Fresh calculation based on extensive infill drilling shows
development will be underpinned by 3.11Moz Measured and Indicated
and 1.40Moz Inferred Resource TSX Venture Exchange: PMV Australian
Securities Exchange: PVM Frankfurt: PN3N.F /THIS NEWS RELEASE IS
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/
VANCOUVER, April 11, 2012 /CNW/ - PMI Gold Corporation is pleased
to announce that it has taken another significant step towards the
imminent completion of the Feasibility Study on its Obotan Gold
Project in Ghana with an updated resource estimate confirming the
integrity of the gold inventory underpinning the Project. The
revised resource calculation took into account a further 28,835m of
drilling. The drilling was predominantly infill, as well as
some extensional drilling on all four (Nkran, Adubiaso, Abore and
Asuadai) Obotan deposits. The assay results from this drilling
program have been incorporated in the final resource estimate
undertaken as part of the Feasibility Study that is currently in
progress. The estimate comprises: -- Measured Resources: 15.57Mt at
2.47g/t for 1.23 million ounces -- Indicated Resources: 29.21Mt at
2.00g/t for 1.88 million ounces -- Inferred Resources: 21.91Mt at
1.99g/t for 1.40 million ounces The previous October 2011 resource
estimate at Obotan comprised: -- Measured Resources: 14.67Mt at
2.66g/t for 1.22 million ounces -- Indicated Resources: 27.5Mt at
2.32g/t for 2.00 million ounces -- Inferred Resources: 17.54Mt at
2.35g/t for 1.29 million ounces The latest resource estimate
provides further confidence regarding the integrity of the total
gold inventory and in particular the integrity, high grade and
internal continuity of the Nkran deposit which forms the larger
part of the total resource base. The Feasibility Study remains on
track for completion in the middle of this year, with a development
decision scheduled for the September Quarter. This would put Obotan
on course for full production in calendar 2014. A revised reserve
estimate for Obotan will be undertaken within the next stage of the
feasibility study. Concerning this Resource Update 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 1). 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 current resource estimate will
form part of a NI 43-101 and JORC code compliant Feasibility Study
Report for the Obotan Gold Project, which is due for completion
mid- 2012. A discussion of the basis of the resource estimate
update, which incorporated a further 110 holes for 28,835 metres of
diamond drilling by PMI, resulting in an improved geological
understanding of the deposit and further 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.
Table 1. SRK March 2012 Resource Estimate
______________________________________________________________________________________________
| SRK March 2012 Resource Estimate (based on a 0.5 g/t Au lower
cut-off grade) |
|______________________________________________________________________________________________|
| | MEASURED | INDICATED | MEASURED + INDICATED | |
|___________________________|___________________________|___________________________|
| DEPOSIT | Tonnes|Grade| Oz| Tonnes|Grade| Oz| Tonnes|Grade| Oz| |
| | | | | | | | | | | |(millions)| (g/t|(millions)|(millions)|
(g/t|(millions)|(millions)| (g/t|(millions)| | | | Au)| | | Au)| |
| Au)| |
|__________|__________|_____|__________|__________|_____|__________|__________|_____|__________|
|Nkran | 11.74| 2.55| 0.96| 20.41| 2.12| 1.39| 32.15| 2.28| 2.35|
|__________|__________|_____|__________|__________|_____|__________|__________|_____|__________|
|Adubiaso | 1.50| 2.98| 0.14| 2.67| 2.41| 0.21| 4.17| 2.59| 0.35|
|__________|__________|_____|__________|__________|_____|__________|__________|_____|__________|
|Abore | 2.33| 1.78| 0.13| 3.70| 1.53| 0.18| 6.03| 1.60| 0.31|
|__________|__________|_____|__________|__________|_____|__________|__________|_____|__________|
|Asuadai | N/A| N/A| N/A| 2.44| 1.28| 0.10| 2.44| 1.28| 0.10|
|__________|__________|_____|__________|__________|_____|__________|__________|_____|__________|
|TOTAL | 15.57| 2.47| 1.23| 29.21| 2.00| 1.88| 44.79| 2.16| 3.11|
|__________|__________|_____|__________|__________|_____|__________|__________|_____|__________|
_______________________________________________ | | INFERRED | |
DEPOSIT |____________________________________| | | Tonnes| Grade|
Ozs| | | (millions)| (g/t Au)| (millions)|
|__________|____________|__________|____________| |Nkran | 14.74|
2.21| 1.05| |__________|____________|__________|____________|
|Adubiaso | 1.25| 1.91| 0.08|
|__________|____________|__________|____________| |Abore | 3.92|
1.50| 0.19| |__________|____________|__________|____________|
|Asuadai | 2.00| 1.33| 0.08|
|__________|____________|__________|____________| |TOTAL | 21.91|
1.99| 1.40| |__________|____________|__________|____________| (All
resource numbers are rounded to 2 decimal places- 10,000 tonnes).
Table 2. SRK October 2011 Resource Estimate
________________________________________________________________________________________________
| SRK October 2011 Resource Estimate (based on a 0.5 g/t Au lower
cut-off grade) |
|________________________________________________________________________________________________|
| | MEASURED | INDICATED | MEASURED + INDICATED | |
|___________________________|_____________________________|___________________________|
| DEPOSIT | Tonnes|Grade| Ozs| Tonnes| Grade| Ozs| Tonnes|Grade|
Ozs| | | | | | | | | | | | | |(millions)|
(g/t|(millions)|(millions)|(g/tAu)|(millions)|(millions)|
(g/t|(millions)| | | | Au)| | | | | | Au)| |
|__________|__________|_____|__________|__________|_______|__________|__________|_____|__________|
|Nkran | 11.10| 2.76| 0.98| 19.70| 2.42| 1.52| 30.80| 2.54| 2.50|
|__________|__________|_____|__________|__________|_______|__________|__________|_____|__________|
|Adubiaso | 1.07| 2.78| 0.09| 2.60| 2.30| 0.19| 3.67| 2.44| 0.28|
|__________|__________|_____|__________|__________|_______|__________|__________|_____|__________|
|Abore | 2.50| 1.88| 0.15| 3.99| 1.80| 0.23| 6.49| 1.83| 0.38|
|__________|__________|_____|__________|__________|_______|__________|__________|_____|__________|
|Asuadai | n/a| n/a| n/a| 1.21| 1.71| 0.06| 1.21| 1.71| 0.06|
|__________|__________|_____|__________|__________|_______|__________|__________|_____|__________|
|TOTAL | 14.67| 2.66| 1.22| 27.5| 2.32| 2.00| 42.17| 2.40| 3.22|
|__________|__________|_____|__________|__________|_______|__________|__________|_____|__________|
_______________________________________________ | | INFERRED | |
DEPOSIT |____________________________________| | | Tonnes| Grade|
Ozs| | | (millions)| (g/t Au)| (millions)|
|__________|____________|__________|____________| |Nkran | 12.60|
2.54| 1.02| |__________|____________|__________|____________|
|Adubiaso | 0.87| 2.06| 0.05|
|__________|____________|__________|____________| |Abore | 3.40|
1.72| 0.18| |__________|____________|__________|____________|
|Asuadai | 0.67| 1.95| 0.04|
|__________|____________|__________|____________| |TOTAL | 17.54|
2.35| 1.29| |__________|____________|__________|____________| (All
resource numbers are rounded to 2 decimal places -10,000 tonnes.)
