Offering of Common Shares

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.




Shares Issued: 137,431,855


THUNDER BAY, ON, Feb. 27, 2012 /CNW/ - Premier Gold Mines Limited (TSX:PG) ("Premier" or the "Company") is pleased to announce that it has
completed a previously announced bought deal public offering of
10,000,000 common shares (the "Common Shares") at a price of $5.75 per
Common Share for net proceeds of approximately $54.5 million (the
"Offering") through a syndicate of underwriters led by RBC Capital
Markets and including Canaccord Genuity Corp., Scotia Capital Inc.,
CIBC World Markets Inc., Goldman Sachs Canada Inc., Stonecap Securities
Inc., Octagon Capital Corporation and Versant Partners Inc. The
Offering included the issue of 1,000,000 Common Shares at the offering
price upon the exercise of the over-allotment option granted by the
Company to the Underwriters under the Offering. Pursuant to the
over-allotment option, the Underwriters have the right to purchase up
to an additional 350,000 Common Shares at the Common Share offering
price, exercisable in whole or in part, at any time prior to March 28,
2012.


The net proceeds from the Common Shares sold under the Offering will be
used to fund Premier's exploration and development activities, for
repayment of a portion of Premier's long‐term debt and for general
corporate purposes.


"With the completion of this financing, the Corporation now has
approximately $90 million in working capital" stated Ewan Downie,
President and Chief Executive officer of Premier. "These funds are
expected to meet all near and mid-term exploration and development
plans as well as facilitating plans for continued corporate growth."


About Premier


Premier Gold Mines Limited is one of North America's leading exploration companies with a
high-quality pipeline of projects focused in proven, safe and
accessible mining jurisdictions in Canada and the United States. The
Company's portfolio includes significant assets in world class gold
mining districts such as Red Lake, Musselwhite and Geraldton in Ontario
and the Carlin Trend in Nevada.


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute
"forward-looking information" under applicable Canadian securities
legislation. Forward-looking information includes, but is not limited
to, statements about the use of proceeds from the Offering, strategic
plans, spending commitments, future operations, future work programs
and objectives. Forward-looking information is necessarily based upon a
number of estimates and assumptions that, while considered reasonable,
are subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking
information, including the risks identified in Premier's annual
information form under the heading "Risk Factors". There can be no
assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. All forward-looking
information contained in this press release is given as of the date
hereof and is based upon the opinions and estimates of management and
information available to management as at the date hereof. The Company
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, except as required by law.




For further information:

Ewan Downie, President & CEO Phone: 807-346-1390 Fax: 807-346-0100 e-mail: Info@premiergoldmines.com Web Site: http://www.premiergoldmines.com/">www.premiergoldmines.com