PMI Ventures Ltd. (the “Company”)[TSX Venture:PMV], is pleased to announce an additional non-brokered private placement of up to 1,090,385 Units of the Company at a price of $0.52 per Unit to raise gross proceeds of up to $567,000. Each Unit will consist 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 continued exploration of the Ghanaian properties under option from Goknet Mining Company Limited and general working capital.

A finders’ fee may be paid in connection with this private placement.

This placement is subject to acceptance by regulatory authorities. The shares issued under the private placement will be subject to a four-month hold period from the date of TSX Venture Exchange approval.

As well, the Company has granted 100,000 common share purchase options to employees, subject to regulatory approval. The options will expire on August 28, 2008 and have an exercise price of $0.70 per share.

Any shares issued on the exercise of these stock options will be subject to a four-month hold period expiring on December 28, 2003.

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

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.