PMI Gold Corporation - Share Consolidation Approved

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

TSX Venture Exchange: PMV	Issued & Outstanding:	284,014,088
Frankfurt: AOJMW7	Fully Diluted:	393,434,463

VANCOUVER, Oct. 21 /CNW/ - PMI Gold Corporation (TSX.V:PMV) ("PMI Gold" or "the Company") confirms that, further to its news release of October 12, 2010, its intended share consolidation on a 2 (old) for 1 (new) share basis has been accepted by the TSX Venture Exchange, and effective Friday, October 22, 2010 the Company's shares will trade on the consolidated basis. The Company's shares will continue to trade under the same name and trade symbol, but with a new CUSIP number of 730 153 202 to distinguish between pre- and post-consolidation shares.

Shareholders will be receiving a Letter of Transmittal from Computershare Investor Services Inc. to enable them to exchange certificates for post-consolidation shares. 

On behalf of the Board,

"Douglas R. MacQuarrie"

President & 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.

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.  We Seek Safe Harbour.

For further information:

Douglas MacQuarrie, President & CEO
Telephone: [phone]     Toll-Free:  1 [phone]     Facsimile:  1 [phone]
or for European Investors: Florian Riedl-Riedenstein: Tel: [phone], e-mail: [email protected]
Or visit the PMI Gold Corporation website at www.pmigoldcorp.com