PMI Ventures Ltd. (the “Company”) [TSX Venture:PMV] is pleased to announce the commencement of its second diamond drilling program for 2003 on the Fromenda concession located on the Asankrangwa Gold Belt in southwest Ghana.

Drilling in the Fromenda Grid “B” area, will consist of up to eight holes totalling 500 metres. Road access and drill pad construction has commenced, with initial assay results expected by mid September.

The object of this program is to extend the previously reported gold mineralization to the east and to depth. Initial drilling will target an area located 50 to 100 metres to the southeast of PMI drill hole 2003FBDDH1 (2.66 g/t Au over 29.4 metres at a depth of 25 metres below surface), where a rotary hole drilled in 1997 intersected 12.0 g/t Au over 9.0 metres at a depth of 18 metres below surface.

Two distinct gold mineralization target types have been noted at Fromenda: deep plunging - plus 8.0 g/t Au quartz reefs of the Ashanti Obuasi type; and high tonnage – plus 2.0 g/t Au bulk mineable type as noted at the nearby Obotan Mine. The gold occurs in sheared quartz stringers and reefs cutting folded, fractured and altered meta-greywackes and meta-volcanics, and co-incident with a 2 km long gold in soil anomaly. The gold is generally coarse, free milling, and based on initial leach tests, easily recovered by standard gold recovery methods.

The Company is also pleased to report that grab samples from a 9 metre long test trench on a new showing called the “School Zone” have assayed 10.9 g/t Au, 2.98 g/t Au and 0.85 g/t Au. A second longer trench, located 30 metres along the strike of the mineralization is in progress, and assays will be reported when received. This new discovery is located 3 km to the northeast, and along strike, of the Fromenda Grid “B” zone

PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in nine exploration concessions and applications, covering an area of 380 sq. km. Goknets' interests vary from 85% to 100%, and are subject to a 10% non-participating interest in favour of the Government of Ghana.

On behalf of the Board,

“Arthur T. Fisher”

Arthur T. Fisher
President

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