FOR IMMEDIATE RELEASE OCTOBER 10, 2007
PREMIUM EXPLORATION COMPLETES 2007 PLATINUM GROUP METALS DRILL PROGRAM ON THEIR CHROME MOUNTAIN JV PROJECT, MONTANA, USA
VANCOUVER, BRITISH COLUMBIA (Marketwire – October 10, 2007), Premium Exploration, Inc. (TSX-V:PEM), is pleased to announce the completion of seven holes of the first drill program on the Chrome Mountain Joint Venture Project, located in the Stillwater Mafic Intrusive Complex in Montana, USA. The Chrome Mountain property is a joint venture with Beartooth Platinum Corporation (TSX-V-BTP).
The 2007 Chrome Mountain drill program was designed to intercept the “A” & “B” Chromitite Zone which appears to parallel the JM Reef, which produced over 600,000 ounces of Platinum Group Metals (PGM’s) in 2006. The “A” & “B” Chromitite Zone is widely believed to be similar to the UG2 Layer of the Bushveld Complex, South Africa, where PGM’s are currently mined at 5 to 7 g/t (0.132oz to 0.185oz/ton). The drill holes averaged 260m (855ft) deep, and were centered on a ? 1 g/t PGM soil anomaly, covering an area of approximately 2300 meters (7,544 ft) by 1000 meters (3,280 ft), compiled from over 9,000 soil samples collected by BTP during the 2006 field program.
Worth noting, in 2006, BTP’s drill program on Iron Mountain, which is 7km from Chrome Mountain along the length of the Anomaly, identified zones of high Rhodium values of 1 to 2 g/t within the A and B Chromitites. As of today’s date, Rhodium is trading at $6,140.00/oz, Platinum at$1,385.00/oz, and Palladium at $372.00/oz.
Beartooth Platinum Corp. has the option to earn a 50% in this project by spending $3,000,000 on exploration over the next three years. The J M Reef, which is part of the Stillwater Mafic Intrusive Complex, and is host to two of the largest PGM producing mines in North America. The Stillwater and East Boulder Mines, owned by Stillwater Mining Company (SMC) have been in production since 1992.
Beartooth Platinum Corp. employs a QA/QC protocol on all aspects of the analytical procedure. Core samples are sawn in half, one half retained for the record and the second half shipped to SGS Assay Laboratory in Toronto for assay. Samples are collected on a maximum of 1.3m (4 feet), with smaller lengths in areas of interest. Sample preparation is conducted in SGS’s sample preparation Lab located in Elko, Nevada and the pulps are shipped to SGS Mineral Services Ltd. In Toronto, Canada for assay, using industry standard fire assay techniques. A blank sample is inserted within every 50 & 100 ft of core. Known standards, representing a high and low range of grade are inserted at 25 and 75 ft intervals. Approximately 12.5% of the pulps are re-analyzed by SGS.
The Quality Control and all aspects of exploration program are supervised by Mr. Wilf Struck, P.Eng., the Qualified Person (“QP”), 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 USA. 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/.
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Premium Exploration’s Projects |
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Project |
Location |
Commodity |
Land Position |
Targets |
Highlights |
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Chrome Mountain |
Montana USA |
Pt-Pd-Rh
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970 hectares (2,397 acres) 100% owned |
Platinum, palladium and rhodium within chromitite layers of the Stillwater Complex & shear-hosted gold and PGM | One km from producing platinum and palladium mine. Drilling underway funded by US$5,000,000 joint venture with Beartooth Platinum. |
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Nueva Galicia |
Nayarit México |
Au-Ag |
18,125 hectares (44,780 acres) Option to earn 100% |
High grade veins and breccias. | Over four km of veins mapped to date. Phase I 2000 meter drill program underway. Initial results:
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San Pedro Analco |
Jalisco México |
Ag |
1,136 hectares (2,800 acres) Option to earn 100% |
High-grade veins and bulk-tonnage breccias | Phase I exploration highlights:
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Dos Amigos |
Nayarit México |
Au-Ag |
3,230 hectares (7,985 acres) Option to earn 100% |
Veins and bulk-tonnage gold/silver | Quartz stockwork mapped over 500m x 400m |
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Rosamorada |
Nayarit México |
Au-Ag |
300 hectares (740 acres) Option to earn 100% |
Bulk-tonnage gold/silver | Quartz stockwork mapped over 1000m x 300m |
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.