Premium Exploration Inc.

Premium Exploration Inc.

February 24, 2011 14:18 ET

Premium Exploration Enhances Engineering and Geological Team for Preliminary Assessment of Friday-Petsite Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - Premium Exploration Inc. (TSX VENTURE:PEM) ("Premium" or the "Company") is pleased to announce the addition of Robert H. "Chip" Todd, P.Eng., Mark Pfau, L.P.Geo., and Doug Parker P.Geo., to its engineering and geological team.

The exploration success at the Idaho Gold Project has advanced many of the key zones along its 30 Km strike length and in particular the Friday Zone. The Friday Zone hosts the current 549,000 oz inferred gold resource hosted in 15 Mt averaging 1.13 g/t gold at a 0.5 g/t cut-off (NI 43-101), which is currently undergoing a resource estimate revision. The deposit remains open along strike and depth, with 3.5 km of additional potential continuity that will be drill tested in the upcoming Phase-Four Exploration Program.

Robert H. "Chip" Todd, P.E., is a professional mine engineer registered in Nevada, Idaho and Montana and is responsible for the Preliminary Assessment of the Friday-Petsite Deposit. Mr. Todd brings over 30 years of engineering; mine design, underground, open pit, environmental permitting, operational compliance, precious metals recovery, and refining experience. He has worked for companies such as Newmont Mining Corp., where he supervised the engineering and design of the 1,500 tpd Deep Post underground mine constructed in the bottom of Barrick's Goldstrike open pit in Carlin, Nevada. He was Project Engineer responsible for mine planning, engineering, permitting, construction and field management for the New World Project for Crown Butte Mine Inc (Hemlo Gold - Battle Mountain Gold). He was also responsible for the engineering of a 20,000 tpd underground project for Noranda Minerals Corp. (Hemlo Gold-Crown Butte Mines) and was Chief Engineer at Borealis Mine for Echo Bay Minerals, in Hawthorne, Nevada. Mr. Todd owns DBQ Management, LLC.

Mr. Mark I. Pfau has been brought on board as the Independent Qualified Person for the updated resource estimate for the Friday-Petsite Deposit. Mr. Pfau is a career international economic geologist with 26 years experience in base metals, precious metals, and coal. Mr. Pfau was also involved in the original resource estimate of the Friday-Petsite Deposit for Kinross Gold Corp in 1999. He focuses on advanced project management, resource and reserve expansion, NI-43-101 issues, and bridging the gap between exploration and production. Currently he is engaged in copper and gold projects in the western U.S. He holds an MSc. in Geology from the University of Idaho and a B.A. in Geography and Geology from the University of Montana. His experience includes work throughout Latin America, central and south-east Asia, and South Africa. He is a member of the Society of Economic Geologists and a Registered Professional Geologist in the states of Idaho and California; and a recognized QP under CSA NI-43-101.

Doug Parker brings over 30 years of experience as a Hydrologist and Geologist to Premium and will be assisting with the Preliminary Assessment specializing in the areas of water quality, environmental engineering and permitting. He has been the Project Manager for baseline environmental studies and facilities siting for a proposed gold mine in Idaho and is currently the Senior Principle and Scientist of Hydrometrics, Inc., which specializes in environmental and engineering services for a variety of mining projects in Montana and throughout the western U.S. Projects have included permit preparation and involvement in the environmental analysis (EIS or EA) for Montana Tunnels, Stillwater Mining Co., Troy, Rock Creek, Montanore, Golden Sunlight and others. Mr. Parker has extensive experience with key mine related issues including both underground and open pit mining, water quality, wetlands, threatened-endangered species, and expertise coordinating with regulatory agencies. Mr. Paker holds a M.Sc. Earth Science (Honors) from the University of Waikato (New Zealand) and a B.A. in Geology from the University of Montana. He is a Registered Professional Geologist in Washington, a Board Member of Western Environmental Trade Association, and a member of the American Society for Surface Mining and Reclamation and Montana Mining Association.

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) is focused on gold exploration at its district-sized land package along the Orogrande Shear Zone ("OSZ") in North-Central Idaho, USA; the 4th largest gold producing country in the world. The "OSZ" is a +30 km regionally-significant trending structure with multiple known zones of gold mineralization and is 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, discovery, and the development of this emerging gold district. 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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