Shares Issued: 78,125,179
THUNDER BAY, ON, July 29 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce results from drilling in the EP Zone target that continues
to define significant high-grade gold mineralization in multiple zones at the
Company's Hardrock Project in Northwestern Ontario. The current program,
consisting of delineation and exploration drilling, will continue throughout
2009 and is expected to result in an NI 43-101 compliant resource estimate by
year end.
The Hardrock Project is operated under a joint venture with Roxmark Mines
Limited (TSX-V:RMK) (Premier holds a 70% interest). The Hardrock Project is
host to several past-producing mines which collectively produced nearly 3.0
Million ounces of gold, primarily from relatively shallow depths (600 metres)
between 1938 and 1968. Importantly, the Hardrock Project has the potential for
defining several styles of mineralization capable of hosting resources, with
grades and widths similar to many of Ontario's major gold mines including:
open pit-style mineralization with grades exceeding 1.5 g/t Au (Timmins,
Hemlo); broad zones of mineralization with grades averaging 5.0+ g/t Au
(Musselwhite); and narrow vein zones with higher gold grades often exceeding
7.0g/t (Red Lake, Pickle Lake). The Hardrock Project benefits from development
advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major
power lines running through the center of the property.
Drilling for the balance of the year will focus on defining both open pit
and underground mineralization such that the Property can be moved towards
advanced exploration and feasibility. Drilling at the EP Zone target continues
to exceed expectations with drilling now having intersected mineralization
over a strike length of some 650 metres and to depths approaching 200 metres
in the central portion of the deposit. Additionally, drilling continues to
intersect mineralization in the South Porphyry Zone ("SP") as drilling
continues to define the zone down-plunge, returning high grade gold within
multiple zones. Highlights from recent drilling (some previously released)
include:- EP Zone: 5.21 grams per tonne gold (g/t Au) across 37.0 metres (m)
within the North Limb
6.51 g/t Au across 18.4m within the North Limb
19.03 g/t Au across 11.3m & 17.16 g/t Au across 9.5m in step-
out South Limb drilling
- SP Zone: 6.63 g/t Au across 28.1m within the SP Zone underground
target
6.60 g/t Au across 32.6m within the SP Zone
36.22 g/t Au (1.06 oz/ton) across 2.2m within the HGV Zone
target
EP-Zone
-------The EP-Zone has been identified as a potential high-grade open pit target
in the vicinity of the historic North Zone, from which 2.97 Million tonnes of
ore was mined at a recovered grade of 7.54 g/t Au. Previous highlights that
include 7.60 g/t Au across 20.5 m in hole EP044, 2.37 g/t Au across 62.7 m in
hole EP026, 4.17 g/t Au across 29.0 m in hole EP053, 5.21 g/t Au across 37.0 m
in hole EP079, and 19.03 g/t Au across 11.3 m in hole EP080 continue to define
and expand mineralization within the confines of the target pit area at EP.
Table 1 summarizes highlights from new assay results at the EP-Zone. A
complete table of results for the EP Zone can be found on the Company's
website, www.premiergoldmines.com.Table 1 New Sub Zone Intercepts within the EP Zone Target Area
-------------------------------------------------------------------------
UTM Dip/ Grade Grade
Coordinates Azimuth From To Interval (g/ Interval (oz/
Hole-ID (m) (degrees) (m) (m) (m) tonne) (ft) ton) Zone
-------------------------------------------------------------------------
17.0 26.0 9.0 2.17 29.52 0.06 PIT
--------------------------------------------
188.5 203.5 15.0 2.76 49.2 0.08 SL
EP081 5503001 N --------------------------------------------
504815 E -60/360 219.0 230.0 11.0 3.66 36.08 0.11 NL
--------------------------------------------
264.5 268.0 3.5 17.94 11.5 0.52 NLB
-------------------------------------------------------------------------
134.1 136.5 2.4 1.66 7.9 0.05 SLB
--------------------------------------------
EP082 5503000 N 167.5 183.1 15.6 1.05 51.2 0.03 SL
504850 E -60/360 --------------------------------------------
196.5 202.9 6.4 1.87 21.0 0.05 NL
--------------------------------------------
206.9 210.5 3.6 7.47 11.8 0.22 X
-------------------------------------------------------------------------
37.5 39.4 1.9 12.54 6.2 0.37 SLC
EP083 5503011 N --------------------------------------------
504903 E -60/360 88.5 96.0 7.5 1.66 24.6 0.05 SLB
--------------------------------------------
131.2 137.2 6.0 8.45 19.7 0.25 SL
-------------------------------------------------------------------------
EP084 5503095 N 33.5 36.8 3.3 7.93 10.8 0.23 SLB
504915 E -45/360 --------------------------------------------
44.3 45.2 0.9 21.70 3.0 0.63 SL
-------------------------------------------------------------------------
EP085 5503162 N 7.3 29.8 22.5 4.15 73.8 0.12 NL
504950 E -45/180 --------------------------------------------
