Each Unit consists of one common share and one-half of a common share purchase warrant, each whole warrant entitling the holder to acquire an additional common share at a price of $0.35 per share for an eighteen month period following closing. The placement was led by Industrial Alliance Securities Inc., in a syndicate which included Dundee Securities Corporation and Byron Securities Limited.  The placement was previously announced on April 19, 2010 and amended June 9, 2010.

On July 2, 2010, Premium fulfilled its escrow closing conditions for the completion of its $10 million “Private Placement” and on July 5^th, 2010 the Company closed the first tranche of its Private Placement for gross total proceeds of $8,000,000 through the issuance of 32,000,000 at a price of $0.25 per Unit.  Upon completion of this final tranche, Premium will issue an aggregate of 40,000,000 Units for aggregate gross proceeds in the amount of $10,000,000.

The funds raised include a 7% cash commission payable upon closing and 7% broker’s warrants (issuable upon closing). Each broker’s warrant allows the holder thereof to purchase a Unit at an exercise price of $0.25 per Unit, exercisable for a period of 18 months after the closing date.  Each such Unit has the same terms and conditions as those offered under the private placement and is also each comprised of one common share and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share at a price of $0.35 per share for an eighteen month period following closing.  The securities issued are subject to a four-month hold period from the date of issuance and to final acceptance from the TSX Venture Exchange (the “Exchange”).  The Exchange has confirmed its final acceptance in respect of the Private Placement in its bulletin dated July 2, 2010.

About Premium Exploration Inc.

Premium Exploration Inc. (TSX-V: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 www.premiumexploration.com.

For More Information Please Contact:

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.

Del Steiner, President commented, “I am pleased that the agents have been committed to the financing during the complex merger with Clearwater and we look forward to using the funds efficiently while advancing our gold projects through the ongoing drilling.”

Effective as of July 2, 2010, Premium fulfilled its escrow closing conditions for the completion of its $10 million brokered private placement (the “Private Placement”) and on July 5^th, 2010 it closed the first tranche of its Private Placement with the issuance of 32,000,000 Units at a price of $0.25 per Unit for gross total proceeds of $8,000,000.  Premium expects that the second tranche of 8,000,000 Units at a price of $0.25 per Unit for gross proceeds of $2,000,000 will close on or about July 6^th, 2010 after the holiday in the United States and the Company will issue a follow-up press release to confirm once that second tranche has closed.  Each Unit consists of one common share and one-half of a common share purchase warrant, each whole warrant entitling the holder to acquire an additional common share at a price of $0.35 per share for an eighteen month period following closing. The placement was led by Industrial Alliance Securities Inc., in a syndicate which included Dundee Securities Corporation and Byron Securities Limited.  The placement was previously announced on April 19, 2010 and amended June 9, 2010.

The funds raised include a 7% cash commission payable upon closing and 7% broker’s warrants (issuable upon closing). Each broker’s warrant allow the holder thereof to purchase a Unit at an exercise price of $0.25 per Unit, exercisable for a period of 18 months after the closing date.  Each such Unit has the same terms and conditions as those offered under the private placement and is also each comprised of one common share and one-half of a common share purchase warrant, with each whole warrant entitling the holder to acquire an additional common share at a price of $0.35 per share for an eighteen month period following closing.  The securities issued are subject to a four-month hold period from the date of issuance and to final acceptance from the TSX Venture Exchange (the “Exchange”).  The Exchange has confirmed its final acceptance in respect of the Private Placement in its bulletin dated July 2, 2010.

Proceeds from the private placement will be used for ongoing exploration and development of the Company’s projects, including the on-going Phase-Three drill program on the Friday/Petsite project, and for general working capital.

Concurrent with the Private Placement and effective as of July 2, 2010, Premium USA, a wholly owned subsidiary of Premium Exploration Inc., has taken over Clearwater via a Plan of Merger.  Clearwater is the 100% owner of three advanced gold projects: Buffalo Gulch, Friday-Petsite, Deadwood and one exploration stage project, Dixie Project, all located on the Orogrande Shear Zone in central Idaho.  Additional information about these properties is disclosed in the Company’s technical report dated January 22, 2008 and revised May 27, 2010, which was filed on SEDAR and is available at www.sedar.com.

In exchange for agreeing to merge Clearwater into Premium USA, the shareholders of Clearwater received an aggregate total of 3,000,000 common shares of the Company (subject to a 4-month hold period) along with a 1% Net Smelter Returns royalty (“NSR”) on the Friday-Petsite Project as well as 60 ounces of gold from initial production (the “Transaction”).  The NSR is payable quarterly on commencement of commercial production of gold from the Friday-Petsite Project up to a total of US$3,000,000 in royalty payments.  Since the completion of the Transaction, Premium USA continues as the sole surviving corporation of the merger.

As a condition of the approval for the merger, the Company has signed an undertaking to provide an updated independent Technical Report in compliance with National Instrument 43-101 and the policies of the Exchange, within two months after the Exchange issues its final acceptance of the Transaction.

About Premium Exploration Inc.

Premium Exploration Inc. (TSX-V: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 www.premiumexploration.com.

For More Information Please Contact:

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.

Clearwater is the 100% owner of four gold prospects:  the Buffalo Gulch (held through Clearwater’s wholly-owned subsidiary Elk City Mining Company (“Elk City”)), Friday-Petsite, Deadwood and Dixie Projects, all located on the Orogrande Shear Zone in central Idaho.  The Buffalo Gulch Project is located near the north end of the Orogrande Shear Zone and is comprised of 107 unpatented quartz lode mining claims.  The Friday-Petsite Project is located near the south end of the Orogrande Shear Zone.  The Deadwood and Dixie Projects are early-stage gold exploration targets.  Additional information about these properties is disclosed in the Company’s technical report dated January 22, 2008 and revised May 27, 2010, which was filed on SEDAR and is available at www.sedar.com.

The parties to the Agreement are: Premium USA; Clearwater; Clearwater shareholders Rod Nicholls and Ellen Steiner; and the Company.

Under the Agreement, in exchange for agreeing to merge Clearwater into Premium USA, the shareholders of Clearwater will receive an aggregate total of 3,000,000 common shares of the Company (subject to a 4-month hold period) along with a 1% Net Smelter Returns royalty (“NSR”) on the Friday-Petsite Project.  The NSR is payable quarterly on commencement of commercial production of gold from the Friday-Petsite Project up to a total of US$3,000,000 in royalty payments.  No finder’s fees are payable for this merger.

Concurrent with the Transaction, the Company has also revised the royalty agreement with Kria Resources Ltd (“Kria”) and Valencia Ventures Inc. (“Valencia”) both headquartered in Toronto, Canada. The revised royalty agreement (the “Royalty Agreement”) replaces the 2007 agreement among Clearwater, Kria and Valencia governing the acquisition of the Buffalo Gulch Project. Under the Royalty Agreement, the Company is to pay Kria $585,000 (in cash or shares), $500,000 to Valencia (cash or shares) and a 0.75% NSR on the Buffalo Gulch Project each to Kria and Valencia upon commercial production.

Due to the fact that Ellen Steiner, wife of the Company’s Director and President Del Steiner, is a shareholder of Clearwater, the Transaction is a related party transaction.

The Transaction is being approved by all of the directors who are not interested parties in the Transaction and Del Steiner has disclosed to them his interest in the Transaction.  The Transaction is also exempt from formal valuation requirements and minority shareholder approval under Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions as the fair market value of the Transaction only represents less than 4.4% of the Company’s market capitalization, which is well below the 25% market capitalization threshold for such requirements.  This transaction is intended to qualify as a tax-free reorganization pursuant to the United States Internal Revenue Code.

