PMI VENTURES LTD.
Suite 511 – 475 Howe Street
Vancouver, BC V6C 2B3
Phone: (604) 681-8069 Fax: (604) 682-8094
| News Release #04-03 | TSX Venture: PMV |
| February 9, 2004 | Issued & Outstanding: 23,475,397 |
| Fully Diluted: 32,768,555 |
COMMENCEMENT OF DRILLING - ASHANTI II GOLD PROJECT OVERVIEW
PMI Ventures Ltd. (the "Company") [TSX Venture:PMV] is pleased to announce that the next phase of diamond drilling has commenced on the Ashanti II Gold Project, Ghana.
The program, to be completed over the next 5 months, will consist of 2,000 metres of diamond drilling; 80 line kilometres of deep sensing 3D IP geophysical surveys; and a significant rotary drill program to follow the IP surveys. Drilling will be concentrated primarily on the Fromenda concession in the Grid "B" Main and Parallel zones and on their extensions to the southwest and along strike and down dip of the recent discovery holes in the School Zone North and East areas.
In addition, other significant exploration targets outlined throughout the 40 kilometre length of the concessions will also be drill tested – including two sizeable IP anomalies located between and within favourable granitic host rocks in the L34N area; and "Ashanti Obuasi" style shear hosted targets in the Block "C", Kukunapi and Mem areas.
Historical gold showings, abandoned small mines and thousands of recent to ancient artisanal pits are located throughout the length of the PMI controlled concessions. Since the early 1990's the Asankrangwa belt has been worked by numerous companies, with ore bodies discovered, developed and mined out at Obotan, Abore North and Adubiaso. Prior to the Company's involvement, over US$9 million had been spent on exploration of the nine concessions and applications currently controlled by PMI, which cover a total area of 400 sq. km.
Some 30,000 soil samples, 117 trenches, and 36,600 metres of drilling in 660 short holes have been completed to date, with the bulk of the drilling in the Fromenda Grid "B", Gemap Juabo Granite, and Diaso areas.
Previously released results from the 57 best holes, with weighted average gold grades greater than 10.0 g/t m (grade in g/t Au multiplied by the intersected width in metres), are summarized below:
| PROPERTY | HOLEID | G/t*m | INTERSECTION (m)/WEIGHTED AVG GRADE g/t Au | INTERVAL (m) |
| Fromenda | 03FBDDH007 | 128.00 | 42.6m/3.0g/tAu | 44.7-87.3m |
| Fromenda | FNBRC007 | 108.00 | 9m/12g/tAu incl. 2m/50g/tAu | 14-23m,16-18m |
| Fromenda | 03FBRC036 | 108.00 | 4.0m/27.0g/tAu; 5.0m/5.93g/tAu | 0-4.0m; 36.0-41.0m |
| Fromenda | 03FBDDH001 | 81.42 | 40m/2.71g/tAu | 34-74m |
| Gemap | 98JGRAB057 | 64.03 | 4m/16.01g/tAu | 8-12m |
| Fromenda | 03FBDDH013 | 52.16 | 50.7m/1.03g/tAu | 10.4-61.0m |
| Fromenda | FNBRC009 | 49.00 | 35m/1.4g/tAu incl. 12m/2.3g/tAu | 29-64m,43-55m |
| Fromenda | 03FBRC009 | 46.40 | 16.0m/2.90g/tAu | 16.0-32.0m |
| Fromenda | 03FBDDH012 | 45.85 | 21.4m/2.14g/tAu | 3.05-24.45m |
| Fromenda | 99RAB025 | 45.00 | 18m/2.5g/tAu incl. 6m/4.4g/tAu,1m/15.5g/tAu,1m/12.4g/tAu | 36-54m,38-44m,42m,53m |
| Fromenda | 99RAB026 | 43.20 | 5m/1.8g/tAu,8m/5.4g/tAu incl. 1m/18.7g/tAu | 33-38m,44-52m,46m |
| Diaso | 99RC029 | 41.80 | 5m/8.36g/tAu | 45-50m |
| Fromenda | 03FBDDH005 | 41.35 | 13.5m/3.05g/tAu | 17.9-31.4m |
| Diaso | 97RC018 | 40.30 | 5m/8.06g/tAu | 0-54m |
| Fromenda | 99RAB043 | 40.10 | 1m/40.1g/tAu,2m/1.9g/tAu | 14m,30-32m |
| Fromenda | FNBRC002 | 34.00 | 2m/17g/tAu | 15-17m |
| Fromenda | 03FBRC069 | 33.00 | 12.0m/2.75g/tAu | 40.0-52.0m |
| Fromenda | 99RAB024 | 31.35 | 1m/31.35g/tAu | 71m |
| Fromenda | FNRC003 | 31.00 | 5m/6.2g/tAu | |
