RSS UpdatesCompany Information for PMI Gold Corp
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 TSX.V; PMV
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Company Statement
PMI Gold Corporation is a junior gold exploration company trading on the TSX Venture Exchange under the symbol PMV and on the Frankfurt Stock Exchange under the symbol AOJMW7. Our focus is Ghana and we own four previously operating gold mines. Kubi, our lead project, upon completion of financing is slated for near term production estimated at 50,000 ounces of gold annually.
PERFECTLY POSITIONED IN GHANA'S GOLDEN TRIANGLE
PMI Gold controls 746 square kms of gold exploration concessions and mining leases in Ghana in the middle of one of the world's most productive gold mining areas, commonly known as the "Golden Triangle". Over US$ 7.0 billion in mining investments have been committed by some of the world's largest gold mining companies, including Newmont, AngloGold Ashanti and Goldfields.
Our model is to develop higher grade underground gold deposits - environmentally sound, long life operations that will generate major benefits for all stakeholders.
Current Operations
PMI GOLD - COMMITTED TO GOLD PRODUCTION IN GHANA, AFRICA'S SECOND LEADING PRODUCER
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 168 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 12 concessions known as the Ashanti II Gold Project, and located on the Asankrangwa Gold Belt, and in two Mining Leases and four concessions on the Ashanti Gold Belt, for a total area of 746 square kms.
THREE FORMER PRODUCERS ACQUIRED NOVEMBER 2006
In November 2006, PMI Gold acquired, by application to the Government, the 89 square km Abirem and Abore concessions, which cover the former Obotan Mine operations of Resolute Mining of Perth. In August 2007, PMI Gold acquired the Edubia gold lease thereby joining our Abirem and Abore concessions together. This acquisition gives the Company an additional 4,500 metre long and highly prospective gold in soil anomaly which is on strike with and a part of a continuous 13,000 metre long trend on our concessions with host the former Nkran mine and the African Star deposit. Located eight km northeast of Nkran, gold mineralization at Edubia may fit in with our model to develop deep, underground resources.
NEVSUN'S KUBI GOLD PROPERTY PURCHASED SEPTEMBER 2007
In September 2007, PMI Gold announced an agreement had been reached with Nevsun Africa (Barbados) Ltd., a wholly owned subsidiary of Nevsun Resources Ltd. of Canada, to purchase its Kubi Gold Project located 20 kilometres south of AngloGold Ashanti's Obuasi mine and 46 kms southeast of our Obotan Gold Project.
Golder Associates has issued a NI43-101 compliant report based on 212 diamond drill holes and released a Pre-Feasibility/Scoping level study recommending moving to a full feasibility study for production from Kubi. PMI Gold believes there is strong potential for significant tonnage of +6.5 g/t ore within steeply plunging ore shoots within the outlined resource, mineable using conventional narrow, selective mining methods. Significant further capital will be required to complete the above program, to be raised through a combination of equity and project financing, and which will be dependant on further positive engineering reports.
KUBI GOLD PROJECT (Ghana, West Africa) - 90 % held by PMI
The Kubi project adjoins AngloGold Ashanti’s Obuasi mine on the Ashanti gold belt. A prefeasibility/scoping study completed by Golder Associates in June 2008 showed the viability of a 14 year underground mine with shaft access, producing 35,000 to 50,000 ounces of gold per year from a throughput of 500 to 1,000 tonnes of ore per day. A later update review by Golder and
GBM Engineering, proposed a decline access, 1,000 to 1,500 tpd and capital costs were estimated at US$78.5 million including US$30 million for a treatment plant. Cash costs of production were estimated at US$336 per ounce for the first five years. A NI 43–101 compliant Indicated Resource statement estimates 604,085 ounces of gold for Kubi.
PMI is currently developing a lower CAPEX direct shipping option. By driving a decline from a bench of the existing pit and trucking ore to a third party plant, the pre-production, sustaining and working capital funding requirement is reduced to US$20 million. An internal sectional analysis by PMI indicates steeply north plunging ore shoots (see profile below), with over 320,000 ounces
of the current indicated NI 43-101 resource grading greater than 6.00 g/t Au, which will be the target for further development.
OBOTAN GOLD PROJECT (Ghana) - 90 % held by PMI
498 sq. km. property containing the former Obotan mine (previously mined 730,000 oz gold, by Resolute Mining of Perth and closed in 2003 owing to low gold prices.) Area covers 70 km strike extension of the former Nkran, Abore and Adubiaso gold mines. Historical Australian JORC compliant resources totalling 596,257 oz @ 2.74 g/t gold in the measured, indicated and inferred categories were reported by Resolute in 2005 (mineral resources that are not mineral reserves do not have demonstrated economic viability). PMI is exploring a potential 1 – 2 million ounce bulk mineable target under the original Nkran pit and greenfields exploration along the belt in areas of extensive old and current local galamsey (artisanal miner) operations.
