Description
PMI Gold controls 663-square kilometres of gold exploration concessions in Ghana in the middle of one of the World's most productive gold mining areas, commonly known as the "Golden Triangle". Over US$1.5 billion in new capital is currently being invested in Ghana by the world's largest gold mining companies, including Newmont, AngloGold Ashanti and Goldfields. Management of PMI has been active in Ghana since 1993 and is assisted by strong Ghanaian Directors, Advisors and consultants.
Share Price
Presentations & Company Media
No Documents available.
Related Research & Media
No Documents available.
Company Statement:
PMI Gold Corporation is a gold exploration and development company with offices in Vancouver, BC and Accra, Ghana. We have a large land position and control four previous operating gold mines on 746 square kms of leases and concessions located along the prolific Ashanti and Asankrangwa gold belts. Ghana is Africa's second largest gold producer and has attracted over $7 billion in foreign direct investment into the minerals and mining sector over the last decade. We are currently in the market to finance the Kubi Mine to production in late 2010. We have a 20-year mining lease in place and a current N.I. 43-101 gold resource of 920,000 ounces.
Golder and GBM Minerals Ltd of London, England prepared a scoping study on the Kubi gold project in April 2008. The report, which is filed on www.sedar.com
indicates that Kubi can be developed as a profitable underground mining operation with a pre-tax base case Internal Rate of Return (IRR) of 28%, and a Net Present Value (NPV) at a 10% discount rate, of US$38.6 million. Based on the findings of the study, PMI Gold is now advancing Kubi toward a full feasibility study for production of up to 50,000 ounces of gold per year commencing Q1 2011, and at an expected average cash cost of production for the first five years of US$336 per ounce. and a US$750 gold price.
Based on this resource, Golder has delivered a Preliminary Economic Assessment (the mining section and geological resource calculation have been conducted to a Pre Feasibility Study level) that indicates that Kubi can be developed as a profitable underground mining operation with a pre-tax base case Internal Rate of Return (IRR) of 28%, and a Net Present Value (NPV) at a 10% discount rate, of US$38.6 million. PMI Gold is now advancing Kubi toward a full feasibility study for production of up to 50,000 ounces of gold per year commencing Q1 2011, and at an expected average cash cost of production for the first five years of US$336 per ounce and a US$750 gold price. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The Kubi Mine will be financed through debt capital markets and Devitor AB of Sweden has been retained as corporate finance advisors. Global Credit Rating Co., the market leader in Africa, has recently rated our US$110 bond BB-, which is above the Ghana sovereign rating and reflects the innovative structure of the bond. In support of the requirements of the bond holders, we have signed an off take agreement with Standard Bank Ltd, a leader of the London Bullion Market Association and have appointed GBM Minerals Ltd. as our EPCM (Engineering, Procurement, Construction Management) contractors. PMI Gold has temporarily tabled its bond project financing pending the return of more stable debt capital markets, and is seeking additional short term financing opportunities to provide working capital and retire our outstanding bridge loan. In addition to developing a mine at Kubi, PMI Gold has contracted Golder to prepare an initial resource estimate for the Nkran deposit at our Obotan Gold project, which has an historical gold production of 730,000 ounces, and a well defined exploration target for up to 2 million ounces.
Vital Statistics
|
Common shares are listed on
|
TSX.V:PMV |
|
Shares Issued:
|
84,749,736
|
|
Warrants Outstanding:
|
15,841,251
|
|
Options Outstanding:
|
8,890,000
|
|
Reserved for Debenture Conversion
|
10,645,833
|
|
Fully Diluted:
|
120,126,820
|
To read more about PMI Gold click HERE
Current Operations:
EXPLORING FOR GOLD IN GHANA
PMI GOLD - COMMITTED TO GOLD PRODUCTION IN GHANA, AFRICA'S SECOND LEADING PRODUCER
PMI Gold's properties are all located in Ghana's Golden Triangle, an area in southwest Ghana with combined current reserves and historical gold production of 168 million ounces. Gold has been mined in Ghana for over 1000 years, and the famous Anglo Gold Ashanti Obuasi mine has been in continuous production for 110 years. (Read More)
THE PROJECTS (click each name for more information)
The bulk of Ghana's 90 million ounces of gold production has come from the Ashanti and Bibiani Gold Belts. Situated in between these is the lesser known, however still very prospective, Asankrangwa Gold Belt. PMI Gold's Ashanti II Gold Project covers 70 kilometres of this Belt and includes dozens of historical local mining operations and three recent modern mines.
Obotan - Nkran Pit circa 2003
Edubia
Kaniago (Adansi) License
Kubi
Gyimigya & Dunkwa
Ofoase
Bankame
Management
Douglas R. MacQuarrie, P. Geo.
President & CEO
Philip N. Gibbs, MBA
Chief Financial Officer
Honourable J.H. Mensah
Independent Director
Thomas Ennison, LLM
Ghana Legal Counsel
Neil Macfarlane, M.Sc.
Country Manager
Godfried Kesse, M.Sc.Geol.
Advisor to the Board
Pearce Bowman, PEng.
Advisor to the Board
Alan McKerron, M.A.Hons
Advisor to the Board
Peter Hooper, B.Sc., Mining Engineering
Non-Executive Director
Len Dennis
Independent Director
Florian Reidl-Riedenstein
Advisor to the Board
For more information about PMI's management click HERE
Major Shareholders
Share Structure as at November 15,2008
Common shares are listed on
TSX Venture Exchange: TSX.V:PMV
Frankfurt/Berlin: AOJMW7/PN3.F
Shares Issued: 84,749,736
Warrants Outstanding: 15,841,251
Options Outstanding: 8,890,000
Reserved for Debenture Conversion: 10,645,833
Fully Diluted: 119,523,070
Contact Information
Head Office:
Suite 511
475 Howe Street
Vancouver, BC
Canada V6C 2B3
Telephone: 1-604-682-8089
Fax: 1-604-682-8094
Toll Free: 1-888-682-8089
Douglas MacQuarrie, President & CEO
Corporate Information
No info available.