| Fromenda | FNBRC010 | 28.50 | 5m/5.7g/tAu incl. 1m/24g/tAu | 2-7m,2m |
| Fromenda | 99RAB012 | 28.30 | 1m/15.4g/tAu,1m/1.4g/tAu,2m/1.3g/tAu,1m/28.3g/tAu | 10m,15m,24-26m,41m |
| Diaso | 96RABD028 | 28.00 | 4m/7.0g/tAu | 4-8m |
| Fromenda | 03JGDDH001 | 27.88 | 6.0m/4.67g/tAu | 77.6-83.5m |
| Gemap | 98JGRC006 | 27.51 | 4m/6.88g/tAu | 3-7m |
| Fromenda | 03FBDDH011 | 27.14 | 19.5m/1.39g/tAu | 14.5-34.0m |
| Diaso | 96RABD025 | 26.20 | 4m/6.55g/tAu;4m/2.64g/tAu | 36-40m,8-12m |
| Diaso | 99RC064 | 25.60 | 8m/3.2g/tAu | 31-39m |
| Diaso | 96RABD046 | 23.94 | 13m/1.84g/tAu | 30-43m |
| Fromenda | 99RAB005 | 23.00 | 10m/2.3g/tAu incl. 1m/14.3g/tAu | 44-54m,51m |
| Gemap | 98JGRAB153 | 20.70 | 20m/1.03g/tAu | 0-20m |
| Fromenda | 03FBDDH002 | 20.13 | 22.7m/0.89g/tAu | 82.2-104.9m |
| Diaso | 96RABD045 | 19.20 | 4m/4.79g/tAu | 0-4m |
| Fromenda | 99RAB031 | 17.20 | 4m/4.3g/tAu | 4-8m |
| Diaso | 96RABD004 | 16.70 | 4m/16.7g/tAu | 0-4m |
| Fromenda | 99RAB042 | 16.20 | 3m/5.4g/tAu incl. 1m/13.2g/tAu | 9-12m,9m |
| Fromenda | FNBRC011 | 15.60 | 6m/2.6g/tAu incl. 1m/12.5g/tAu, 1m/2.2g/tAu | 31-37m,33-34m,41m |
| Fromenda | FNRC005 | 14.80 | 4m/3.7g/tAu | |
| Gemap | 98JGRAB083 | 14.62 | 4m/3.66g/tAu | 36-40 |
| Fromenda | 03JGDDH002 | 14.59 | 6.5m/2.24g/tAu | 95.9-102.4m |
| Gemap | 98JGRC001 | 14.26 | 5m/2.85g/tAu | 10-15m |
| Gemap | 96JR041 | 14.20 | 8m/1.78g/tAu | 32-40m |
| Fromenda | 99RAB011 | 14.00 | 7m/2g/tAu,1m/2g/tAu | 11-18m,36m |
| Diaso | 96RABD041 | 13.84 | 20m/0.69g/tAu | 12-32m |
| Gemap | 98JGRC002 | 13.60 | 1m/13.60g/tAu; 2m/2.46g/tAu | 1-2m; 18-20m |
| Goknet1 | 97STP001 | 13.20 | 4.15m/3.18g/tAu; 1.0m/7.34g/tAu | |
| Diaso | 97RC013 | 12.75 | 5m/2.55g/tAu | 42-64m |
| Fromenda | FNBRC014 | 12.00 | 8m/1.5g/tAu, 5m/1.6g/tAu | 4-12m,48-53m |
| Fromenda | 03FBRC048 | 11.80 | 10.0m/1.18g/tAu | 52.0-62.0m |
| Diaso | 96RABD008 | 11.76 | 4m/2.94g/tAu | 0-4m |
| Diaso | 97RC024 | 11.60 | 1m/11.6g/tAu | 18-30m |
| Diaso | 99RC066 | 11.00 | 1m/2.4g/tAu,11m/1g/tAu,1m/2.1g/tAu | 8m,51-62m,71m |
| Diaso | 97RC004 | 10.95 | 5m/2.19g/tAu | |
| Fromenda | 03FBRC021 | 10.56 | 12.0m/0.88g/tAu | 40.0-52.0m |
| Diaso | 97RC019 | 10.50 | 5m/2.1g/tAu, 2m/13.4 | 14.0-16m |
| Diaso | 99RC067 | 10.20 | 6m/1.7g/tAu,1m/2.5g/tAu | 38-44m,50m |
| Fromenda | 03FBRC023 | 10.08 | 12.0m/0.84g/tAu | 28.0-40.0m |
| Diaso | 99RC065 | 10.00 | 4m/2.5g/tAu | 155-159m |
Although a gold resource has not yet been defined, the above-noted widespread and significant drill intersections, airborne and ground geophysical targets and extensive gold in soil geochemical anomalies, indicate the presence of a major gold mineralizing system. Management is confident that further detailed exploration utilizing modern deep sensing geophysical techniques and extensive drilling will continue to yield exceptional results.
PMI has an option to earn up to 85% of the interest that Goknet Mining Company Limited, a privately held Ghanaian mineral exploration company, holds in nine exploration concessions and applications. Goknets' interests vary from 85% to 100%, subject to a 10% non-participating interest in favour of the Government of Ghana.
On behalf of the Board,
"Laurie Sadler"
Laurie Sadler
President
For more information please contact:
| Laurie Sadler | or | Warwick G. Smith |
| President | VP Shareholder Communication | |
| Telephone: (604) 681-8069 | Telephone: (604) 682-8089 | |
| Facsimile: (604) 682-8094 | Toll-Free: 1 888 682-8089 | |
| Facsimile: (604) 682-8094 |
Or visit the PMI Ventures Ltd. website atwww.pmiventures.com and Goknet Mining website at www.goknet.net
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.