now thats an upgrade

Surprised nobody taking notice, cashed up huge upgrade with a good grade, one to keep watch, only downside hard to get stock:


Obotan Gold Resource More than Triples to
3.22Moz Measured & Indicated, and 1.29Moz Inferred

Highlights
• Interim JORC/NI 43-101 resource update at PMI’s flagship 100%-owned Obotan Gold Project (Ghana)
more than triples the project’s global gold resource, comprising:
o Measured Resources - 14.67 million tonnes @ 2.66g/t for - 1.22 million Au ounces
o Indicated Resources - 27.50 million tonnes @ 2.32g/t for - 2.00 million Au ounces
o Inferred Resources - 17.54 million tonnes @ 2.35g/t for - 1.29 million Au ounces
• 76% of resources (2.50Moz Measured and Indicated grading 2.54g/t & 1.02Moz Inferred grading 2.54g/t)
fall within the main Nkran deposit
• The resource represents an increase in overall resource grade and delineation of a high-grade core
• Results from an additional 75 holes / 18,783 metres of extensional and in-fill drilling are not included in this
interim (Pre-Feasibility Study) resource upgrade and are to be incorporated with results from ongoing
drilling in an anticipated resource upgrade in Q1 2012
• The interim resource estimate for the Obotan deposits (Nkran, Abore, Adubiaso and Asuadai) will be
incorporated into the Pre-Feasibility Study mine plan scheduled for completion by December 31, 2011
• The significant size and strong grade of the interim resource demonstrates the potential for a substantial
and long-life gold project at Obotan
• Significant scope for future resource increases – Obotan resources remain open at depth and also offers the
potential for strike extension which are to be tested by ongoing drilling
• Obotan resource drilling activities are ongoing and exploration activities at Obotan, Kubi and within the
Asankrangwa projects are starting to ramp up
• Strong cash position of $21.5M as at 30 September 2011
________________________________________________________________________________________________
PMI Gold Corporation (TSX-V: PMV) (ASX: PVM) is pleased to announce a 270% increase in the NI 43-101
and JORC code compliant gold resources for its flagship Obotan Gold Project in Ghana, West Africa (see Figure 1) to
Measured 1.22 million ounces, Indicated 2.00 million ounces and Inferred 1.29 million ounces, paving the way for
completion of a Pre-Feasibility Study on a substantial gold mine development by the end of this year.
The interim resource upgrade at the Obotan Gold Project, combined with the Kubi Gold project resource (Measured
112,000oz, Indicated 121,000oz, Inferred 115,000oz) provides PMI Gold with a global Ghana resource inventory of
Measured and Indicated 3.45 million ounces, and Inferred 1.40 million ounces which demonstrates the potential of the
Company’s concessions in Ghana (Figure 2).
The interim resource is based on part of the completed drill results received to date from ongoing successful resource
drilling programs at Obotan, where drilling activities are continuing to ramp up.

The resource upgrade is a tremendous achievement for the Company, and a justifiable reward for the commitment and
support that the Company has received from its shareholders, Board and staff,” said Collin Ellison, Managing Director
and CEO.
“The significant size and strong grade of the updated resource validates PMI’s decision to undertake its Pre-feasibility
Study mine plan utilising a 3Mtpa plant, and demonstrates the potential for the resource to underpin a substantial and
long-life gold operation at Obotan.”
“The Obotan Gold Project resource will be further tested by ongoing drilling with a resource upgrade planned for Q1
2012”.

About the Interim Resource Upgrade
The Obotan Gold Project resources are
located on the Company’s Abore, Abirem
and Adubea concessions, within the
northern 15km of the 70km strike length of
contiguous concessions which the Company
holds in the Asankrangwa Gold Belt (see
Figure 3).
The Obotan Gold Project was previously
operated by Resolute Mining Ltd and
closed in 2002 after producing a total of
730,000oz at an average grade of 2.2g/t
gold when the gold price averaged
approximately US$350/oz.
PMI Gold retained SRK Consulting of
Perth, Australia to complete an independent
estimation of the mineral resources for the
four gold deposits (Nkran, Adubiaso, Abore
and Asuadai) that make up the Obotan Gold
Project. SRK’s interim resource estimate
forms part of a NI 43-101 and JORC code
compliant Pre-feasibility Study Report for
the Obotan Gold Project, which is due for
completion by December 31, 2011.

In addition, PMI Gold contracted Perth-based Optiro Pty Ltd (“Optiro”) to complete an independent review of SRK’s
resource estimate as part of the Company’s technical quality assessment and control. Optiro confirmed that
SRK’s resource estimation results were consistent and acceptable for the style of the deposit.
A discussion of the basis of the resource estimate update, which incorporated a further 85 holes for 26,605 metres of
diamond drilling over the last year by PMI resulting in an improved understanding of the deposit and confirmation of
its internal continuity, is presented below. This is accompanied by an overview of the deposit geology and the resource
estimation criteria and block modelling and grade interpolation techniques. Results from an additional 75 holes / 18,783
metres of extensional and in-fill drilling, completed after the cut-off date for the current resource estimate, will be
incorporated in future re-estimate planned for Q1 2012.

Drilling Ongoing and Exploration Set to Ramp Up
Exploration drilling within the Obotan area is currently being undertaken with three diamond drill rigs. Drilling has to
date focused on the Obotan Project resource drilling and Pre-Feasibility Study work. The arrival in Ghana during
November of a dedicated multipurpose Reverse Circulation (RC)/Diamond core drill rig (DD) and a Rotary Air Blast
(RAB)/Aircore drill rig will allow PMI to expand the exploration activities within Obotan, Kubi and the Asankrangwa
Gold Belt. The near-Obotan exploration within the Asankrangwa Gold belt will commence, with the immediate
exploration focus on geochemical and geophysical targets within a 15km radius of the Nkran deposit.
Drilling on the Company’s Asankrangwa Project, covering the southern 55km strike extension of the Obotan Gold
Project, is planned to commence in Q4 2011 and will follow up earlier exploration results produced by PMI Gold and
previous explorers, as well as priority targets which have been identified from the Company’s 2010 VTEM program.
The Kubi exploration activities will include the deep drilling of mineralised targets developed by the recent auger drill
program.