Premium Sells Non-Material & Limited Surface Rights of Private Ground Along the Idaho Gold Project
(via Thenewswire.ca)
May 10, 2013, Vancouver, British Columbia - Premium Exploration Inc.
(TSXV: PEM; OTCQX: PMMEF) ("Premium" or the
"Company") announces the sale of limited surface rights to
private property for the sole purposes of ranching.
The Idaho Gold Project consists of 2,095 (17,525 ha.) unpatented
mining claims, 18 patented mining claims (143 ha.), and one section
(640 acre / 259 ha) of private ground; which includes the mineral
rights held under a State Mineral Lease; for a total of approximately
17,927 ha.
The limited surface rights sold contain 640 acres of private ground,
and are located adjacent to the Buffalo Gulch Zone where the Buffalo
Gulch resource is located. This surface area represents approximately
1.4% of the surface rights controlled by Premium along the Idaho Gold
Project and is located approximately 20 Km from the Friday deposit.
The sale of surface rights specifically excludes any mineral claims
and mining rights, and allows the Company the right to continue its
exploration activities.
The rights acquired by the private company exclude any mining claims
which the Company granted Logan Resources Ltd. the right to acquire up
to a 75% interest, pursuant to an option and joint venture agreement,
as previously disclosed in the Company's news release of March 28,
2013.
The gross proceeds from the sale are US$640,000 and will be used to
reduce debt and for working capital purposes.
The option and joint venture agreement is subject to a number of
conditions including approval of the TSX Venture Exchange, which is
pending, and the completion of a financing satisfactory to Logan.
About Premium Exploration Inc.
Premium is focused on gold exploration at its district-sized land
package along the Orogrande Shear Zone (the "OSZ") in
North-Central Idaho, USA. The OSZ is a 30+ km regionally significant
trending structure with multiple know zones of gold mineralization
and, similar to many large gold belts, like the Carlin Trend in
Nevada. Armed with a proven exploration strategy, 30 km of
drill-ready targets, Premium is well positioned to create shareholder
value through the exploration and development of this emerging gold
district. For additional information, please visit us at
www.premiumexploration.com.
For more information, please contact:
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|Mr. Del Steiner President & Chief |?|Ms. Christine Kopr
Corporate|
|Executive Officer Premium | |Communications Opes Capital |
|Exploration Inc. P: (604) 682-0243| |Inc. P: (604) 682-0243 F: |
|F: (604) 682-2499 E: | |(604) 682-2499 E: |
|dsteiner@premiumexploration.com | |ckopr@opescapitalinc.com |
| | |www.opescapitalinc.com |
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