The 3.11 million ounces in the updated, combined Measured and
Indicated Resources and 1.40 million ounces for the Inferred
Resources for Nkran and the satellite deposits (Adubiaso, Abore and
Asuadai) provides a total gold inventory that remains unchanged
compared to the October 2011estimate. The updated resource
estimated a marginal change in Measured and Indicated tonnes (+11%)
and grade (-10%), these being within the order of expected accuracy
(approximately 10% to 15%) for resource estimates of gold deposits
which are commonly characterized by nuggety grade distributions.
The Nkran resources provided 2.35 million ounces being 75% of the
combined measured and indicated ounces and 32.16 million tonnes for
72% of the ore tonnes, with a high average resource grade of
2.28g/t. The resource update further confirmed the continuity
of the higher grade core of the Nkran deposit and highlighted the
potential for economic resource extensions along strike and at
depth where the mineralisation remains open. The Pre-Feasibility
Study on Obotan, which was released in January this year, found the
project represented a robust development opportunity based on
average annual forecast gold production of 205,600oz over an
initial 10.2-year life. Forecast life-of-mine cash costs were
estimated at US$690.2/oz, including royalties, refining and
pre-strip mining costs of US$68.3 million. The Pre-tax Net Present
Value was put at US$680.5 million and the post-tax NPV at US$416.4
million assuming a US$1,300/oz gold price, 5 per cent discount rate
and a contract mining scenario. The Project's capital cost is
estimated to be US$183.5 million. PMI is already in advanced
discussions with several leading banks concerning financing
options. At the same time as completing the Feasibility Study, PMI
will continue an extensive drilling program aimed at outlining
additional resources within trucking distance of the Obotan plant.
On behalf of the Board, "Collin Ellison" Managing Director &
CEO Obotan Estimate Resource Summary SRK Consulting (Australasia)
Pty Ltd (SRK) has completed an updated NI 43-101 compliant resource
estimate for the Nkran, Adubiaso, Abore and Asuadai gold deposits
in SW Ghana on behalf of PMI Gold Corporation (PMI). These are
collectively known as the Obotan Gold Project. Typically, all
four deposits are hosted in Birimian metasediments and basin-type
granites associated with major NE-striking shear zones. The
deposits lie in the Asankrangwa Gold Belt which has a recent
history of gold production. The Obotan deposits (Nkran, Abore
and Adubiaso) were mined by Resolute-Amansie Gold Company Ltd
(RAGC) up until end of 2002, when RAGC ceased mining due to
increasing depth of operations and a low gold price. PMI
subsequently acquired the leases and has undertaken an active
exploration, resource expansion and definition program over the
last four years. The Asuadai deposit is a new exploration
target and has no production history. This new resource estimate
forms part of a bankable-Feasibility Study currently being
undertaken by SRK and Orelogy Pty Ltd on the Obotan Project.
A previous (NI 43-101 compliant) resource estimate was completed by
SRK in October 2011 (final report lodged on SEDAR, dated January
2012) based on previous RAGC, RC and diamond drilling and newer
diamond drilling conducted by PMI. PMI completed some 155
diamond core holes for 37,763m (11,158 m for the 2010 and
26,605 m for the 2011 resource estimates) of new drilling over
the four deposits up until August 2011. This estimate gave a
combined Measured Resource of 14.67 million tonnes grading at 2.66
g/t Au (1,220,000 oz), Indicated Resource of 27.5 million tonnes
grading at 2.32 g/t Au (2,000,000 oz) and an Inferred Resource of
17.54 million tonnes grading at 2.35 g/t gold (1,290,000 oz)
Subsequent to this estimate, PMI has drilled a further 110 holes
for 28,835 m of diamond drilling over the last six months.
The main focus of the past drilling has been at the Nkran resource,
as it is by far the largest of the four deposits and has shown to
continue at depth and along strike to the SE with numerous wide and
high-grade intersections being recorded (NKR11-069, 72 m @ 4.25 g/t
Au). The other three deposits have been the focus of both
extensional and infill drilling. The resource for Nkran
remains essentially the same; despite some extensional drilling
intersections, this was negated by lower grades in the infill
drilling not resulting in net increase in ounces. Adubiaso
has grown by 21% in contained ounces, Abore has decreased by 10%
(again due to narrower lower grade intersection being recorded in
the infill drilling) and Asuadai has continued to grow by 80% in
contained ounces due to extensional drilling. Whilst some
extensional drilling has added additional tonnes, some of the
infill drilling especially at Nkran and Abore has resulted in lower
grade intercepts, resulting in little additional metal being added.
