Premium Exploration’s Annual General Meeting will take place on the 27th of June 2013, and I would like our shareholders to know that Premium is alive and well in this very trying time. In the last few months, management has cut costs substantially, avoided more debt, reduced existing debt and was still able to accomplish the following:
-
Premium raised $640,000 by a strategic sale of the surface of a section of land (640 acres) for cattle grazing. Premium already controlled the mining and exploration rights on the property and we maintained the full use of the property for mining and exploration purposes.
-
Premium advanced drill permitting on the entire project to have all permitting necessary to strategically drill and explore the project in the future.
-
Premium received the results from the reverse circulation (RC) test hole located in an un-drilled area within the deposit pit shell calculated to all ounces to the resource. RC drilling was tested as a potential cost saving method of in-fill drilling. The results were 0.57 grams per ton/Au over 300 metres. This result is 0.12 grams above our cut-off grade for the project. Within the 300 metres, was 1.11 grams per ton over 110 metres. This hole was terminated by design at 1,000 feet and ended in resource.
-
The current NI 43-101 report was revised and added approximately 400,000 ounces of inferred resource. All drilling to date, except the 2011 step-out holes to the south, which still require infill drilling, added to the resource. This south area covers about 800 metres of strike length and drilling will commence on the program once funding can be arranged.
-
Roads and drill pads are being constructed to the south for the infill program.
-
Premium maintains 100% control of the project after choosing to terminate the Logan joint venture announced on March 28th, 2013.
-
Lastly, management has activated the company’s Chrome Mountain Platinum Group Metal (PGM) project on the Stillwater Complex in Montana, and general work is progressing.
In conclusion, while management has chosen “to lay in the weeds” so to speak market-wise, internally, work has progressed on a full-time basis, albeit with very limited staff. Once selling and other market factors improve, Premium will be poised to increase exploration activity that will advance the project logically based on work being completed now.
Regards,
“Del Steiner”
President & CEO
|
|
|
