Correction of Exercise Price of Stock Options To be Issued to Michael Gloyne

/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 19, 2012 /CNW/ - PMI Gold Corporation (TSX-V: PMV) (ASX: PVM) (the "Company") wishes to correct the notification of the exercise price of options to be issued to Michael Gloyne - the Chief Operating Officer of the Company that was announced on 13 March 2012.

The exercise price for the issue of Company stock options was based on a formula. The correct exercise price is $2.00 per share rather than $1.95 announced on 13 March 2012.

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.

Investor Relations Canada: 
Rebecca Greco, Fig House Communications
P. [phone]
E. [email protected]

Investor Relations Australia:
Nicholas Read/Paul Armstrong, Read Corporate
P. [phone] 
M. [phone]

PMI Contact Canada:
Marion McGrath, Corporate Secretary
P. [phone]
Toll-Free: 1 [phone]

PMI Contact Australia: 
Collin Ellison, Managing Director & CEO
P. [phone]

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