Little change was made to the resource categories from the
additional infill drilling as it was not sufficient in coverage in
any particular area to warrant upgrade to any parts of the
resources. However, the recent drilling does add to the
overall confidence in the resource. The new (updated) resource
estimates for Nkran, Adubiaso, Asuadai and Abore include the
additional diamond drilling undertaken by PMI from August 2011 to
January 2012 (Table 1). Table 1: Summary of new PMI diamond
drilling August 2011 to January 2012
___________________________________________________ | Deposit |
Meters drilled | Number of holes |
|____________|__________________|___________________| | Nkran |
13,733 | 29 | |____________|__________________|___________________|
| Adubiaso | 6,960 | 32 |
|____________|__________________|___________________| | Abore |
4,023 | 19 | |____________|__________________|___________________|
| Asuadai | 4,119 | 30 |
|____________|__________________|___________________| | Total |
28,835 | 110 |
|____________|__________________|___________________| To date a
total of 1,795 holes have been drilled in the four deposits (Nkran
877, Adubiaso 328, Asuadai 144 and Abore 446). Of these
approximately 70% are RC (all RAGC drilling) and 30% are diamond
core (mainly PMI drilling). The gold mineralisation at Nkran is
controlled by a very large complex system of structurally
controlled NE-SW striking vein and shear systems that combine to
form a central stockwork zone. This shear zone is modified
locally by a series of duplex structures crossing over the two main
shear vein systems. The best mineralisation is developed in
the greywacke sediments. The mineralisation often occurs at
the intersection of brittle mineralised vein arrays with
reactivated structures and preferential host lithologies. The
main ore zones are controlled by the intersection of lithologies
and re-activated shear zones. Overall, the mineralisation is
controlled by the shape of the original duplex structures and dips
steeply (50°) to the SW. Mineralised zones vary from a few metres
wide (rarely less than 2 to 5 m) in the peripheral East and
West Lodes to over 50 m wide (true width) in the Central Stockwork
Zone. Some typical new intersections include hole NKR11-085
(60 m @ 3.47 g/t Au), hole NKR11-089 (60 m @ 1.22 g/t Au), hole
NKR11-091 (28 m @ 4.21 g/t Au). The Nkran deposit
extends for some 700 m along strike (NE-SW) and to a depth of 600 m
below surface (still open). The gold mineralisation itself is
associated with highly altered (chloritised, silicified and
sericitised) metasediments and occurs mainly as free gold
(occasionally visible in core). Much of the gold occurs in
narrow quartz veins and disseminated in coarse greywackes.
The Nkran deposit shows a generally higher grade core that appears
to be plunging to the SW and maybe amenable to underground
mining. Nkran can be divided into three main structural
domains - Eastern Lode (Galamsey Veins), Western Lode and Central
Stockwork. At Adubiaso, the gold mineralisation occurs along the
main NE-SW-striking shear vein system in sub-vertically interbedded
greywackes and phyllites intruded by later granitoids and
porphyries. Subtle jogs in the porphyries give rise to higher
grade ore shoots. The ore body plunges shallowly to the NE
(-20°) parallel to the intersection of ENE-dipping veins with the
main strike direction. The deposit extends for some
1,000 m along strike and extends down to a depth of 180 m
below surface (based on current drilling information).
Typically, the mineralised zones are between 1 and 4 m wide and
occasionally up to 20 m. Some typical new drillhole
intersections include ADP10-032 (3 m @ 3.13 g/t Au) and ADP11-039
(14 m @ 2.68 g/t Au). The gold mineralisation occurs as
free gold and is associated with the NE-plunging quartz veins and
along the intersection of the metasediments and sheared porphyries.
At Abore, the gold mineralisation is controlled by a series of
vertically stacked NW-dipping (shallow to moderate dip) quartz
veins contained within a NW-SE trending shear zone. This zone
is intruded by a large granite body. Much of the gold
mineralisation occurs within the granite itself and along the
granite metasediment contacts. A late NNE-striking and
ENE-striking shear zone has produced a set of conjugate quartz vein
systems that dip shallowly to the NW and locally control ore shoots
that appear as stacked vein arrays within the NE-SW-striking shear
zone. The mineralised zone extends for some 2,000 m along
strike and down to a depth of 150 m. Typical ore grade
intersections reported from drilling are between 2 to 25 m
wide. Some typical hole intersections are hole ABP10-028 (14
m @1.19 g/t Au), hole ABP10-025 (1 m @ 14.05 g/t Au) and hole
ABP10-020 (11 m @1.73 g/t Au). Again, most of the gold
mineralisation is hosted in stacked quartz veins hosted in the
granite intrusion and associated shear zones. The Nkran, Adubiaso
and Abore deposits have all been mined previously. No
previous mining has been undertaken at Asuadai. The Asuadai deposit
like the previous three resources has its primary control from a
NE-SW-trending shear zone within which a series of stacked quartz
veins dipping at 45° to the NW provide a host to much of the gold
mineralisation. These stacked vein arrays within the main
shear zone extend along strike for some 750 m and extend to a
known depth of 200 m below surface. These mineralised vein
arrays are exposed in numerous artisanal mining pits around the
main Asuadai hill. The mineralised zones vary from 2 to 5 m
wide and occasionally up to 10 m or more. Some typical new
drill inter sections include hole AS11-043 (4.4 m @ 3.33 g/t
Au), hole ASP11-055 (4 m @ 2.58 g/t Au) and hole ASP11-060 (12 m @
6.69 g/t Au). In all cases the observations of detailed structural
analysis by SRK were used to further constrain search parameters in
the development of the gold grade shells (wireframe models) for
each deposit and variogram parameters used in the estimates. The
new resources completed by SRK are geologically constrained based
on earlier studies on mineralisation controls undertaken by SRK in
2002 and updated in April 2011. After extensive QA/QC work on
the resource database undertaken in August 2011 and January 2012,
SRK was of the opinion that no serious issues exist with regard to
any of the data and that in general, the quality of data is well
within industry standards. The only area of contention
concerned the recent in-house density measurements conducted by
PMI. SRK's opinion was that these were not reliable enough
for use in the resource estimate due to numerous out of range
density measurements for particular rocks. All density
measurements of sufficient quality and reliability to be used in
the resource estimates were taken by a standard water immersion
method (some 486) taken over a range of rock types from half-core
samples over the past 15 years (mainly by RAGC and more recently by
SGS Laboratories in Tarkwa. Current QA/QC work on PMI's diamond
drilling included a review of inter-laboratory checks, twin holes,
sample duplicates, sample standards (and blanks) and SG
determination. All analyses were undertaken at SGS
Laboratories in Tarkwa with a smaller proportion being assayed at
the SGS facility in Bibiani, and inter-laboratory checks being done
at ALS Laboratories in Kumasi. SRK concluded that there were
no serious issues with the assay data supplied by PMI or the
earlier RAGC data that could have an impact on the resource
estimates. Previous problems with height datums have now been
successfully resolved. All estimates are completed with
reference to WGS 84 Zone 30N, using a standard sea level datum and
detailed LiDAR-derived topographic surfaces and final pit pick-ups
(on the same datum). Prior to estimation, SRK constructed a series
of geological wireframes of each of the gold deposits at a lower
cut-off grade of 0.5 g/t Au. Leapfrog™ Mining software was
used to generate a range of different grade wireframe shells from
0.5 g/t Au to 3.0 g/t Au. The choice of 0.5 ppm Au as the
lower cut-off grade for each deposit was based on economic
considerations for an open pit scenario, current gold prices and
geological factors. In general, all four deposits displayed a
natural cut-off around the 0.5 ppm Au level. This is also
reflected in the statistical analysis of the assay grades for the
deposits. The creation of the grade shells was carefully
controlled and based on known geology, structure and mineralisation
trends. These shells were checked against the actual drill
samples used on a section-by-section basis to ensure their
integrity with respect to the assay and geological data used.
