Shares Issued: 78,065,179
THUNDER BAY, ON, Feb. 4 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce that a major drill program has been started at the
Company's 100% owned PQ-North Project in Northwestern Ontario. The PQ-North
Project is considered to have excellent potential to host significant gold
- PQ-North is strategically located on the northern extension of the
main iron formation that hosts Goldcorp Inc.'s Musselwhite Gold Mine.
- Up to $1.5 Million is earmarked for Phase One exploration in 2009.
- Several structural breaks similar to those that host gold deposits at
Musselwhite have been identified, none of which have been previously
Goldcorp has previously indicated that gold mineralization was extended
to the north along the PQ Limb with intersections on structures trending in
close proximity to Premier's PQ-North Property. Goldcorp also estimates
mineralization may have increased from 1.0 million to 2.0 million ounces of
gold per kilometre of strike as far as 6.0 kilometres north of the main mine
facilities (Goldcorp's SEC filing on July 31, 2008). To date, the Musselwhite
Mine has produced more than 2.0 million ounces of gold and has reserves and
resources totalling in excess of 3.30 Million ounces at the end of 2007.
The PQ-North Property encompasses a major fold structure along strike
from and within the main rock unit (Northern Banded Iron Formation) that hosts
the gold-bearing ore zones at Musselwhite. Previous drilling has returned
numerous significant intersections and has identified structural units similar
to those at the mine. Premier's recently completed airborne geophysical survey
has identified major folding and several untested structures similar to those
at the Musselwhite Mine. A grid has been cut and a camp has been constructed
on the property. A number of shear zones containing quartz veins and
hydrothermal alteration were found on the property in the fall of 2008,
demonstrating that favourable structures to host gold mineralization exist at
PQ-North. These have never been followed up and represent excellent drill
targets where they intersect folded iron formation at depth. Pictures of these
structures in outcrop can be found on Premier's website
(http://www.premiergoldmines.com/s/PhotoGallery.asp?ReportID=323076). Phase 1
drilling is now underway with an initial 5,000 metre program.
Premier previously announced that it had signed a Letter of Intent (LOI)
with the North Caribou Lake First Nation ("NCLFN") that paves the way for a
major exploration program on the PQ-North Property in Northwestern Ontario.
The LOI forms the basis of a cooperative relationship between Premier and
NCLFN that will guide the early phase of exploration on the property,
including line cutting, geophysics and diamond drilling, as well as lead to a
Memorandum of Understanding (MOU) in the near future.
"It is my opinion that the PQ-North Project is one of the most
strategically located gold projects in Canada" stated Tim Twomey, Exploration
Manager for Premier. "The potential for discovering auriferous structures is
outstanding as the primary structural targets have not been previously
A fourth diamond drill has now been activated at Premier's Hardrock
Project in Geraldton, Ontario. To date, multiple intervals of veining and
mineralization have been intersected in the three initial targets, the EP,
Oreo and Tenacity Zones. The fourth drill will begin testing more regional
exploration targets identified previously by historical drilling and a
recently completed magnetic survey.
The Hardrock Project is located in the heart of the Beardmore-Geraldton
Greenstone Belt, a highly prospective high-grade gold district that has seen
relatively little exploration over the past several decades. The Project area
covers some of the most prospective geology in the region and is host to
several past-producing mines and numerous exploration targets in a district
that has seen historic production of more than 4.1 Million ounces of gold.
Matt Long, P. Geo., is the Qualified Person for the information contained
in this press release and is a Qualified Person within the meaning of National
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
For further information:
For further information: Ewan Downie, President & CEO, Phone: (807)
346-1390, Fax: (807) 346-0100, e-mail: Info@premiergoldmines.com, Web Site: