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Premier Gold Provides Trans-Canada Project Update - Focus on High Grade - Retains JDS for Preliminary Economic Assessment

September 29, 2011

Premier Gold Mines Limited (TSX-PG) is pleased to provide an exploration update for the Company's 100% owned Trans-Canada Project in Northwestern Ontario, and to announce that it has retained the services of JDS Energy & Mining Inc. to complete a Preliminary Economic Assessment (PEA). The PEA will consider a range of possible options available to Premier in assessing how best to optimize key assets in the Trans-Canada Project including the Hardrock, Brookbank, Key Lake and Kailey Deposits. The JDS team of experienced mining professionals will augment Premier's exploration expertise to provide, in 2012, a clear economic framework and vision to advance the project toward development.


While early 2011 exploration had a focus on in-fill and step-out drilling proximal to the main resource areas, the current program has three primary goals: to delineate previously discovered high-grade gold zones (HGN and F2); to expand new discoveries (TNS and North Shear); and delineating the Key Lake Deposit, with the intent of including it in Premier's next mineral resource update for Trans-Canada. Positive early results in these target areas include multiple intercepts containing appreciable visible gold. A presentation on the high-grade target zones is available on the Company's website: www.premiergoldmines.com.


Initial follow-up drilling has returned some of the highest recorded assays, resulting in multiple ounce intercepts in several of the target areas. These zones have characteristics similar to the high-grade past producing Little Long Lac (600,000 ounces gold produced at a grade of 11.7 g/t) and Leitch (847,900 ounces gold produced at a grade of 31.5 g/t) Gold Mines located on the Trans-Canada Project. Highlights from recent drilling include:

  • 251.0 grams per tonne gold (g/t Au) across 1.0 metres (m) or 7.32 ounces per ton (oz/t) across 3.3 feet (ft) in up-dip expansion drilling in the F2 Zone.
  • 28.78 g/t Au across 3.5 m (0.84 oz/t across 11.5 ft) drilling down-plunge in the HGN Zone.
  • 44.39 g/t Au across 5.3 m (1.29 oz/t across 17.4 ft) in the recently discovered TNS Zone.
  • Veining and mineralization intersected in the North Shear discovery horizon (assays pending).

"The potential of the Trans-Canada project to host several different styles of mineralization including significant high-grade zones has been demonstrated since the acquisition of the Hardrock Property in 2008." stated Ewan Downie, President and CEO of Premier. "With our recent acquisition of Goldstone Resources, we now have more than 60 kilometres of favourable geology to explore outside of the three deposits that are the subject of current drilling."

Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.

Premier Gold Mines Limited is one of North America's leading exploration companies with a high-quality pipeline of projects focused in proven, safe and accessible mining jurisdictions in Canada and the United States. The Company's portfolio includes significant assets in world class gold mining districts such as Red Lake, Musselwhite and Geraldton in Ontario and the Carlin Trend in Nevada.

Full Press Release details: http://www.premiergoldmines.com/i/pdf/2011-09-29_NR.pdf