Premium Exploration Completes the 2008 Drill Program at PGM Chrome Mountain Project, Stillwater Complex, USA
Thu Oct 2, 5:21 PMVANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2008) - Premium Exploration, Inc. (PEM) (TSX VENTURE: PEM.V) and Beartooth Platinum Corp. (BTP) (TSX VENTURE: BTP.V) are pleased to announce the completion of the 2008 Drill Program at the Platinum Group Metals (PGM) Chrome Mountain and Iron Mountain adjacent properties in the Stillwater Complex, Montana, USA.
Highlights Include: - Completion of 11 core holes totaling 1,623 m (5,324 ft) with an average depth of 148 m (484 ft) - Visible Chromite identified in two holes to date - Core logging completed with final preparation of samples for shipment to the assay lab is underway - 387 surface soil samples collected over 2,400 m west of Chrome Mountain to delineate the western extension of the 15 km PGM geochemical anomaly - Chrome Mountain is located 1,500 m from the East Boulder Mine (Stillwater Mining Company) The 2008 Drill Program Overview The 2008 Drill Program consisted of 12 NQ core holes totaling 1,623 m (5,324 ft), with 9 holes totaling 1,106 m (3,629 ft) on Premium's Chrome Mountain property and three holes totaling 517 m (1,695 ft) on Beartooth's adjacent Iron Mountain property. The 2008 drill program tested 5 km of the district scale 15 km PGM soil anomaly that hosts grades up to 1.2 g/t at surface. The completed 2008 Drill Plan Map may be viewed on our website. The 2008 Completed Drill Plan Drill holes CM2008-04, CM2008-08, CM2008-09 were designed to follow up on CM2007-09, CM2007-02, CM2007-04. CM2007-09 intersected 7.3 m of 1.14 g/t Pt, 2.33 g/t Pd, 0.44 g/t Au, 0.47% Ni and 0.17% Cu CM2007-02 intersected 18.3 m of 0.72 g/t Pt, 1.79 g/t Pd, 0.11 g/t Au, 0.20% Ni and 0.05% Cu CM2007-04 intersected 1.2 g/t Pt+Pd+Au over 116.7 m All 2007 drill holes were located in the broadest portion of the 15 km PGM soil anomaly; all 10 core holes began and terminated in mineralization. The broad portion of the anomaly is located on Premium's Chrome Mountain property and measures 2,300 m (7,546 ft) x 1000 m (3,281 ft). Click here for all 2007 Drill Results: http://media3.marketwire.com/docs/PEMDrillResults.pdf Drill holes CM2008-05, CM2008-06, CM2008-07 targeted a zone of coincident Chromite and PGM mineralization. This was to test the similarity of the mineralization found at the Chrome Mountain property to that of the Platreef, as postulated by BTP's PGM Consultant, Dr. Reid Keays, PhD., of Monash University. This zone was not tested during the 2007 drill program due to inclement weather. The 2008 Drill Program Goal The 2008 drill program followed up on the 2007 Drill Program and was designed to delineate the mineralization encountered in 2007, described as analogous to a combination of Platreef and UG2 styles of mineralization. The UG2 Chromitite, Merensky Reef, and Platreef mineralization of the Bushveld Complex (BIC) of South Africa make up the largest PGM resource in the world. Platinum and palladium production from the BIC represents 72% and 34% of annual global production respectively. Platreef is one of the most profitable styles of mineralization as it is located near surface, which lends itself to simple surface mining procedures and typically has large tonnages, and consequently the mining methods benefit from economics of scale. Platreef-style mineralization was encountered in hole CM2007-04 of the 2007 drill program which returned 1.2 g/t Pt+Pd+Au over 116.7 meters. Core logging has been encouraging. Several zones of disseminated Chromite as well as, narrow bands of Chromite were identified and the rock types encountered in the 2008 drill holes are consistent with the geology encountered during the 2007 drill program. Click here for pictures from the 2008 Drill Program: http://media3.marketwire.com/docs/PEMPhotos.pdf Assays are expected by November 30, 2008. Once received BTP may have sufficient data to begin preliminary resource calculations. The Drill Hole Coordinates Area as Follows:-------------------------------------------------------------------------- Drill Elevation Hole # Easting Northing (ft) TD(ft) TD(m) Inclination Azimuth -------------------------------------------------------------------------- IM-2008-1 572533 5028746 9527 400 121.9 -90 -------------------------------------------------------------------------- IM-2008-2 572276 5028893 9465 400 121.9 -90 -------------------------------------------------------------------------- IM-2008-3 572126 5029278 9266 895 272.8 -60 210 -------------------------------------------------------------------------- CM-2008-1 570750 5030571 8979 573 174.6 -60 210 -------------------------------------------------------------------------- CM-2008-2 570750 5030571 8979 333 101.5 -90 -------------------------------------------------------------------------- CM-2008-3 570522 5030697 9079 550 167.6 -60 210 -------------------------------------------------------------------------- CM-2008-4 569416 5032031 9568 500 152.4 -60 210 -------------------------------------------------------------------------- CM-2008-5 569601 5031535 9448 500 152.4 -60 21 -------------------------------------------------------------------------- CM-2008-6 569531 5031396 9389 500 152.4 -90 -------------------------------------------------------------------------- CM-2008-7 570006 5031597 9434 294 89.6 -60 190 -------------------------------------------------------------------------- CM-2008-8 569268 5031970 9527 254 77.4 -60 280 -------------------------------------------------------------------------- CM-2008-9 568966 5031910 9550 125 38.1 -90 --------------------------------------------------------------------------Beartooth Platinum Corp., Premium's joint venture partner and the project Operator, conducted drilling. BTP has right to earn a 50% interest in the property by spending $3,000,000 on exploration over three years, at a $1,000,000 per year. This is the second year of the Operator's earn in obligation. Highlights from the 2007 drill program include: - CM2007-09 intersected: -- 7.3 meters of 1.14 g/t Pt, 2.33 g/t Pd, 0.44 g/t Au, 0.47% Ni and 0.17% Cu - CM2007-02 intersected: -- 18.3 meters of 0.72 g/t Pt, 1.79 g/t Pd, 0.11 g/t Au, 0.20% Ni and 0.05% Cu -- Including 4.0 m of 0.97 g/t Pt, 2.10 g/t Pd, 0.17 g/t Au, 0.25% Ni and 0.09% Cu -- Including 2.7 m of 1.10 g/t Pt, 2.37 g/t Pd, 0.13 g/t Au, 0.22% Ni and 0.06% Cu - CM2007-07 intersected: -- 2.4 meters of 0.78 g/t Pt, 2.59 g/t Pd, 0.17 Au g/t, 0.309% Ni and 0.170% Cu - The 2007 drill results suggest an approximate 11:1 ratio of Platinum to Rhodium content - Platinum to palladium ratios of the 2007 assay results average 1:1.4, indicating a higher proportion of platinum than other North American producers. Qualified Person Mr. Wilf Struck, P.Eng. is the Qualified Person for the technical information in the news release under 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.V), 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/company/pem:ca. 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/. 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. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.ContactsMr. Del Steiner
Premium Exploration, Inc.
President & CEO
(604) 682-0243
Email: dsteiner@premiumexploration.com
Christine Kopr
Premium Exploration, Inc.
Corporate Communications
(604) 682-0243
(604) 682-2499 (FAX)
Email: ckopr@premiumexploration.com
Website: www.premiumexploration.com
