Post by
rockhounddog on Oct 17, 2011 9:10am
Morning Coffee
* (PMV : TSX-V : $1.04), Net Change: 0.46, % Change: 79.31%, Volume: 13,727,721Ghanian Gold Mine! Shares of PMI Gold soared after the company reported a new gold resource that more than tripled the sizeof the deposit at its 100%-owned Obotan gold project in Ghana. The company’s measured resource increased to 1.22 millionounces at an average grade of 2.66 g/t, with 2.0 million ounces at 2.32 g/t in the indicated category and a further 1.29 millionounces grading 2.35 g/t in the inferred category. Approximately 76% of the resource falls within the main Nkran deposit, withthe resource representing an increase in overall grade and delineation of a high-grade core. Results from an additional 75holes/18,783 m of extensional and in-fill drilling are not included in this interim resource upgrade and are to be incorporatedwith results from ongoing drilling in an anticipated resource upgrade in Q1/12. The interim resource estimate for the Obotandeposits (Nkran, Abore, Adubiaso and Asuadai) will be incorporated into the Pre-Feasibility Study mine plan scheduled forcompletion by December 31, 2011. The company's deposit remains open at depth and also offers the potential for strikeextension, which are to be tested by ongoing drilling. As of September 31, 2011, the company had $21.5 million in cash.