Market Overview

PMI Gold Corporation: Quarter Activity Update for the Period Ended 30 September 2012

Share:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2012) - PMI Gold Corporation (TSX VENTURE:PMV)(ASX:PVM)(FRANKFURT:PN3NF) -

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

Highlights:

Obotan Gold Project (SW Ghana, West Africa)



-- Independent NI 43-101 compliant Feasibility Study confirms a financially
and technically robust mining operation at Obotan, with key outcomes
including:

-- Pre-tax NPV of US$614M and Post-tax NPV of US$387M, assuming a
US$1,300/oz gold price, 5% discount rate and contract mining scenario
(consistent with the January 2012 Pre-feasibility Study):
-- Pre-tax IRR of 35% and post-tax IRR of 28%
-- Capital payback period of 2.9 years
-- At a gold price of US$1600/oz:
-- Pre-tax NPV rises to US$1.07B and post-tax NPV to US$686M
-- Pre-tax IRR increases to 54% and post-tax IRR to 43%
-- Capital payback period reduced to 2.0 years
-- Average gold production of 221,500oz pa over the first five years
-- Total production of 2.26 million recovered ounces of gold over the
11.5-year mine life
-- Life-of-mine Project Revenue of US$2.9 billion
-- Estimated average life-of-mine cash operating costs of US$626/oz
-- Increased Proven and Probable Ore Reserves of 34.2Mt at 2.21g/t for
2.43Moz of gold across four deposits - an increase of 170,000oz from
the January 2012 Pre-feasibility Study
-- Capital cost estimate of US$296.6M including a pre-strip mining cost
of US$82.2M

-- Minerals Commission of Ghana has favorably recommended that the Mining
Leases for the Obotan Gold Project be granted.



Regional Exploration



-- Encouraging results from first-pass aircore drilling at the Afiefiso
Project, 12km SW of Obotan, including:
-- 16m @ 1.73 g/t Au from 11m (including 3m @ 7.58 g/t Au from 19m)
-- 15m @ 1.16 g/t Au from 48m (including 2m @ 4.99 g/t Au from 48m)
-- 3m @ 13.64 g/t Au from 12m (including 1m @ 40.57 g/t Au from 12m)

-- First-phase drilling completed at the Fromenda Prospect, 15km SW of
Obotan, intersecting high-grade gold mineralization of up to 38.18g/t
Au.

-- Encouraging results from diamond drilling at Kubi South, 1.5km south of
the Kubi Main Deposit, including:
-- 5m @ 3.33 g/t Au from 103m (including 2m @ 5.3 g/t Au from 103m)
-- 8m @ 1.39 g/t Au from 116m (including 2m @ 2.56 g/t Au from 119m)
-- 4m @ 1.55 g/t Au from 98m (including 1m @ 5.23 g/t Au from 101m)
-- 2m @ 2.40 g/t Au from 120m (including 1m @ 4.1 g/t Au from 121m)



Acquisitions & Business Development



-- Government approval received for the acquisition of a strategically
located Mining Lease from Midras Mining Co. This important Mining Lease
is contiguous with the southern boundary of the Obotan Gold Project.



Corporate and Finance



-- Optimum Capital Pty Ltd engaged to assist PMI to identify and secure
appropriate debt finance for development of the Obotan Project.
-- Decision to apply for listing on the Toronto Stock Exchange.
-- US$30M standby funding facility secured with Macquarie Bank Ltd while
full funding facility for Obotan development is completed.
-- C$100 million equity financing announced subsequent to Quarter end.
-- The Company's cash position at the end of the September 2012 Quarter was
C$26,667,749.



Summary

Since the completion of the Pre-feasibility Study on its flagship Obotan Gold Project at the beginning of 2012, PMI Gold Corporation (TSX VENTURE:PMV)(ASX:PVM)(FRANKFURT:PN3NF) has implemented a growth strategy encompassing activities on three fronts in Ghana, West Africa, namely:



1. Completion of a Feasibility Study to enable a development decision to be
made for the Obotan Gold Project, paving the way for PMI to join the
ranks of gold producers in West Africa;
2. Ongoing regional exploration of a series of targets on its extensive
tenement holdings to identify new resources, both additional sources of
oxide ore to feed the Obotan gold plant and potential future standalone
gold production centres; and
3. To identify and implement strategic acquisitions to strengthen the
Company's regional position in the highly prospective Asankrangwa Gold
Belt of SW Ghana.



To view, Figure 1: PMI Gold's project locations in south-west Ghana, please click on the following link: http://media3.marketwire.com/docs/1026pmi.jpg

PROJECT DEVELOPMENT

Obotan Gold Project

The Obotan Gold Project is an advanced gold development project in south-west Ghana, with established resources located within the Company's Abore-Abirem and Adubea concessions. These concessions lie within the northern 15km of the total 70km strike length of contiguous concessions the Company holds in the Asankrangwa Gold Belt (Figure 2).

The Obotan Project comprises four known deposits (see resource estimates below) - the larger Nkran Deposit and the smaller satellite deposits at Abore, Adubiaso and Asuadai. The Obotan Project was previously operated by Resolute Mining Ltd; mining ceased in 2002 after producing a total of 730,000oz at an average grade of 2.2g/t, when the gold priced averaged about US$350/oz.

Unlike the other Obotan deposits, the Asuadai deposit has not previously been mined.

To view, Figure 2: Obotan Project - Location of PMI Gold's Concessions and Project Deposits, http://media3.marketwire.com/docs/1026pmi1.jpg

Feasibility Study

During the September 2012 Quarter, PMI reported positive results from an independent NI 43-101 Feasibility Study on the Obotan Project, through its wholly-owned subsidiary Adansi Gold Company Ghana Limited ("Adansi"). The Feasibility Study outlined a strong and viable gold project based on a gold price of US$1,300/ounce that will form the cornerstone of PMI's emerging West African gold production strategy.

The strong economics of the Obotan Project provide a solid investment case for financing and development of the Obotan Project with the commencement of construction targeted during Q1 of 2013 to achieve first gold production from Obotan in 2014, conditional on obtaining all statutory approvals, Board Approval, and the finalization of financing arrangements.

The Feasibility Study, which commenced in the January 2012 Quarter, was completed by GR Engineering Services Limited ("GRES") with support and input from a range of internationally renowned consultancy groups including SRK, Orelogy, Knight Piesold and AERC. Cost estimates were based on quotes from five mining contractors and firm tenders received from suppliers.

Key highlights of the Feasibility Study include:



-- Increased Proven and Probable Reserves of 34.2Mt at 2.21g/t for 2.43Moz
of contained gold were calculated as part of the Feasibility Study. This
represents a 13% increase in tonnage and 8% increase in contained gold
compared with the maiden Proven and Probable Ore Reserve in the January
2012 Pre-feasibility Study (30.3Mt at 2.32g/t for 2.26Moz of gold). A
4.7% reduction in grade has been offset by the conversion of additional
Inferred Resources to Indicated Resources then into reserves as a result
of successful in-fill drilling programs. There are additional Inferred
Resources within the open pit which have not been included in the Ore
Reserve but which may be converted in future.

-- Life-of-mine production of 2.26Moz of recovered gold over an initial
11.5-year production life (exclusive of 1 year pre-strip operations).
The waste-to-ore ratio has been reduced from 7.6 in the Pre-feasibility
Study to 6.4 (including the pre-strip). Post pre-strip, the life-of-mine
strip ratio drops to 5.6:1.

-- Life-of-mine average cash operating costs are estimated at US$626/oz
(excluding royalties, refining costs and pre-strip). Total cash
operating costs are estimated at US$722/oz including royalties and
refining costs, (excluding pre-strip).



