PMI Ventures Ltd. (the "Company") [TSX Venture: PMV], is pleased to announce the commencement a 1,500 metre diamond drilling program on it's Ashanti II Gold Project located on the Asankrangwa Gold Belt in Ghana, West Africa.

At the Company's Annual General Meeting held on Thursday, June 24, 2004, Mssrs. Len Dennis, Douglas MacQuarrie and Bruno Mossiman were elected as directors to hold office for the ensuing year. The shareholders also approved a resolution permitting the repricing of share purchase options which have been in effect for six months or longer. Pursuant to this resolution, the exercise price of these previously issued share purchase options are, subject to regulatory approval, hereby reduced from $0.70 to $0.45 per share.

The Company also announces, that Douglas R. MacQuarrie has been appointed President and CEO; and Kim Evans, CGA, has been appointed Corporate Secretary and CFO.

Additionally, subject to regulatory approval, the Company has granted 2,325,000 common share purchase options to directors, consultants and employees. The options will expire on June 28, 2009 and have an exercise price of $0.30 per share.

On behalf of the Board,

"Douglas R. MacQuarrie"

Douglas R. MacQuarrie
President

For more information please contact:

Douglas R. MacQuarrie, President, or Warwick G. Smith & Larry Myles, Shareholder Communications
Telephone:(604)682-8089    Toll-Free:(888)682-8089    Facsimile:(604)682-8094

Or visit the PMI Ventures Ltd. website at www.pmiventures.com and Goknet Mining Company website at www.goknet.net

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.