Link to PMI Ventures web site, www.westafricangold.com
PMI VENTURES LTD. PREPARES TO START 2003 DRILL PROGRAM
PMI Ventures Ltd. (the "Company")[TSX Venture:PMV], is pleased to announce the start of preliminary work consisting of drill site access, pad construction and trenching of mineralized vein structures on the Ashanti II Deep Gold Project in Ghana, West Africa.
The first of numerous targets to be tested throughout the Project area will be in the Grid "B" area of the Fromenda concession. Initial work will consist of 3 diamond drill holes to confirm and extend to depth gold mineralization previously outlined in trenching and rotary percussion drill holes. Most of these previous holes were drilled to vertical depths of less than 50 metres, with recorded intersections of 12.0 g/t Au over 9 metres at a depth of 14 metres; 2.4 g/t Au over 23 metres at a depth of 29 metres and on a section 75 metres to the north 3.1 g/t Au over 24 metres at a depth of 14 metres. Drilling is expected to commence in March 2003.
Exploration has also commenced along strike in the old Kukunapi Mine area on the Gemap concession, located 23 km southwest of the Fromenda Grid "B" area. Initial work will consist of trenching two altered and mineralized quartz reefs, each 5 to 15 metres wide, previously intersected in trenching and rotary percussion drill holes. Best previous results in this area were 7.73 g/t Au over 12 metres and 1.35 g/t Au over 48 metres in trenching; and 6.2 g/t Au over 4 metres in drilling at a depth of 10 metres. Based on the results of this program a further program consisting of diamond drilling is anticipated.
PMI has the option to earn up to 85% of the interests that Goknet Mining Company Limited of Accra, Ghana, holds in exploration concessions and applications covering a length of some 50 km along the axis of the Asankrangwa Gold Belt in southwestern Ghana. Goknets' interests vary from 85% to 100%, 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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company’s control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.