Mineral Resources & Ore Reserves

The previously-reported JORC / NI43-101 compliant Mineral Resource inventory for the Obotan Gold Project was estimated by SRK Consulting and reported to the ASX/TSX on 11 April 2012, as outlined below:



---------------------------------------------------------------------------
NI 43-101/JORC Code Compliant: SRK Resource Estimate (March 2012), based on
0.5 g/t Au lower cut-off grade
---------------------------------------------------------------------------
Measured Indicated
-----------------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
Deposit (million) (g/t Au) (million) (million) (g/t Au) (million)
---------------------------------------------------------------------------
Nkran 11.74 2.55 0.96 20.41 2.12 1.39
---------------------------------------------------------------------------
Adubiaso 1.50 2.98 0.14 2.67 2.41 0.21
---------------------------------------------------------------------------
Abore 2.33 1.78 0.13 3.70 1.53 0.18
---------------------------------------------------------------------------
Asuadai n/a n/a n/a 2.44 1.28 0.10
---------------------------------------------------------------------------
TOTAL 15.57 2.47 1.23 29.21 2.00 1.88
---------------------------------------------------------------------------

---------------------------------------------------------------------------
Measured & indicated Inferred
-----------------------------------------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces
Deposit (million) (g/t Au) (million) (million) (g/t Au) (million)
---------------------------------------------------------------------------
Nkran 32.15 2.28 2.35 14.47 2.21 1.05
---------------------------------------------------------------------------
Adubiaso 4.17 2.59 0.35 1.25 1.91 0.08
---------------------------------------------------------------------------
Abore 6.03 1.60 0.31 3.92 1.50 0.19
---------------------------------------------------------------------------
Asuadai 2.44 1.28 0.10 2.00 1.33 0.08
---------------------------------------------------------------------------
TOTAL 44.79 2.16 3.11 21.91 1.99 1.40
---------------------------------------------------------------------------



(All resource numbers are rounded to 2 decimal places - 10,000 tonnes).

Following completion of mine optimization and planning, an updated Ore Reserve statement was completed by Orelogy Mining Consultants, as outlined below:



---------------------------------------------------------------------------
NI 43-101/JORC Code Compliant: Feasibility Study Obotan Ore Reserve
---------------------------------------------------------------------------
Contained
Class Tonnes (Mt) Grade (g/t Au) Gold (Moz)
---------------------------------------------------------------------------
Proven 14.8 2.39 1.14
---------------------------------------------------------------------------
Probable 19.4 2.08 1.30
---------------------------------------------------------------------------
Total 34.2 2.21 2.43
---------------------------------------------------------------------------



This compares to the previous Ore Reserves (below) as reported in the Pre-feasibility Study announcement:



---------------------------------------------------------------------------
NI 43-101/JORC Code Compliant: Pre-Feasibility Obotan Ore Reserve
---------------------------------------------------------------------------
Contained
Class Tonnes (Mt) Grade (g/t Au) Gold (Moz)
---------------------------------------------------------------------------
Proven 14.0 2.36 1.06
---------------------------------------------------------------------------
Probable 16.3 2.28 1.20
---------------------------------------------------------------------------
Total 30.3 2.32 2.26
---------------------------------------------------------------------------



(Any inconsistencies due to rounding.)

To view, Figure 3: Obotan Project - 3D View of the Nkran Deposit and Proposed Open Pit Design, please click on the following link: http://media3.marketwire.com/docs/1026pmi2.jpg

Key Project Parameters

The Feasibility Study results demonstrate a technically robust mining operation with anticipated life-of-mine (LOM) parameters as follows:



----------------------------------------------------------------------------
Item Description / Estimate
----------------------------------------------------------------------------
Mining method Open Pit Mining
----------------------------------------------------------------------------
Processing rate 3Mtpa primary ore, 3.8Mtpa oxide ore
----------------------------------------------------------------------------
Metallurgical recovery 92.8% average
----------------------------------------------------------------------------
Total recovered gold 2.26 million oz
----------------------------------------------------------------------------
Mine Production Life 11.5 years
----------------------------------------------------------------------------
Cash operating costs $626/ oz
----------------------------------------------------------------------------
Pre-Production Capital Cost $296.6M
----------------------------------------------------------------------------
Pre-tax operating cashflow $953M
----------------------------------------------------------------------------
Life of Mine sustaining mine capital $56.2M
----------------------------------------------------------------------------
Construction commencement(i) 1st Quarter 2013
----------------------------------------------------------------------------
First production(i) End of 1st Quarter 2014
----------------------------------------------------------------------------



(i)Subject to Financial Investment Decision (FID) timing

Capital Cost Breakdown



----------------------------------------------------------------------------
Cost Area US$ Million
----------------------------------------------------------------------------
Process Plant Direct $ 83.6
----------------------------------------------------------------------------
Infrastructure $ 49.2
----------------------------------------------------------------------------
Indirect $ 26.1
----------------------------------------------------------------------------
Spares and First Fills $ 8.9
----------------------------------------------------------------------------
Owners Costs $ 26.2
----------------------------------------------------------------------------
Pre-Strip $ 82.2
----------------------------------------------------------------------------
Mining Establishment $ 20.3
----------------------------------------------------------------------------
Initial Capital $ 296.6
----------------------------------------------------------------------------
Deferred & Sustaining Life of Mine Capital $ 56.2
----------------------------------------------------------------------------



Operating Cost Breakdown



---------------------------------------------------------------------------
US$/oz Au
Total Cost US$/t Milled Recovered
Costs US$ Million (excl. pre-strip) (excl. pre-strip)
---------------------------------------------------------------------------
Mining $ 850.4 $ 24.84 $ 376.5
---------------------------------------------------------------------------
Processing $ 473.1 $ 13.82 $ 209.4
---------------------------------------------------------------------------
General &
Administration $ 90.6 $ 2.65 $ 40.1
---------------------------------------------------------------------------
Sub Total $ 1414.0 $ 41.31 $ 626.0
---------------------------------------------------------------------------
Bullion and
Refining $ 12.1 $ 0.35 $ 5.3
---------------------------------------------------------------------------
Royalties $ 205.6 $ 6.01 $ 91.0
---------------------------------------------------------------------------
Total Operating
Cost $ 1631.7 $ 47.67 $ 722.3
---------------------------------------------------------------------------



To view, Figure 4: Obotan Gold Project - 3D View of CIL 3.0Mtpa Gold Processing Plant, http://media3.marketwire.com/docs/1026pmi6.jpg

Financial Evaluation



----------------------------------------------------------------------------
@ U$1300 / ounce @ U$1600 / ounce
----------------------------------------------------------------------------
Project revenue $ 2.9 B $ 3.61 B
----------------------------------------------------------------------------
Project pre-tax cash flow $ 953 M $ 1.58 B
----------------------------------------------------------------------------
Project pre-tax NPV (5% discount
rate) $ 614 M $ 1.07 B
----------------------------------------------------------------------------
Project pre-tax NPV (8% discount
rate) $ 472 M $ 856 M
----------------------------------------------------------------------------
Project pre-tax IRR 35% 54%
----------------------------------------------------------------------------



Project Implementation

Subject to the Board of Directors' Financial Investment Decision (FID), key project milestones comprise;



----------------------------------------------------------------------------
Key Project Implementation Milestones - Targeted Dates
----------------------------------------------------------------------------
CY2012 CY2013 CY2014
----------------------------------------------------------------------------
1H 2H 1H 2H 1H 2H
----------------------------------------------------------------------------
Completion of Feasibility Study X
----------------------------------------------------------------------------
Project Finance X
----------------------------------------------------------------------------
Commencement of Construction X
----------------------------------------------------------------------------
Mining Pre-strip X
----------------------------------------------------------------------------
First Production X
----------------------------------------------------------------------------



Recommendation to Grant Mining Leases

During the Quarter, the Company received notification that the Minerals Commission of Ghana has favorably recommended that the Minister of Lands and Natural Resources grant the Mining Leases covering the Obotan Gold Project. PMI subsequently paid the required fees and the application has been sent to the Minister for signature.

Once formally issued, the three 15-year Mining Leases (renewable under the terms of the Minerals and Mining Act, 2006) will cover a total area of 93.24 sq km, encompassing the four key deposits at Obotan, the main Nkran Deposit and the smaller satellite deposits, Abore, Adubiaso and Asuadai.

The grant of the Obotan Mining Leases represents a key step towards commencement of construction at Obotan with approval from the Environmental Protection Agency (EPA) representing the final remaining outstanding regulatory approval required to enable project construction to commence.

REGIONAL EXPLORATION

During the September 2012 Quarter, the Company continued an extensive regional exploration push focusing on its highly prospective ground holdings at Obotan (15km area of influence to the Nkran Deposit), Asanko (southern half of the Asankrangwa Gold Belt containing strike extensions to Obotan) in the Asankrangwa Gold Belt and Kubi in the Ashanti Gold Belt.

The multi-pronged exploration program has the objectives of:

(1) identifying additional oxide resources within trucking distance of Obotan;

(2) discovering new standalone gold deposits within the adjoining Asanko concessions within the Asankrangwa Gold Belt; and

(3) drill testing multiple gold targets delineated by airborne magnetics and near-surface geochemical sampling undertaken in 2011 at Kubi.

Obotan Gold Project - Exploration Area of Influence

The Obotan Exploration Area of Influence is defined by a 15km trucking radius of the Nkran Deposit.

