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Message: Signs Letter of Intent with SNS Silver Corp.
| March 2, 2009 |
| Premium Exploration, Inc. Signs Letter of Intent with SNS Silver Corp. |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2009) - Premium Exploration, Inc. (TSX VENTURE:PEM) ("Premium") is pleased to announce that it has entered two Letters of Intent with SNS Silver Corp. (TSX VENTURE:SNS) ("SNS"), to jointly develop and explore two of Premium's Central Idaho Gold Projects, Buffalo Gulch and Friday/Petsite. The Letters of Intent (LOI) allow SNS to earn in to a maximum of 50% by advancing financing and paying certain exploration and development costs to develop Premium's Friday/Petsite and Buffalo Gulch properties. SNS has initially paid PEM CDN $125,000 in advance on each LOI. The parties agree to enter into a Definitive Agreement within 90 days. Consideration will include SNS stock along with ongoing financing as agreed, on a schedule for each project. Del Steiner, President and CEO of Premium stated, "It is Premium's and SNS's intent to strategically develop both exploration and precious metal production projects in Idaho. The Companies will provide economic benefit to the people in the State of Idaho with good paying jobs and an increased tax base. The parties will employ state of the art mining methods with environmental consciousness." David Greenway, President and CEO of SNS Silver Corp. commented, "Bringing in gold assets that are near term production at low cost, will provide additional shareholder value as the gold and silver metals markets are poised for a dramatic upside in the current economy. In addition, these gold assets will allow SNS to remain focused in Idaho." About the Idaho Gold Properties on the Orogrande Shear Zone The Orogrande Shear Zone is a 28 km high-grade mineralizing conduit and potential feeder system hosting over 681,000 oz of known gold to date. Utilizing a new model based on the high-grade gold mineralization hosted in the geology of the Shear Zone, Premium's geologists are the first to interpret the numerous gold resources and targets along the Shear Zone as being the result of a potential high-grade feeder model. The most northern property on the Orogrande Shear Zone, Buffalo Gulch, is currently being permitted for production. The property is an open-pit heap leach project with 100,000 oz Au (Non 43-101). Projected production on this project is 25,000 oz Au/year - 35,000 oz Au/year. Premium's Friday-Petsite property is a 531,890 Au oz Inferred Resource (NI 43-101) on the southern-end of the Shear Zone and is open along strike and at depth. The property also hosts historic high-grade drill results, which support the potential high-grade conduit theory. Historic high-grade HQ drilling by Cypress-Amax and Kinross Gold Corp. - Core Hole PC008: 7.33 g/t gold over 16.7 meters including --52.05 g/t gold over 1.6 meters - Core Hole PC010: 4.58 g/t gold over 68.6 meters including --12.11 g/t gold over 19.8 meters --75.09 g/t gold over 1.5 meters - Visible gold identified in PC002 and PC010 About SNS Silver Corp. SNS Silver Corporation (TSX VENTURE:SNS) is an exploration mining company, whose primary asset is the 100% owned Crescent Mine located in Kellogg, Idaho - one of the largest silver districts in North America with over one billion ounces of silver produced in the last 100 years. The property consists of 24 patented mining claims over approximately 350 acres, alongside 40 acres of surface rights. The Company currently has a comprehensive and well-funded drill program underway. SNS's main focus is on upper country surface drilling and underground drilling on the Alhambra and South Veins. Silver Wheaton currently owns approximately 12%. The Company has approximately $2.6 million in cash in addition to the outstanding $2.0 million receivable from Andover Ventures. SNS Silver has also just entered into a Letter of Intent regarding the Historic Sunshine Mine located in Coeur d'Alene Idaho. About Premium Exploration, Inc. Premium Exploration, Inc. is a unique precious metals explorer focused on the USA and Mexico. 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 development, 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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