Mr. Arthur Fisher reports

PMI Ventures Ltd. (the "Company")[TSXV:PMV] is pleased to announce that it has entered into a Letter Agreement with Goknet Mining Company Limited, a privately-held Ghanaian corporation, to acquire up to 85% of Goknets’ interest in exploration concessions/applications covering a length of approximately 50 kilometres and an area of some 486 square kilometres along the axis of the Asankrangwa Gold Belt of South Western Ghana. The Asankrangwa Gold Belt is in excess of 150 kilometres in length and lies along the central axis of the Kumasi Basin approximately 250 kilometres northwest of Accra and about midway between the Ashanti and Sefwi Gold Belts. The Asankrangwa Gold Belt already hosts the Obotan operation of Resolute Amansie Ltd. of Australia that has to date produced over 1 million ounces of gold from shallow open pit operations. Past production of the Ashanti Belt that lies 40 kilometres to the east of Goknets’ project area is in excess of 40 million ounces of gold principally from the Ashanti and Tarkwa gold mines, while present resources are estimated at an additional 40-50 million ounces of gold. The Sefwi Gold Belt that lies 30 kilometres to the west hosts three producing gold mines with historic production of about 5 million ounces of gold and with current reported gold resources in the order of 12 million ounces.

The Goknet land holdings that are the subject of the Letter Agreement contain numerous historical gold showings and gold anomalies that have been identified by prospecting, trenching and limited shallow drilling by earlier exploration programs. Structural interpretation by Goknet has outlined a series of north-east trending, deep seated thrust faults that are intimately associated with known gold mineralization and will be the focus of the ongoing exploration. To date, insufficient exploration has been completed to identify a gold resource, but more than ten significant drill targets have been established. This data suggests that deep diamond drilling in the areas of the previously obtained high grade (15 to 50 g/t) but generally narrow, gold intersections, and other untested high gold in soil and geophysical anomalies, may outline deep seated bodies with potentially high grades and considerable dip extensions. The target model is of the Ashanti Obuasi, Campbell/Red Lake type.

Consideration for this acquisition will be three million shares of the company plus cash payments of approximately $260,000 (U.S.) over three years as follows:

The company will also be required to complete the following expenditures on the properties to fulfill its option:

The board of PMI Ventures is particularly pleased with the form of this transaction since it will allow the company to acquire a significant interest in a major, established gold field with only a small initial exploration program.

Completion of the above transaction is subject to due diligence reviews by the company, a formal agreement and the acceptance by the TSX Venture Exchange ("Exchange").

Immediately upon completion and Exchange acceptance of the transaction, the Company plans to commence an exploration program comprising diamond drilling of the most prospective drill targets identified by earlier exploration programs.