Premier-Roxmark intersects high-grade gold at Hardrock Project - Up to 2870 g/ton (92.27 opt) across 0.30 metres



    Shares Issued: 78,065,179

    THUNDER BAY, ON, Feb. 17 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce, initial results from drilling in the EP-Zone, one of
several targets currently being drilled on the company's Hardrock Project in
Northwestern Ontario. This program is expected to consist of more than 50,000
metres of definition and exploration drilling leading to NI 43-101 compliant
gold resources in 2009. The Hardrock Project is being operated by Premier
under joint venture with Roxmark Mines Limited (TSX-V:RMK).
    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 grade of 7.54 grams per tonne gold (g/t Au). Initial
drilling has identified 3 sub-zones within the EP target consisting of the
South Limb, North Limb and HGV horizons. Significant mineralization has been
intersected in the first nine holes within all three horizons including 11.83
g/t Au across 11.4 metres (m) in the South Limb, 2.24 g/t Au across 21.0 m in
the North Limb, and 2870.00 g/t Au across 0.3 m within the HGV horizon.
    The following tables demonstrate the potential of the EP-Zone and include
historic results that help to highlight the mineralization within each horizon
intersected in limited previous drilling in the area. Note that true widths of
the intercepts are estimated at approximately 70% of the intervals provided.

    
    HGV (High-Grade Vein)
    ---------------------
    
    High-grade, narrow vein, mineralization was identified in numerous areas
of the mine which operated from 1938-1968. This mineralization received little
attention as most mining was from low-cost bulk tonnage, moderate grade
horizons. Drilling has intersected high-grade mineralization within the
confines of the historic proposed pit area (although existing historical
resources have been used as a basis for confirming target potential, there is
been insufficient exploration data to define a mineral resource and it is not
certain that further exploration will result in discovery of a mineral
resource) at the EP-Zone, highlighted by the following results:

    
    Table 1: HGV Subzone Results in EP-Zone
    -------------------------------------------------------------------------
                                      INTERVAL         GRADE
    HOLE-ID       FROM         TO          (m)         (g/t)            ZONE
    -------------------------------------------------------------------------
    EP001         32.3       34.5          2.2          9.57             HGV
    -------------------------------------------------------------------------
    EP008         26.8       27.1          0.3       2870.00             HGV
    -------------------------------------------------------------------------
    H3            25.0       26.0          1.0          6.73             HGV
    -------------------------------------------------------------------------
    H8            28.0       30.1          2.1         15.74             HGV
    -------------------------------------------------------------------------

    South Limb
    ----------
    Drilling in the South Limb, south of the historic mine workings, has
returned numerous broad intercepts of significant gold mineralization
including:

    Table 2: South Limb Subzone Results in EP-Zone
    -------------------------------------------------------------------------
                                      INTERVAL         GRADE
    HOLE-ID       FROM         TO          (m)         (g/t)            ZONE
    -------------------------------------------------------------------------
    EP008         58.0       76.4         18.4          1.77      SOUTH LIMB
    -------------------------------------------------------------------------
    EP009         75.8       87.2         11.4         11.83      SOUTH LIMB
    -------------------------------------------------------------------------
    GE94-67       24.7       50.3         25.6          4.06      SOUTH LIMB
    -------------------------------------------------------------------------
    GE94-68       30.5       45.7         15.2          7.34      SOUTH LIMB
    -------------------------------------------------------------------------
    H3            48.0       67.0         19.0          4.22      SOUTH LIMB
    -------------------------------------------------------------------------
    H7            51.0       67.1         16.1          3.38      SOUTH LIMB
    -------------------------------------------------------------------------

    North Limb
    ----------
    Drilling in the North Limb, north of the historic mine workings, has
returned the following intercepts of mineralization in a third horizon within
the EP-Zone:

    Table 3: North Limb Subzone Results in EP-Zone
    -------------------------------------------------------------------------
                                      INTERVAL         GRADE
    HOLE-ID       FROM         TO          (m)         (g/t)            ZONE
    -------------------------------------------------------------------------
    EP004         47.4       56.0          8.6          3.57      NORTH LIMB
    -------------------------------------------------------------------------
    EP004         95.4       97.0          1.6          7.58      NORTH LIMB
    -------------------------------------------------------------------------
    EP005         19.0       40.0         21.0          2.24      NORTH LIMB
    -------------------------------------------------------------------------
    EP006         92.5       98.5          6.0          4.10      NORTH LIMB
    -------------------------------------------------------------------------
    H10            4.1       10.0          5.9         12.16      NORTH LIMB
    -------------------------------------------------------------------------
    

    The Hardrock Project is operated under a joint venture with Roxmark Mines
Limited (TSX-V:RMK) (Premier earning a 70% interest). The Hardrock Project is
host to several past-producing mines which collectively produced more than 2.0
Million ounces of gold from the same deposits to relatively shallow depths of
approximately 2000 feet (600 metres) from 1938-1968. The mined zones remained
open at depth at the time mining ceased and developed historical resources
were left in place within the existing mine workings (a qualified person has
not done sufficient work to verify the historical resource, the company is not
treating the historical resource as a current resource and the historical
resource should not be relied upon). 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:

    
    1)  Open pit-style mineralization with grades exceeding 1.5 g/t Au
        (Timmins, Hemlo)

    2)  Broad zones of mineralization with grades averaging 5.0+ g/t Au
        (Musselwhite)

    3)  Narrow vein zones with higher gold grades often exceeding 7.0 g/t
        (Red Lake, Pickle Lake)
    

    Initial drilling with four drills is focusing on delineating both open
pit and underground resources with the goal of defining a multi-million ounce
gold resource that can be moved quickly towards development (See references to
historical resources above). The Project offers development advantages with
the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running
through the center of the property. Significant potential exists for
developing resources in several areas including: 1) Open pit-style
mineralization at the site of the original discovery where a resource
containing several hundred thousand ounces of gold was partially drilled off
by previous operators; 2) Several newer high-grade discoveries have been made
throughout this large property package that have received little to no
follow-up; 3) Resource blocks reported to remain within the mine workings;
and, 4) The main mined zones which remain open below the 600m Level.
    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.

    
    PQ-North Project Drilling Underway
    ----------------------------------
    
    Drilling recently got underway at Premier's 100%-owned PQ North Property.
The PQ-North Project is strategically located on the PQ limb of the key iron
formation that is host to Goldcorp's Musselwhite Gold Mine.
    In a July 31, 2008 SEC filing, Goldcorp indicated that gold
mineralization had been extended as far as six kilometres north along strike
of the main mine facilities, with intersections on structures trending in
close proximity to Premier's PQ North Property. These results include a drill
intercept of 15.5 g/t Au across a true width of 4.5 m in hole 07-NSD-005. 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. Exploration to-date has included an airborne geophysical
survey, which has identified major folding and several untested structures
similar to those at the Musselwhite Mine.
    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, as well
as lead to a Memorandum of Understanding (MOU) in the near future.
    Premier expects to drill up to 5000 metres of NQ-sized core by early- to
mid-April.
    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. Core from Hardrock is sent to Activation
Laboratories Ltd., 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:

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


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