Premium Exploration: Drilling Commences at Idaho Gold Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/28/12 -- Premium Exploration Inc. (TSX VENTURE: PEM)(OTCQX: PMMEF) ("Premium" or the "Company") is pleased to announce the 8,000 metre infill and definition drill program has commenced at the Friday Zone along the Idaho Gold Project, a 30 km long gold district in Idaho. Drilling is designed to increase and expand the Friday-Petsite constrained resource.
The objective of the infill program is to define one homogenous deposit along the 1.7 km mineralized footprint by achieving the following objectives:
-- Define additional ounces within the 1 km pit-constrained resource,
targeting areas with insufficient drill density, while simultaneously
connecting the North and Main zones into one deposit.
-- Increase overall resources by expanding the pit constrained resource
zone from 1.0 km to 1.7 km of strike length, targeting the successful
2011 step-out drilling along the additional 0.7 km strike to the south.
Approximately 150 meters have been drilled by one reverse circulation rig. A total of up to 25 drill holes are planned, ranging in depth from 100m to 350m.
The current resource begins at surface, is comprised of 629,000 oz Au Indicated (21.5 Mt @ 0.91 g/t Au at 0.4 g/t cut-off) and 146,000 oz Au Inferred (5.9 Mt @ 0.77 g/t Au at 0.4 g/t cut-off), and remains open along strike to the north, south and at depth.
Click here for the drill plan map: http://bit.ly/2012FP_Infill_Program
Qualified Person
The 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 is focused on the exploration and development of its district-sized Orogrande Shear Zone "OSZ" to fulfill its vision of developing a new mining district in North America. The OSZ is a 30 km-plus regionally-significant trending structure that correlates with multiple known zones of mineralization and has structural control to its gold mineralization, characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Development is ongoing at the bulk-tonnage Friday-Petsite deposit, the most advanced of several known mineralized zones located along the OSZ and represents 4% of the OSZ under Premium's control. 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.
Contacts:
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
