Premium Exploration Inc.

Premium Exploration Inc.

July 07, 2010 13:05 ET

Premium Exploration Announces New Director & VP Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2010) - Premium Exploration Inc. (TSX VENTURE:PEM) ("Premium" or the "Company") is pleased to announce Premium Exploration Inc. the appointment of Mr. Colin Jones to the Company's Board of Directors.

Mr. Jones is the Executive Vice-President of Dundee Resources Limited and has 30 years experience as a mining, exploration and consulting geologist. He is responsible for sourcing investment opportunities globally in exploration and development companies as well as management of associated technical evaluation and due diligence programs. In addition, he acts as a technical consultant to a number of investee companies and monitors development progress of these companies.

Mr. Jones has worked on all continents for producing mines, as part of feasibility teams and as an explorationist for a number of companies including BP Minerals, Anglo American and Freeport MacMoran. As a Consultant, he has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks.

Mr. Jones has a Bachelor of Science (Earth Sciences) from Massey University, NZ and is a Member of the Australasian Institute of Mining and Metallurgy.

"I am looking forward to working closely with the Premium Exploration Board and the project team. The Idaho Gold Project has significant potential for the definition of substantial resources along the Orogrande Shear Zone, most of which has never been systematically explored. Excellent results have been achieved by Premium from the Friday-Petsite zone to date and from the limited amount of shallow historical drilling done elsewhere along the shear. Premium has a committed and highly competent crew on site and the expansion of the drilling program should allow rapid resource addition in the short term as well as facilitate evaluation of numerous other targets."

"We are very pleased to have Mr. Jones join the Premium board. He brings extensive exploration and technical experience with him and will greatly assist with the ongoing development of the Idaho Gold Projects," stated Del Steiner, President & Acting CEO.

The Company is also pleased to announce Michael Ostenson, P. Geo., an experienced gold, platinum and palladium exploration geologist, as VP Exploration. Mr. Ostenson has been with Premium since May 2009 as the head Project Geologist for the Company's Idaho Gold projects and has been directly involved with the planning and execution of the Phase I, II and current drill programs. He is quite familiar with the geology and surrounding area having worked on the Idaho Gold properties with previous operators since 2004 and having been an integral part of the team in the delineation of the current resource.

Mr. Ostenson also brings mining and mine development expertise from his experience as a platinum and palladium geologist for six years in the Stillwater Complex, Montana, USA, including experience with Stillwater Mining Company as an Ore Grade Control Geologist and a Gold Mine Geologist with AngloGold Corp at its Jerritt Canyon Mine in Elko, Nevada, USA.

"I am very pleased to accept the VP Exploration position, which is a reflection of the Company's commitment to the success of the ongoing operation here in Elk City, Idaho. The recent $10,000,000 private placement will advance the expansion of the Friday-Petsite resource and facilitate exploration and development of the Orogrande Shear Zone. With the addition of a second drill, results will be received rapidly, making the next few weeks for Premium Exploration and shareholders alike, very exciting indeed," stated Michael Ostenson.

About Premium Exploration Inc.

Premium Exploration Inc. (TSX VENTURE:PEM) explores and develops North American gold, silver, Platinum and Palladium. 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 which includes an NI 43-101 gold resource, as well as a PGM exploration project in Montana. For additional information, please visit us at

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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