exist with their surface mining.
These preliminary studies were based on 58 drill holes which
intersected +3.0 g/t gold mineralized material below the level of the
pit.

Other results from these studies indicate that:

·      higher grades are contained within lower grade envelopes and
dilution won't be critical;

·      screen fire assay retests conducted on high grade intersections
indicate a significant coarse gold component to the high grade zones
which may not be reflected in the current assay database;

·      metallurgical test work on drill core composites from beneath the
pit indicated recoveries of +96.6% on leached concentrator tails with
+75% of the gold reporting to the gravity circuit; and that the assay
database may be significantly under calling the grades of the high
grade lodes as the metallurgical leach tests returned a 52% upgrade
over the original screened 50 gram gold fire assays;

·      modeling suggests that the majority of the high grade mineralization
is within structures which are vertical with good continuity
horizontally and vertically;

·      the Western zone, also referred to as the Galamsey Reef, remains
open to the south and at depth.

Two major near vertical gold bearing structures have been partially
outlined by the previous drilling - called the Western and Eastern
high-grade lodes. Most of the deep diamond core drilling targeted
these lodes under the south end of the pit.

Using a top assay cut of 30.0 g/t gold and estimating true widths to
be 55% of the mineralized intersection lengths, 30 drill intersections
beneath the level of the pit exceed 22.5 gram gold per tonne metres.

These intersections have an average indicated true width of 4.40
metres and weighted average gold grade of 10.02 g/t gold. The deepest
down plunge intersection was 8.80 metres true width, grading 8.15 g/t
gold, and located 326 metres below the pit.

With gold above $600 per ounce, this historic, non-43-101 compliant
data certainly lends itself to the compelling logic of focused
development, and that is precisely what is underway at the site.

According to company CEO Douglas MacQuarrie, "Gold mineralization has
been outlined to a depth of 425 metres below the pit with true widths
varying from 20 to 45 metres. Within this bulk mineralized zone there
are significant high grade drill intersections including 7.0 metres of
12.28 g/t Au; 8.0 metres of 10.00 g/t Au; 5.0 metres of 23.00 g/t Au;
and 4.0m of 10.00 g/t Au. In order to prove the viability of this zone
for bulk or selective mining, further detailed drilling will be
required, preferably from underground drill stations as suggested by
RSG Global in their recent concept study report on the Nkran
mineralization."

Highlights from the drill results announced last week include 44.5 m
of 2.61 g/t gold in hole NK07-001 which tested the down dip extension
of the Nkran pit orebody 330 m below the base of the previously mined
pit; and 2.7 m of 8.91 g/t gold in NK07-005 collared 170 m to the
south of the southern end of the pit.

And if there is any doubt as to the potential for an 'elephantine'
sized orebody at Obotan, consider this:

If you were to draw a circle 120 km in radius from the center of the
Obotan concession, it would enclose in the neighborhood of 80 million
ounces of as yet un-mined gold, with one deposit measuring in excess
of 10 million ounces gold, and the AngloGold Ashanti mine, which still
contains an estimated 25 million ounces of gold and is currently under
rehabilitation to permit mining to over 3 km in depth!  Newmont,
Goldfields, GoldenStar, and RedBack all have operating mines and
juniors Central African Gold (Bibiani), Keegan (Bonte) and Perseus
(Ayanfuri) are all defining orebodies for near term production.

This article is intended for informational purposes only and should
not be considered as a recommendation to buy stock in any company.
Although the author has made efforts to verify the information
contained herein, the accuracy of all the information cannot be
guaranteed. As always, it is recommended that you commit considerable
time to completing your due diligence before buying stocks in publicly
traded companies. A fee has been paid for the creation and
distribution of this article.