In addition, the Company expects that the Transaction will be completed well within 21 days of the date of this news release to avoid delay in completion of the private placement previously announced on June 9, 2010 since the private placement is subject to completion of the Transaction.  The Company also intends to apply for a waiver from the requirement to provide certain filings to the TSXV in connection with the Transaction under the TSXV’s reviewable acquisition procedure as the Company believes it has satisfactory evidence of value and other documentation that would be satisfactory under the policies of the TSXV.

About Premium Exploration Inc.

Premium Exploration Inc. (TSX-V: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.  For additional information, please visit us at www.premiumexploration.com.

For More Information Please Contact:

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. 

VANCOUVER, BRITISH COLUMBIA (May 18^th, 2010) – Premium Exploration Inc. (TSX-V:PEM) (“Premium”)  is clarifying the historic resource on the Buffalo Gulch project which is located in central Idaho.

The Buffalo Gulch project is located near the north end of the Orogrande Shear zone and is defined by a north-south trending gold in soil geochem anomaly that has a length of 3200 meters (10,500 feet). The northern portion of the soil anomaly has undergone extensive reverse circulation drilling by a previous operator totaling 150 drill holes on lines spaced 30 meters apart (100 feet) and holes located 30 to 60 meters (100 to 200 feet) apart on the lines. The drilling defined a zone of mineralization hosted in intensely weathered and oxidized schists, gneisses and pegmatite’s down to a depth of approximately 90 meters (300 feet).

Extensive geological modeling, block modeling, engineering and metallurgical testwork has been conducted on the mineralized zone by previous operators and culminated in the definition of a resource that Premium considers a historic resource.

The historic resources as calculated by the Bema Gold subsidiary “Idaho Gold Corporation” were prepared prior to the introduction of NI43-101, but were carried out in accordance with established practice at that time.  

After the drilling conducted during the period 1986-1988, Idaho Gold estimated “proven and probable geologic reserves” of oxide material to a depth of 220 feet as 4.839 million short tons at a grade of 0.023 ounce/ton containing 110,759 troy ounces of gold*. The estimate was based on a tonnage factor of 16 cubic feet per ton and a three dimensional kriging software was employed using an indicator variable of 0.0125 oz/short (0.428 g/tonne) to predict the proportion of each block above the cutoff. Premium’s CEO, Wilf Struck, was employed by Idaho Gold during this period and was directly involved in the discovery and delineation of the zone of gold mineralization as well as the resource estimation and subsequent permitting for the proposed development of the Buffalo Gulch Mine

The resource estimate was reviewed by Micon International in 2004 on behalf of Beartooth Platinum Corporation and they concluded that the – Buffalo Gulch property has historical Mineral Resources of about 5 million tons averaging 0.023 oz/ton Au (4.5 million tonnes at 0.8 g/t Au), comparable to an indicated resource. No cutoff grade was provided.  Micon does state that the density factor of 16 cubic feet per ton was confirmed by “specific gravity measurements on material from Idaho Consolidated Metals Corporation’s (ICMC) 1996 core program.” ICMC is the predecessor company to Beartooth Platinum. Micon qualified the estimate by stating that “The estimations reported here were made prior to the introduction of NI 43-101 and were carried out in accordance with practice at the time. The information is reported as part of the historical data on the Buffalo Gulch property.” Golder Associates also reviewed the historical estimate in a 2006 report. The Micon and Golder reports do not qualify the historical estimate as a current mineral resource.

* Estimates of gold resources are historical in nature, predate and are noncompliant with NI 43-101. Premium is not treating the historical estimate as current mineral resources or reserves. Premium has not undertaken any independent investigation of the resource estimates nor has it independently analyzed the results of the previous exploration work in order to verify the resources, and therefore the historical estimates should not be relied upon. The historical classes used by Idaho Gold are different from current CIM classes, however, they might be comparable to the CIM inferred or indicated resource classes.

Successful cyanide bottle roll extraction tests and column tests culminated in two pilot scale heap leach tests in the field and confirmed the favorable leaching parameters for the mineralized material. Based on the positive tests from these results; economic and production analysis were conducted by the Bema Gold subsidiary “Idaho Gold Corporation” in 1990; independent engineering group MRDI in 1991; independent engineering group MRDI in 1996; and independent engineering group Golder and Associates in 2006. The analysis by Idaho Gold and MRDI were prepared prior to the introduction of NI43-101, but were carried out in accordance with established practice at that time.

The prior economic analyses did not apply current parameters or assumptions, and they should not be relied on. Analyses done subsequent to the introduction of NI 43-101 were not based on a current resource estimate, as required by NI 43-101. The company previously disclosed basic economic parameters for Buffalo Gulch on its website; however, these were premature and should not be relied on.

Premium will conduct additional drilling on the Buffalo Gulch historic resource during the 2010 exploration season and will use the newly generated data in conjunction with the historic drill data to prepare a NI43-101 compliant resource estimate. A “preliminary assessment” will also be initiated, subsequent to the resource estimate, to develop an economic analysis of the potential viability of defined mineral resources.

“The ongoing drilling on the Friday-Petsite project near the south end of the Orogrande Shear Zone to follow up on the significant gold intercepts from last years drilling, coupled with the drilling and planned resource estimate on the Buffalo Gulch project represent an exciting time for the growth of Premium Exploration.” Stated Wilf Struck, CEO, Premium Exploration.

Qualified Person

Wilf Struck, P.Eng., CEO of Premium Exploration, Inc. and a Qualified Person as defined by NI 43-101, has prepared and approves the content of this release.

 About Premium Exploration Inc.

Premium Exploration Inc. (TSX-V: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 PGM exploration project in Montana.  For additional information, please visit us at www.premiumexploration.com.

For More Information Please Contact:

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. 

The drill program consisted of seven HQ core holes drilled to a maximum down-hole depth of 153 meters (502 feet). The drill program was completed ahead of schedule, despite inclement weather and muddy conditions making drill moves difficult. Total footage drilled was 853.4 meters (2800 feet) which was an increase of 6.7 % (53.4 meters) over the original scheduled footage, while the direct drilling cost was 7.3% less than the budget estimate.

Premium commends West-Core Drilling, LLC of Elko, Nevada for their professional staff and high quality, well maintained equipment, which enabled the company to complete the program ahead of schedule and under budget.

The program was designed to test continuity of the Orogrande Shear Zone (OSZ) along strike to the north and south of the existing resource and to provide minor in-fill drilling for information which will be used to re-assess the NI 43-101 compliant resource. The data from this program will likely upgrade a significant portion of the resource.

The geologic model as developed by Premium geologists and consultants predicted continuity of the OSZ to the north and south with a steep easterly dip to the mineralization as opposed to a westerly dip inferred by previous operators.

Drilling confirmed a steep easterly dip (approximately 65-75 degrees) and intersected the OSZ to the north of the main zone of mineralization in drill hole PFR2009-3 and most importantly intersected the OSZ south of Quartz Creek in holes PFR2009-6 & 7, which is south of the main zone of mineralization.

Drill hole location, azimuth, dip and total depth, are listed in the following table:

Drill holes PFR2009-6 and PFR2009-7 (located south of Quartz Creek) intersected intensely sheared and altered Muscovite-Sericite Schist with associated sulphides indicative of OSZ mineralization as found in the main zone of mineralization. The two drill holes were drilled in the same location with one having a -65 degree dip and the other a -90 degree dip. With this geometry, a true easterly dip of 75 degrees has been confirmed.

