PMI Ventures Ltd. (the “Company”)[TSX Venture:PMV], is pleased to announce very satisfactory initial results of its second drill program on the package of exploration concessions and applications which comprise its Ashanti II Gold Project located along a 50 km length of the axis of the Asankrangwa Gold Belt in southwestern Ghana.

In total six drill holes totalling 698 metres have been completed in the program.

All six drill holes are located in the Fromenda Grid “B” area in the northeast part of the exploration area, where four holes were previously completed in the initial drill program conducted during May 2003. Drill hole 03FBDDH5 was a retest of former rotary hole NBRC7 (9 metres grading 12.0 g/t gold). The final hole of the program, 03FBDDH10 was drilled 300 metres to the southwest along the inferred strike.

Significant assay results received to date from this new program in the Fromenda Grid “B” area are shown below.

The Company is most encouraged by these results from the second drill program in the Fromenda Grid “B” area, since they continue to demonstrate that the shear structure that hosts the gold mineralization is laterally continuous and contains near surface mineralized sections with gold grades of up to 4.97 g/t gold over a true width of approximately 24 metres (77 feet).

Approximately 100 metres of strike length of the gold mineralized zone have now been tested by the limited drilling reported to date in the 2003 program. Further results are expected in the next two to three weeks.

Gold mineralization in the Fromenda Grid “B” area has been shown by earlier soil sampling, geophysical surveys and reconnaissance drill programs to have a potential strike length of over 1.5 kilometres. Two target types have been outlined – steeply dipping shear hosted auriferous quartz reefs of the Ashanti Obuasi type; and gently dipping replacement/stockwork type gold mineralization in favourable sediments adjacent to or overlying the quartz reefs.

This mineralized zone will be explored by a much larger drill program comprising approximately 80 reverse circulation (RC) drill holes totalling 6,000 metres. This drill program is expected to commence in October 2003.

Douglas R. MacQuarrie, P.Geo. (B.C.), the VP of Exploration for the Company and Goknet Mining Company Limited, supervised and directed all work associated with the drilling program. Sample analyses, including repeats, randomly placed blanks and standards were completed at SGS Analabs Pty. Limited at Bibiani, utilizing industry standard 50g fire assay and screened metallics fire assay techniques, with atomic absorption finish. In addition, random duplicate samples were submitted to a referee laboratory for overall QA purposes.

The Company 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 approximately 380 sq. km. Goknets' contractual interests in the concessions 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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