The deposits were further sub-divided into oxide, transitional and
fresh domains based on both RC and diamond drill logging
data. In the case of Adubiaso and Abore, the deposits were
further sub-divided into granite and sediment domains. The
results of detailed structural analysis by SRK were used to further
constrain search parameters in the development of the grade shells
for each deposit. The use of Leapfrog™ Mining software to
build the grade shells and other geological surfaces is justified,
given the complexity of the grade distributions and the time it
would otherwise take to build the wireframe models. It is the
author's experience that careful use of these automated modelling
techniques is justified at Nkran and the other deposits, provided
the results are checked against the actual drillhole grades and the
models are constrained within geological limits. The author
has over 5 years' experience using Leapfrog™ and considers that in
many cases it produces results which are superior to manual
sectional wireframing methods. The resulting Leapfrog™-generated
wireframes were taken into GOCAD Mining software for construction
of the block model, variography, statistical analysis and resource
estimation. A detailed variogram study was undertaken for
each deposit on a domain basis. In general, the anisotropic
ratios of the variography reflected the main mineralisation trends
observed in the sample data and known structural controls.
Estimation was undertaken in each of the deposits using Ordinary
Kriging based on appropriately sized sample composites flagged for
each resource domain. The sample size chosen for the
estimates reflected the degree of geological selectivity likely to
be used and possible mining bench height. The resource models
were designed with the premise that each deposit would be available
to open pit mining (hence the lower cut-off grade chosen for the
wireframe shells). An upper cut was applied to the sample
composites used in the estimates to limit the influence of
high-grade outliers. The application of upper cuts was based
on a statistical review of the sample composites to determine any
outliers and also looked at the spatial distribution of these
samples, their grade and frequency. All samples were flagged
by domain and chosen within the 0.5 g/t Au wireframe grade shells
ready for estimation. Estimation into the block model was done
using a search ellipse that reflected the variogram ranges;
however, this was modified to search to the extents of the
constraining 0.5 g/t Au grade shell to ensure all blocks were
estimated. Estimation was also done on a domain by domain
(oxide, transitional and fresh) basis within the 0.5 ppm Au grade
shell. A minimum of one sample composite was used to estimate
individual blocks; however, in the Indicated and Measured
categories at least 3 to 4 (5m) sample composites were used to
estimate a block. Densities were applied to the blocks based
on actual half-core SG measurements taken for each of the three
main material types (oxide, transitional and fresh). In the
fresh domain, a unique SG was used for both the granite and
sediment material. At Abore, the need for de-clustering of
the sample data prior to estimation was recognised, and the samples
were declustered by nearest neighbour methods onto a regular grid
at approximately the original average drillhole sample spacing. The
deposits were classified as Measured, Indicated and Inferred as per
the NI 43-101 guidelines. Despite additional infill drilling
at all four deposits, it was considered insufficient to warrant
upgrade to any parts of the resources. The Measured category
was used in only the Nkran, Adubiaso and Abore deposits, whereas
all four deposits have material classified as Indicated and
Inferred. In general, the classification and level of
confidence for each category was based on drill sample spacing,
quality of sample, known geological controls, known geological
continuity and variography. In the case of the
previously-mined deposits, grade control data were used as a
valuable addition to help classify unmined areas close to the base
of the mined pits by providing knowledge as to geological and grade
continuity within a reasonable distance of the base of the
pits. In general, the Measured material relied on a
consistent drill sample spacing of between 15 to 20 m apart
(this varied slightly from deposit to deposit depending on each
deposits unique factors). The Indicated category relied on a
sample spacing of between 25 to 45 m and the Inferred category was
applied to blocks 50 m away from known sample points and out to the
edges of the constraining wireframe which was generated no more
than 75 m from any sample point. Due to the consistent
pattern of drilling, only the deeper portions of each resource are,
in general, classified as Inferred. The proportion of
Measured to Indicated and Inferred is approximately, 24% Measured,
46% Indicated and 30% Inferred. Due to updates in the location of
these boundaries defined by the new drilling and re-logging of the
core, some changes to the oxide, transitional and fresh tonnages
have been made. SRK's March 2012 Resource figures for each of the
Obotan deposits, based on the lower cut-off grade of 0.5 g/t
Au, are summarised in Table 2. Table 2: SRK March 2012
Resource Estimate
_______________________________________________________________________________________________________
| SRK March 2012 Resource Estimate (based on a 0.5 g/t Au lower
cut-off grade) |
|_______________________________________________________________________________________________________|
| | Measured | Indicated | Inferred | |
|_____________________________|________________________________|_____________________________|
| Deposit | Tonnes |Grade| Oz | Tonnes | Grade | Oz | Tonnes
|Grade| Oz | | | | (g/t| | | | | | (g/t| | | |(millions) |Au)
|(millions) |(millions) |(g/tAu) |(millions) |(millions) |Au)
|(millions) |
|__________|___________|_____|___________|___________|________|___________|___________|_____|___________|
| Nkran | 11.74 |2.55 | 0.96 | 20.41 | 2.12 | 1.39 | 14.74 |2.21 |
1.05 |
|__________|___________|_____|___________|___________|________|___________|___________|_____|___________|
| Adubiaso | 1.50 |2.98 | 0.14 | 2.67 | 2.41 | 0.21 | 1.25 |1.91 |
0.08 |
|__________|___________|_____|___________|___________|________|___________|___________|_____|___________|
| Abore | 2.33 |1.78 | 0.13 | 3.70 | 1.53 | 0.18 | 3.92 |1.50 |
0.19 |
|__________|___________|_____|___________|___________|________|___________|___________|_____|___________|
| Asuadai | N/A | N/A | N/A | 2.45 | 1.28 | 0.10 | 2.00 |1.33 |
