/THIS NEWS RELEASE IS 
    TSX Venture Exchange: PMV
    US PMVGF.PK
    Frankfurt: AOJMW7
    Issued & Outstanding: 118,917,570
    Fully Diluted: 168,963,821

    VANCOUVER, June 16 /CNW/ - PMI Gold Corporation (TSX.V: PMV), is pleased
to announce that the Company has received TSX Venture Exchange approval to the
repricing of the following share purchase warrants:

    -   3,769,855 share purchase warrants originally exercisable at a price
        of $0.45 per warrant share until July 30, 2009. The new exercise
        price is $0.10 per warrant share.
    -   519,213 share purchase warrants originally exercisable at a price of
        $0.45 per warrant share until March 10, 2010. The new exercise price
        is $0.10 per warrant share.
    -   2,662,500 share purchase warrants originally exercisable at a price
        of $0.30 per warrant share until August 28, 2010. The new exercise
        price is $0.10 per warrant share.
    

All of the above warrants have a forced exercise provision. If the
closing price of the Company's shares is $0.12 or greater for a period
of 10 consecutive trading days, then the warrantholders will have 30
days to exercise their warrants, otherwise the warrants will expire on
the 31st day.

In addition the Company announces that it will not be proceeding
with the private placement of up to US$20 million in Senior Convertible
Promissory Notes (the "Notes") announced on February 19th, 2009. The
placement was terminated at the Company's request.

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.

Contacts

Douglas MacQuarrie
President & CEO
Telephone: (604) 682-8089
Toll-Free: (888) 682-8089
Facsimile: (604) 682-8094 or for European Investors: Florian Riedl-Riedenstein: Tel: 43-2774-28814
e-mail: frram@aon.at or John Mullen: Tel: 41-79-694-8671
e-mail: John Mullen@bluewin.ch Or visit the PMI Gold Corporation website at www.pmigoldcorp.com