Premium Exploration Acquires Highly Prospective Patented Gold Mining Claims With Industrial Site in the Heart of the Idaho Gold Project
06.09.2011 | Marketwired
VANCOUVER, Sept. 6, 2011 - Premium Exploration Inc. (TSX VENTURE: PEM) (OTCQX: PMMEF) (“Premium“ or “the Company“) is making gold discoveries. The Company's goal is to discover multiple deposits along its 30 km long Idaho Gold Project (“IGP“), a re-emerging gold district in Idaho, USA.The Company is pleased to announce the strategic acquisition of two parcels of private property that provide:
- Additional high-quality exploration targets within our overall footprint
- Substantial ability to simplify and expedite key permitting
- Excellent ground for infrastructure siting
The parcels are located 4 km apart and include 13 highly prospective patented mining claims in the Deadwood Zone and a 640 acre block of private property in the Buffalo Gulch Zone.
With the addition of these two parcels 11 km and 15 km north, respectively, of the 5 patented claims in the Friday Zone (100 Acres), Premium now owns three parcels of strategically located private property throughout the Idaho Gold Project. For the map, click here: http://bit.ly/PropertyAquisitionMapTopo.
Property Highlights:
- 13 Patented Mining Claims (Red Elk Group) within the Deadwood Zone (~220 Acres)
- Exhibit the most intense alteration and abundant sulfide mineralization found on surface to date at the IGP
- Host 1.0 km of the 12 km gold-in-soil anomaly that co-incides with 30 km's of geophysics which trends through the Buffalo Gulch and Deadwood Zones
- Provides approximately 220 Acres in the Deadwood Zone that does not require drill permitting
- Highly prospective property with no known drilling
- A drill was immediately mobilized to the property
- Includes an Industrial Site along state Highway 14 in the heart of the IGP (historic lumber mill)
- Includes an Industrial Water Right
- Substantial increase in strategically located property that provides the infrastructure to significantly expand Premium's operation and exploration program
- Provides the option for any future processing to occur on private property expediting and simplifying the mine permitting process
- 640 Acre Block of Private Property (Section 16) within the Buffalo Gulch Zone
- Hosts the northern most 0.5 km of the 12 km gold-in-soil anomaly that co-incides with 30 km's of geophysics which trends through the Buffalo Gulch and Deadwood Zones
- Provides the Buffalo Gulch deposit room for growth should future drilling indicate the deposit extends north along the undrilled 0.5 km gold-in-soil anomaly
- Provides 640 Acres in the Buffalo Gulch Zone that does not require drill permitting
- Prospective property with no known drilling
- Provides the option for any future processing to occur on private property expediting and simplifying mine permitting time lines
“The untapped potential of the Red Elk Group claims is huge. The signs of mineralization are everywhere, in trenches, road cuts, and prospect pits. In fact, a drill has already been mobilized,“ stated Michael Ostenson, VP Exploration.
“The strategic location of the industrial site, water right, and Section 16, provide Premium with strong infrastructure to expand exploration and the land position to advance the Idaho Gold Project to a district scale gold camp,“ stated Del Steiner, President & CEO.
Terms of the Transaction
By exercising the option of $142,000 USD, Premium is completing the purchase of the Red Elk Group and Section 16 properties for $1,000,000 USD payable in two equal, annual, non-interest bearing installments. The properties are being acquired from third party vendors who are at arm's length from the Company. The property acquisitions will be conducted in accordance with the policies of the TSX Venture Exchange.
Qualified Person
The 2011 Phase-Four exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.
About Premium Exploration Inc.
Premium Exploration Inc. (TSX VENTURE:PEM)(OTCQX:PMMEF) is focused on gold exploration at its district-sized Idaho Gold Project along the Orogrande Shear Zone in North-Central Idaho, USA. The “OSZ“ is a +30 km regionally-significant trending structure with multiple known zones of gold mineralization, similar to many large gold belts, like the Carlin Trend in Nevada. Armed with a proven exploration strategy, advancing gold resources, and 30 km of drill-ready targets, Premium is well positioned to create shareholder value through exploration and the development of this re-emerging gold district. For additional information, please visit us at www.premiumexploration.com.
This press release contains certain “Forward-Looking Statements“ within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
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.
Contact Information
Premium Exploration Inc.
Mr. Del Steiner, President & Chief Executive Officer
(604) 682-0243
(604) 682-2499 (FAX)
dsteiner@premiumexploration.com, info@premiumexploration.com
www.premiumexploration.com
Opes Capital Inc.
Ms. Christine Kopr, Corporate Communications
(604) 682-0243
(604) 682-2499 (FAX)
ckopr@opescapitalinc.com
www.opescapitalinc.com
