Premium Exploration Inc.
TSX VENTURE : PEM

Premium Exploration Inc.

April 24, 2008 13:00 ET

Premium Exploration Announces Two Drills on its Nueva Galicia Property and Appointment of VP, Mining Development-Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2008) - Premium Exploration, Inc. (TSX VENTURE:PEM) ("Premium" or the "Company") (www.premiumexploration.com) is pleased to announce that drilling will resume on its Nueva Galicia property in Nayarit, Mexico and the appointment of Mr. Barney Green Lee Portillo as VP, Mining Development-Mexico.

- Two drills are on location at the Nueva Galicia property and drilling will commence shortly.

- The Company is waiting for assay results from two holes of drilling on the Tajitos workings from the 2007/2008 drill program.

- Geophysics have been completed on Nueva Galicia and they are currently being interpreted. Upon receipt of the report from the Geophysicist, the Company will issue a news release on the findings.

- Subject to results, it is the Company's intention to complete a resource estimate on the property.

- Mr. Barney Green Lee Portillo, a Director with Premium Exploration, Inc., has been appointed as VP, Mining Development-Mexico.

Nueva Galicia Update

Two drills are now on location at the property and drilling will commence shortly. Premium intends to complete the balance of approximately 1,300m of the original 2,000m drill program, and anticipate drilling another 20 holes to complete this program. The Company anticipates completing this drilling before the rainy season begins in late summer.

Premium is waiting for the assay results for drill holes NG-08-014 and NG-07-006X which were targeted to test the historic Tajitos workings at Nueva Galicia. NG-08-014 tested 56m from NG-07-006X along strike on the Tajitos trend. Drilling intersected hangingwall stringers from 17.65-17.75m, above massive quartz veining at 19.73-19.81m and 22.71-22.84m. A wide fault breccia was intersected between 22.8-33m.

Tajitos is the most extensively mined historical working on the property. Premium is following up on the first and second round of intercepts which included NG07-001 from the Buenos Aires zone with 3.55m of 7.84g/t Au and 814g/t Ag with an estimated true width of 2.6m including an interval of 1.0m of 14.79g/t Au and 1280g/t Ag at 25-26m depth (see PEM release dated Sept 17/07) and NG-07-13 from the Cholita zone with 8.79g/t Au, 1309.7g/t Ag over 1.52m from 18.9m depth, confirming the high-grade mineralization contained in these structures.

About Mr. Barney Green Lee Portillo

Mr. Portillo currently serves as a Director of Premium Exploration and has worked in the Mexican mining industry for 25 years as a Landman and Survey Engineer. He has worked with the Mexican Federal Government (Federal Mining Bureau) and has experience in mining, labour employment and property law with additional expertise in topography and surveying techniques. Mr. Portillo has project management experience and has worked with several major mining companies such as Barrick Gold, Glamis Gold and Kimber Resources.

Premium will substantially increase exploration on the projects in their Mexico portfolio by advancing them simultaneously. Mr. Portillo will oversee the advancement of these projects and will assign a geologist for each project. He will work closely with a head Company geologist who will plan the exploration programs and review results. In addition, he will oversee a new division to Premium which will be responsible for the review and evaluation of new projects. The projects will be reviewed in collaboration with geologists who have extensive industry experience and knowledge of epithermal systems.

About Premium Exploration, Inc.

Premium Exploration, Inc. is a precious metals exploration company focused on exploration in North America, with an acquisitions focus on Mexico. Premium's goal is to discover precious metal deposits that are strategically located in areas that would allow their profitable extraction, with minimal political, social or environmental risks. Current holdings are in Mexico and the USA. To maximize the possibility of realizing this goal, Premium's exploration team continues to review early-stage projects located within under-explored precious metal belts that host multi-million ounce deposits. By acquiring prospects internally and financing some of them through joint venture partners, Premium is able to maximize the potential for discovery while mitigating risk and increasing shareholder value. Additional information may be found on our website at http://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 involve 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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