These two holes also extend the strike length of the OSZ by 100 meters to the south and are located on the north end of a1200 meter (4,000 foot) gold in soil geochemical anomaly. This confirms the probability that the anomaly is likely related to the continuation of the OSZ to the south. Additional drilling planned for Phase 2 will be designed to delineate the continuity of the mineralization associated with the OSZ to the south of the main zone.

PFR2009-3, the northern-most drill hole in the program, intersected shear zone material and has increased the strike length of the OSZ by 75 meters to the north.

Based on drilling by previous operators and core logging of the new core, gold mineralization occurs in two distinct forms; primary fine grained gold mineralization is associated with Pyrite, Arsenopyrite, and likely Lollingite (iron arsenide), and a second coarser gold phase which is likely associated with a post-mineral Dacite Dike remobilizing the primary gold. Additional investigations will be conducted to determine if there is any significance to the Lollingite-gold association which may be useful in future drilling programs.

The host rock in the shear zone is predominately Muscovite-Sericite Schist with sericite altered Quartz Monzonite to a lesser extent. Pyrite, Arsenopyrite and Lollingite are disseminated and also occur within quartz/carbonate veinlets.

The country rock near the OSZ bounding faults (Monday Fault on the west, Friday Fault on the east), is Quartz Monzonite and exhibits minor sulphide mineralization, however it is relatively un-mineralized with respect to gold.

The drill core from Phase 1 has been logged in its entirety by the onsite geologists and core cutting and sampling has been completed as of Thursday July 9th, 2009. A total of 685 core samples have been shipped to Acme Analytical Laboratories of Vancouver, B.C. to date, with the remaining samples slated for shipment early next week.

The drill program was designed to take advantage of HQ size core, which provides larger drill core for logging and sampling purposes and also reduces the potential for core loss in highly altered and sheared rocks. A Triple-Tube Core Barrel was also used to maximize recovery. Geotechnical data (RQD) is also being collected for future use in the assessment of the resource for the suitability of surface or underground mining methods.

Acme Analytical Laboratories of Vancouver, B.C. a lab certified for the provision of assays and geochemical analyses (ISO 9001:2008) has been selected to process and assay the core.

Assay results are expected by July 30^th and will be incorporated into the existing database. The data will then be utilized to design Phase 2 of the ongoing exploration and development of the company?s gold properties in Idaho.

QA/QC

The drill core is placed in numbered core boxes by the drilling contractor and transferred from the drill site to the core logging station by the project geologist and kept under direct control of Premium Exploration personnel. Once the core has been logged and sample intervals selected by the geologist, the core is split in half lengthwise with a diamond bladed

core saw by trained personnel. One half of the core is kept in the core box for future reference, while the second half is placed in numbered plastic (new) sample bags, sealed and placed in numbered sample boxes for shipment to the assay lab. The sample boxes are sealed and shipped via courier to Acme Labs.

Due to the presence of visible gold in some of the core, assay procedures have been discussed with the lab to ensure that the method selected would best represent the actual gold content and not over or under report grade. The majority of the core will be assayed utilizing standard one-assay ton, while samples with visible gold will be analyzed using a metallic screening and sieving method. This method is designed to provide a quantitative gold assay on samples that have coarse particulate gold. The screening procedure separates the coarse gold from the fine gold, which makes it easier to get a total gold assay result for that particular sample.

The method is described as follows:

1. Crush, Pulverize and Sieve 500 grams to -150 mesh, save +150 mesh for metallic gold assay.
   
2. The pulverized sample (500 grams) is then passed through a “150″ mesh screen and the “plus” and “minus” fraction are saved and weighed.

3. The entire “plus” fraction is then fire assayed to get the total gold and a 1 Assay Ton fire assay is done on the “minus” fraction.

4. A weighted average is reported along with the weights and gold results of each fraction.

The selection criteria for samples to be analyzed by metallic screening will be:

- Samples with visible gold.

- 3 sample intervals prior to the sample with visible gold.

- 3 sample intervals after the sample with visible gold.

- Any samples with a ?standard? fire assay returning assay greater than 10 gram per ton gold.

- 20 samples selected based on geologic similarities to samples with visible gold.

The purpose of the enhanced assaying procedures will be to develop a statistical database to determine the variability of the mineralization. This will provide data to assist Premium in developing procedures for sample collection and assaying which are representative of the mineralization and reduce the potential for inconsistent results.

Contract negotiations are underway with West-Core Drilling, LLC.; for Phase 2 drilling which would continue the drilling on the Friday-Petsite property and in addition, would include drilling on the Buffalo Gulch property. Approval for drilling on Bureau of Land Management lands on the Buffalo Gulch project is in place and permitting for drilling on Forest Service Lands in the Deadwood area is also underway.

Qualified Person

Mr. Wilf Struck, P.Eng., is the CEO of Premium Exploration Inc. and the Qualified Person for the technical information in the news release under National Instrument 43-101.

About Premium Exploration, Inc.
Premium Exploration Inc. (TSX-V:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. 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, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico. For additional information, please visit us at www.premiumexploration.com.

For More Information, Please Contact:

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.

FOR IMMEDIATE RELEASE

June 19, 2009

VANCOUVER, BRITISH COLUMBIA (June 19, 2009) – Premium Exploration Inc. (TSX-V:PEM) (?Premium? or the ?Company?) wishes to clarify the Company?s position with SNS Silver Corp. (?SNS?).

On March 2^nd 2009, Premium entered into two Letters of Intent (LOI) with SNS Silver Corp., with the intent of entering a definitive agreement within 90 days. The LOI?s allowed SNS to earn in to a maximum of 50% by advancing financing and paying in cash and stock, certain exploration and development costs to develop Premium?s Friday/Petsite and Buffalo Gulch properties. SNS initially paid PEM CDN $125,000 in advance on each LOI and in the event a definitive agreement is not reached, the Company is obligated to return $200,000 to SNS.

The time required for completion of the Letters of Intent (?LOI?) has lapsed and the parties have not signed a definitive agreement.  SNS?s ability to participate in negotiations has been impeded due to the situation in Silver Valley, Idaho.  Accordingly, Premium raised gross proceeds of $673,900 through the offering of 6,739,000 units (the ?Units?) at a price of $0.10 per unit in order to continue the orderly development of their Central Idaho properties.  The Companies have agreed to explore a strategic relationship to rekindle mining?s importance to the economy of Idaho.  Premium continues to explore all avenues for future financing.

An 800 metre drill program on the Petsite-Friday portion of the property started on the June 14^th, ahead of schedule.

About Premium Exploration Inc.

Premium Exploration Inc. (TSX-V:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. 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, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico. For additional information, please visit us at www.premiumexploration.com.

For More Information, Please Contact:

Mr. Wilf Struck Chief Executive Officer Premium Exploration, Inc. P: (604) 682-0243 F: (604) 682-2499 Email: wstruck@premiumexploration.com

Christine Kopr Corporate Communications Premium Exploration, Inc. P: (604) 682-0243 F: (604) 682-2499 Email: ckopr@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.

VANCOUVER, BRITISH COLUMBIA (June 10, 2009) – Premium Exploration Inc. (TSX-V:PEM) (?Premium? or the ?Company?) is pleased to provide the following corporate update.  The Company?s focus for the foreseeable future is the exploration and development of the gold mineralization along the Orogrande Shear Zone in Idaho beginning with the Friday-Petsite project. During this development, Premium will also advance the PGM Chrome Mountain project in the Stillwater Complex, Montana, USA, and the San Pedro Analco project, in Jalisco, Mexico, both of which will be advanced in 2009.

In its initial stage of growth, Premium developed a diverse property portfolio with projects ranging from grassroots exploration to advanced stage development opportunities. The Company has identified key precious metals projects that meet the Company?s investment criteria. Ongoing growth for the Company will continue by utilizing its successful strategy to explore and develop key projects that demonstrate significant potential for near-term production and growth of resources.  This strategic plan is intended to maximize the Company?s ability to rapidly create shareholder value.