0.08 |
|__________|___________|_____|___________|___________|________|___________|___________|_____|___________|
| Total | 15.57 |2.47 | 1.23 | 29.23 | 2.00 | 1.88 | 21.91 |1.99 |
1.40 |
|__________|___________|_____|___________|___________|________|___________|___________|_____|___________|
Note: All resource numbers are rounded to 2 decimal places- 10,000
tonnes While there are differences in the individual resource
estimates compared to SRK's August 2011 estimate, the overall
contained ounces remains essentially identical. The major
source of gold (Nkran) shows little change in terms of contained
ounces. Only the Asuadai resource has increased substantially. A
grade-tonnage curve for each resource was compiled at a range of
different cut-offs from 0.5 to 4 g/t Au. It is worthwhile
noting that in some cases, notably Nkran and Adubiaso, there is
only a small amount of material between the 0.5 and 1 g/t Au
cut-offs. This is primarily due to the larger sample
composites being used combining higher grade material (+1 g/t) with
the lower grade material (0.5 to 1 g/t) and hence reducing the
amount of 0.5 to 1 g/t material available in the model. The
grade-tonnage breakdown for the Nkran, Adubiaso, Abore and Asuadai
resources is given in Table 3. to Table 7. respectively. Table
3: Nkran Resource Figures, SRK March 2012
_____________________________________________________________________
| Nkran Measured Resource (all Lithologies) |
|_____________________________________________________________________|
| Cut-off | | Tonnes x | | Containedgold| | grade | Volume x106 |
106 |Grade Au ppm | oz x106 |
|_____________|_____________|____________|_____________|______________|
| 0.5 | 4.349 | 11.742 | 2.55 | 0.959 |
|_____________|_____________|____________|_____________|______________|
| 0.75 | 4.344 | 11.729 | 2.56 | 0.965 |
|_____________|_____________|____________|_____________|______________|
| 1 | 4.341 | 11.721 | 2.57 | 0.968 |
|_____________|_____________|____________|_____________|______________|
| 1.5 | 4.009 | 10.824 | 2.66 | 0.926 |
|_____________|_____________|____________|_____________|______________|
| 2 | 2.934 | 7.922 | 2.99 | 0.762 |
|_____________|_____________|____________|_____________|______________|
| 2.5 | 1.922 | 5.189 | 3.39 | 0.566 |
|_____________|_____________|____________|_____________|______________|
| 3 | 1.109 | 2.994 | 3.87 | 0.373 |
|_____________|_____________|____________|_____________|______________|
| 3.5 | 0.577 | 1.558 | 4.46 | 0.223 |
|_____________|_____________|____________|_____________|______________|
| 4 | 0.328 | 0.886 | 5.03 | 0.143 |
|_____________|_____________|____________|_____________|______________|
| Nkran Indicated Resource (all lithologies) |
|_____________________________________________________________________|
| | | | |Containedgold | |Cut-off grade| Volume x106 |Tonnes x
106|Grade Au ppm | oz x106 |
|_____________|_____________|____________|_____________|______________|
| 0.5 | 7.561 | 20.414 | 2.12 | 1.386 |
|_____________|_____________|____________|_____________|______________|
| 0.75 | 7.559 | 20.409 | 2.13 | 1.398 |
|_____________|_____________|____________|_____________|______________|
| 1 | 7.494 | 20.234 | 2.14 | 1.392 |
|_____________|_____________|____________|_____________|______________|
| 1.5 | 5.895 | 15.917 | 2.36 | 1.208 |
|_____________|_____________|____________|_____________|______________|
| 2 | 3.534 | 9.542 | 2.78 | 0.853 |
|_____________|_____________|____________|_____________|______________|
| 2.5 | 1.935 | 5.225 | 3.32 | 0.558 |
|_____________|_____________|____________|_____________|______________|
| 3 | 0.929 | 2.508 | 3.78 | 0.305 |
|_____________|_____________|____________|_____________|______________|
| 3.5 | 0.427 | 1.153 | 4.47 | 0.166 |
|_____________|_____________|____________|_____________|______________|
| 4 | 0.204 | 0.551 | 5.31 | 0.094 |
|_____________|_____________|____________|_____________|______________|
| Nkran Inferred Resource (all lithologies) |
|_____________________________________________________________________|
| | | | |Contained gold| |Cut-off grade| Volume x106 |Tonnes x
106|Grade Au ppm| oz x106 |
|_____________|_____________|____________|_____________|______________|
| 0.5 | 5.628 | 14.745 | 2.21 | 1.048 |
|_____________|_____________|____________|_____________|______________|
| 0.75 | 5.595 | 14.659 | 2.22 | 1.046 |
|_____________|_____________|____________|_____________|______________|
| 1 | 5.523 | 14.470 | 2.24 | 1.042 |
|_____________|_____________|____________|_____________|______________|
| 1.5 | 3.985 | 10.441 | 2.62 | 0.879 |
|_____________|_____________|____________|_____________|______________|
| 2 | 2.969 | 7.779 | 2.92 | 0.730 |
|_____________|_____________|____________|_____________|______________|
| 2.5 | 1.881 | 4.928 | 3.31 | 0.524 |
|_____________|_____________|____________|_____________|______________|
| 3 | 0.897 | 2.350 | 3.94 | 0.298 |
|_____________|_____________|____________|_____________|______________|
| 3.5 | 0.433 | 1.134 | 4.72 | 0.172 |
|_____________|_____________|____________|_____________|______________|
| 4 | 0.229 | 0.600 | 5.64 | 0.109 |
|_____________|_____________|____________|_____________|______________|
Table 4: Adubiaso Resource Figures, SRK March 2012
__________________________________________________________________
| Adubiaso Measured Resource (all lithologies) |
|__________________________________________________________________|
| Cut-off| | Tonnes x | Grade Au | Containedgold| | grade | Volume
x106 | 106 | ppm | oz x106 |
|________|_____________|____________|____________|______________| |
0.5 | 0.572 | 1.503 | 2.98 | 0.144 |
|________|_____________|____________|____________|______________| |
0.75 | 0.571 | 1.502 | 2.99 | 0.144 |
|________|_____________|____________|____________|______________| |
1 | 0.558 | 1.468 | 3.03 | 0.142 |
|________|_____________|____________|____________|______________| |
1.5 | 0.483 | 1.270 | 3.3 | 0.134 |
|________|_____________|____________|____________|______________| |
2 | 0.353 | 0.928 | 3.87 | 0.115 |
|________|_____________|____________|____________|______________| |
2.5 | 0.266 | 0.700 | 4.41 | 0.099 |
|________|_____________|____________|____________|______________| |
3 | 0.202 | 0.531 | 4.94 | 0.084 |
|________|_____________|____________|____________|______________| |
3.5 | 0.158 | 0.416 | 5.41 | 0.072 |
|________|_____________|____________|____________|______________| |
4 | 0.119 | 0.313 | 5.96 | 0.060 |
|________|_____________|____________|____________|______________| |
Adubiaso Indicated Resource (all lithologies) |