Afiefiso Prospect

The Afiefiso Prospect is a new discovery strategically located 15km south-west of Obotan (Figure 5).

During the Quarter drilling was completed and all assay results returned from first-pass Air Core exploration drilling program at the Afiefiso Prospect - a high priority target identified and tested in the Company's +100,000m regional exploration push undertaken during the first half of 2012.

To view, Figure 5: Location of Afiefiso, Fromenda and Kubi South Prospects, please click on the following link: http://media3.marketwire.com/docs/1026pmi4.jpg

Drilling was designed as a first-pass test of a strong (greater than 100ppb) gold-in-soil geochemical anomaly, defined by previous explorers, which extends over a length of 2km striking north-east and is 200-500m wide.

The soil anomaly is situated in a similar geological setting to the Obotan gold deposits, at the junction of the regional north-east trending Fromenda Shear and interpreted east-northeasterly cross-cutting structures within a sequence of meta-sedimentary rocks. The program comprised broadly spaced reconnaissance Air Core traverses (145 holes on four traverses at 200-800m intervals; Figure 2) which commenced in March 2012. A total of 10,018m has been drilled into the prospect.

The reconnaissance Air Core drilling program intersected multiple zones of anomalous gold at shallow depths (less than 100m), striking parallel to the Fromenda Shear over a length of up to 1,600m and downhole widths of 2-12m.

All assay results have been received for the 145 holes from MinAnalytical Laboratory in Perth, Australia. Encouraging shallow gold intersections recorded include:



-- AFAC12-001 16m @ 1.73 g/t Au from 11m (including 3m @ 7.58 g/t Au from
19m)
-- AFAC12-003 6m @ 0.72 g/t Au from 21m
-- AFAC12-011 15m @ 1.16 g/t Au from 44m (including 2m @ 4.99 g/t Au from
48m)
-- AFAC12-016 9m @ 0.97 g/t Au from 49m (including 2m @ 2.76 g/t Au from
50m)
-- AFAC12-073 3m @ 13.64 g/t Au from 12m (including 1m @ 40.57 g/t Au from
12m)



The results highlight the potential of the Fromenda Shear to host gold mineralization, and the success of utilising the historical soil geochemical data - notwithstanding the obscuring effects of alluvial and cultural processes.

PMI is currently reviewing the results of its regional exploration push with the aim of prioritizing the prospects for further follow up drilling for the last quarter of 2012 and leading into 2013.

Fromenda Prospect

Further positive results were received from the first phase of RC drilling carried out at the Fromenda Prospect, part of the Obotan Exploration Area of Influence (Figure 5).

The prospect is situated on the north-east trending regional Fromenda Shear, which is interpreted from geophysical data to occur towards the eastern margin of a regional, north-east trending structural corridor which extends over the 70km strike extent of PMI's Asankrangwa tenements. The corridor comprises a parallel series of at least three continuous shear zones (Abore, Nkran and Fromenda) interpreted to control the regional distribution of gold mineralization, particularly at intersections with cross-cutting east-northeast structures as characterizes PMI's Obotan deposits to the north.

Drilling at the Fromenda Prospect commenced in February 2012, with 68 RC holes drilled for a total of 6,775m. The drilling program was planned to evaluate the broader extent of the mineralized system at shallow depths, with some in-filling of the historical drill pattern over a previously delineated gold in soil anomaly. The results of 13 holes were released in April (refer to ASX/TSX release dated April 30th 2012).

All outstanding assays were received during the Quarter, with highlights of the remaining results including:



-- NBRC12-021 5m @ 1.33g/t Au from 36m
-- NBRC12-030 2m @ 3.94g/t Au from 21m
-- NBRC12-035 36m @ 1.74g/t Au from 82m (including 1m @ 11.78g/t Au from
86m)
-- NBRC12-036 3m @ 2.07g/t Au from 116m
-- NBRC12-038 40m @ 2.06g/t Au from 55m
-- NBRC12-054 8m @ 6.80g/t Au from 18m (including 1m @ 38.18g/t Au from
25m)
-- NBRC12-055 17m @ 4.28g/t Au from 4m (including 3m @ 15.58g/t Au from
12m)



Drilling has delineated a gold system over a strike extent of more than 500m (Figure 6). Many of the largest gold deposits in Ghana have short strike lengths with substantial steep-plunging deep roots.

The gold is hosted in a steeply dipping stockwork of quartz veins hosted by a sequence of metavolcanics and sedimentary rocks. The drilling results have confirmed the internal continuity of known mineralization and extended it to depths in excess of 100m. It has also shown that the gold mineralization is open along strike to both the north and south, and is open down-dip offering the potential to be a more extensive system than presently drilled.

To view, Figure 6: Collar Location Plan of RC Drilling at the Fromenda Prospect, http://media3.marketwire.com/docs/1026pmi5.jpg

Kubi Gold Project

The 100%-owned Kubi Gold Project is located 65km east of the Obotan Project and 15km south and along strike from AngloGold Ashanti's 60Moz Obuasi Mine within the +100Moz Ashanti trend. The Project contains existing resources comprising a Measured Resource of 112,000oz, an Indicated Resource of 121,000oz and an Inferred Resource of 115,000oz.

The Kubi Project was mined by the previous tenement holder, with a total of 500,000 tonnes grading 3.65g/t extracted from two shallow pits yielding 59,000oz of gold up until 2005. This previous mining focused on just 400m of a total strike length of +1km of the deposit, with the project offering the potential to develop and mine steeply-plunging 6-8g/t shoots which remain open at depth.

PMI is undertaking an evaluation of this resource in parallel with a broader regional exploration push targeting major new discoveries at the intersection of two major regional geological structures - the north-south trending Ashanti shear zone and the east-west trending structures associated with Perseus Mining's 6.6Moz Ayanfuri deposit, located 12km to the south-west.

Kubi South Prospect

Diamond drilling at the Kubi South Prospect, within PMI's 100%-owned Kubi Project (Figure 5), was completed in the June Quarter with all assay results received during the reporting Quarter. Drilling intersected multiple zones of significant gold mineralization ranging in strike length from 150m to 300m, open along strike to both the north and south, and also down dip.

The diamond drilling program was aimed at in-filling historical intercepts and testing the continuity of known mineralization along strike and down dip. Holes were drilled on a nominal 100m line spacing 25m apart. A total of 12 holes for 2,164.5m were drilled.

All samples were sent to MinAnalytical Laboratory, Perth, with encouraging results including:



-- KV12-540 5m @ 3.33 g/t Au from 103m (including 2m @ 5.3 g/t Au from
103m)
-- KV12-546 2m @ 2.40 g/t Au from 120m (including 1m @ 4.1 g/t from 121m)
-- KV12-549 8m @ 1.39 g/t Au from 116m (including 2m @ 2.56 g/t Au from
119m)
-- KV12-551 4m @ 1.55 g/t Au from 98m (including 1m @ 5.23 g/t Au from
101m)



Mineralization is hosted within a 1m to 15m thick garnetiferous horizon within Birimian-age metasediments, near the contact with Tarkwaian-age metasedimentary rocks, which has been confirmed over a strike of 300m and is open both to the north and south and also down-dip.

The geological and structural setting of the Kubi South Prospect is identical to that at the Kubi Main Deposit. A series of east-northeast structures have also been identified from airborne and ground geophysical surveys. These structures coincide with Perseus Mining's Edikan Gold Mine (6.6Moz), 12km to the southwest, and are considered favourable hosts for gold mineralization in Ghana.

Acquisitions

On the 9th of July, PMI entered into an agreement with Midras Mining Company Ltd to acquire the Datano Mining Lease which is contiguous with the southern boundary of PMI's Obotan Gold Project, in-filling a major gap in PMI's tenement coverage of the gold mineralized structures.

The parties agreed to a purchase price of US$6 million for PMI to acquire 100% of the project area, contingent upon obtaining the approval of the sale and transfer of the Mining Lease to Adansi by the Ghana Minerals Commission and Minister of Lands, Forestry and Mines.

Adansi received formal notification from the Ghanaian Minister of Lands, Forestry and Mines, Hon. M. Hammah, that he had approved the assignment of the Datano-Manso Mining Lease from Midras to Adansi on 16 August.

This cleared the way for the acquisition to be completed, with settlement completed at the end of August 2012.

The concession covers an area of 50km2 and sits strategically south of the Nkran Deposit, providing PMI access to additional southern extensions of the mineralized Nkran and Fromenda structures and the opportunity to develop additional oxide resource targets close to the Obotan Project. The lease area also provides greater flexibility in the design of infrastructure within the Obotan Project Feasibility Study design.

