FOR IMMEDIATE RELEASE JULY 30, 2007
VANCOUVER, BRITISH COLUMBIA (Marketwire – July 30, 2007) Premium Exploration, Inc. (TSX-V:PEM) (“Premium”) (www.premiumexploration.com) is pleased to announce that it intends to raise up to $1,300,000.00 through a private placement of 3,250,000 units (the “Units”) at $0.40 per Unit. Each Unit will consist of one common share (a “Share”) and one half of one non-transferable Warrant (a “Warrant”). Each whole Warrant will be exercisable into one Share for a period of one year at an exercise price of $0.50 per Share.
The funds raised will include up to a 10% finder’s fee in cash or shares. The proceeds from the private placement will be used for drilling in Mexico, property acquisitions and evaluations, and general and administrative expenses.
The proposed private placement is subject to TSX Venture Exchange acceptance.
Premium is further pleased to announce that it intends to enter into a Strategic Alliance with Strategic Metals Ltd. (“SMD”) (TSX-V:SMD) for the exploration of precious and base metals on Premium’s projects in the United States of America and Mexico. Under the terms of this informal agreement, the companies will evaluate and explore designated projects on a project by project basis. The agreement also grants SMD the right to participate in Premium’s current financing.
About Premium Exploration, Inc.:
Premium Exploration, Inc. is a precious metals exploration company focused on exploration in North America. The Company is listed on the TSX Venture Exchange and has assembled an innovative and experienced management and advisory team who are committed to the long-term success of the Company. Premium’s goal is to discover precious metal deposits that are strategically located in areas that would allow their profitable extraction, with minimal political, social or environmental risks. Current holdings are in Mexico and the USA. To maximize the possibility of realizing this goal, the company’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, the company 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.
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Premium Exploration’s Current Projects |
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Project |
Location |
Commodity |
Land Position |
Mineralization |
Snapshot |
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Chrome Mountain |
Montana, USA |
PGM – Pt,Pd,Rh
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970 hectares (2,397 acres) 50% owned |
Platinum, palladium and rhodium within chromitite layers of the Stillwater Complex | Located within the Stillwater Complex and host to the only producing primary platinum and palladium mine in the USA. Project in a US$5,000,000 Joint Venture with Beartooth Platinum Corporation. |
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Nueva Galicia |
Nayarit, México |
Ag/Au |
17,000 hectares (42,000 acres) Option to earn 100% |
High grade epithermal vein systems and breccias. | Epithermal vein systems aligned along a structural corridor over a distance of 10 km (6 mi.). Three parallel vein systems have been mapped in detail for a total of 4500 meters to date – the target of Phase I drill program which is currently underway. |
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San Pedro Analco |
Jalisco, México |
Ag/Au/Zn |
1,136 hectares (2,800 acres) Option to earn 100% |
High-grade, epithermal vein systems and breccias | Phase I exploration program highlights:
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Dos Amigos |
Nayarit, México |
Ag/Au/Cu/Zn/Pb |
3,230 hectares (7,985 acres) Option to earn 100% |
Veins and bulk-tonnage gold/silver | Select grab sample returned 8.3 g/t gold and 15,276 g/t (445 oz./ton) silver as well as 7.2% copper, 4.5% lead and 17.2% zinc. |
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Rosamorada |
Nayarit, México |
Au/Ag |
300 hectares (740 acres) Option to earn 100% |
Veins and bulk-tonnage gold/silver | Preliminary results pending. |
Contact Information:
Premium Exploration, Inc.
Ms. Lisa Maxwell, Corporate Secretary
(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 files 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.