|_________________________________________________________________|
|Cut-off | | | |Contained gold| | grade | Volume x106 |Tonnes x
106|Grade Au ppm| oz x106 |
|________|_____________|____________|____________|______________| |
0.5 | 0.997 | 2.672 | 2.41 | 0.206 |
|________|_____________|____________|____________|_______________|
| 0.75 | 0.996 | 2.669 | 2.42 | 0.207 |
|________|_____________|____________|____________|_______________|
| 1 | 0.979 | 2.624 | 2.43 | 0.204 |
|________|_____________|____________|____________|_______________|
| 1.5 | 0.770 | 2.064 | 2.74 | 0.181 |
|________|_____________|____________|____________|_______________|
| 2 | 0.491 | 1.316 | 3.31 | 0.139 |
|________|_____________|____________|____________|_______________|
| 2.5 | 0.348 | 0.933 | 3.76 | 0.112 |
|________|_____________|____________|____________|_______________|
| 3 | 0.220 | 0.590 | 4.35 | 0.082 |
|________|_____________|____________|____________|_______________|
| 3.5 | 0.147 | 0.394 | 4.9 | 0.062 |
|________|_____________|____________|____________|_______________|
| 4 | 0.102 | 0.273 | 5.42 | 0.047 |
|________|_____________|____________|____________|_______________|
__________________________________________________________________
| Adubiaso Inferred Resource (all lithologies) |
|__________________________________________________________________|
| Cut-off| | | | Containedgold| | grade | Volume x106 | Tonnes x
106 | Grade Auppm | oz x106 |
|________|_____________|______________|_____________|______________|
| 0.5 | 0.514 | 1.249 | 1.91 | 0.076 |
|________|_____________|______________|_____________|______________|
| 0.75 | 0.512 | 1.244 | 1.92 | 0.076 |
|________|_____________|______________|_____________|______________|
| 1 | 0.509 | 1.237 | 1.93 | 0.076 |
|________|_____________|______________|_____________|______________|
| 1.5 | 0.339 | 0.824 | 2.25 | 0.059 |
|________|_____________|______________|_____________|______________|
| 2 | 0.191 | 0.464 | 2.71 | 0.040 |
|________|_____________|______________|_____________|______________|
| 2.5 | 0.084 | 0.204 | 3.33 | 0.022 |
|________|_____________|______________|_____________|______________|
| 3 | 0.042 | 0.102 | 3.93 | 0.013 |
|________|_____________|______________|_____________|______________|
| 3.5 | 0.023 | 0.056 | 4.5 | 0.008 |
|________|_____________|______________|_____________|______________|
| 4 | 0.012 | 0.029 | 5.26 | 0.005 |
|________|_____________|______________|_____________|______________|
Table 5: Abore Resource Figures, SRK March 2012
____________________________________________________________________
| Abore Measured Resource (all lithologies) |
|____________________________________________________________________|
| Cut-off| | | | Contained gold| | grade | Volume x106 | Tonnes x
106 | Grade Au ppm | oz x106 |
|________|_____________|______________|______________|_______________|
| 0.5 | 1.07 | 2.333 | 1.78 | 0.133 |
|________|_____________|______________|______________|_______________|
| 0.75 | 1.031 | 2.248 | 1.82 | 0.145 |
|________|_____________|______________|______________|_______________|
| 1 | 0.957 | 2.086 | 1.89 | 0.126 |
|________|_____________|______________|______________|_______________|
| 1.5 | 0.544 | 1.311 | 2.36 | 0.099 |
|________|_____________|______________|______________|_______________|
| 2 | 0.292 | 0.704 | 2.98 | 0.067 |
|________|_____________|______________|______________|_______________|
| 2.5 | 0.138 | 0.333 | 3.68 | 0.039 |
|________|_____________|______________|______________|_______________|
| 3 | 0.077 | 0.186 | 5.93 | 0.035 |
|________|_____________|______________|______________|_______________|
| 3.5 | 0.035 | 0.084 | 5.93 | 0.016 |
|________|_____________|______________|______________|_______________|
| 4 | 0.026 | 0.063 | 6.65 | 0.013 |
|________|_____________|______________|______________|_______________|
____________________________________________________________________
| Abore Indicated Resource (all lithologies) |
|____________________________________________________________________|
| Cut-off| | | | Contained gold| | grade | Volume x106 | Tonnes x
106 | Grade Au ppm | oz x106 |
|________|_____________|______________|______________|_______________|
| 0.5 | 1.47 | 3.704 | 1.53 | 0.181 |
|________|_____________|______________|______________|_______________|
| 0.75 | 1.392 | 3.508 | 1.57 | 0.176 |
|________|_____________|______________|______________|_______________|
| 1 | 1.164 | 2.933 | 1.71 | 0.161 |
|________|_____________|______________|______________|_______________|
| 1.5 | 0.572 | 1.441 | 2.18 | 0.101 |
|________|_____________|______________|______________|_______________|
| 2 | 0.215 | 0.542 | 2.92 | 0.051 |
|________|_____________|______________|______________|_______________|
| 2.5 | 0.106 | 0.267 | 3.68 | 0.031 |
|________|_____________|______________|______________|_______________|
| 3 | 0.06 | 0.151 | 4.35 | 0.021 |
|________|_____________|______________|______________|_______________|
| 3.5 | 0.042 | 0.106 | 4.85 | 0.016 |
|________|_____________|______________|______________|_______________|
| 4 | 0.015 | 0.038 | 6.95 | 0.008 |
|________|_____________|______________|______________|_______________|
____________________________________________________________________
| Abore Inferred Resource (all lithologies) |
|____________________________________________________________________|
| Cut-off| | | | Contained gold| | grade | Volume x106 | Tonnes x
106 | Grade Au ppm | oz x106 |
|________|_____________|______________|______________|_______________|
| 0.5 | 1.467 | 3.917 | 1.50 | 0.188 |
|________|_____________|______________|______________|_______________|
| 0.75 | 1.383 | 3.693 | 1.54 | 0.182 |
|________|_____________|______________|______________|_______________|
| 1 | 1.249 | 3.335 | 1.61 | 0.172 |
|________|_____________|______________|______________|_______________|
| 1.5 | 0.665 | 1.776 | 1.91 | 0.109 |
|________|_____________|______________|______________|_______________|
| 2 | 0.17 | 0.454 | 2.52 | 0.037 |
|________|_____________|______________|______________|_______________|
| 2.5 | 0.036 | 0.096 | 3.76 | 0.012 |
|________|_____________|______________|______________|_______________|
| 3 | 0.014 | 0.037 | 5.38 | 0.006 |
|________|_____________|______________|______________|_______________|
| 3.5 | 0.009 | 0.024 | 6.32 | 0.005 |
|________|_____________|______________|______________|_______________|
| | 0.006 | 0.016 | 7.56 | 0.004 |
|________|_____________|______________|______________|_______________|
Table 6: Asuadai Resource Figures, SRK March 2012
_____________________________________________________________________
| Asuadai Indicated Resource (all lithologies) |