CORPORATE & FINANCE

US$30 Million Standby Funding Facility

During the Quarter the Company entered into a committed letter offer for a US$30 million standby funding facility from Macquarie Bank Limited while it completes the full funding package for development of its flagship 100%-owned Obotan Gold Project in Ghana.

The standby funding facility gives the Company additional flexibility, if required, to draw down on the additional funding to undertake key pre-development activities including engineering design, environmental studies and other statutory approvals.

This additional flexibility will put the Company in the strongest possible position while it finalises an appropriate funding package for Obotan. PMI is currently in advanced discussions with a number of parties to fully fund the Project and looks forward to advising the market when those arrangements are finalised.

The Board is pleased to obtain the support of Macquarie, PMI's largest shareholder and an experienced Project Finance provider for projects in West Africa, and views this arrangement as a positive endorsement of the Company and the Project. Some of the key terms of the Macquarie Facility include:



-- Maturity date is the earlier of 30 June 2014 or the first draw-down
under a project financing/equity funding of the Project;
-- Interest rate of 6% over LIBOR;
-- Associated warrant issue terms are as follows:
-- 600,000 facility fee warrants;
-- Draw-down warrants: being 50% of drawn down funds divided by the
exercise price; and
-- All warrants expiring 3 years from date of issue at an exercise
price at a premium to VWAP in CAD;
-- Cancellable in whole or in part at the discretion of the borrower;
-- Security and general commercial terms standard for this type of
facility; and
-- This facility and the project finance facility are non-related.



Proposed TSX Listing

PMI's Board has resolved to apply for quotation of its securities on the main board of the Toronto Stock Exchange (TSX), which is expected to raise the profile of the Company as well as make investment in PMI available to a broader shareholder base as it moves towards production at Obotan.

Appointment of Optimum Capital to assist with securing project finance

In July PMI engaged Optimum Capital Pty Ltd. ("Optimum Capital") to assist the Company to identify and secure appropriate debt finance for development of the Obotan Gold Project.

Optimum Capital is a well-known and independent advisory house based in Australia that focuses on the mid-tier mining sector. Optimum Capital's team provides commercial, financial and technical skills and experience aimed at assisting clients to optimize their debt funding outcomes.

The full range of available financing alternatives is being explored in order to ensure the best result for shareholders. PMI has received expressions of interest to provide project debt finance for the Obotan Project from 12 international banks.

Together with Optimum Capital, PMI has reduced these to a short-list of potential funders to provide project finance to PMI. Each of the shortlisted banks has a strong global reputation and demonstrated experience in financing mining projects in Ghana.

Communications with the shortlisted banks have commenced on a range of issues and due diligence is also underway.

C$100 Million Equity Financing

Subsequent to the end of the Quarter, in early October PMI announced that it had entered into an underwriting agreement with a syndicate of underwriters led by Clarus Securities Inc. and RBC Capital Markets as joint bookrunners and co-lead underwriters, and including Canaccord Genuity Corp., Euroz Securities Limited, GMP Securities L.P. and Raymond James Ltd. (collectively, the "Underwriters") to sell 119,050,000 Common Shares of the Company at a price of C$0.84 per share for gross proceeds of C$100,002,000.

In addition, the Company has granted the Underwriters an over-allotment option to purchase up to that number of additional Common Shares equal to 15% of the Common Shares sold pursuant to the Offering, exercisable at any time up to 30 days after the closing of the Offering.

The Company plans to use the net proceeds of the Offering to fund the development of the Company's Obotan Gold Project in accordance with its Feasibility Study, for Ghana exploration activities and for general and administrative expenses.

The Offering is subject to customary conditions and receipt of required regulatory approvals, including the approval of the TSX Venture Exchange, as well as shareholder approval by application of certain rules of the Australian Securities Exchange. The Common Shares will be offered in Canada (other than Quebec) by short form prospectus, and in Australia and the United States on a private placement basis, and in other jurisdictions outside of Canada, Australia and the United States which are agreed to by the Company and the Underwriters, where the Common Shares can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.

The Offering is expected to close on or about November 13, 2012.

Collin Ellison

On behalf of the Board,

Managing Director & CEO

Competent Person Statement

Obotan Gold Project:

Feasibility Study Mineral Resources and Reserves Estimate:

Information that relates to Mineral Resources at the Obotan Gold Project is based on a resource estimate that has been carried out by Mr. Peter Gleeson, a full time employee of SRK Consulting, Australia. Mr. Gleeson is a Member of the Australian Institute of Geoscientists (MAIG). Information that relates to Mineral Reserves (for the Feasibility Study) at the Obotan Gold Project is based on a reserve estimate that has been carried out by Mr. Ross Cheyne, a full time employee of Orelogy Mining Consultants. Mr. Cheyne is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Both have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC), and as a Qualified Person (by ROPO) as defined in terms of NI 43-101 standards for resource estimate of gold. Mr. Gleeson and Mr. Cheyne have more than 5 years' experience in the field of exploration results and of resource/reserve estimation and consent to and approve the inclusion of matters based on information in the form and context in which it appears.

Technical Notes:



1. The Orelogy Mineral Reserve was estimated by construction of a block
model within constraining wireframes based on Measured and Indicated
resources.
2. The Reserve is reported at lower a cut-off grade of 0.5g/t Au, which
defines the continuous/semi-continuous mineralized zone potentially
amenable to the low grade, bulk tonnage mining scenario currently being
considered by PMI.
3. The grades and Reserve tonnes have been modified by an average ore loss
and mining dilution of 4.8% with a mining dilution grade of 0.0g/t gold.
4. An average metallurgical recovery of 92.8% was used in defining the
optimal pit shell.
5. The Mineral Reserves are based on the March 2012 Mineral resource
reports for the Nkran, Adubiaso, Abore and Asuadai deposits.
6. All tonnes reported are dry tonnes.
7. The base case pit optimization utilized a US$1,300/oz gold price
8. Mineral Reserves are reported in accordance with the NI 43-101 & JORC.



The Mineral Resource and Mineral Reserve estimates have been prepared in accordance with the 2010 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserve as incorporated by reference in National Instrument 43-101 of the Canadian Securities Administrators, and is consistent with the Australasian Guidelines and Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (Revised December 2007) as prepared by the Joint Ore Reserves Committee of the AusIMM, AIG and MCA (JORC).

PMI filed a NI 43-101 compliant technical report on the Obotan Project outlining the Mineral Resources and Reserves Estimate and the result of the Feasibility Study on September 17, 2012. The NI 43-101 technical report was prepared by GR Engineering Services Limited, and co-authored by P. Gleeson, B.Sc. (Hons), M.Sc, MAIGS, MGSA, J. Price, FAusIMM (CP), FGS, MIE(Aust.), R Cheyne, BEng. (Mining), FAusIMM, CEng (IEI), and G. Neeling, BAppSc. (Multidisciplinary) FAusIMM, each of whom is independent for the purposes of NI 43-101. Mr. Collin Ellison, President & CEO, BSc Mining, IMO3, C.Eng, a "qualified person" within the definition of that term in NI 43-101, has supervised the preparation of the technical information regarding the Company's mineral projects which is not covered by the filed NI 43-101 technical reports on the Obotan Project.

Pre-Feasibility Study Mineral Reserves Estimates:

Information that relates to Pre-feasibility Study Mineral Reserves as previously reported on the Obotan Gold Project is based on a reserve estimate that has been carried out by Mr. Duncan Pratt, a full time employee of SRK Consulting, Australia. Mr. Pratt (CP Mining) is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC), and as a Qualified Person in terms of NI 43-101. Mr. Pratt consents to and approves the inclusion of matters based on information in the form and context in which it appears.

Technical Notes:



1. The SRK Mineral Reserve was estimated by construction of a block model
within constraining wireframes based on Measured and Indicated
resources.
2. The Reserve is reported at lower a cut-off grade of 0.5g/t Au, which
defines the continuous/semi-continuous mineralized zone potentially
amenable to the low grade, bulk tonnage mining scenario currently being
considered by PMI.
3. The grades and Reserve tonnes have been modified by a 95% mining
recovery and a 5% allowance for mining dilution at 0.0g/t gold.
4. At 93% metallurgical recovery for Oxide and Transitional material and
94.5% metallurgical recovery for Fresh material was used in defining the
optimal pit shell.
5. The Mineral Reserves are based on the October 2011 Mineral resource
reports for the Nkran, Adubiaso, Abore and Asuadai deposits.
6. All tonnes reported are dry tonnes.
7. The base case pit optimization utilized a US$1,300/oz gold price.
8. Mineral Reserves are reported in accordance with the NI 43-101 & JORC.