Geographical Spread
Ghana
Board of Directors and Key Management
| Douglas R. MacQuarrie, P. Geo. | |
| President & Chief Executive Officer | |
| Mr. MacQuarrie is a consulting geologist/geophysicist specializing in gold exploration. He received a combined Honours degree in Geology and Geophysics from the University of British Columbia in 1975 and has worked continuously in mineral exploration -- the last 16 years exploring for new gold deposits in West Africa. He also has extensive public company experience and has been involved in the discovery of over one million ounces of gold. He was also a runner up in the Gold Corp. Red Lake Exploration Challenge. | |
| Thomas Ennison, LLM | |
| Executive Director, Ghana Legal Counsel | |
| Mr. Ennison is a Barrister and Solicitor of the Supreme Court of Ghana and serves as Corporate Secretary to Adansi Gold Company (Gh) Ltd., the 100% owned subsidiary of PMI Gold. Formerly the Ghanaian Ambassador to Italy and Advisor to the U.N. on mining law, Mr. Ennison was also the Principal State Attorney in the Attorney General's Dept and Head of the International Law Unit, with the responsibility for the preparation of mining agreements. He has also served as General Legal Counsel for the Economic Community of West African States (ECOWAS). | |
| Dr. John A. Clarke, Ph.D, MBA | |
| Executive Director | |
| Dr. Clarke holds a B.Sc. in metallurgy from University College Cardiff, a Ph.D. in metallurgy from Cambridge University and an MBA from Middlesex Polytechnic. During his long career involved in African mining he has held a number of executive positions including Executive Director of Ashanti Goldfields and most recently was the CEO of Nevsun Resources Limited, an exploration and development company engaged in gold and base metals exploration and development in Africa. While at Ashanti, Dr. Clarke was responsible for strategic planning and business development and contributed to establishing Ashanti's gold exploration program throughout sub-Saharan Africa, including the acquisition of the Geita deposit in Tanzania, the Siguiri deposit in Guinea and the Bibiani deposit in Ghana. | |
| Philip N. Gibbs, MBA | |
| Chief Financial Officer | |
| Mr. Gibbs is a Chartered Management Accountant and has extensive financial management experience in large corporate environments in the manufacturing and retail sectors, both in North America and in Africa. He has provided long term planning and strategic analysis capabilities in those industries, including a focus on maximizing their operational efficiency and capital resources. His experience in systems implementations and development of cost control and management information systems will provide a significant contribution at this stage in the growth of PMI Gold. | |
| Neil Macfarlane, M.Sc. | |
| Country Manager | |
| Mr. Macfarlane has 30 years' experience in exploration, geology, underground gold mining and reserve definition. He has a thorough knowledge of the gold deposits of Eastern Canada working with Agnico Eagle, Selco/BP and has worked and lived throughout Africa in Ghana, Kenya, Zambia, Mali, Guinea and Niger. | |
| Honourable J.H. Mensah | |
| Independent Director | |
| Mr. Mensah is the former Chairman of the National Development Planning Commission of Ghana, an advisory board that reports directly to the President and to Parliament. He is also the former Member of Parliament for the riding of Sunyani East. Trained as an Economist, Mr. Mensah is widely respected in global development planning including formerly with the United Nations. Previously, he held the post of Minister of Finance and Economic Planning and latterly as Leader of Government Business, head of Economic Management Team, and senior Minister of the Government of Ghana. He was also a member of the African Advisory Council of the African Development Bank. Mr. Mensah also recently retired as an Independent Director of AngloGold Ashanti Limited. | |
| Len Dennis | |
| Independent Director | |
| Manager, Contract Support, CHC Global Operations since 1975. Mr. Dennis holds the position of Manager, Aircraft Lease Agreements & Contracts at CHC Global Operations and has been with the company since 1975. Mr. Dennis has also served as a senior officer and director to several resource based public companies since 1989. Duties have included corporate restructuring, financing and investor relations. | |
| Pearce Bowman, PEng. | |
| Advisor to the Board | |
| Mr. Bowman has extensive experience in managing major resource companies, including roles as VP/Exec. General Manager for Luscar Ltd. of Alberta and WMC Resources Ltd. (Western Mining Corp.). For WMC, he managed the copper uranium division, including oversight of a $1.8 billion expansion of its Olympic Dam operations. Previously Mr. Bowman was the Chief Executive Officer of Generation Victoria a major Australian electrical power producer. Mr. Bowman holds a Master's Degree in civil/geotechnical engineering, a Master of Business Administration and is a Fellow of the Australian Institute of Engineers. | |
| Alan McKerron, M.A.Hons | |
| Advisor to the Board | |
| Mr. McKerron is a former Executive Director of Anglo American Corporation and served in many capacities including Chairman of the New Mining Business Division and as Vice President Anglo American Corporation of Canada. He was also past Chairman, Kroondal Platinum | Director, Aquarius Platinum. |
| Florian Reidl-Riedenstein | |
| Advisor to the Board | |
| Mr. Riedenstein is a self-employed financial consultant and served as Managing Director of Investment Department of Schoeller & Co., Bank AG from 1969 to 1990 and was Executive Director of the investment banking firm of Deacon, Barclays de Zoete Wedd from 1986 to 1994. Mr. Riedenstein has more than 25 years experience in corporate finance and international banking and specializes in funding junior resource companies. He also serves as director to numerous other resource based public companies. |
Company AddressSuite 511 - 475 Howe Street
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Additional Address/Key ContactLarry Myles, Shareholder Communications |
CapitalShares Issued; 197,340,954
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Year End30th June |
Major Shareholders
| Nevsun Africa (Barbados) Ltd. |
Related News
10/12/09 - PMI Gold Is Now Out Of Intensive Care And On Its Way To Initial Production10/02/09 - We Are Now Heading To Production: PMI Gold May Come Up With An Unexpected Way Of Funding The Kubi Gold Project
20/02/08 - PMI Gold Envisages Bright Future In Ghana
Most Recent Statement
04/02/10 - Significant Drill Results Highlighted for New Resource Estimate at Obotan Gold Project, Ghana14/01/10 - Private Placement To Raise Minimum Of $3 Million Announced For Ghana Gold Projects
12/01/10 - President's Letter - Update #1, 2010
07/01/10 - Auger Drilling Confirms Additional Strike Potential, Kubi Project, Ghana
23/12/09 - First Holes Reported From 28 Drill Hole Program, Obotan Project, Ghana
30/11/09 - Drilling Extends New Gold Zone At Kubi