Vancouver, British Columbia, Canada, November 14, 2009 --(PR.com
)-- Premium Exploration Inc. ("Premium") (TSX VENTURE:PEM), an explorer and developer of precious metals projects with significant potential for near-term production and growth in the USA and Mexico, is pleased to announce that the Phase-Two drill program of 1,830 meters (6,000 ft) is underway. Phase-Two is part of the ongoing 15,000 meter (44,000 ft) drill program designed to provide additional data for the delineation of a multi-million ounce gold target associated with the Orogrande Shear Zone ("OSZ").
The Phase-Two program will consist of 6 to 10 HQ core holes designed to intercept gold mineralization associated with the Shear Zone for up to an additional 560 meters (1837 ft) along strike. The Shear Zone is highlighted by the gold geochemical anomaly that is contiguous to and extends south along strike from the 531,890 oz Au inferred gold resource (NI 43-101) resource for a total of 1150 meters (3773 ft).
Mr. Wilf Struck, P.Eng., CEO and Chairman, commented: "With financing in place, we are excited to be drilling on our bulk-tonnage, multi-million ounce Friday-Petsite gold target. The first hole of the Phase-Two 1,830 meter (6,000 ft) program has been completed and was drilled to a total depth of 488 meters (1,602 ft). This is the deepest hole drilled to date on the Friday-Petsite project, which is associated with the Orogrande Shear Zone in central Idaho."
Step-out drilling will test strike length to the north and south along the gold geochemical anomaly that extends directly south of the resource and will test down dip to a maximum depth of 488 meters (1,602 ft). The current resource is hosted in 350 meters (1148 ft) of strike and from surface to 150 meters (492 ft) of depth.
The drill target is accessible year round, although winter drilling is slower and consequently more expensive. Premium is monitoring drilling costs on an on-going basis to minimize drilling down time over the winter months and maximize the footage drilled at acceptable costs.
About Premium Exploration Inc.
Premium Exploration Inc. (TSX VENTURE:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. Our team is committed to unlocking mineral wealth for our shareholders by discovering, developing, and permitting precious metals assets to production. The Company's portfolio includes one of the largest land packages in Idaho, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico. 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.