Kubi Gold Project:

The information that relates to Mineral Resources at the Kubi Main Deposit, Ghana, is based on a resource estimate that has been audited by Simon Meadows Smith, who is a full time employee of SEMS Exploration Services Ltd, Ghana. Simon Meadows Smith is a Member of the Institute of Materials, Minerals and Mining (IMO3), London and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, and under NI43-101. Simon Meadows Smith consents to the inclusion in the presentation of the matters based on information in the form and context in which it appears.

Technical Notes:



1. Resources figures for Kubi are based on a 2.0g/t Au cut-off grade
2. Mineral Resources are reported in accordance with NI43-101 & JORC.



Exploration Results:

The information that relates to Exploration Results is based on information compiled by Thomas Amoah, who is employed by Adansi Gold Company (Gh) Ltd, a wholly owned subsidiary of PMI Gold Corporation. Mr Amoah, who is a Member of the Australian Institute of Geoscientists (MAIG), has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves'. Mr Amoah consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Scientific and technical information relating to Exploration Results has been reviewed and approved by Thomas Amoah, MAIG, MSEG. a "qualified person" as defined under National Instrument 43-101. Field work was supervised by Mr. Amoah (VP-Exploration). Drill cuttings were logged and sampled on site, with 3kg samples sent to the MinAnalytical prep laboratory on site, and analyzed for gold by fire assay-AA on a 50 gram sample charge or by screened metallics AA finish in MinAnalytical laboratory in Perth. 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 screened metallic assay if available, or in lieu of that the average of the other results for the interval. Results from the QC program suggest that the reported results are accurate. Intercepts were calculated using either a minimum 0.1 g/t Au (Afiefiso Prospect) or 0.5 g/t Au (Fromenda Prospect and Kubi South) cut off at the beginning and the end of the intercept and allowing for no more than three consecutive metres of less than 0.1 g/t Au (Afiefiso Prospect) or 0.5 g/t Au (Fromenda Prospect and Kubi South Prospect) internal dilution. True widths are estimated at from 60% to 70% of the stated core length.

Forward-Looking Statements

This Quarterly Activity Update Report includes forward-looking statements or information. Forward-looking statements or information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statement. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future gold production; initial mine life; average annual gold production; forecast life of mine cash cost; initial capital cost; forecast operating parameters including ore mined, mill feed and recoveries; determination of a development decision for the Obotan Project; full production; and financial outcomes of the FS, including NPV; the timing and use of proceeds of the Offering and the completion of the Offering, are forward-looking statements of information. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the actual results of current exploration activities; changes in gold prices; changes in exchange rates; possibility of equipment breakdowns, delays and availability; changes in mine plans; exploration cost overruns; unexpected increases in costs of equipment, steel, cement and consumables such as diesel and fuel oil; unexpected environmental liabilities or social charges; the unknown impact of the 10% windfall profit tax announced by the Government of Ghana; title defects; the failure of contract parties to perform; the unavailability of capital and financing; marketing activities, changes in gold prices; adverse general economic, market or business conditions; regulatory changes; failure to receive necessary government or regulatory approvals; and other risks and factors detailed herein and from time to time in the filings made by the Company with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in the Company's Annual Information Form dated September 25, 2012.

Any forward-looking statement or information only speaks as of the date on which it was made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such.

Table 1: Significant Gold Intercepts

Afiefiso Prospect (greater than 0.1% Au)

NOTE: True widths are approximately 60-70% of the length of the stated intersection lengths



-----------------------------------------------------------------------
Easting Northing
Prospect Hole ID (UTM) (UTM) RL (UTM) Dip Azimuth
-----------------------------------------------------------------------
Afiefiso AFAC12-001 606819.0 687799.0 157.00 -50 135
-----------------------------------------------------------
Afiefiso AFAC12-002 606547.8 688098.4 157.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-003 606582.5 688062.9 157.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-004 606616.3 688026.0 155.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-005 606649.2 687988.9 156.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-006 606681.6 687950.3 156.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-007 606714.9 687912.4 155.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-008 606749.3 687877.4 151.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-009 606781.9 687840.2 145.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-010 606815.0 687802.1 144.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-011 606485.3 688177.4 158.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-012 606449.0 688212.0 158.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-013 606419.2 688251.9 158.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-014 606383.6 688286.6 157.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-015 606351.5 688325.4 157.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-016 606319.3 688362.9 157.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-017 606283.1 688397.4 157.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-018 606249.2 688434.3 158.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-019 606213.6 688468.9 159.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-020 606180.5 688506.5 159.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-021 606145.0 688541.8 159.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-022 606110.2 688577.5 159.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-023 606076.8 688614.6 159.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-024 606041.8 688650.4 158.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-025 606007.7 688686.6 158.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-026 605974.4 688724.5 158.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-027 605936.2 688753.8 159.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-028 605899.3 688789.6 160.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-029 605864.8 688826.1 157.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-030 605827.4 688858.4 161.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-031 605791.2 688892.9 161.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-032 605754.3 688927.2 159.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-033 605718.0 688961.3 156.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-034 605680.4 688993.8 153.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-035 605642.4 689026.3 149.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-036 605607.1 689061.7 147.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-037 605572.7 689097.8 144.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-038 605533.6 689128.5 140.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-039 605496.1 689161.8 137.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-040 605458.4 689194.5 137.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-041 605421.7 689227.9 137.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-042 605385.0 689261.9 136.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-043 605298.0 689328.3 135.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-044 605255.6 689366.4 146.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-045 605221.8 689397.0 141.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-046 605183.2 689430.8 142.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-047 605145.3 689463.9 149.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-048 605107.6 689495.5 157.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-049 605074.6 689532.2 160.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-050 605035.7 689565.1 158.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-051 605001.3 689600.6 156.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-052 604974.8 689645.3 148.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-053 606620.1 689134.6 139.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-054 606577.2 689163.6 141.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-055 606541.1 689196.5 149.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-056 606507.2 689232.8 154.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-057 606475.1 689270.0 157.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-058 606441.2 689305.3 158.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-059 606402.8 689341.7 159.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-060 606371.1 689378.4 160.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-061 606334.2 689413.0 160.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-062 606303.9 689443.3 161.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-063 606264.5 689482.5 161.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-064 606227.0 689516.3 161.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-065 606191.8 689551.9 160.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-066 606155.5 689586.3 159.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-067 606123.7 689620.1 158.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-068 606081.6 689653.3 157.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-069 606044.9 689687.5 156.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-070 606005.4 689718.5 156.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-071 605967.9 689751.0 155.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-072 605928.7 689782.3 155.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-073 605893.1 689817.3 156.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-073 605893.1 689817.3 156.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-074 605854.5 689849.5 157.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-075 605812.5 689877.7 160.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-076 605772.6 689908.0 161.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-077 605733.8 689939.4 163.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-078 605696.9 689973.2 166.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-079 605660.4 690007.3 168.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-080 605626.1 690041.7 169.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-081 605587.2 690074.7 170.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-082 605550.9 690109.5 171.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-083 605511.9 690140.9 171.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-084 607693.3 689175.9 139.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-085 607671.3 689211.2 139.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-086 607634.7 689248.5 141.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-087 607599.6 689283.6 143.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-088 607516.3 689346.4 147.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-089 607495.5 689392.2 149.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-090 607460.3 689427.0 152.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-091 607425.5 689463.2 155.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-092 607390.3 689497.5 155.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-093 607343.5 689516.1 155.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-094 607324.5 689565.2 153.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-095 607291.9 689603.2 155.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-096 607257.7 689640.1 156.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-097 607221.2 689674.9 157.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-098 607186.1 689709.8 156.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-099 607150.7 689746.0 156.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-100 607115.4 689781.2 157.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-101 607079.9 689816.7 158.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-102 607045.6 689853.7 159.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-103 607011.0 689889.0 160.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-104 606975.1 689924.2 161.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-105 606938.5 689957.5 163.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-106 606903.7 689994.7 163.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-107 606868.7 690028.2 163.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-108 606832.2 690062.0 163.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-109 606783.0 690084.4 162.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-110 606759.9 690132.3 163.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-111 606721.3 690165.6 163.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-112 606684.1 690197.9 163.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-113 606644.4 690228.8 164.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-114 606603.4 690266.2 163.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-115B 606566.5 690297.4 162.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-116 606526.0 690327.8 160.7 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-117 606485.7 690355.9 160.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-118 606445.5 690385.7 160.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-119 606404.5 690413.8 161.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-120 606362.7 690441.9 162.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-121 606321.4 690470.7 162.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-122 606306.9 690483.7 162.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-123 607540.4 689319.0 146.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-124 607293.1 689115.1 132.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-125 607244.4 689111.0 138.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-126 607195.0 689106.8 140.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-127 607201.7 689107.3 142.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-128 607251.3 689111.5 144.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-129 607301.6 689115.8 143.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-130 607227.9 689109.6 143.8 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-131 607178.6 689105.4 143.1 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-132 607128.7 689101.1 143.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-133 607079.0 689096.9 143.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-134 607064.6 689095.7 143.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-135 607088.8 689097.8 145.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-136 606430.9 687945.7 146.9 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-137 606390.3 687975.9 149.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-138 606349.7 688008.3 152.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-139 606311.6 688040.5 154.6 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-140 606272.1 688071.9 154.5 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-141 606235.8 688105.9 155.2 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-142 606195.5 688137.0 156.3 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-143 606156.3 688169.0 157.4 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-144 606114.7 688203.3 158.0 -50 135
-----------------------------------------------------------------------
Afiefiso AFAC12-145 606076.92 688235.32 157.73 -50 135
-----------------------------------------------------------------------

