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SMALL-CAP-NEWS / Premium Exploration Updates on 2008 Drill Program Progress at PGM Chrome Mountain Project, Stillwater Complex, USA
VANCOUVER, BRITISH COLUMBIA (August 18, 2008) - Premium Exploration, Inc. (TSX-VEM) ("Premium") (www.premiumexploration.com) is pleased to announce that the 2008 Drill Program on the Platinum Group Metals (PGM) Chrome Mountain project is in progress and four NQ core holes are now complete. The Chrome Mountain property is located 1,500 m from the East Bolder Mine (Stillwater Mining Company NYSE: SWC). Both East Bolder and Stillwater Mines are producing from the highest grade PGM deposit in the world, the JM Reef, in the Stillwater Complex, Montana, USA. The 2008 program is designed to test what the Company believes to be a potential 'feeder zone" for the previously unknown style of PGM mineralization identified at Premium's 100% wholly-owned Chrome Mountain property. Drilling is being conducted by Beartooth Platinum Corporation (TSX:V:BTP). Beartooth Platinum Corp is Premium's joint venture partner and the project 'Operator". The Operator has the 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 joint venture. The 2008 drill program is anticipated to be up to 3,000 meters (10,000 ft) consisting of approximately seven holes on the Chrome Mountain portion of the geochemical anomaly and is designed to: a) Delineate the new style of mineralization described as a combination of the South African Platreef and UG2 styles of mineralization combined in the same envelope of disseminated chromitite discovered in 2007 b) Test the emerging model which indicates possibility of high grade zones by targeting the high-grade chromitite area of the PGM anomaly These two styles of mineralization are characterized by Platreef-style mineralization as demonstrated in hole CM2007-4 of the 2007 drill program which returned 1.0 g/t PGM + Au over 116.7 meters. CM2007-04 also includes five zones of comparable UG2-style mineralization characterized by these widths and grades: 6.3 g/t PGM over 1.2 m, 4.8 g/t PGM over 1.2 m, 11.9 g/t PGM over 0.3 m, 7.6 g/t PGM over 0.3 m and 6.5 g/t PGM over 0.3 m. The high grade chromitite associated mineralization within the mineralized envelope at Chrome Mountain reflects a periodic culmination of the process in which very high energy magma pulses undergo turbulent interaction with PGM-enriched residual magmas. The fact that multiple high-grade chromitite intervals appear to be present in this area may also reflect proximity to entry points for new magmas. The lithology is also disrupted and lacks continuity between drill holes indicating turbulent conditions during crystallization. Similarly, the interaction between high-energy fresh magma pulses and older, PGM enriched, residual magmas in the Bushveld magma chamber is thought to have produced the high grade PGM deposits of the UG2 chromitite layer. A large part of the Chrome Mountain target remains untested and the 2008 drill program will delineate the mineralization encountered last year and will also test additional geochemical and geophysical anomalies located near Chrome Mountain. About the Chrome Mountain Project: July 24th 2008 - 2008 Exploration Program and Drilling Update on Chrome Mountain July 16th, 2008 - Confirmation of Rhodium as 9% of Platinum Values at Chrome Mountain May 22nd, 2008 - 2008 Drill Program Announced at Chrome Mountain May 15th, 2008 - Review of Chromite Values Announced at Chrome Mountain March 3rd, 2008 - 2007 Drill Results from Chrome Mountain Property October 10th, 2007 - Completion of 2007 PGM Drill Program on Chrome Mountain August 2nd, 2007 - 2007 Fieldwork Program Announced at Chrome Mountain June 5th, 2007 - Up to $5,000,000 Joint Venture Agreement for Chrome Mountain Project May 24th, 2007 - Pt and Pd Soil Geochemistry Anomaly Announced at Chrome Mountain October 10th, 2006 - Strategic Exploration Alliance with Beartooth Platinum Corp Qualified Person Mr. Wilf Struck, P.Geo 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-VEM), the Company was founded on a team with exploration success, 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-term production. Premium's business model utilizes the joint venture model where strategically chosen projects are quickly advanced. This approach allows the Company to focus its exploration efforts in under-explored precious metal belts that would allow for profitable extraction, with minimal political, social or environmental risks. 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. For more information, please contact: Mr. Del Steiner President and CEO (604) 682-0243 (604) 682-2499 e: dsteiner@premiumexploration.com w: www.premiumexploration.com Christine Kopr Corporate Communications (604) 682-0243 (604) 682-2499 e: ckopr@premiumexploration.com w: www.premiumexploration.com [www.spartonres.ca] SMALL-CAP-NEWS www.small-cap-news.de Veröffentlichung einer Pressemitteilung, übermittelt durch SMALL-CAP-NEWS, ein Service von www.small-cap-news.de. Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
