Link to PMI Ventures web site, www.westafricangold.com
PMI VENTURES - EXPLORATION UPDATE
PMI Ventures Ltd. (the "Company")[TSX Venture:PMV], is pleased to announce completion of a preliminary work program on its Ashanti II Deep Gold Project in Ghana, West Africa. This work program commenced in mid February 2003 in preparation for follow up drill program that will comprise 1,050 metres of diamond drilling in 8 to 10 holes commencing in early April 2003.
The preliminary work program was carried out on the Fromenda and Gemap properties. The program consisted of cutting of 33 line km of survey lines; rehabilitation of 10 km of drill access roads; placement of survey control pillars and the completion of 22 line km of induced polarization (IP) surveys.
The IP survey on the Fromenda property outlined two chargeability high areas which are on strike of an area previously tested by 21 reverse circulation drill holes that have also been the target of extensive recent artisan mining. Previous work in this area indicated that gold mineralization occurs over a length of 500 metres and consists of two parallel mineralized zones, each 3 to 10 metres in width. Limited drilling of this area was completed in the early 1990's. Best intersections included 7.1 g/t Au over 4 metres at a depth of 25 metres; 3. 4 g/t Au over 4 metres at a depth of 55 metres and 5.42 g/t Au over 2 metres at a depth of 24 metres.
Trenching of this recently defined drill target has commenced and, based on favourable results, it will be drill tested during the proposed drill program.
PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited of Accra, Ghana, holds in exploration concessions and applications covering an area of over 450 sq km along a length of 50 km of 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.
Results of the proposed drill program are expected in early May 2003.
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.
