Premium Exploration Inc.
TSX VENTURE : PEM

Premium Exploration Inc.

November 13, 2009 11:09 ET

Premium Exploration Receives Approval for Final Tranche of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2009) - 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 it has received approval from the TSX Venture Exchange for the final tranche of its non-brokered private placement through the issuance of an additional 6,375,000 Units for gross proceeds of $1,275,000.

Each Unit consists of one common share and one common share purchase warrant entitling the holder to acquire an additional share at $0.30 for 18 months from the closing date of the private placement. The Warrants are subject to an acceleration clause which comes into effect once the shares trade above a weighted average price of 200% or more from the exercise price, for any fifteen consecutive trading-day period subsequent to four months from the Closing Date. In this event, Premium may accelerate the expiry of the Warrants upon providing 60 days notice to the Warrantholders.

The Company will issue 402,500 shares in finder's fees in relation to this tranche of the private placement. The securities issued are subject to a four-month hold period from the date of issuance.

Proceeds from the private placement will be used to continue the development of Premium's key projects and for general working capital purposes.

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.

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