Premium Exploration Inc.

VANCOUVER, BRITISH COLUMBIA (June 9, 2010) – Premium Exploration Inc. (TSX-V:PEM) (“Premium”) has increased its brokered private placement to $10,000,000.  The brokered placement was previously announced on April 19, 2010.  Under the terms of the amended offering, Premium is closing the placement at $10,000,000, issuing 40,000,000 Units at $0.25 per Unit. Each Unit will consist of one Common Share and one-half of a Share Purchase Warrant.  Each whole Warrant will be exercisable at a price of $0.35, for a period of 18 months from the closing date of the financing.  The securities are subject to a four-month hold period.

“I’m very pleased that the quality of our projects and our exploration to date has attracted knowledgeable long term investors and led to increasing the previously announced private placement. The Company is currently drilling 10,000 meters in the Phase-Three drill program on the Friday-Petsite project and is looking forward to increasing shareholder value.” stated Wilf Struck, Premium’s CEO.

Premium has engaged Industrial Alliance Securities Inc. as lead agent, in a syndicate which also includes Dundee Securities Corporation, and Byron Securities Ltd.

The funds raised will include a 7% cash commission and 7% broker’s warrants (payable on upon closing).

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, and for general working capital.  The private placement is subject to approval from the TSX Venture Exchange.

Following a technical disclosure review by the British Columbia Securities Commission, (the “BCSC”), the Company, at the request of the BCSC, has revised its January 22, 2008 Technical Report on the Friday-Petsite property. The revised technical report, written by Wilf Struck, P.Eng., and CEO of Premium Exploration, confirms that the inferred resource estimate of 16.73 million tons grading 0.032 oz/ton gold at a cut-off grade of 0.015 oz/ton gold previously announced on January 22, 2008, is a current inferred resource estimate. Please refer to the report as revised May 27, 2010 on SEDAR for additional details.

Due to other consulting commitments; effective May 31^st, 2010, Pro-edge Consultants, Inc. of Toronto will no longer be providing investor relation services to the Company. Pro-edge provided exposure for Premium during a difficult time in the market and Premium wishes them well on their future projects.

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.

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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 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.