---------------------------------------------------------------------------
Depth Depth Weighted
Easting Northing From To Interval Avg. Grade
Prospect Hole ID (UTM) (UTM) (m) (m) (m) (g/t)
---------------------------------------------------------------------------
Afiefiso AFAC12-001 606819.0 687799.0 11.00 27.00 16.00 1.73
-----------------------------------------------------------------
Including 19.00 22.00 3.00 7.58
-----------------------------------------------------------------
31.00 34.00 3.00 0.43
---------------------------------------------------------------------------
Afiefiso AFAC12-002 606547.8 688098.4 12.00 14.00 2.00 0.13
---------------------------------------------------------------------------
Afiefiso AFAC12-003 606582.5 688062.9 21.00 27.00 6.00 0.72
---------------------------------------------------------------------------
Afiefiso AFAC12-004 606616.3 688026.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-005 606649.2 687988.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-006 606681.6 687950.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-007 606714.9 687912.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-008 606749.3 687877.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-009 606781.9 687840.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-010 606815.0 687802.1 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-011 606485.3 688177.4 30.00 32.00 2.00 1.11
----------------------------------
44.00 59.00 15.00 1.16
-----------------------------------------------------------------
Including 48.00 50.00 2.00 4.99
---------------------------------------------------------------------------
Afiefiso AFAC12-012 606449.0 688212.0 73.00 75.00 2.00 0.26
---------------------------------------------------------------------------
Afiefiso AFAC12-013 606419.2 688251.9 1.00 4.00 3.00 0.25
---------------------------------------------------------------------------
Afiefiso AFAC12-014 606383.6 688286.6 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-015 606351.5 688325.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-016 606319.3 688362.9 49.00 58.00 9.00 0.97
-----------------------------------------------------------------
Including 50.00 52.00 2.00 2.76
---------------------------------------------------------------------------
Afiefiso AFAC12-017 606283.1 688397.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-018 606249.2 688434.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-019 606213.6 688468.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-020 606180.5 688506.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-021 606145.0 688541.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-022 606110.2 688577.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-023 606076.8 688614.6 38.00 40.00 2.00 0.3
----------------------------------
44.00 46.00 2.00 0.25
---------------------------------------------------------------------------
Afiefiso AFAC12-024 606041.8 688650.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-025 606007.7 688686.6 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-026 605974.4 688724.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-027 605936.2 688753.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-028 605899.3 688789.6 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-029 605864.8 688826.1 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-030 605827.4 688858.4 19.00 20.00 1.00 1.39
---------------------------------------------------------------------------
Afiefiso AFAC12-031 605791.2 688892.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-032 605754.3 688927.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-033 605718.0 688961.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-034 605680.4 688993.8 30.00 32.00 2.00 0.27
---------------------------------------------------------------------------
Afiefiso AFAC12-035 605642.4 689026.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-036 605607.1 689061.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-037 605572.7 689097.8 4.00 8.00 4.00 0.18
---------------------------------------------------------------------------
Afiefiso AFAC12-038 605533.6 689128.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-039 605496.1 689161.8 1.00 3.00 2.00 0.17
---------------------------------------------------------------------------
Afiefiso AFAC12-040 605458.4 689194.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-041 605421.7 689227.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-042 605385.0 689261.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-043 605298.0 689328.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-044 605255.6 689366.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-045 605221.8 689397.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-046 605183.2 689430.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-047 605145.3 689463.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-048 605107.6 689495.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-049 605074.6 689532.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-050 605035.7 689565.1 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-051 605001.3 689600.6 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-052 604974.8 689645.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-053 606620.1 689134.6 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-054 606577.2 689163.6 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-055 606541.1 689196.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-056 606507.2 689232.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-057 606475.1 689270.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-058 606441.2 689305.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-059 606402.8 689341.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-060 606371.1 689378.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-061 606334.2 689413.0 37.00 48.00 11.00 0.27
---------------------------------------------------------------------------
Afiefiso AFAC12-062 606303.9 689443.3 6.00 8.00 2.00 0.38
---------------------------------------------------------------------------
Afiefiso AFAC12-063 606264.5 689482.5 6.00 8.00 2.00 0.77
---------------------------------------------------------------------------
Afiefiso AFAC12-064 606227.0 689516.3 6.00 9.00 3.00 0.24
---------------------------------------------------------------------------
Afiefiso AFAC12-065 606191.8 689551.9 6.00 8.00 2.00 0.27
---------------------------------------------------------------------------
Afiefiso AFAC12-066 606155.5 689586.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-067 606123.7 689620.1 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-068 606081.6 689653.3 3.00 4.00 1.00 2.72
----------------------------------
12.00 13.00 1.00 1.31
---------------------------------------------------------------------------
Afiefiso AFAC12-069 606044.9 689687.5 10.00 12.00 2.00 1.12
---------------------------------------------------------------------------
Afiefiso AFAC12-070 606005.4 689718.5 15.00 20.00 5.00 0.42
---------------------------------------------------------------------------
Afiefiso AFAC12-071 605967.9 689751.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-072 605928.7 689782.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-073 605893.1 689817.3 7.00 9.00 2.00 0.6
---------------------------------------------------------------------------
Afiefiso AFAC12-073 605893.1 689817.3 12.00 15.00 3.00 13.64
-----------------------------------------------------------------
Including 12.00 13.00 1.00 40.57
---------------------------------------------------------------------------
Afiefiso AFAC12-074 605854.5 689849.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-075 605812.5 689877.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-076 605772.6 689908.0 0.00 2.00 2.00 0.51
---------------------------------------------------------------------------
Afiefiso AFAC12-077 605733.8 689939.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-078 605696.9 689973.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-079 605660.4 690007.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-080 605626.1 690041.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-081 605587.2 690074.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-082 605550.9 690109.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-083 605511.9 690140.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-084 607693.3 689175.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-085 607671.3 689211.2 52.00 53.00 1.00 1.10
---------------------------------------------------------------------------
Afiefiso AFAC12-086 607634.7 689248.5 27.00 35.00 8.00 0.44
---------------------------------------------------------------------------
Afiefiso AFAC12-087 607599.6 689283.6 1.00 6.00 5.00 0.5
---------------------------------------------------------------------------
Afiefiso AFAC12-088 607516.3 689346.4 1.00 3.00 2.00 0.85
----------------------------------
72.00 74.00 2.00 1.74
---------------------------------------------------------------------------
Afiefiso AFAC12-089 607495.5 689392.2 13.00 16.00 3.00 0.11
---------------------------------------------------------------------------
Afiefiso AFAC12-090 607460.3 689427.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-091 607425.5 689463.2 4.00 12.00 8.00 0.16
----------------------------------
65.00 71.00 6.00 0.34
---------------------------------------------------------------------------
Afiefiso AFAC12-092 607390.3 689497.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-093 607343.5 689516.1 22.00 24.00 2.00 0.2
---------------------------------------------------------------------------
Afiefiso AFAC12-094 607324.5 689565.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-095 607291.9 689603.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-096 607257.7 689640.1 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-097 607221.2 689674.9 19.00 21.00 2.00 0.53
---------------------------------------------------------------------------
Afiefiso AFAC12-098 607186.1 689709.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-099 607150.7 689746.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-100 607115.4 689781.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-101 607079.9 689816.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-102 607045.6 689853.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-103 607011.0 689889.0 3.00 7.00 4.00 0.63
---------------------------------------------------------------------------
Afiefiso AFAC12-104 606975.1 689924.2 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-105 606938.5 689957.5 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-106 606903.7 689994.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-107 606868.7 690028.2 42.00 44.00 2.00 0.34
---------------------------------------------------------------------------
Afiefiso AFAC12-108 606832.2 690062.0 4.00 7.00 3.00 0.92
---------------------------------------------------------------------------
Afiefiso AFAC12-109 606783.0 690084.4 5.00 7.00 2.00 0.15
---------------------------------------------------------------------------
Afiefiso AFAC12-110 606759.9 690132.3 25.00 27.00 2.00 0.59
---------------------------------------------------------------------------
Afiefiso AFAC12-111 606721.3 690165.6 1.00 4.00 3.00 0.16
---------------------------------------------------------------------------
Afiefiso AFAC12-112 606684.1 690197.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-113 606644.4 690228.8 1.00 4.00 3.00 0.16
---------------------------------------------------------------------------
Afiefiso AFAC12-114 606603.4 690266.2 4.00 6.00 2.00 0.62
---------------------------------------------------------------------------
Afiefiso AFAC12-115B 606566.5 690297.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-116 606526.0 690327.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-117 606485.7 690355.9 3.00 6.00 3.00 0.13
---------------------------------------------------------------------------
Afiefiso AFAC12-118 606445.5 690385.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-119 606404.5 690413.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-120 606362.7 690441.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-121 606321.4 690470.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-122 606306.9 690483.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-123 607540.4 689319.0 32.00 35.00 3.00 0.41
---------------------------------------------------------------------------
Afiefiso AFAC12-124 607293.1 689115.1 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-125 607244.4 689111.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-126 607195.0 689106.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-127 607201.7 689107.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-128 607251.3 689111.5 20.00 24.00 4.00 0.98
----------------------------------
41.00 42.00 1.00 4.48
---------------------------------------------------------------------------
Afiefiso AFAC12-129 607301.6 689115.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-130 607227.9 689109.6 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-131 607178.6 689105.4 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-132 607128.7 689101.1 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-133 607079.0 689096.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-134 607064.6 689095.7 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-135 607088.8 689097.8 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-136 606430.9 687945.7 20.00 21.00 1.00 2.26
---------------------------------------------------------------------------
Afiefiso AFAC12-137 606390.3 687975.9 3.00 5.00 2.00 0.41
----------------------------------
24.00 30.00 6.00 0.30
----------------------------------
58.00 59.00 1.00 1.10
---------------------------------------------------------------------------
Afiefiso AFAC12-138 606349.7 688008.3 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-139 606311.6 688040.5 38.00 40.00 2.00 0.58
----------------------------------
63.00 67.00 4.00 0.33
---------------------------------------------------------------------------
Afiefiso AFAC12-140 606272.1 688071.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-141 606235.8 688105.9 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-142 606195.5 688137.0 No Significant Results
---------------------------------------------------------------------------
Afiefiso AFAC12-143 606156.3 688169.0 51 53 2.00 0.19
---------------------------------------------------------------------------
Afiefiso AFAC12-144 606114.7 688203.3 51 56 5.00 0.25
---------------------------------------------------------------------------
Afiefiso AFAC12 606076.92 688235.32 11 14 3.00 0.22
-145
---------------------------------------------------------------------------



