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20.01.2011 Business & Finance

PMI appoints experienced resources executive as CEO in lead-up to pre-feasibility study

By Kirsti Mattson
PMI Gold project locations and surrounding deposits
LISTEN JAN 20, 2011
PMI Gold project locations and surrounding deposits

January 20, 2011 – PMI Gold Corporation (TSX.V: PMV, ASX: PVM) is pleased to advise that highly experienced mining executive Collin Ellison has been appointed as Chief Executive Officer.

The appointment of Mr Ellison, who has a long and distinguished career in resource project development and operation, reflects PMI's planned transition from a successful explorer to a substantial West African gold producer.

As part of this process, Douglas MacQuarrie will switch from Managing Director and Chief Executive Officer to Executive Director. Mr MacQuarrie has been instrumental in PMI acquiring a significant land holding in Ghana and the Company's exploration success to date. He will retain an active role in this aspect of the Company's development going forward.

PMI envisages that following the Company's Annual General meeting in Perth, Australia today, (Thursday, January 20), Mr Ellison will also join the Board as Managing Director.

Mr Ellison is a mining engineer with 35 years' experience in resource project evaluation, development and operation around the world. His previous roles include CEO/President of TSX-V companies Asia Mineral Resources Ltd, which developed a nickel project in Vietnam, and Goldbelt Resources Ltd, which explored and developed gold projects in Burkina Faso.

Mr Ellison was also Project Director for Western Mining Corporation's Olympic Dam expansion study and held senior management positions with companies including Eagle Mining Corporation, where he helped develop the Nimary Gold Mine, later acquired by Great Central Mines, ZincOx Resources Plc, where he helped develop the Shiamerden Oxide Zinc Project, later acquired by Glencore International, and Goldbelt Resources Limited, which developed the Inata Gold Project, later acquired by Wega Mining.

Mr Ellison has also been Operations Manager at gold projects such as Freeport-MacMoran's Karonie, Australmin-Newcrest Mining's Tuckabianna and Orion-Gasgoine's Yilgarn Star.

PMI Chairman Peter Buck said Mr Ellison's appointment was aimed at strengthening the Company's development expertise to maximise shareholder returns from its advanced Obotan and Kubi gold assets in Ghana.

Mr Buck said Mr Ellison's vast development experience would be invaluable to PMI as it prepared to conduct a Pre-Feasibility Study at its flagship Obotan Project, which has resources of 1.2 million ounces1, and a Scoping Study on its Kubi Project, which has resources of 348,000 ounces2.

“PMI is making the shift from a pure exploration company to one with substantial development opportunities which we are confident have the potential to underpin the Company's transition to major gold production status,” he said.

“Mr Ellison's knowledge and experience will help steer the Company during this evolution, ensuring we take full advantage of the outstanding opportunities we have.”

Mr Buck also thanked Mr MacQuarrie for his work as Managing Director and Chief Executive Officer and said he looked forward to his ongoing contribution.

“Mr Ellison's appointment, combined with the $35 million capital raising that accompanied the Company's ASX listing in December, have left PMI ideally positioned for strong growth,” Mr Buck said.

“PMI has a substantial resource inventory, an aggressive exploration program, a healthy balance sheet and a strong, experienced management team. We are now looking forward to the next stage in the Company's development.”

On behalf of the Board,
Peter Buck

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