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Message: Platreef Process Forms PGM Anomalies at Premium's Chrome Mountain
| February 18, 2009 |
| Platreef Process Forms PGM Anomalies at Premium's Chrome Mountain Platinum-Palladium Project in Stillwater Complex |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2009) - Premium Exploration, Inc. (TSX VENTURE:PEM) ("Premium") is pleased to announce drilling has confirmed that PGM mineralization intersected at Chrome Mountain has been formed by the same type of processes that form Platreef deposits in South Africa. This confirms that there are two distinct styles of mineralization present at the project. Chrome Mountain is located approximately 5,000 ft (1,500 m) from the face of Stillwater Mining Companies' East Boulder Drift in the Stilwater Complex, Montana, USA. Exploration in 2007 and 2008 has focused on a large PGM soil anomaly measuring 8,202 ft x 2,625 ft (2,500 m x 800 m). The 2008 drill results were released by the joint venture Operator, Beartooth Platinum Corporation (TSX VENTURE:BTP) ("Beartooth", "Operator") on January 22nd, 2009. Premium, together with the project Operator, have initiated drill permitting for 2009. The 2008 Exploration Program The 2008 drill program consisted of 5,324 ft (1,623 m) of the announced 10,000 ft (3,048 m) program (released May 22, 2008). Of the 5,324 ft (1623 m), 3,629 ft (1,106 m) and 9 of the 12 holes were drilled on Premium's Chrome Mountain property. The drilling has confirmed that the broad zones of PGM mineralization are open to the north-west, south-east and down dip, and that the two distinct forms of PGM mineralization are: 1) PGM mineralization in zones of magmatic disruption and subsequent alteration similar to the Platreef in South Africa, identified and confirmed by the 2007 and 2008 drill programs. 2) PGM mineralization associated with the chromitite horizons, including the high-grade target zone known as the "A" and "B" chromitites. Conclusions 1) Dr. Reid Keays, PhD., of Monash University has concluded that the broad zones of PGM mineralization intersected in the diamond drilling is responsible for the broad and laterally extensive PGM soil anomalies and were formed by the same type of processes that formed the giant Platreef disseminated PGM-Cu-Ni deposits in South Africa. He has further stated that the mineralized zones in the Stillwater have many similarities with those of the Platreef PGM deposits. Ongoing evaluation of the Platreef model is underway. 2) The project geologists believe that the "A" and "B" chromitites have not yet been intersected by drilling to date. Although the mineralized intercepts contained chromites, they appear to be above the zone that hosts the "A" and "B" chromitite horizons. Click here for a map of the Chrome Mountain project: www.premiumexploration.com/wp-conten... Joint Venture Update Beartooth is Premium's current joint venture partner and the project "Operator". The Operator has the right to earn a 50% interest in the property by spending a $1,000,000 in exploration per year for three years. The joint venture is entering its third year. Premium is in active negotiations concerning the joint venture with merger participants, Beartooth Platinum Corp. and Kria Resources. If the merger is approved, Kria's management team would replace Beartooth as the joint venture Operator. The Kria management team would bring forward experience from operating Crowflight Minerals and Consolidated Thompson, both companies having substantial exploration experience and success with base metal, mafic and ultramafic deposits. 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 unique precious metals explorer focused on Mexico and the USA. Listed on the TSX Venture Exchange (TSX VENTURE:PEM), Premium has assembled an innovative and successful management and advisory team, committed to maximizing shareholder exposure to precious metal 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 production. 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/compan... . 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. |
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