Fromenda Prospect (greater than 0.5% Au)

NOTE: True widths are approximately 60-70% of the length of the stated intersection lengths



-----------------------------------------------------------------------
Easting Northing
Prospect Hole ID (UTM) (UTM) RL (UTM) Dip Azimuth
-----------------------------------------------------------------------
Fromenda NBRC12-013 602431.8 684430.3 167.7 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-014 602400.1 684467.1 170.8 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-016 602213.4 684790.5 152.1 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-017 602251.6 684753.7 159.5 -50 131
-----------------------------------------------------------------------
Fromenda NBRC12-018 602285.5 684723.0 164.3 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-019 602321.2 684681.9 172.0 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-020 602367.8 684642.9 192.3 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-021 602394.7 684608.3 198.7 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-022 602421.7 684572.8 192.6 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-023 602458.3 684543.7 188.2 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-024 602526.0 684473.1 171.6 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-025 602493.9 684506.0 176.4 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-026 602545.0 684619.7 206.7 -50 136
-----------------------------------------------------------------------
Fromenda NBRC12-027 602578.8 684585.2 198.2 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-028 602607.5 684553.0 191.1 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-029 602476.2 684695.4 210.3 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-030 602799.3 684914.7 150.9 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-031 602830.4 684878.7 151.5 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-032 602865.8 684845.1 155.2 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-033 602673.1 684851.9 190.5 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-034 602683.9 684891.4 194.7 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-035 602610.1 684882.8 206.0 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-036 602640.1 684889.0 201.5 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-037 602630.0 684864.9 202.3 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-038 602599.5 684852.7 207.6 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-039 602569.9 684870.7 210.3 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-040 602367.6 684792.7 168.1 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-041 602392.0 684763.3 174.3 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-042 602424.0 684715.7 191.7 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-043 602512.2 684886.4 197.3 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-044 602690.9 684944.8 185.3 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-045 602533.3 684882.8 202.3 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-046 602143.3 684364.5 164.5 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-047 602185.2 684347.5 175.7 -61 139
-----------------------------------------------------------------------
Fromenda NBRC12-048 602247.8 684260.1 236.7 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-049 602214.3 684297.4 180.8 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-050 602309.2 684339.7 156.4 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-051 602234.9 684406.6 163.0 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-052 602272.1 684369.7 227.3 -55 135
-----------------------------------------------------------------------
Fromenda NBRC12-053 602207.1 684445.5 166.1 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-054 602640.5 684854.1 197.7 -60 135
-----------------------------------------------------------
NBRC12-054 602640.5 684854.1 197.7 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-055 602617.0 684821.3 198.2 -55 135
-----------------------------------------------------------------------
Fromenda NBRC12-056 602782.9 684949.0 152.0 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-057 602747.6 684993.1 154.0 -55 135
-----------------------------------------------------------------------
Fromenda NBRC12-058 602694.8 685020.9 151.8 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-059 603006.8 684843.5 156.4 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-060 602974.2 684877.6 154.7 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-061 602936.1 684916.6 152.5 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-062B 602907.1 684941.9 213.7 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-063 602868.3 684995.5 149.9 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-064 602841.8 685035.9 148.9 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-065 602764.6 685095.2 148.6 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-066 602803.1 685064.2 148.8 -50 135
-----------------------------------------------------------------------
Fromenda NBRC12-067 601937.4 683865.5 153.4 -60 135
-----------------------------------------------------------------------
Fromenda NBRC12-068 602639.8 684945.3 186.1 -60 135
-----------------------------------------------------------------------