|_____________________________________________________________________|
| Cut-off | | | | Contained gold| | grade |Volume x106|Tonnes x
106| Grade Au ppm | oz x106 |
|_____________|___________|____________|______________|_______________|
| 0.5 | 1.036 | 2.445 | 1.28 | 0.100 |
|_____________|___________|____________|______________|_______________|
| 0.75 | 1.019 | 2.405 | 1.29 | 0.099 |
|_____________|___________|____________|______________|_______________|
| 1 | 0.903 | 2.131 | 1.34 | 0.091 |
|_____________|___________|____________|______________|_______________|
| 1.5 | 0.173 | 0.408 | 1.73 | 0.023 |
|_____________|___________|____________|______________|_______________|
| 2 | 0.021 | 0.050 | 2.37 | 0.004 |
|_____________|___________|____________|______________|_______________|
| 2.5 | 0.005 | 0.012 | 2.88 | 0.001 |
|_____________|___________|____________|______________|_______________|
| 3 | 0.001 | 0.002 | 3.44 | 0.000 |
|_____________|___________|____________|______________|_______________|
| Asuadai Inferred Resource (all lithologies) |
|_____________________________________________________________________|
|Cut-off grade| Cut-off | Cut-off |Cut-off grade | Cut-off grade |
| | grade | grade | | |
|_____________|___________|____________|______________|_______________|
| 0.5 | 0.747 | 2.002 | 1.33 | 0.085 |
|_____________|___________|____________|______________|_______________|
| 0.75 | 0.745 | 1.997 | 1.34 | 0.086 |
|_____________|___________|____________|______________|_______________|
| 1 | 0.686 | 1.838 | 1.37 | 0.081 |
|_____________|___________|____________|______________|_______________|
| 1.5 | 0.162 | 0.434 | 1.68 | 0.023 |
|_____________|___________|____________|______________|_______________|
| 2 | 0.074 | 0.198 | 2.2 | 0.014 |
|_____________|___________|____________|______________|_______________|
A comparison of the SRK 2011 Mineral Resource Estimate with the SRK
2012 Mineral Resource Estimate, based on a 0.5 g/t Au cut-off for
combined Measured, Indicated and Inferred categories is given in
Table 7. Table 7: Comparison of SRK 2011 and SRK 2012 Resource
Estimates
______________________________________________________________________
| | SRK 2011 | SRK 2012 | |
|_____________________________|_____________________________| |
Deposit | Tonnes |Grade| Oz | Tonnes |Grade| Oz | | | | (g/t| | |
(g/t| | | |(millions) |Au) |(millions) |(millions) |Au) |(millions)
|
|__________|___________|_____|___________|___________|_____|___________|
| Nkran | 43.4 | 2.6 | 3.52 | 46.78 |2.26 | 3.40 |
|__________|___________|_____|___________|___________|_____|___________|
| Adubiaso | 4.54 |2.26 | 0.33 | 5.17 |2.40 | 0.41 |
|__________|___________|_____|___________|___________|_____|___________|
| Abore | 9.89 |1.78 | 0.56 | 9.94 |1.56 | 0.50 |
|__________|___________|_____|___________|___________|_____|___________|
| Asuadai | 1.88 |1.65 | 0.1 | 4.44 |1.26 | 0.18 |
|__________|___________|_____|___________|___________|_____|___________|
| Total | 59.71 |2.34 | 4.51 | 66.33 |2.10 | 4.49 |
|__________|___________|_____|___________|___________|_____|___________|
Overall, the grades are slightly lower than the previous resource
estimate due to lower grade drill intersections being encountered
in this phase of drilling, in addition to some slight smoothing
applied to the estimates during declustering of data. In
general, tonnages are only slightly higher in this new estimate due
to the limited effects of extensional drilling. The exception
is Asuadai where extensional drilling significantly increased the
resource. Much of the new drilling was infill.
Globally, the estimate has decreased by 1% in terms of
ounces. However, in terms of the limits of overall accuracy
of any quoted resource, it is essentially unchanged. The main
deposit, Nkran, has decreased in ounces by 2.8%. Given the
inherent accuracy of estimates, this decrease of 2.8% in contained
gold is not material or significant and can be explained
satisfactorily by the lower grade intercepts in the recent
drilling. Globally, the Nkran tonnage has increased by 5% and
grade has decreased by 10%. This Mineral Resource Statement was
prepared by SRK in accordance with the Canadian National Instrument
43-101, Standard of Disclosure for Mineral Projects (the
Instrument), the summarised Resource Estimates in Table 2.have been
compiled as of 15 January 2012 close of drilling database by SRK
and are effective as of 26 March 2012. The classification of
the mineral resource estimates into Measured, Indicated and
Inferred categories is a function of the confidence in the
historical data, recent confirmation data and data analysis,
geological interpretation, mineralisation geometry and geological
context within which the estimation has taken place. The
Mineral Resource and Mineral Reserve estimates have been prepared
in accordance with the 2010 Canadian Institute of Mining,
Metallurgy and Petroleum (CIM) Definition Standards for Mineral
Resources and Mineral Reserve as incorporated by reference in
National Instrument 43-101 of the Canadian Securities
Administrators, and is consistent with the Australasian Guidelines
and Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves (Revised December 2007) as prepared by
the Joint Ore Reserves Committee of the AusIMM, AIG and MCA (JORC).
The work reported herein relating to the Obotan Project was
undertaken by Peter Gleeson, MAIG, who is a full-time employee of
SRK and a Qualified Person (by ROPO) in terms of NI 43-101
standards for resource estimation of gold. Mr Gleeson has
more than five years' experience in the field of Exploration
Results and is a Qualified Person (by ROPO) in terms of NI 43-101
standards for Exploration Results and of resource estimation in
general. SRK accepts responsibility for classifying the current
Obotan Mineral Resource Estimates as Measured, Indicated and
Inferred and the data upon which the estimates are based, including
the geological interpretation. The gold grades used in the resource
estimation are based on data obtained from a number of previous
explorers, by a range of drilling methodologies, with analyses
undertaken at a range of laboratories utilising various analytical
methodologies and was supplied to SRK by PMI. To the best of
its knowledge, SRK has reviewed all such information and accepts it
as reliable and free from any material error. Competent Person
Statement Obotan Resource Estimate 2012: Information that relates
to Mineral Resources at the Obotan Gold Project is based on a
resource estimate that has been completed by Mr Peter Gleeson, who
is a full time employee of SRK Consulting, Australia.
