Premium Exploration Acquires Highly Prospective Patented Gold Mining Claims With Industrial Site in the Heart of the Idaho Go...
06 Setembro 2011 - 10:00AM
Marketwired
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
(approx. 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.
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
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