51.0 56.0 5.0 1.32 16.4 0.04 SL
-------------------------------------------------------------------------
EP086 5503228 N
505050 E -50/180 134.5 140.5 6.0 1.35 19.7 0.04 NL
-------------------------------------------------------------------------
EP087 5503160 N 15.5 33.9 18.4 6.51 60.4 0.19 NL
505052 E -45/180 --------------------------------------------
45.4 46.9 1.5 3.50 4.9 0.10 SL
-------------------------------------------------------------------------
EP088 5503049 N
505052 E -65/360 104.0 104.9 0.9 8.92 3.0 0.26 SL
-------------------------------------------------------------------------
EP089 5502999 N
505101 E -45/360 111.0 114.0 3.0 1.60 9.8 0.05 SLB
-------------------------------------------------------------------------
21.0 40.0 19.0 2.43 62.3 0.07 SL
EP090 5503100 N --------------------------------------------
including 504099 E -45/360 21.0 29.0 8.0 5.06 26.2 0.15 SL
including --------------------------------------------
26.6 27.7 1.1 20.70 3.6 0.60 SL
-------------------------------------------------------------------------
EP091 5503180 N
505098 E -45/180 NSV
-------------------------------------------------------------------------
EP092 5503164 N
505149 E -45/360 NSV
-------------------------------------------------------------------------
EP093 5503001 N 51.0 53.0 2.0 5.30 6.6 0.15 SLC
504815 E -45/360 --------------------------------------------
107.5 109.0 1.5 3.23 4.9 0.09 SL
-------------------------------------------------------------------------
EP094 5503124 N
505198 E -45/360 NSV
-------------------------------------------------------------------------
EP095 5503075 N
505198 E -45/360 NSV
-------------------------------------------------------------------------
EP096 5503024 N 115.5 118.5 3.0 1.56 9.8 0.05 SLB
505200 E -45/360 --------------------------------------------
128.5 129.5 1.0 26.10 3.3 0.76 SL
-------------------------------------------------------------------------
109.0 110.5 1.5 7.19 4.9 0.21 SL
--------------------------------------------
118.2 120.7 2.5 3.80 8.2 0.11 NL
EP097 5503075 N --------------------------------------------
504500 E -45/360 154.5 161.4 6.9 1.49 22.6 0.04 NLB
--------------------------------------------
175.5 178.5 3.0 14.97 9.8 0.44 NLC
-------------------------------------------------------------------------
4.8 6.3 1.5 3.78 4.9 0.11 SLB
--------------------------------------------
38.5 40.0 1.5 6.64 4.9 0.19 SL
EP098 5503001 N --------------------------------------------
including 504450 E -50/360 211.9 251.9 40.0 1.13 131.2 0.03 NL
--------------------------------------------
241.0 245.1 4.1 3.06 13.4 0.09 NLC
-------------------------------------------------------------------------
EP099 5503030 N
504450 E -50/338 NSV
-------------------------------------------------------------------------
51.0 60.5 9.5 17.16 31.2 0.50 SLB
--------------------------------------------
115.5 118.5 3.0 1.96 9.8 0.06 SL
--------------------------------------------
EP100 5502970 N 152.0 154.5 2.5 8.20 8.2 0.24 NL
504450 E -50/360 -------------------------------------------
175.0 179.5 4.5 7.94 14.8 0.23 NLB
--------------------------------------------
262.5 268.1 5.6 2.25 18.4 0.07 NLC
-------------------------------------------------------------------------
True widths estimated at approximately 70% of intersection widths
SP Zone
-------At Hardrock, the SP Zone was partially mined in the upper Levels of the
mine with 264,354 tonnes (291,428 Tons) of ore mined at an average grade of
8.37g/t Au (0.244 oz/t). Intermittent historic drilling that tested the
un-mined down-plunge extension of the SP Zone suggests the potential to define
mineralization over a plunge length of nearly 3.0 kilometres (8,500 feet). The
initial holes drilled have now intersected mineralization over a minimum
plunge length of 500 metres where it remains open. Highlights include 6.60 g/t
Au across 32.6 m and 6.63 g/t Au across 28.1 m within the SP Zone, and 36.22
g/t Au across 2.2 m within the HGV Zone.
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. Assay results are from core samples sent to
Activation Laboratories, an accredited mineral analysis laboratory in Thunder
Bay, Ontario, for preparation and analysis utilizing both fire assay and
screen metallic methods.
Premier Gold Mines Limited is a well financed Canadian-based mineral
exploration and development company with several projects and deposits in
Northwestern Ontario and a joint venture in Mexico. In the Red Lake gold
mining camp, two of these are operated in joint venture with Red Lake Gold
Mines. The company also owns a strategic project located on the main
Musselwhite Gold Mine trend and recently acquired mineral properties in
Geraldton area from Barrick Gold.
The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections.
%SEDAR: 00024152E
For further information: Ewan Downie, President & CEO, Phone: (807)
346-1390, Fax: (807) 346-0100, e-mail: Info@premiergoldmines.com, Web Site:
www.premiergoldmines.com