Mr Gleeson is a Member of the Australian Institute of
Geoscientists (MAIG) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' and as a Qualified Person (by ROPO) as
defined in terms of NI43-101 standards for resource estimation of
gold. Mr Gleeson has more than 5 years' experience in the
field of Exploration Results and of resource estimation in general.
Mr Gleeson consents to the inclusion of matters based on
information in the form and context in which it appears. This
Mineral Resource Statement was prepared by SRK in accordance with
the 2010 Canadian Institute of Mining, Metallurgy and Petroleum
(CIM) Definition Standards for Mineral Resources and Mineral
Reserve as incorporated by reference in Canadian National
Instrument 43-101, Standard of Disclosure for Mineral Projects (the
Instrument), the summarised Resource Estimates in Table 1 have been
compiled as of 15 January 2012 close of drilling database by SRK
and are effective as of 26 March 2012. The classification of
the mineral resource estimates into Measured, Indicated and
Inferred categories is a function of the confidence in the
historical data, recent confirmation data and data analysis,
geological interpretation, mineralisation geometry and geological
context within which the estimation has taken place. The
classification of resources is consistent with the Australasian
Guidelines and Code for the Reporting of Exploration Results,
Mineral Resources and Ore Reserves (revised December 2007) as
prepared by the Joint Institute of Geoscientists and Mineral
Council of Australia (JORC). Obotan Resource Estimate 2011:
Information that relates to Mineral Resources at the Obotan Gold
Project is based on a resource estimate that has been carried out
by Mr Peter Gleeson who is a full time employees of SRK Consulting,
Australia. Mr Gleeson is a Member of the Australian
Institute of Geoscientists (MAIG). Mr. Gleeson has sufficient
experience which is relevant to the style of mineralization and
type of deposit under consideration and to the activities
undertaken to qualify as a Competent Person as defined in the 2004
Edition of the Australasian Code for Reporting of Exploration
Results and Mineral Resources and Ore Reserves (JORC), and as a
Qualified Person in terms of NI43-101. The Mineral Resource and
Mineral Reserve estimates have been prepared in accordance with the
2010 Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Definition Standards for Mineral Resources and Mineral Reserve as
incorporated by reference in National Instrument 43-101 of the
Canadian Securities Administrators, and is consistent with the
Australasian Guidelines and Code for the Reporting of Exploration
Results, Mineral Resources and Ore Reserves (Revised December 2007)
as prepared by the Joint Ore Reserves Committee of the AusIMM, AIG
and MCA (JORC). Mr Gleeson consents to and approves the
inclusion of matters based on information in the form and context
in which it appears. Exploration Results: The information in this
announcement that relates to Exploration Results is based on
information compiled by Mr. Collin Ellison, who is employed by PMI
Gold Corporation. Mr Ellison, who is a Member Institute of
Material, Minerals and Mining of UK, a 'Recognised Overseas
Professional Organisation' (ROPO) included in a list promulgated by
the ASX from time to time, and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves'. Mr Ellison consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears. Scientific and technical
information contained in this news release has been reviewed and
approved by Mr. Ellison, C.Eng. a "qualified person" as defined
under National Instrument 43-101. Field work was supervised
by Thomas Amoah (VP-Exploration). HQ and NQ core was logged,
sawn and sampled on site, with half samples sent to SGS Laboratory
in Tarkwa, and analyzed for gold by fire assay-AA on a 50 gram
sample charge or by screened metallics AA finish. Internal QC
consisted of inserting both blanks and standards into the sample
stream and multiple re-assays of selected anomalous samples. Where
multiple assays were received for an interval, the final value
reported was the screened metallic assay if available, or in lieu
of that the average of the other results for the interval. Results
from the QC program suggest that the reported results are
accurate. Intercepts were calculated with a minimum 0.5 g/t
Au cut off at the beginning and the end of the intercept and
allowing for no more than three consecutive metres of less than 0.5
g/t Au internal dilution. True widths are estimated at from 60% to
70% of the stated core length. Cautionary Note Regarding
Forward-looking Statements This news release includes certain
forward-looking statements or information. All statements
other than statements of historical fact included in this release,
including, without limitation, statements relating to the potential
mineralization and geological merits of the Obotan, Kubi and Asanko
Projects and the plans, objectives or expectations of the Company
with respect to the advancement of these projects and completion of
scoping and pre-feasibility studies, are forward-looking statements
that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could
cause actual results to differ materially from the Company's plans
or expectations include risks relating to the actual results of
current exploration activities; fluctuating gold prices;
possibility of equipment breakdowns, delays and availability;
exploration cost overruns; availability of capital and financing;
general economic, market or business conditions; regulatory
changes; timeliness of government or regulatory approvals; and
other risks detailed herein and from time to time in the filings
made by the Company with securities regulators, including in the
section entitled "Risk Factors" in the Company's Annual Information
Form dated September 20, 2011. In particular, statements relating
to the Company's plans to complete a feasibility study on the
Obotan Gold Project by the end of June 2012 are subject to various
factors, including positive results from ongoing exploration;
expansion and upgrading of existing mineral resources; and
completion of favourable geotechnical drilling programs,
metallurgical test work, mine plan engineering, environmental and
community relations assessments, and preliminary economic
assessments. Due to the uncertainty which may attach to
inferred mineral resources, it cannot be assumed that all or any
part of the inferred mineral resources will be upgraded to
indicated or measured mineral resources as a result of continued
exploration. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. SOURCE PMI Gold Corporation PDF with
caption: "Figure 1. Obotan Gold Project - Map showing Nkran,
Adubiaso, Abore & Asuadai Deposits". PDF available at:
http://stream1.newswire.ca/media/2012/04/11/20120411_C4815_DOC_EN_12182.pdf
PMI Gold Corporation CONTACT: Investor Relations Canada:Rebecca
Greco, Fig House CommunicationsP. +1 (416) 822-6483E.
fighouse@yahoo.comInvestor Relations Australia:Nicholas Read/Paul
Armstrong, Read CorporateP. +61 8 9388 1471M. +61 419 929 046PMI
Contact Canada:Marion McGrath, Corporate SecretaryP. +1 (604)
684-6264Toll-Free: 1 (888) 682-8089PMI Contact Australia:Collin
Ellison, Managing Director & CEOP. +61 8 6188 7900or visit the
PMI Gold Corporation website at www.pmigoldcorp.com
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Pmi Gold Corporation (TSXV:PMV)
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De Ago 2024 a Sep 2024
Pmi Gold Corporation (TSXV:PMV)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024