Link to PMI Ventures web site, www.westafricangold.com
PMI VENTURES LTD. COMMENCES DRILLING PROGRAM AND COMPLETES $ 2,567,000 FINANCING
PMI Ventures Ltd. (the “Company”) [TSX Venture:PMV], is pleased to announce the commencement of a 3000 metre drilling program on the Ashanti II Deep Gold Project in Ghana, West Africa. This program will focus on the Grid “B” area of the Fromenda Concession. Four other targets will be drill tested on a reconnaissance basis during this program. Assay samples will be submitted regularly and results will be released as received.
The Company is also pleased to report that the TSX Venture Exchange has accepted for filing two non-brokered private placements. The first placement, announced on August 22, 2003, consisted of 4,444,444 Units, raising gross proceeds of $2,000,000. A finder’s fee of $72,000 plus 300,000 share purchase warrants exercisable at $0.70 per share in the first year and at $1.00 per share in the second year was paid in connection with this private placement. A second placement, announced August 28, 2003, consisted of 1,090,385 Units and raised gross proceeds of $567,000. A finder’s fee of $40,000 plus 144,231 share purchase warrants exercisable at $0.70 per share in the first year and at $1.00 per share in the second year was paid in connection with this second placement. For both placements, each Unit consists of one common share and one-half of one non-transferable share purchase warrant, each whole share purchase warrant entitling the holder to acquire one additional common share of the Company for a period of two years at a price of $0.70 per share in the first year and at $1.00 in the second year. Funds raised will be used for the continued exploration of the Ghanaian properties under option from Goknet Mining Company Limited and general working capital.
All shares issued under these private placements will be subject to a four-month hold period expiring on February 17, 2004.
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 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
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.
