Premium Exploration Inc.
TSX VENTURE : PEM

Premium Exploration Inc.

December 22, 2010 18:48 ET

Premium Exploration Elects to Drop Option on San Pedro Analco Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) - Premium Exploration Inc. (TSX VENTURE:PEM) announces that it has elected to drop the option on San Pedro Analco, a silver property located in Jalisco, Mexico.

The Company has been in negotiations with the property owners for some time and negotiations have come to an impasse. Management believes it to be in the best interest of its shareholders to focus its time and resources on the development of its gold properties along the Orogrande Shear Zone in Idaho.

Premium still holds mining claims in Mexico, but has no plans in the foreseeable future to conduct exploration activity in Mexico.

About Premium Exploration Inc.

Premium is focused on the exploration and development of its district-sized Orogrande Shear Zone "OSZ" to fulfill its vision of developing a new mining district in North America. The OSZ is a 30 km-plus regionally-significant trending structure that correlates with multiple known zones of gold mineralization similar to many major gold trends. Development is ongoing at the bulk-tonnage Friday-Petsite Project, the most advanced of several known mineralized zones located along the OSZ that represents 4% of the OSZ under Premium's control. 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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