---------------------------------------------------------------------------
Depth Depth Weighted
Easting Northing From To Interval Avg. Grade
Prospect Hole ID (UTM) (UTM) (m) (m) (m) (g/t)
---------------------------------------------------------------------------
Fromenda NBRC12-013 602431.8 684430.3 8 9 1 1.33
---------------------------------------------------------------------------
Fromenda NBRC12-014 602400.1 684467.1 4 6 2 0.55
---------------------------------------------------------------------------
Fromenda NBRC12-016 602213.4 684790.5 2 3 1 0.90
--------------------------------
47 48 1 0.98
---------------------------------------------------------------------------
Fromenda NBRC12-017 602251.6 684753.7 78 80 2 0.56
---------------------------------------------------------------------------
Fromenda NBRC12-018 602285.5 684723.0 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-019 602321.2 684681.9 5 6 1 1.04
--------------------------------
43 46 3 0.77
---------------------------------------------------------------------------
Fromenda NBRC12-020 602367.8 684642.9 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-021 602394.7 684608.3 36 41 5 1.33
---------------------------------------------------------------------------
Fromenda NBRC12-022 602421.7 684572.8 23 24 1 3.68
--------------------------------
27 28 1 0.96
--------------------------------
43 46 3 1.61
--------------------------------
72 74 2 1.14
---------------------------------------------------------------------------
Fromenda NBRC12-023 602458.3 684543.7 58 62 4 1.86
---------------------------------------------------------------------------
Fromenda NBRC12-024 602526.0 684473.1 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-025 602493.9 684506.0 48 49 1 1.30
---------------------------------------------------------------------------
Fromenda NBRC12-026 602545.0 684619.7 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-027 602578.8 684585.2 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-028 602607.5 684553.0 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-029 602476.2 684695.4 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-030 602799.3 684914.7 0 2 2 0.87
--------------------------------
21 23 2 3.94
---------------------------------------------------------------------------
Fromenda NBRC12-031 602830.4 684878.7 48 49 1 1.11
---------------------------------------------------------------------------
Fromenda NBRC12-032 602865.8 684845.1 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-033 602673.1 684851.9 12 16 4 0.80
--------------------------------
53 57 4 0.61
---------------------------------------------------------------------------
Fromenda NBRC12-034 602683.9 684891.4 16 17 1 1.75
--------------------------------
24 27 3 2.21
--------------------------------
58 59 1 1.18
--------------------------------
72 73 1 1.97
--------------------------------
117 118 1 1.52
---------------------------------------------------------------------------
Fromenda NBRC12-035 602610.1 684882.8 16 17 1 1.29
--------------------------------
82 108 26 1.74
---------------------------------------------------------------
including 86 87 1 11.78
---------------------------------------------------------------------------
Fromenda NBRC12-036 602640.1 684889.0 116 119 3 2.07
---------------------------------------------------------------------------
Fromenda NBRC12-037 602630.0 684864.9 57 61 4 0.61
--------------------------------
73 75 2 3.19
---------------------------------------------------------------------------
Fromenda NBRC12-038 602599.5 684852.7 55 95 40 2.06
--------------------------------
128 131 3 0.93
---------------------------------------------------------------------------
Fromenda NBRC12-039 602569.9 684870.7 30 31 1 2.02
--------------------------------
88 96 8 0.73
--------------------------------
133 134 1 1.02
---------------------------------------------------------------------------
Fromenda NBRC12-040 602367.6 684792.7 76 81 5 1.60
---------------------------------------------------------------------------
Fromenda NBRC12-041 602392.0 684763.3 9 11 2 0.95
---------------------------------------------------------------------------
Fromenda NBRC12-042 602424.0 684715.7 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-043 602512.2 684886.4 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-044 602690.9 684944.8 35 36 1 1.8
--------------------------------
69 72 3 1.86
---------------------------------------------------------------------------
Fromenda NBRC12-045 602533.3 684882.8 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-046 602143.3 684364.5 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-047 602185.2 684347.5 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-048 602247.8 684260.1 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-049 602214.3 684297.4 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-050 602309.2 684339.7 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-051 602234.9 684406.6 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-052 602272.1 684369.7 15 18 3 0.99
--------------------------------
61 62 1 1.29
--------------------------------
84 88 4 0.57
---------------------------------------------------------------------------
Fromenda NBRC12-053 602207.1 684445.5 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-054 602640.5 684854.1 8 9 1 3.57
--------------------------------
18 26 8 6.8
------------------------------------------------------------------
including 25 26 1 38.18
------------------------------------------------------------------
NBRC12-054 602640.5 684854.1 56 57 1 2.19
--------------------------------
83 84 1 1.34
---------------------------------------------------------------------------
Fromenda NBRC12-055 602617.0 684821.3 4 21 17 4.28
------------------------------------------------------------------
including 12 15 3 15.58
---------------------------------------------------------------------------
Fromenda NBRC12-056 602782.9 684949.0 49 50 1 2.98
---------------------------------------------------------------------------
Fromenda NBRC12-057 602747.6 684993.1 49 51 2 0.63
---------------------------------------------------------------------------
Fromenda NBRC12-058 602694.8 685020.9 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-059 603006.8 684843.5 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-060 602974.2 684877.6 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-061 602936.1 684916.6 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12 602907.1 684941.9 No Significant Result
-062B
---------------------------------------------------------------------------
Fromenda NBRC12-063 602868.3 684995.5 27 28 1 3.02
---------------------------------------------------------------------------
Fromenda NBRC12-064 602841.8 685035.9 47 48 1 0.86
---------------------------------------------------------------------------
Fromenda NBRC12-065 602764.6 685095.2 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-066 602803.1 685064.2 No Significant Result
---------------------------------------------------------------------------
Fromenda NBRC12-067 601937.4 683865.5 3 4 1 0.79
---------------------------------------------------------------------------
Fromenda NBRC12-068 602639.8 684945.3 132 133 1 6.77
---------------------------------------------------------------------------



Kubi South Prospect (greater than 0.5% Au)

NOTE: True widths are approximately 60-70% of the length of the stated intersection lengths



-----------------------------------------------------------------------
Easting Northing
Prospect Hole ID (UTM) (UTM) RL (UTM) Dip Azimuth
-----------------------------------------------------------------------
Kubi South KV12-540 639952 662280 132 -50 290
-----------------------------------------------------------------------
Kubi South KV12-541 639932 662287 135 -50 290
-----------------------------------------------------------------------
Kubi South KV12-542 639969 662274 130 -50 290
-----------------------------------------------------------------------
Kubi South KV12-543 640002 662367 149 -50 290
-----------------------------------------------------------------------
Kubi South KV12-544 640067 662553 140 -50 290
-----------------------------------------------------------------------
Kubi South KV12-545 640046 662561 147 -50 290
-----------------------------------------------------------------------
Kubi South KV12-546 640030 662567 149 -50 290
-----------------------------------------------------------------------
Kubi South KV12-547 640017 662466 157 -50 290
-----------------------------------------------------------------------
Kubi South KV12-548 640031 662460 152 -50 290
-----------------------------------------------------------------------
Kubi South KV12-549 639998 662473 164 -50 290
-----------------------------------------------------------------------
Kubi South KV12-550 639964 662380 162 -50 290
-----------------------------------------------------------------------
Kubi South KV12-551 639983 662374 157 -50 290
-----------------------------------------------------------------------

---------------------------------------------------------------------------
Depth Depth Weighted
Easting Northing From To Interval Avg. Grade
Prospect Hole ID (UTM) (UTM) (m) (m) (m) (g/t)
---------------------------------------------------------------------------
Kubi South KV12-540 639952 662280 103.0 108.0 5.0 3.33
----------------------------------------------------------------
including 103.0 105.0 2.0 5.30
---------------------------------------------------------------------------
Kubi South KV12-541 639932 662287 74.0 78.0 4.0 0.68
---------------------------------
138.0 140.0 2.0 1.00
---------------------------------------------------------------------------
Kubi South KV12-542 639969 662274 128.0 129.0 1.0 1.51
---------------------------------
136.0 138.0 2.0 1.50
---------------------------------------------------------------------------
Kubi South KV12-543 640002 662367 123.0 133.0 10.0 0.67
---------------------------------------------------------------------------
Kubi South KV12-544 640067 662553 130.0 131.0 1.0 2.72
---------------------------------
136.0 137.0 1.0 1.96
---------------------------------------------------------------------------
Kubi South KV12-545 640046 662561 59.0 60.0 1.0 1.38
---------------------------------------------------------------------------
Kubi South KV12-546 640030 662567 120.0 122.0 2.0 2.42
----------------------------------------------------------------
including 121.0 122.0 1.0 4.10
---------------------------------------------------------------------------
Kubi South KV12-547 640017 662466 133.0 136.0 3.0 1.01
---------------------------------
140.0 142.0 2.0 0.64
---------------------------------------------------------------------------
Kubi South KV12-548 640031 662460 No Significant Result
---------------------------------------------------------------------------
Kubi South KV12-549 639998 662473 116.0 124.0 8.0 1.39
---------------------------------------------------------------
including 119.0 121.0 2.0 2.56
---------------------------------------------------------------------------
Kubi South KV12-550 639964 662380 No Significant Result
---------------------------------------------------------------------------
Kubi South KV12-551 639983 662374 98.0 102.0 4.0 1.55
----------------------------------------------------------------
including 101.0 102.0 1.0 5.23
---------------------------------------------------------------------------







FOR FURTHER INFORMATION PLEASE CONTACT:
Fig House Communications
Rebecca Greco
Investor Relations Canada
+1 (416) 822-6483
fighouse@yahoo.com


Read Corporate
Nicholas Read/Paul Armstrong
Investor Relations Australia
+61 8 9388 1474 or M. +61 419 929 046


PMI Gold Corporation - Canada
Marion McGrath
Corporate Secretary
+1 (604) 684-6264 or Toll-Free: 1 (888) 682-8089


PMI Gold Corporation - Australia
Collin Ellison
Managing Director & CEO
+61 8 6188 7900
www.pmigoldcorp.com

View Comments and Join the Discussion!