(END) Dow Jones Newswires
August 20, 2008 11:20 ET (15:20 GMT)
VANCOUVER, BRITISH COLUMBIA (August 18, 2008) - Premium Exploration, Inc. (TSX-VEM) ("Premium") (www.premiumexploration.com) is pleased to announce that the 2008 Drill Program on the Platinum Group Metals (PGM) Chrome Mountain project is in progress and four NQ core holes are now complete. The Chrome Mountain property is located 1,500 m from the East Bolder Mine (Stillwater Mining Company NYSE: SWC). Both East Bolder and Stillwater Mines are producing from the highest grade PGM deposit in the world, the JM Reef, in the Stillwater Complex, Montana, USA. The 2008 program is designed to test what the Company believes to be a potential 'feeder zone" for the previously unknown style of PGM mineralization identified at Premium's 100% wholly-owned Chrome Mountain property. Drilling is being conducted by Beartooth Platinum Corporation (TSX:V:BTP). Beartooth Platinum Corp is Premium's joint venture partner and the project 'Operator". The Operator has the 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 joint venture. The 2008 drill program is anticipated to be up to 3,000 meters (10,000 ft) consisting of approximately seven holes on the Chrome Mountain portion of the geochemical anomaly and is designed to: a) Delineate the new style of mineralization described as a combination of the South African Platreef and UG2 styles of mineralization combined in the same envelope of disseminated chromitite discovered in 2007 b) Test the emerging model which indicates possibility of high grade zones by targeting the high-grade chromitite area of the PGM anomaly These two styles of mineralization are characterized by Platreef-style mineralization as demonstrated in hole CM2007-4 of the 2007 drill program which returned 1.0 g/t PGM + Au over 116.7 meters. CM2007-04 also includes five zones of comparable UG2-style mineralization characterized by these widths and grades: 6.3 g/t PGM over 1.2 m, 4.8 g/t PGM over 1.2 m, 11.9 g/t PGM over 0.3 m, 7.6 g/t PGM over 0.3 m and 6.5 g/t PGM over 0.3 m. The high grade chromitite associated mineralization within the mineralized envelope at Chrome Mountain reflects a periodic culmination of the process in which very high energy magma pulses undergo turbulent interaction with PGM-enriched residual magmas. The fact that multiple high-grade chromitite intervals appear to be present in this area may also reflect proximity to entry points for new magmas. The lithology is also disrupted and lacks continuity between drill holes indicating turbulent conditions during crystallization. Similarly, the interaction between high-energy fresh magma pulses and older, PGM enriched, residual magmas in the Bushveld magma chamber is thought to have produced the high grade PGM deposits of the UG2 chromitite layer. A large part of the Chrome Mountain target remains untested and the 2008 drill program will delineate the mineralization encountered last year and will also test additional geochemical and geophysical anomalies located near Chrome Mountain. About the Chrome Mountain Project: July 24th 2008 - 2008 Exploration Program and Drilling Update on Chrome Mountain July 16th, 2008 - Confirmation of Rhodium as 9% of Platinum Values at Chrome Mountain May 22nd, 2008 - 2008 Drill Program Announced at Chrome Mountain May 15th, 2008 - Review of Chromite Values Announced at Chrome Mountain March 3rd, 2008 - 2007 Drill Results from Chrome Mountain Property October 10th, 2007 - Completion of 2007 PGM Drill Program on Chrome Mountain August 2nd, 2007 - 2007 Fieldwork Program Announced at Chrome Mountain June 5th, 2007 - Up to $5,000,000 Joint Venture Agreement for Chrome Mountain Project May 24th, 2007 - Pt and Pd Soil Geochemistry Anomaly Announced at Chrome Mountain October 10th, 2006 - Strategic Exploration Alliance with Beartooth Platinum Corp Qualified Person Mr. Wilf Struck, P.Geo 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-VEM), the Company was founded on a team with exploration success, 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-term production. Premium's business model utilizes the joint venture model where strategically chosen projects are quickly advanced. This approach allows the Company to focus its exploration efforts in under-explored precious metal belts that would allow for profitable extraction, with minimal political, social or environmental risks. 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. For more information, please contact: Mr. Del Steiner President and CEO (604) 682-0243 (604) 682-2499 e: dsteiner@premiumexploration.com w: www.premiumexploration.com Christine Kopr Corporate Communications (604) 682-0243 (604) 682-2499 e: ckopr@premiumexploration.com w: www.premiumexploration.com [www.spartonres.ca] SMALL-CAP-NEWS www.small-cap-news.de Veröffentlichung einer Pressemitteilung, übermittelt durch SMALL-CAP-NEWS, ein Service von www.small-cap-news.de. Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
(END) Dow Jones Newswires
August 20, 2008 11:20 ET (15:20 GMT)