The milestone of growing both the Management and Technical Teams was achieved in Q2-2009 with the addition of Wilf Struck, P.Eng., and Mike Ostenson (experienced precious metals geologist) to the team. Our experienced team will conduct precious metals exploration while advancing projects to production. 

Goals for Q3-2009 and Q4-2009 are as follows:

1.      Idaho

Management identified a high-priority opportunity to expand the open-ended high-grade gold zone that has been identified over a 350 meter (1,148 ft) strike length to date and located within the large and potentially open-pittable Friday-Petsite NI 43-101 Resource.

The drilling company for the planned 800-meter drill program has been selected and is scheduled to start June 15^th. The drill program is designed to delineate the zone along strike and down dip with a likely addition to the high grade portion of the resource. The second goal of the drill program is to provide additional geological data to assess the feasibility of a potential underground development. 

The project has defined resources based on core and reverse circulation drilling, with much of the resource located on patented ground. This is an important distinction, as the permitting process can be expedited. There is also substantial exploration potential associated with a contiguous 4,000 ft of gold soil geochemistry anomaly extending south of the NI 43-101 resource envelope.

2.     Montana

In conjunction with the drill program in Idaho, Premium is also reviewing exploration results to date on its Chrome Mountain project in the Stillwater Complex, Montana, USA. Exploration programs from 2006 to 2008 included the drilling of 19 holes and over 2 km of soil geochemistry that identified an extensive zone of platinum, palladium and rhodium mineralization. It has been concluded that the broad and laterally extensive PGM soil anomalies were formed by the same type of processes that formed the giant Platreef disseminated PGM-Cu-Ni deposits in South Africa. An exploration program is currently being designed to follow up on the discovery of the new Platreef exploration model.

Premium?s joint venture partner on the project, Beartooth Platinum Corp., has been merging with a private company, Kria Resources, since November 2008. Although the merger has obtained shareholder approval, the combination is still not complete, nor has it been accepted by regulation authorities. Premium is closely monitoring the situation and will provide timely updates upon any new developments.

3.     Mexico

The Company acquired a number of prospective properties in Mexico which met Premium?s initial investment criteria. Upon completion of a review of historic data and on-site property examinations, the Company elected to drop the Cucurpe, Dos Amigos, Rosamorada and La Lupe properties. The properties had ongoing work and property payment commitments and based on the results to date, further work was not justified.

An extensive exploration program was conducted on the Nueva Galica project which hosted highly anomalous gold and silver mineralization and was evaluated to determine the extent of its potential. The property underwent mapping, sampling, and drilling utilizing the Company?s own portable diamond drill. Preliminary sampling results returned favorable mineralization assays. However, results from the preliminary 1800-meter Phase-One drill program did not confirm continuity of the mineralization. The drilling conditions were extremely difficult due to the brecciated, sheared and broken nature of the mineralized zones, which consisted of quartz fragments in a clay matrix. This resulted in poor core recovery, ranging from 0 to 75%. Poor core recovery impacted the reliability of the assay results, due to significant loss of fine sulphides which appeared to host the gold and silver mineralization. Despite the implementation of various techniques and controls to minimize core losses and provide accurate evaluations of the mineralized zone, the Company had inconsistent results. Due to increasing work commitments and payments, the Company elected to drop the property.

The San Pedro Analco property is an historic underground silver mine located within the Cinco Minas – San Pedro Analco mining district, 70 kilometers northwest of Guadalajara. San Pedro Analco hosts an extensive low sulfidation silver/gold epithermal system with at least five vein structures on the property. The Project has excellent infrastructure, including road access, ample water available, and a high voltage transmission line less than one kilometer from the property. The mine reportedly operated until the mid 1980?s.

After production was shut down due to low silver prices, further drilling was conducted by the operator. Premium?s new geological team will review the results of the reported 86 holes of drilling as well as a historic independent engineering report commissioned by the previous operator. This will allow our new geological team to better understand the property and formulate future exploration programs. Premium anticipates active exploration to begin on the project in Q4-2009. 

Qualified Person

Mr. Wilf Struck, P.Eng., is the Qualified Person for the technical information in the news release under National Instrument 43-101.

About Premium Exploration Inc.

Premium Exploration Inc. (TSX-V:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. 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, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico. For additional information, please visit us at www.premiumexploration.com.

 For More Information, Please Contact:

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.

Highlights from historic drilling at the high-grade zone:

PC010:            26.92 g/t Au over 6.1 meters

PC008:            29.02 g/t Au over 3.05 meters

BFD31:           8.29 g/t Au over 13 meters true width

The new road will provide access to the majority of a historic 4,000-foot, gold in soil geochemical anomaly that extends south from the Friday-Petsite NI 43-101 compliant resource. The compliant 531,890 oz Inferred gold Resource is contained in 15.18 million tonnes at an average grade of 1.1 g/t Au. Please click here to view a new map of the zone.

The majority of the geochemical anomaly is yet to be drilled due to low gold prices during the 1990?s, approximately $340/oz, when the property was in possession of previous operators.

The Phase-One 800-Metre Drill Program is designed to further delineate the high-grade component of the resource and to provide geotechnical data on the high-grade zone, as well as the hanging wall and footwall. Mineralization strikes North-South and is steeply dipping with exposure at the surface in an historic open cut.

It is anticipated that the drilling will provide sufficient geological data for Premium to investigate the possibility of accessing the high-grade portion of the resource through the development of a small underground mine. Metallurgical test work will be conducted on representative drill core to establish parameters for extraction of the gold and future pilot plant development.

Due to late and heavy snowfall, drilling is anticipated to commence in June 2009.

Permitting of the open-pit heap leach mine on the Buffalo Gulch project is continuing, with a planned increase in permitting activity this summer.

?I am thrilled to be coming on board with the Premium Exploration team. The properties on the Orogrande Shear Zone in Idaho hold considerable potential in both near-term gold production and immediate resource growth with a small, well-placed drill program. The mineralization associated with the Shear Zone on the Friday-Petsite property is open at depth and may hold high-grade gold potential not unlike many Carlin-Type deposits in Nevada.  It will be very exciting to test this theory and I look forward to being a part of this project.? states Mike Ostenson.

With both Friday-Petsite and Buffalo Gulch slated for drill testing in upcoming and future exploration programs, Mr. Ostenson provides considerable expertise as he had supervised successful drill programs at both properties for a previous operator.

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 as a Gold Mine Geologist with AngloGold Corp at its Jerritt Canyon Mine in Elko, Nevada, USA.

?Premium is benefiting from significant exploration expenditures on properties by previous operators on the Orogrande Shear Zone. The historic exploration has defined gold resources and provided an indication of the area?s potential, which the Company will further develop. Premium is conducting exploration on advanced gold projects in North America and with the addition of Mike Ostensen to the team, Premium is also building an experienced, well respected geologic team to rapidly advance the Orogrande Shear Zone and rejuvenate a historic mining district.? states Wilf Struck, CEO.

Qualified Person

Mr. Wilf Struck, P.Eng., CEO of  Premium Exploration Inc, is the Qualified Person (?QP?) responsible for the technical disclosure in this press release, in accordance with National Instrument 43-101.

About Premium Exploration, Inc.

Premium Exploration Inc. (TSX-V:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. Our team is committed to unlocking mineral wealth for our shareholders by discovering, developing and permitting our precious metals assets to production.  The Company’s portfolio includes one of the largest land packages in Idaho with two potential near-term gold production assets, a PGM exploration project in Montana, and a past-producing silver project in Mexico. For additional information, please visit us at  http://www.premiumexploration.com.

