PMI Clarification and Retraction of Technical Disclosure

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/

TSX Venture Exchange: PMV

Australian Securities Exchange: PVM

Frankfurt: PN3N.F

VANCOUVER, March 12, 2012 /CNW/ - PMI Gold Corporation

The Company's corporate presentation entitled 'Ghana's Next Major Gold Producer' (the 'Corporate Presentation'), as well as third party research reports that had been posted on the Company's website, including a report from RBC Capital Markets dated January 24, 2012 (the 'RBC Report') and a report from E.L.& C. Baillieu dated February 1, 2012 (the 'Baillieu Report'), included certain NI 43-101 non-compliant disclosures. The Company has now taken the following actions to clarify these non-compliant disclosures:

        --  The Company is issuing this press release to retract and
            restate its NI 43-101 non-compliant disclosure.

        --  All analyst reports, including the RBC Report and the Baillieu
            Report have been removed from the Company's website.

The NI 43-101 non-compliant disclosures in the Corporate Presentation which the Company retracts and restates are as follows:

        --  The Corporate Presentation added inferred resources to other
            categories of resource. The addition of the inferred resource
            to the other categories of resource is contrary to s. 2.2(c) of
            NI 43-101. The Company wishes to restate this disclosure as
            follows: 'The current Obotan Gold Project resource estimate is
            Measured: 14.67 Mt @ 2.66 g/t Au for 1,220,000oz, Indicated:
            27.50 Mt @ 2.32 g/t Au for 2,000,000oz, and Inferred: 17.54 Mt
            @ 2.35 g/t Au for 1,290,000oz. The current Kubi Project
            resource estimate is Measured: 0.66 Mt @ 5.30 g/t Au for
            112,000oz, Indicated: 0.66Mt @ 5.65 g/t Au for 121,000oz, and
            Inferred: 0.67 Mt @ 5.31 g/t Au for 115,000oz'.

        --  The Corporate Presentation disclosed the Company's NI 43-101
            compliant preliminary feasibility study for the Obotan Gold
            Project, but it also disclosed a pre-tax NPV using a spot gold
            price whereas the Company's NI 43-101 compliant preliminary
            feasibility study only assumed a gold price of between US$1,100
            and a US$1,500. The Company wishes to retract this disclosure.

The RBC Report and the Baillieu Report included the following NI 43-101 non-compliant disclosures which the Company retracts:

        --  The RBC Report states a result of economic analysis on a
            historical resource. This disclosure is prohibited by section
            2.3(1)(b) of NI 43-101, and is not in accordance with the
            current Kubi Project resource estimate noted above. The Company
            has retracted this disclosure by removing the RBC Report and
            all other third party analyst reports from its website.

        --  The RBC Report discloses a potential exploration target of a
            certain quantity, which quantity is restricted by s.2.3(1)(a)
            of NI 43-101, has not been disclosed by the Company, and is not
            in compliance with s.2.3(2) of NI 43-101. The Company has
            retracted this disclosure by removing the RBC Report and all
            other third party analyst reports from its website.

        --  The RBC Report discloses an additional potential exploration
            target and makes certain assumptions regarding 'mining
            inventory'. On that basis, the RBC Report increases the NPV for
            the Obotan Gold Project beyond the NPV disclosed in the
            Company's NI 43-101 compliant pre-feasibility study for the
            Obotan Gold Project. This disclosure is prohibited by s.2.3(1)
            (b) of NI 43-101. The Company's NI 43-101 compliant preliminary
            feasibility study in fact showed a pre-tax NPV of US$680.5M and
            a post-tax NPV of US$416.4M assuming a US$1,300/oz gold price,
            5% discount rate and contract mining scenario. The Company
            retracts the non-compliant NPV related disclosure in the RBC
            Report by removing the RBC Report and all other third party
            analyst reports from its website.

        --  Page 12 of the RBC Report makes assumptions about the results
            of a pending feasibility study thereby adding to the Obotan
            Gold Project valuation. The Company has not made these
            assumptions and retracts this non-compliant disclosure by
            removing the RBC Report and all other third party analyst
            reports from its website.

        --  The Baillieu Report assumes a gold price at the start of
            production at the Obotan Gold Project, which gold price was
            greater than the gold price assumptions made in the Company's
            NI 43-101 compliant technical report for the Obotan Gold
            Project which assumed gold prices of between US$1,100 AND
            US$1,500. The Company retracts this disclosure by removing the
            Baillieu Report and all other third party analyst reports from
            its website.

        --  Both the RBC Report and the Baillieu Report include share price
            guidance which is not permitted disclosure under the Securities
            Act (British Columbia). The Company retracts this disclosure by
            removing the RBC Report and Baillieu Report and all other third
            party analyst reports from its website.

PMI advises investors to review the Company's NI 43-101 compliant technical reports for the current resource and reserve estimate on its material mineral projects and to not rely upon the economic analysis, assumptions and exploration potential set out in the RBC Report or Baillieu Report.

On behalf of the Board,

'Collin Ellison'

Managing Director & CEO

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.

PMI Gold Corporation

CONTACT: Investor Relations Canada:

Rebecca Greco, Fig House Communications

P. +1 (416) 822-6483

E. fighouse@yahoo.com



Investor Relations Australia:

Nicholas Read/Paul Armstrong, Read Corporate

P. +61 8 9388 1471

M. +61 419 929 046



PMI Contact Canada:

Marion McGrath, Corporate Secretary

P. +1 (604) 684-6264

Toll-Free: 1 (888) 682-8089



PMI Contact Australia:

Collin Ellison, Managing Director & CEO

P. +61 8 6188 7900



or visit the PMI Gold Corporation website at www.pmigoldcorp.com