Premium Exploration Inc.: Shareholder Update

Premium Exploration Inc. (TSX-V:PEM) (”Premium” or the “Company”) is issuing this press release in  response to the high volume of  inquiries  regarding Premium’s placement on the Defaulting Issuers List (the “List”), and to provide sharesholders with an update on the Company’s ongoing Phase-Four 25,000 meter drill program.

Premium would like to inform its shareholders that the Company was placed on the Defaulting Issuers List on June 21, 2011 for non-compliant technical disclosure – please see release dated June 27, 2011 – Premium Exploration Clarifies Technical Disclosure.

The Company corrected and clarified its disclosure, and a request was submitted by the BC Securities Commission for the Company to be removed from the List on June 29, 2011.

Premium was removed from the List on July 7, 2011. 

Phase-Four 25,000 m Exploration Program is moving forward with success:

  • The Main Zone/Lower Block of the Friday-Petsite Deposit has been extended to the south by 115m, a 15% increase since the start of Phase-Four, demonstrating the growth potential of the deposit along strike.
  • Successful location of the Friday Fault trending north-northwest of the Main Zone/Lower Block, guiding step-outs along strike.

  • All step-out drilling along the Friday-Petsite deposit has encountered the target to date.

  • Drill highlights to date include PFR2011_5:   1.0 g/t gold over 40.5 m within 0.4 g/t gold over 267.0 m starting at surface (0.0 meters).

  • Three drills are active on the property; two drills in the highly prospective Deadwood Zone.

  • Only 2,348.8 m (9%) of the 25,000 m drill program have been reported while 5,445.9 m (22%) have been drilled to date.

The Company welcomes to the opportunity to connect with our shareholders and appreciates your ongoing support.

Qualified Person
The 2010 Phase-Four exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc.  Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.

About Premium Exploration, Inc.
Premium Exploration Inc. (TSX-V:PEM) is focused on gold exploration at its district-sized land package along the Orogrande Shear Zone (“OSZ”) in North-Central Idaho, USA; the 4th largest gold producing country in the world. The “OSZ” is a +30 km regionally-significant trending structure with multiple known zones of gold mineralization and is similar to many large gold belts, like the Carlin Trend in Nevada. Armed with a proven exploration strategy, advancing gold resources, and 30 Km of drill-ready targets, Premium is well positioned to create shareholder value through exploration, discovery, and the development of this emerging gold district. For additional information, please visit us at www.premiumexploration.com.

For more information, please contact:

Mr. Del Steiner, JD.
President
Premium Exploration Inc.
(604) 682-0243
(604) 682-2499
e:
dsteiner@premiumexploration.com
w: www.premiumexploration.com

Ms. Christine Kopr
Corporate Communications
Opes Capital Inc.
(604) 992-1831
e:
ckopr@opescapitalinc.com
www.opescapitalinc.com

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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