For More Information, Please Contact:

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

VANCOUVER, BRITISH COLUMBIA (August 25, 2008) ? Premium Exploration, Inc. (TSX-V:PEM) (?Premium? or the ?Company?) (www.premiumexploration.com) is pleased to provide the following update on its joint venture with Clearwater Mining Corporation (?CMC?) for the Buffalo Gulch open pit heap leach gold mine project located near Elk City, Idaho, United States of America.

Highlights Include:

Ø Publication on August 15, 2008 in the United States Federal Register of a Notice of Intent (?NOI?) for the preparation of the required Environmental Impact Statement (?EIS?) for the proposed Buffalo Gulch Mine by the United States Department of Interior, Bureau of Land Management (?BLM.?)

Ø On August 15, 2008 the required 30-day public scoping and comment period for the EIS began.

Ø On August 28, 2008, there will be a public tour of the proposed Buffalo Gulch mine site, followed by  a public meeting at the Elk City Ranger Station in Elk City Idaho.

Ø A Memorandum of Understanding (?MOU?) is being finalized between the BLM and Elk City Mining, LLC (?ECM.?)  Elk City Mining, LLC is the joint venture company owned by Premium and CMC that is advancing the Buffalo Gulch project.  The MOU:

· designates the BLM Cottonwood Field Office as the lead government oversight agency for  preparation of the EIS;

· appoints the engineering firm of Brown & Caldwell (www.brownandcaldwell.com) as the third-party engineering firm responsible for preparation of the EIS; and

· provides for an estimated timeline of August 2010 for publication of the Final EIS and Record of Decision on the Buffalo Gulch project.

Ø A website for the Buffalo Gulch project may be viewed at http://www.elkcitymining.com .

The publication of the NOI on August 15, 2008 started the official 30-day public comment and project scoping period required for the preparation of an EIS.  The comment period ends on September 15, 2008.  The Notice of Intent to Prepare an Environmental Impact Statement for the Buffalo Gulch Mining Project can be viewed by clicking this link.  Those wishing to submit comments on the Buffalo Gulch project should submit them to Mr. Scott Sanner, Mining Engineer with BLM at the contact information provided at the end of this update.

The public tour and meeting will begin at 1:30 PM on August 28, 2008 at the Elk City Ranger Station, and last until approximately 9:00 PM.  Additional information on the BLM Field Tour and Public Meeting Notice can be viewed by clicking this link.  Representatives of the BLM, Idaho Department of Environmental Quality, and other interested government agencies will be participating in this public meeting and tour.  During the tour, the plan of operations for the proposed mine will be publicly reviewed and the public will have an opportunity to submit comments and questions to ECM and the agency representatives present.

It is expected that the MOU being negotiated between the BLM and ECM will be finalized shortly.  The MOU provides for the appointment of Brown & Caldwell (www.brownandcaldwell.com) as the independent third-party engineering firm for preparation of the EIS.  Brown and Caldwell, established in 1947, is a multi-disciplined environmental engineering and consulting firm. It is an employee-owned company headquartered in Walnut Creek, California, and employs more than 1,500 people in 45 offices across the United States of America. Engineering News-Record ranks Brown and Caldwell 48^th among the nation?s top 500 engineering firms, 36^th among the Top 200 environmental firms, 21^st largest in the Water Supply market and 8^th largest in the Sewer/Waste market. 

The MOU identifies the following key milestones and their anticipated timeline for completion:

As the EIS process proceeds Premium will provide additional updates as to the status of the milestones and their anticipated completion timelines.  It is expected, pending issuance of all the necessary permits, that mine construction and operations will commence as soon as possible after issuance of the Record of Decision on the EIS by the BLM.

Qualified Person

Mr. Wilf Struck, P.Eng,. is the Qualified Person for the technical information in the news release under National Instrument 43-101.

About Premium Exploration, Inc.

Premium Exploration, Inc. is a unique precious metals explorer focused on Mexico and the USA.  Listed on the TSX Venture Exchange (TSX-V:PEM), the Company was founded on a team with exploration success, committed to maximizing shareholder exposure to precious metals discovery, the most profitable stage of exploration. Premium?s portfolio holds gold, silver and platinum group metals projects in various stages of exploration, from grassroots to near-term production.  Premium?s business model utilizes the joint venture approach where strategically chosen projects are quickly advanced. This model allows the Company to focus its exploration efforts in under-explored precious metal belts that would allow for profitable extraction, with minimal political, social or environmental risks.  Additional information on the Company may be found at http://www.premiumexploration.com.

All prospective and current shareholders of Premium Exploration are invited to join the company?s official investment forum exclusively at Pinnacle Digest:  http://www.pinnacledigest.com/company/pem:ca.  The forum allows for investor controlled discussion, questions and progressive feedback from other shareholders and investors. Third party reports on the company are also available at http://www.pinnacledigest.com.

For more information, please contact:

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

Premium Exploration, Inc. Announces it has Staked 110 Claims Covering the Central Orogrande Shear Zone and a Preliminary Drill Plan to Test the Entire Orogrande Shear Zone

Vancouver, British Columbia (Marketwire – June 5, 2008) – Premium Exploration, Inc. (TSX-V:PEM) (“Premium” or the “Company”) is pleased to announce the staking of 110 quartz lode mining claims that covers the balance of the heart of the Central Orogrande Shear Zone (“OSZ”) in Idaho, USA.

The Central Orogrande Shear Zone is located between the Company’s Buffalo Gulch Joint Venture property in the Northern Extension of the OSZ and the Company’s Friday/Petsite 531,890 ounce inferred gold resource property located in the Southern Extension of the OSZ.

• A review of all available exploration data leads the Company to believe that the OSZ is the mineralizing conduit for the entire 28 km strike length of the geologic structure.
• Worth noting are the grades drilled by the previous operators on the Friday property which intercepted gold mineralization up to 21.3 meters averaging 9.9 g/t Au which included 1.5 meters assaying 74.85 g/t Au.

During this review, the Company correlated the results of the historic exploration programs completed by past operators including Glamis Gold, Bema Gold, Cyprus-Amax Minerals, Canden Capital Corporation and Idaho Consolidated Metals Corporation.  The historic drill results from past exploration of the Southern Extension of the OSZ has identified a discrete high grade gold zone that appears to run alongside, or as part of, the Orogrande Shear Zone.  Also, the historic geophysical and geochemical surveys taken on the Northern Extension of the OSZ indicate the possibility that this discrete high grade gold zone may extend along the entire length of the OSZ, and that the OSZ is a possible mineralizing conduit along its entire 28km strike length.  A map of the Historic Idaho Gold Belt may be viewed by clicking here.

None of the previous exploration programs ever methodically tested the OSZ for high grade continuous gold mineralization, and to date this model has not been systematically drill tested.  The purpose of Premium’s drill plan is to determine if the high grade gold values encountered in historical drilling at Friday / Petsite persist along the entire 28 km strike length of the OSZ.

Highlights of the Preliminary Drill Plan Include:

• Drill testing of the Southern Extension of the Orogrande Shear Zone at Friday Petsite: The proposed drilling at this zone includes 15 drill holes totaling approximately 3,700 meters on the Friday property. This drilling is designed to intersect the OSZ and delineate mineralization down dip and along strike from gold mineralization encountered in past drilling.

Based on drilling to date, the Friday property has an inferred resource of 531,890 ounces at a grade of 0.0318 ounces per ton using a 0.015 ounce per ton cutoff, with high grade intercepts.   Additional details on the Friday property can be reviewed in the 2008 NI 43-101 Technical Report on the property.

