Premier-Goldcorp Commence Permitting For Advanced Exploration Projects In Red Lake



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    THUNDER BAY, ON, Nov. 29 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce that development plans and permitting studies have been
initiated for the Cochenour-Wilmar Project in Red Lake. The "Rahill-Bonanza
Project", that includes the past-producing Wilmar Gold Mine, is being operated
under a 50/50 exploration joint venture between Premier and Red Lake Gold
Mines, an affiliate of GOLDCORP INC. (TSX:G, NYSE:  GG).
    The permitting process is being initiated in order to ensure that future,
potentially advanced exploration, can be conducted on a timely and
uninterrupted schedule. Advanced exploration may include dewatering and
rehabilitation of the Cochenour-Willans Gold Mine, which would provide
underground access for delineation drilling at Wilmar on the joint venture
property. The Wilmar Gold Mine, accessed through the workings of the Cochenour
mine workings, was brought into production during the final years of
operations at Cochenour, resulting in the mining of 203,256 Tons at an average
grade of at least 0.3 oz/ton Au (10.3g/t Au). The Wilmar Mine carried a
resource at closure and the deposit remained open at depth. Definition
drilling of the mined horizons and of mineralized zones intersected in the
current drill program can be carried out from underground, in addition to
potential bulk sampling. Recent drilling at Wilmar has intersected the main
horizon in all holes drilled over an area of more than 600 meters below the
historic workings and over a strike length of approximately 300 meters with
assays that include 49.0g/t Au over 1.0m, 14.2g/t Au over 5.0 meters and
18.1g/t Au over 2.0m.
    At the Bonanza deposit, diamond drilling has recommenced with the goal of
completing delineation drilling within 600 metres of surface and deeper
exploration designed to extend the deposit to depth. The target horizons are:
1) the Bonanza Zone where previous drilling has returned intersections
including 13.27 g/t Au across 19.00 meters (05WB-69) and 13.30 g/t Au across
7.0 meters (05WB-28); and, 2) the Follansbee Zone where previous drilling has
returned intersections including 8.66 g/t Au across 22.0 meters (SWF-05-27)
and 6.21 g/t Au across 25.0 meters (05WB-47). Modeling of the Bonanza Deposit
is underway, with the intent of issuing a NI 43-101 compliant resource
estimate early in 2008.
    The Rahill-Bonanza Project is strategically located along the main Red
Lake "Mine Trend" between the prolific Red Lake Gold Mines complex to the east
and the Cochenour Gold Mine and Bruce Channel discovery to the west (See
Figure 1 & 2). The partners are in the process of completing a major, two
year, exploration program that will continue until the end of 2008 and will
test several prospective targets on the Property. At the far eastern part of
the joint venture property, an initial hole drilled from the adjacent Red Lake
Gold Mines complex has been completed to 1239.6 meters and was stopped due to
squeezing of the drill rods. This hole, designed to test the mine horizon
along strike from the existing mine workings, was collared on the 41 Level
(approximately 1,875 meters or 6,150 feet below surface) of the Campbell
Complex (formerly Campbell Mine) of Red Lake Gold Mines, and intersected
several mineralized vein zones. Results are pending. A presentation with more
detailed slides can be viewed at the Company's web site:
http://www.premiergoldmines.com.

    Figure 1. - To view this Figure, please visit
    http://www.premiergoldmines.com/i/misc/Figure1-Nov29.gif

    Figure 2 - To view this Figure, please visit
    http://www.premiergoldmines.com/i/misc/Figure2-Nov29.gif

    Stephen McGibbon, P. Geo., Executive Vice-President and Chief Operating
Officer of Premier, 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 a Canadian-based mineral exploration and
development company with diverse property holdings that include 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 Goldcorp Inc. (TSX:G). A strategic project is also located on the main
Musselwhite Gold Mine trend (Goldcorp).

    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:

For further information: Ewan Downie, President & CEO, Phone: (807)
346-1390, Fax: (807) 345-0284, E-mail: info@premiergoldmines.com, Web Site:
http://www.premiergoldmines.com


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