Gold Exploration in West Africa

[FL]

PMI (PMI.V) $1m from Orezone (OZN) for Ghana

PMI VENTURES LTD.
Suite 511 – 475 Howe Street
Vancouver, British Columbia, Canada V6C 2B3
Phone: [phone] Fax: [phone]


News Release #06-11 TSX Venture: PMV Frankfurt/Berlin WKN 888063
May 2, 2006 Issued & Outstanding: 50,864,153
Fully Diluted: 75,566,725


PMI forms a Strategic Alliance with Orezone Resources Inc.
Closes $1 Million in financing.

PMI Ventures Ltd. (PMI) (TSX/V: PMV) is pleased to announce that it has closed an agreement with Orezone Resources Inc. (Orezone) (AMEX and TSX: OZN), whereby Orezone invested $1 million by private placement in the equity of PMI. Orezone is an emerging gold producer that has an exploration permit for Essakane, the largest gold deposit in Burkina Faso, West Africa where its partner Gold Fields Limited is earning a 60 per cent interest by completing a bankable feasibility study. Orezone also has a pipeline of promising projects, all located in politically stable areas of West Africa. The investment in PMI is part of Orezone’s strategy of using its technical expertise and financial resources to increase its leverage to exploration success in West Africa, which is one of the fastest growing gold producing areas in the world.

PMI has received TSX Venture Exchange approval for, and has closed, the private placement of 4,000,000 units at the price of C $0.25 per unit, each unit consisting of one share and one non transferable share purchase warrant, exercisable for two years at C $0.35 per unit. All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units are subject to a hold period and may not be traded in British Columbia until September 2, 2006 except as permitted by the Securities Act (British Columbia, Alberta or Ontario) and the TSX Venture Exchange.

Orezone will retain the first right of refusal on any of PMI’s projects in Ghana for one year, can participate in future financing, will take part in exploration budgeting and planning meetings and will be available to offer technical advice on projects as requested by PMI. Orezone will also be invited to join the board of PMI with one seat after the next Annual General Meeting so long as it retains its minimum share position.

About PMI Ventures

PMI has a net 86% interest in the 382 square kilometre Ashanti II gold project concessions as well as a net 80% interest in the 84 square kilometre Ofoase gold concession, both located in southwest Ghana in one of the world's major gold mining areas. Several of the world’s largest gold mining companies are currently investing over US$1.5 billion in new mining projects in Ghana. Since early 2003, PMI has expended over US$5.0 million consolidating and exploring these concessions.

In 2004/05, internationally recognized structural geology consultants were engaged to review the exploration data and to refine the geological model. Twenty five large gold exploration targets were identified and ground geophysics subsequently employed to develop specific target sites. These targets, some with significant gold intersections from previous drilling and extending up to 3 kilometres long, now form the basis of the 2006 drilling program.

The Orezone financing, in combination with PMI’s recently completed C$886,000 private placement which closed in March, 2006 will support and extend the major drilling and field work program that started at the Ofoase concession in early April, 2006. This program will then continue on to the main Ashanti II concessions later in the year.

PMI is targeting projects with the potential for a gold discovery of +2 million ozs, using environmentally sound and ethical business practices. The Company looks forward to a long term productive working relationship with Orezone.


On behalf of the Board,

"Pearce Bowman"
Pearce M. Bowman
Executive Chairman



For further information please contact:

Douglas R. MacQuarrie, President
Telephone: [phone] Toll-Free: [phone] Facsimile: 1 [phone]
Or visit the PMI Ventures Ltd. website at www.pmiventures.com or in German: http://pmi.goldseiten.de

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT 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.