• Drill testing of the Central Orogrande Shear Zone: The Company is planning to drill 8 holes in the Central Orogrande Shear Zone totaling 1,700 meters. The drilling on the Central Orogrande Shear Zone is designed to intersect the OSZ in the area as delineated by past soil geochemistry surveys over a 6 kilometer strike length.

Several historic mines are located in the Central Orogrande Shear Zone that mined quartz veins in dilatent zones associated with the shear zone. Past production records haven’t been located, so information regarding tonnage or grade of the mines is not available.

• Drill testing of the Northern Extension of the Orogrande Shear Zone at Buffalo Gulch: Premium is planning on drilling 17 holes on the Buffalo Gulch property totaling 3,700 meters . This drilling is designed to test mineralization below the currently defined Buffalo Gulch deposit as well as along strike across the Northern Extension of the OSZ.

Historical coincident geophysical (IP and resistivity) and soil geochemical survey’s identified anomalies associated with the Buffalo Gulch deposit to the south of the deposit along the Northern Extension of the OSZ which will be tested by the drilling. The geochemical anomaly is 4 kilometers long and stretches from Buffalo Gulch creek on the north side of the Buffalo Gulch deposit to the South Fork of the Clearwater River south of the Buffalo Gulch deposit where the Northern Extension of the OSZ meet the Central OSZ.. Premium will also conduct additional geophysics to confirm and extend the previous geophysics and further delineate the OSZ from the Buffalo Gulch deposit to the Clearwater River.

The Company is currently preparing budgets, timelines, reviewing potential drill contractors and preparing permit applications to move forward with this significant drill program.  As the Company finalizes these details, Premium will issue additional press releases providing updated information on the status of these items.

Overview of the Orogrande Shear Zone

The Orogrande Shear Zone is a gold mineralization belt that is 28 km long in strike length and hosts many of the 219 mapped prospects making up the “Elk City Gold Belt”.  This includes at least 13 minor historic producers from the early 20th century.  The streams paralleling and crossing the OSZ have been extensively placer mined.  The Orogrande Shear Zone is comprised of the following three sections: the Northern Extension, the Southern Extension and the Central Shear Zone.

Qualified Person

Mr. Wilf Struck, P.Eng., geologic consultant to the Company, is the Qualified Person (“QP”) responsible for the technical disclosure in this press release, in accordance with National Instrument 43-101.

About Premium Exploration

Premium Exploration Inc. is focused on precious metals exploration in the United States and Mexico. The Company is founded on a management and geological team with a proven track record demonstrated by their accomplishments. Premium’s portfolio currently holds projects in various stages of exploration located within under-explored precious metal belts that host multi-million ounce deposits. Utilizing “value-added” and joint venture strategies, Premium maintains multiple interests and royalties in their projects, maximizing shareholder exposure to mineral discovery. Through a joint venture agreement, Premium is advancing the Chrome Mountain PGM project in Montana, USA and the Buffalo Gulch Gold Deposit in Idaho, USA, while negotiations for joint ventures and acquisitions in Mexico are underway.  Additional information may be found on our website at http://www.premiumexploration.com.

All prospective and current shareholders of Premium Exploration are invited to join the company’s official investment forum exclusively at Pinnacle Digest: (http://www.pinnacledigest.com/company/pem:ca). The forum allows for investor controlled discussion, questions and progressive feedback from other shareholders and investors. Third party reports on the company are also available at http://www.pinnacledigest.com/.

Contact Information:
Christine Kopr
Investor Relations
(604) 682-0243
Email: IR@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.

PREMIUM EXPLORATION ANNOUNCES UPDATE ON BUFFALO GULCH PERMITTING PROCESS

Vancouver, British Columbia (Marketwire – May 7, 2008) – Premium Exploration, Inc. (TSX-V:PEM) (“Premium” or the “Company”) is pleased to announce an update on the Buffalo Gulch permitting process.

• Premium Exploration Inc.’s, joint venture partner (Elk City Mining, LLC) is making progress on permitting the Buffalo Gulch Mine and advancing the project to production. Elk City Mining (ECM) held several public meetings near the project area to initiate the scoping process and inform the public and regulatory agencies of the project.

• The Buffalo Gulch property is in the same geologic environment on the Orogrande Shear Zone as the Friday/Petsite property, which hosts a 531,000 oz Au inferred resource. The Buffalo Gulch target is located at the northern end of the Orogrande Shear Zone while Friday/Petsite is near the southern end of the 26 mile shear zone.

• Core drilling on the Friday/Petsite property has returned grades averaging 9 g/t(0.289 troy ounce per ton) Au over a drill intercept of 70 feet (21.3 meters) including intercepts of five feet (1.5 meters) of 67.89 g/t Au (2.183 troy ounce per ton).

• Buffalo Gulch is open along strike to the north and south as well as down dip.

• The Company is planning deeper drilling at Buffalo Gulch below known mineralization to test a large, IP anomaly which is interpreted to represent mineralization similar to that found at Friday/Petsite.

• Premium controls the north and south ends of the Orogrande Shear Zone.

• For complete terms of the joint venture agreement, (please see TSX-V:PEM November 15, 2007 press release).

This gold target was permitted by Bema Gold Corporation’s subsidiary (Idaho Gold Corporation) in 1991 as an open-pit gold mine, but was placed on care and maintenance by Bema just prior to mine construction due to low gold prices. Several historical prefeasibility studies indicated that this target was potentially viable as an open-pit gold mine at a gold price of $450 per ounce. Although, a qualified person has not done sufficient work to classify the historical estimates as current mineral resources nor is the issuer treating the historical estimate as current mineral resources, the resource estimate is being revised and will include assays from 13 core holes which were drilled subsequent to the original resource calculations.

ECM has the original Plan of Operations, as well as the final Environmental Assessment for the project which were used to acquire all of the necessary permits from the various United States federal and state regulatory agencies for the construction and operation of the Buffalo Gulch Gold Mine. ECM is using the original documents as the basis for the current Plan of Operations which is the main document for the re-acquisition of the permitting documents, and has converted the original plan of operations and supporting documents including the Environmental Assessment into digital format for ease of use. The digital documents have been provided to the Bureau of Land Management (BLM) for use in the public scoping process. The documents will be available on their website, and the link will be provided once the documents are loaded.

Possession of the original documents is a substantial benefit to the company as the mine plan and design work had been completed and the Plan of Operations has been approved in the past by the regulatory agencies. Presumably this will shorten the permitting timeline as the scope of the project is similar and the agencies have reviewed the documents in the past.

The Company also had meetings with the BLM at their office in Cottonwood, Idaho (which is the office that administers the project area) to determine the scoping timeframes and select a third party contractor. The environmental contractor approved by the BLM is Brown and Caldwell (http://www.brownandcaldwell.com/) a nationally recognized engineering and environmental firm specializing in environmental analysis for large projects. The contractor will work directly with the BLM to provide support and develop information in areas where the BLM may not be able to provide resource staff due to other commitments. This commitment has been made by the Company to expedite the scoping process and permitting.

The North Orogrande Shear Zone is comprised of 107 unpatented quartz lode mining claims, and the pre-production Buffalo Gulch gold property is located approximately in the middle of this zone. The prefeasibility studies have not been examined by a qualified person and updated with current costs nor is the issuer treating the prefeasibility studies as current and the historical prefeasibility study should not be relied on.

Qualified Person

Mr. Wilf Struck, P.Eng., geologic consultant to the Company, is the qualified Person (“QP”) responsible for the technical disclosure in this press release, in accordance with National instrument 43-101

About Premium Exploration

Premium Exploration Inc. is focused on precious metals exploration in the United States and Mexico. The Company is founded on a management and geological team with a proven track record demonstrated by their accomplishments. Premium’s portfolio currently holds projects in various stages of exploration located within under-explored precious metal belts that potentially host multi-million ounce targets. Utilizing “value-added” and joint venture strategies, Premium maintains multiple interests and royalties in their projects, maximizing shareholder exposure to mineral discovery. Through a joint venture agreement, Premium is advancing the Chrome Mountain PGM project in Montana, USA and the Buffalo Gulch Gold project in Idaho, USA, while negotiations for joint ventures and acquisitions in Mexico are underway.  Additional information may be found on our website at http://www.premiumexploration.com/.

Contact Information:

Brett Delaney / Christine Kopr

Investor Relations

(604) 682-0243

Email:

IR@premiumexploration.com

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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.

All prospective and current shareholders of Premium Exploration are invited to join the company’s official investment forum exclusively at Pinnacle Digest: (http://www.pinnacledigest.com/company/pem:ca). The forum allows for investor controlled discussion, questions and progressive feedback from other shareholders and investors. Third party reports on the company are also available at http://www.pinnacledigest.com/.

PREMIUM EXPLORATION INITIATES AN EXPLORATION PROGRAM AND THE MINE PERMITTING PROCESS AT ITS BUFFALO GULCH PROJECT JOINT VENTURE

VANCOUVER, BRITISH COLUMBIA (Marketwire – December 4, 2007) – Premium Exploration, Inc. (TSX VENTURE:PEM) (“Premium” or the “Company”) (http://www.premiumexploration.com/) is pleased to announce initiation of the permitting process of the proposed Buffalo Gulch gold mine located in the State of Idaho, United States of America. In addition to the permitting, Premium conducted a soil sampling program to delineate gold mineralization associated with the North Orogrande Shear Zone south of the proposed Buffalo Gulch pit. Geophysical surveys consisting of a resistivity and IP (Induced Polarization) surveys conducted by a previous operator were successful in delineating the strike of the North Orogrande Shear Zone. Limited historic soil sampling returned anomalous gold values in soil coincident with the geophysical surveys and remained ?open? to the south. The current sampling will test for mineralization south of the known anomaly.

The historic IP survey detected two conductors associated with the North Orogrande Shear Zone, one conductor is below eastern edge of the proposed pit, while the second conductor is directly south of the proposed pit. The geologic interpretation predicts gold vein structures associated with the North Orogrande Shear Zone, similar to the gold vein structure intersected on the South Orogrande Shear Zone at the Friday property. Historic drilling (within the last 10 years) on the Friday property intercepted gold mineralization up to 70 feet (21.3 m) averaging 0.289 oz/ton (9.9 g/tonne) which included 5 feet (1.5m) assaying 2.183 oz/ton (74.85 g/tonne). Permitting for drill testing of the IP anomaly under the Buffalo Gulch pit is underway.

In November 2007 the Company had a four man field team on site at Buffalo Gulch conducting the following activities:

• Staked an additional 34 claims to the south of the existing Buffalo Gulch property covering all of the open ground between the North Orogrande Shear Zone and the Central Orogrande Shear Zone which is controlled by the Premium?s joint venture partner Clearwater Mining Corporation (?CMC.?)
• A 500 sample soil geochemical program on along the North Orogrande Shear zone south of the Buffalo Gulch deposit to the 34 newly staked claims. Soil samples were taken on a grid with 100 meter (328 feet) line spacing and 25 meter (82 feet) sample spacing, covering approximately 180 hectares (445 acres). The samples have been sent to ACME Labs, based in Vancouver, BC for assaying, and results are expected in January 2008. The program was designed to delineate the southern extent of the gold mineralization on the Buffalo Gulch property. The soil sampling will assist in defining additional drill targets south of the currently defined Buffalo Gulch Deposit. It is expected, pending receipt of the necessary permits and approvals, that additional drilling will be conducted at Buffalo Gulch during the 2008 exploration field season.
• Previous operators of the Buffalo Gulch Deposit had received all of the necessary permits for the construction and operation of an open pit gold mine at Buffalo Gulch from the various United States federal and state regulatory agencies. Premium is converting to digital format the original Plan of Operations for the Buffalo Gulch Gold Mine and will initiate the permitting process this week by meeting with representatives of the United States Bureau of Land Management in Idaho.

About the North Orogrande Shear Zone and the Pre-Production Buffalo Gulch Gold Deposit:

The North Orogrande Shear Zone is comprised of 107 unpatented quartz lode mining claims, and the pre-production Buffalo Gulch gold deposit is located approximately in the middle of this zone. This gold deposit was permitted by Bema Gold Corporation in 1991 to be placed into production as an open pit gold mine, but was mothballed by Bema just prior to mine construction due to low gold prices. Several historic pre-feasibility studies indicated that this deposit was potentially viable as an open pit gold mine at a gold price of $450 per ounce. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources nor is the issuer treating the historical estimate as current mineral resources. The pre-feasibility studies have not been examined by a qualified person and updated with current costs nor is the issuer treating the pre-feasibility studies as current and the historical pre-feasibility study should not be relied on.

Premium believes that the Buffalo Gulch deposit is geologically comparable to the Friday / Petsite gold deposit (PLEASE SEE PEM NEWS RELEASE DATED October 22, 2007) that it is acquiring from CMC located in the South Orogrande Shear Zone. Like the Friday / Petsite gold deposit the Buffalo Gulch gold deposit is open north and south along strike and at depth for further exploration and expansion.

About the High Grade Gold Vein Target Associated with the North Orogrande Shear Zone:

The Orogrande Shear Zone is a gold mineralization belt that is 26 miles long in strike length and has 219 mapped prospects, including both lode and placer mines. The streams paralleling the entire Orogrande Shear Zone have been extensively placer mined. The Orogrande Shear Zone is comprised of the following three sections: the North, South and Central Shear Zones There have been multiple historic drill intercepts of high grade gold mineralization on the South Orogrande Shear Zone in past drill programs conducted by Cyprus Amax Minerals, Canden Capital Corporation and Beartooth Platinum Corporation. This historic drilling has identified a discrete high grade gold zone that appears to run alongside or as part of the Orogrande Shear. However, this exploration work to date has not established the extent of the high grade zone Past geophysical surveys on the North Orogrande Shear Zone identify a prominent IP anomaly in this portion of the Orogrande Shear Zone that runs parallel and adjacent to the Buffalo Gulch Gold deposit. Premium believes that this IP anomaly may represent a high grade gold vein target similar to the one intercepted in the historic drill testing conducted on the South Orogrande Shear Zone. To date, no drilling has been designed to test the source of this prominent IP anomaly, which Premium intends to drill upon receipt of the necessary permits and approvals to do so.

Qualified Person

Mr. Wilf Struck, P.Eng., geologic consultant to the Company, is the Qualified Person (“QP”) responsible for the technical disclosure in this press release, in accordance with National Instrument 43-101.

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 United States. 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/.

Contact Information:

Premium Exploration, Inc.

Brett Delaney / Christine Kopr

Investor Relations

(604) 682-0243

Email:

info@premiumexploration.com

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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.

