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THUNDER BAY, ON, March 14 /CNW/ - PREMIER GOLD MINES LIMITED ("Premier")
(TSX:PG) is pleased to announce that it has initiated it's 2008 exploration
program on the PQ North Property in Northwestern Ontario. The PQ North
Property is strategically located on the PQ limb of the key iron formation
that is host to Goldcorp's Musselwhite Gold Mine.
Premier has contracted Fugro Airborne Surveys to fly it's HM1 high
resolution magnetometer system along some 530 line-kilometres of flight lines.
The survey, flown at a 50-metre line spacing, will provide critical
information relating to the Northern Banded Iron Formation (NBIF) and any
potential faults and shear zones which may transect it. Premier anticipates
conducting a diamond drill program to follow up on favourable targets
indicated by the survey and existing information on the property.
The PQ North Property encompasses a major fold structure along strike
from and within the NBIF, which hosts the gold-bearing ore zones at
Musselwhite. Previous drilling on the property has returned several
significant intersections and has identified structural units similar to those
at the mine.
Recently, Goldcorp indicated that gold mineralization has been
intersected in close proximity to Premier's PQ North Property. These results
include a drill intercept of 15.5 grams per tonne (gpt) gold across a true
width of 4.5 metres (m) in hole 07-NSD-005.
Premier holds the right to earn a 100% interest in the PQ North Property
subject to a 2% Net Smelter Returns Royalty of which Premier retains the right
to acquire 1% by paying to the vendor $1 Million.
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 a fully 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. A strategic project is also located on the main Musselwhite Gold Mine
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
For further information:
For further information: Ewan Downie, President & CEO, Phone: (807)
346-1390, Fax: (807) 345-0284, E-mail: email@example.com, Web Site: