PMI Ventures Ltd. (the "Company") [TSX Venture: PMV], is pleased to announce that it has reached agreement to purchase the remaining 15% working interest held by Goknet Mining Company Ltd., thereby bringing PMI's net overall interest in the Ashanti II project area to 86 percent. Goknet retains a 2% Net Smelter Return royalty ("NSR").

The transaction includes US$100,000 to be paid in June 2006 and the issue of 3,000,000 shares in the capital stock of PMI in January 2007. PMI will also pay advance NSR payments to Goknet of US$50,000 per year starting in December 2007, those payments being deductible against future NSR payments. This agreement is subject to TSX Venture Exchange acceptance.

The project area includes some 380 square kilometres covering 8 concessions along the Asankrangwa Belt in SW Ghana.

PMI VENTURES LTD. RECEIVES CONSULTANT REPORT ON THE STRUCTURAL GEOLOGY OF THE ASHANTI II CONCESSIONS, GHANA

The Company is pleased with the results outlined in the final SRK Consulting report on the structural geology of the Ashanti II concessions. This concludes a nine month project by SRK and company personnel to develop a predictive structural model of the area, and intended to generate specific exploration targets for further detailed investigation. Four classes of deposit targets have been identified on the basis of drill hole data, geophysical and geochemical interpretation and field observations. The results of the analysis have focused on 17 highly prospective targets that have been prioritised according to the presence of major exploration criteria associated with the large gold mines in the area. SRK personnel have reviewed and/or published significant studies on each of the nearby Anglo Ashanti Obuasi Mine, Golden Star Bogoso Mine, Resolute Obotan Mine and Red Back Chirano Mine. Historically more than 80 million ounces of gold have been found within a 60 km distance from the Asankrangwa gold belt.

Two distinct gold mineralizing events are recognized in southwest Ghana - one related to regional northeast-southwest compression and reverse faulting and the second related to regional sinistral strike slip faulting. Detailed structural mapping and core logging by SRK has confirmed the presence of both styles of gold mineralisation within the PMI concession area.

SRK has also concluded that "the Asankrangwa Gold Belt, at Ashanti II, contains all of the known structural and geological features recognized regionally to be important in the localization of gold mineralisation, and possess the capacity for enhanced fracturing and dilatency and the potential for forming a major alteration-ore bearing gold system."

The Company will optimise all future exploration work on these structural targets by a rapid assessment of the local setting for mineralization including where required detailed geophysical and geochemical surveys prior to drilling. This approach is intended to delineate the structural complexity within the target zone enabling rapid decision making at the drill sites.

The technical information contained in this release was reviewed and supervised by Douglas R. MacQuarrie, P.Geo., who is a Qualified Person as defined by National Instrument 43-101.

On behalf of the Board,

"Pearce M. Bowman"
Executive Chairman

For more information please contact:
Douglas R. MacQuarrie, President, or 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

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.