Premium Exploration Files Technical Report on the Idaho Gold Property
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/30/13 -- Premium Exploration Inc. (TSX VENTURE: PEM)(OTCQX: PMMEF) ("Premium") is pleased to announce announce that it has filed a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report dated effective February 19, 2013 entitled "Technical Report, Idaho Gold Project, Idaho County, Idaho, USA" (the "Report") on SEDAR at www.sedar.com. The Report is with respect to the mineral resource estimate at the Idaho Gold Project, located in north-central Idaho. The resource estimate was announced in Premium's April 11th, 2013 news release and there are no material differences between the results announced in that news release and those contained in the final Report.
The updated resource estimate at a 0.45 g/t Au cut-off increases the Friday deposit to:
-- Indicated: 647,000 oz (20.1 Mt @ 1.0 g/t Au) from 629,000 oz (21.5 MT @
0.91 g/t Au & 0.4 g/t cut-off)
-- Inferred: 590,000 oz (20.9 Mt @ 0.88 g/t Au) from 146,000 oz (5.9 MT @
0.77 g/t Au & 0.4 g/t cut-off)
This is an increase in both the grade and the ounces of gold estimated in the Indicated and Inferred categories over those reported in the initial mineral resource estimate published on the Friday-Petsite deposit by Premium on August 16, 2012. Data acquired from 18 holes drilled in 2011, one hole drilled in 2012, and a revision in the geological model resulted in an increase and reclassification of some of the resources.
Resource Estimate Details
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INDICATED INFERRED
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Tonnes oz Au Tonnes oz Au
Cut-off g/t Au (000's) Au g/t (000's) (000's) Au g/t (000's)
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0.40 22,358 0.94 677 22,924 0.84 618
0.45 20,130 1.00 647 20,847 0.88 590
0.50 18,093 1.06 615 18,832 0.92 559
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Mr. Ronald G. Simpson, P.Geo., with the independent firm Geosim Services Inc. of Vancouver, Canada, and a Qualified Person as defined by NI 43-101 has reviewed and approved of the technical disclosure contained in this news 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 structure that correlates with multiple known zones of mineralization. This structural control to gold mineralization has characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Exploration is ongoing at the Friday-Petsite deposit; the most advanced of several known mineralized zones located along the OSZ. The Friday-Petsite deposit represents less than four percent of the OSZ under Premium's control. For additional information, please visit us at http://www.premiumexploration.com.
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
Opes Capital Inc.
Ms. Christine Kopr
Corporate Communications
(604) 682-0243
(604) 682-2499 (FAX)
ckopr@opescapitalinc.com
www.opescapitalinc.com