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Thursday, 30th August 2007 (2735 views)

PMI Gold Corporation president and chief executive officer (CEO) Douglas R MacQuarrie has said that his firm has "increased" confidence in the Obotan project in Ghana.

The CEO said that following assay results from an eight-hole drilling programme revealed what has been called "high-grade drill intersections", the company has greater assuredness about the project's potential.

"Our first deep drill test beneath the Nkran pit has increased our confidence in the structural and grade continuity of the Nkran west zone underground gold mineralisation," Mr MacQuarrie said.

He added that "new gold values" have been intersected both north and south of the current pit, with further targets expected to be identified when a VTEM survey is flown next month.

Earlier this month the company announced that it had reached an agreement for its Ghana-based subsidiary, Adansi Gold Company (Gh) Limited, to acquire 100 per cent of the Edubia Mining Lease situated at Adubea in the Ashanti Region of Ghana.

 

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