Premium Exploration Inc.
TSX VENTURE : PEM
OTCQX : PMMEF

Premium Exploration Inc.

July 20, 2012 14:32 ET

Premium Exploration Wishes to Update Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2012) - Premium Exploration Inc. (TSX VENTURE:PEM)(OTCQX:PMMEF) ("Premium" or the "Company") wishes to advise shareholders that an updated technical report on the Company's Idaho Gold Project has been submitted for review to the British Columbia Securities Commission. At this time the Company is awaiting a response.

Exploration Update

The Company has decided to take a conservative approach and await the final report prior to conducting exploration in order to maximize all actions moving forward, particularly during these market conditions.

During the technical report update, Premium has established its exploration camp with all necessary personnel and infrastructure, a road use agreement with the Idaho County Department of Roads, and road use permits with the Bureau of Land Management and US Forest Service. Two drills have been retained and should be available on site within 10-14 days upon request.

Qualified Person

The 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 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 mineralization and has structural control to its gold mineralization, characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Development is ongoing at the bulk-tonnage Friday-Petsite deposit, the most advanced of several known mineralized zones located along the OSZ and 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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