PREMIUM EXPLORATION ENTERS INTO LETTER OF INTENT TO JOINT VENTURE THE PRE-PRODUCTION BUFFALO GULCH GOLD DEPOSIT

VANCOUVER, BRITISH COLUMBIA (Marketwire – November 15, 2007) – Premium Exploration, Inc. (TSX VENTURE:PEM) (“Premium” or the “Company”) (http://www.premiumexploration.com/) is pleased to announce that it has entered into a letter of intent to enter into a joint venture with Clearwater Mining Corporation (“CMC”) to explore and develop the Northern Extension of the Orogrande Shear Zone, located in the State of Idaho, United States of America.  The 7 mile Northern Extension of the Orogrande Shear Zone contains the following two gold mineralization prospects:

• The pre-production Buffalo Gulch gold deposit located approximately in the middle of the Northern Extension of the Orogrande Shear Zone. This gold deposit was permitted by Bema Gold Corporation in 1991 to be placed into production as an open pit gold mine, but was mothballed by Bema just prior to mine construction due to low gold prices. Several historic pre-feasibility studies indicate that this deposit is potentially viable as an open pit gold mine at a gold price of $450 per ounce. On November 14, 2007 the price of gold closed at $813.90 per ounce. Premium believes that the Buffalo Gulch deposit is geologically comparable to the 531,890 ounce Friday / Petsite inferred gold resource that it is acquiring from CMC located in the Southern Orogrande Shear Zone. Both the Buffalo Gulch and Friday / Petsite gold deposits are open north and south along strike and at depth for further exploration and expansion.
• A potential high grade gold vein structure that appears to follow the complete strike length of the Northern Extension of the Orogrande Shear Zone. As described in our news release dated October 22, 2007, Premium previously entered into a letter of intent to acquire a 100% interest in the Southern Extension of the Orogrande Shear Zone from CMC. Assay results from the core drilling intercepts on the high grade gold vein structure associated with the Southern Extension of the Orogrande Shear have returned results grading up to 70 feet of gold mineralization averaging 9 g/ton, including 5 feet of 67.89 g/ton. With this Joint Venture, Premium now controls both the North and South ends of the 26 mile long shear zone, while CMC retains control over the Central Orogrande Shear Zone.

About the Pre-Production Buffalo Gulch Gold Deposit:

The pre-production Buffalo Gulch gold deposit is comprised of 73 unpatented quartz lode mining claims. The claims are controlled through direct ownership and one master agreement with three underlying agreements, in which ownership interests take the form of a leasehold interest, assignment interest or optioned interest.

The Buffalo Gulch deposit was defined by exploration programs conducted by Bema Gold Corporation, Idaho Consolidated Minerals Corporation and its successor Beartooth Platinum Corporation.  The exploration programs on the property included extensive soil sampling, geophysical surveys and drill programs defining a disseminated gold deposit containing both oxide and sulfide mineralization.  The gold deposit is open to the north and the south and at depth into sulfide mineralization.  To date deep drilling has not been conducted in order to test the extent of the sulfide mineralization. Only 10% of the surface geochemical gold-in-soils anomaly appears to have been drill tested by previous operators, and Premium believes that substantial potential exists to significantly increase the scale of this gold deposit.  The gold mineralization at Buffalo Gulch has been the subject of an extensive metallurgical testing program, beginning with bottle-roll cyanidation leach tests in 1986, culminating in two pilot-scale heap leach test pads that were constructed and operated in 1987 and 1989, respectively. Based on this work, previous operators calculated “mineable reserves” of 4,800,000 tons of oxide ore, containing approximately 100,000 ounces of gold at a low stripping ratio of 0.88 waste to ore. This information has not been corroborated by Premium, nor does it meet the standards for 43-101 compliance, but it is provided for historical perspective.  As discussed above, this deposit previously received all of the necessary permits for the construction and operation of an open pit gold mine at Buffalo Gulch from the various United States federal and state regulatory agencies.  Premium is currently in the process of updating the Buffalo Gulch Plan of Operations in preparation for re-permitting the mine by submitting the necessary permit applications to the various state and federal government agencies in order to place this deposit into production.

About the High Grade Gold Vein Target Associated with the Northern Extension of the Orogrande Shear Zone:

The Orogrande Shear Zone is a gold mineralization belt that is 26 miles long in strike length and has 219 mapped prospects, including both lode and placer mines.  The streams paralleling and crossing the Orogrande Shear Zone have been extensively placer mined.  The Orogrande Shear Zone is comprised of the following three sections: the Northern Extension, the Southern Extension and the Central Shear Zone.  With the execution of this Letter of Intent Premium now controls the Northern and Southern Extensions of the Orogrande Shear Zone, while CMC has retained control of the Central Orogrande Shear Zone.  Historic exploration drilling conducted by Bema Gold, Cyprus Amax Minerals, Canden Capital Corporation and Beartooth Platinum Corporation on the Southern Extension of the Orogrande Shear Zone has identified a discrete high grade gold zone that appears to run alongside or as part of the Orogrande Shear. This exploration work to date has not established the extent of the high grade zone.

Past geophysical surveys on the Northern Extension of the Orogrande Shear Zone identify a prominent IP anomaly in the portion of the Orogrande Shear Zone that runs parallel and adjacent to the Buffalo Gulch Gold deposit.  To date, no drilling has been conducted on this prominent IP anomaly.  Premium believes that this IP anomaly represents a high grade gold vein target similar to the one located in the historic drill testing conducted on the Southern Extension of the Orogrande Shear Zone that Premium is acquiring from CMC.  Currently, Premium is preparing the permit application to undertake drilling to test for the source of the IP anomaly which may be associated with high grade gold mineralization.  This drilling will commence upon receipt of permits from the controlling governmental authorities.

Significant Terms and Conditions of the Joint Venture Letter of Intent:

Under this Joint Venture Premium can acquire a 50% interest in the North Orogrande Shear Zone by completing to the following:

• Upon signing the definitive agreement Premium shall pay to CMC 500,000 common shares of Premium.
• At the start of the second year of the joint venture agreement Premium shall pay to CMC an additional 500,000 common shares of Premium.
• Funding all costs associated with re-permitting the Buffalo Gulch Gold Deposit to operate as a gold mine.
• Funding the various payments to the underlying property vendors of Buffalo Gulch.
• Funding the annual claim maintenance fees to the United States Bureau of Land Management of the Idaho Department of Lands.

Furthermore, upon completing a multi-year exploration program on the property that increases the historical gold mineralization calculations and takes said resource to a bankable feasibility study Premium will earn an additional 20% interest in the property.

Pursuant of the Letter of Intent Clearwater Mining Corporation shall have the option to earn back up to a 70% interest in the Joint Venture by making a cash payment to Premium equaling 1.5 times the funds spent by Premium on permitting costs associated with the proposed Buffalo Gulch Mine and any incurred exploration costs to date on the North Orogrande Shear Zone, along with funding construction of the proposed Buffalo Gulch mine to produce no less than two thousand tons per day (2,000/tpd) of ore.

In addition to the terms and conditions of the Letter of Intent the parties will agree upon an appropriate legal structure for the joint venture in the definitive joint venture agreement.  It is anticipated that the joint venture will be formed as an Idaho limited liability company, using Clearwater Mining Corporation’s wholly owned subsidiary, Elk City Mining, LLC, as the legal vehicle for the joint venture.  Entering into the Joint Venture on the North Orogrande Shear Zone by Premium is subject to all customary due diligence procedures, execution of final definitive acquisition agreements and approval of the TSX Venture Exchange as applicable.  No finder’s fees were paid as part of this transaction.  The transaction is a non-arms length transaction in that Ellen Steiner, wife of Del Steiner, President and CEO of Premium is a minority, non-controlling shareholder of Clearwater Mining Corporation.

Qualified Person

Mr. Wilf Struck, P.Eng., geologic consultant to the Company, is the Qualified Person (“QP”) responsible for the technical disclosure in this press release, in accordance with National Instrument 43-101.

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 United States. 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/.

Contact Information:

Premium Exploration, Inc.

Brett Delaney / Christine Kopr

Investor Relations

(604) 682-0243

Email:

info@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.