Premier-Goldcorp drilling intersects high-grade gold mineralization in Red Lake



    Shares Issued: 68,189,742

    THUNDER BAY, ON, Nov. 7 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce that ongoing drilling at the Rahill-Bonanza Project
continues to intersect high-grade gold mineralization below the historic
workings of the past producing Wilmar Gold Mine. The "Rahill-Bonanza Project"
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 Wilmar Gold Mine was mined as a satellite deposit to the adjacent
Cochenour Gold Mine (owned by Goldcorp) and was in operation during the final
several years of mining at Cochenour. This resulted in the mining of 203,256
Tons at an average grade of approximately 0.3 oz/ton Au (10.3g/t Au) with the
deposit remaining open at depth when the mine shutdown. During the current
drill program, the Wilmar horizon has been intersected 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 m and 18.1 g/t Au over 2.0 m. Mineralization
remains open at depth and along strike. Drilling has also identified
high-grade gold in the West Granodiorite Zone ('WGZ") that is located west of,
and along strike from the Wilmar Zone. The following tables provide a summary
of results received to-date in the Wilmar deposit area (Note: several wedges
were performed from original Hole PG07018W1, thus 18W2-W6 represents one drill
hole):

    
    Wilmar East Breccia Drilling

    -------------------------------------------------------------------------
    HOLE NO.     INTERSECTION (m) WIDTH(m)  ASSAY(g/t Gold)       Zone
    ---------    ---------------- --------  ---------------       -----
    -------------------------------------------------------------------------
    PG07015W4    1273.00-1274.00   1.0    49.00 (1.43 oz/ton) New - Qtz Carb
    -------------------------------------------------------------------------
    PG07018W1     905.00-910.00    5.0    14.19 (0.41 oz/ton) New - Qtz Carb
    -------------------------------------------------------------------------
    Incl.         905.00-906.00    1.0    59.09 (1.72 oz/ton)          "
    -------------------------------------------------------------------------
                  995.00-996.00    1.0     8.81 (0.26 oz/ton)  South Breccia
    -------------------------------------------------------------------------
    PG07018W2-W6  765.20-765.80    0.6     17.9 (0.63 oz/ton) New - Qtz Carb
    -------------------------------------------------------------------------
    PG07018W2-W6  908.00-909.00    1.0     10.6 (0.37 oz/ton)         EBZ
    -------------------------------------------------------------------------
    PG07023       950.00-952.00    2.0     18.1 (0.637 oz/ton)        EBZ
    -------------------------------------------------------------------------
    Incl.         951.10-952.00    0.9     34.4 (1.2 oz/ton)          "
    -------------------------------------------------------------------------
    PG07023       963.00-968.80    5.8      2.4 (0.08 oz/ton)         EBZ
    -------------------------------------------------------------------------
    NOTE: True widths estimated at approximately 65% of intersection width


    Wilmar West Granodiorite Drilling

    -------------------------------------------------------------------------
    HOLE NO.     INTERSECTION (m) WIDTH (m)  ASSAY (g/t Gold)        Zone
    ---------    ---------------- ---------- -----------------       -----
    -------------------------------------------------------------------------
    PG07019       426.00-429.00    3.0      3.0 (0.09 oz/ton)         WGZ
    -------------------------------------------------------------------------
    PG07019       439.60-443.00    3.6      3.4 (0.11 oz/ton)         WGZ
    -------------------------------------------------------------------------
    PG07020       552.00-552.80    0.8     29.9 (0.96 oz/ton)         WGZ
    -------------------------------------------------------------------------
    PG07020W1     574.10-577.00    2.9     12.2 (0.39 oz/ton)         WGZ
    -------------------------------------------------------------------------
    Inc.          574.10-575.00    0.9     18.5 (0.59 oz/ton)         WGZ
    -------------------------------------------------------------------------
    Inc.          576.00-577.00    1.0     16.7 (0.54 oz/ton)         WGZ
    -------------------------------------------------------------------------
    PG07025       325.00-326.00    1.0     18.4 (0.64 oz/ton)         WGZ
    -------------------------------------------------------------------------
    NOTE: True widths estimated at approximately 65% of intersection width
    

    Additionally, drilling is underway at; 1) the "Mine West" target that is
located immediately west of, and along strike from, the Red Lake Gold Mines
complex; 2) from the underground mine workings of the prolific Red Lake Gold
Mines complex; and, 3) the Bonanza deposit. The Mine West drilling is designed
to test the western extension of the ultramafic rock unit that is host to the
Red Lake Mine and the on-strike extension of the "S and F Zones" at the mine.
The underground drilling is testing for possible extensions and/or repetitions
of fault structures, key rock types and vein material on the project area
along strike to the west of the current mine workings. Drilling at Bonanza
will consist of in-fill and expansion drilling to further define the Bonanza
deposit, discovered in 2004, where previous drilling has returned numerous
significant intersections to depths of less than 400 meters including 13.27
g/t Au across 19.00 meters, 8.66 g/t Au across 22.0 meters and 5.05 g/t Au
across 34.95 meters.
    The Rahill-Bonanza Project is strategically located along the main Red
Lake "Mine Trend" between the Red Lake Gold Mines to the east and the
Cochenour Gold Mine and Bruce Channel discovery to the west (See Figure  1 &
2). The geological setting at Wilmar shares many similarities to the Red Lake
Gold Mines, located in the same suite of rocks to the east, and the Cochenour
Mine-Bruce Channel discovery to the northwest. The current drilling is part of
a major, two year, exploration program ($5 Million budgeted for 2007) that
will test several prospective targets on the Property. A presentation with
more detailed slides can be viewed at the Company's web site:
www.premiergoldmines.com.

    Figure 1. - To view this Figure, please visit
http://www.premiergoldmines.com

    Figure 2 - To view this Figure, please visit
http://www.premiergoldmines.com

    Matt Long, P. Geo., Red Lake District Project Manager 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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