Shares Issued: 92,527,679
THUNDER BAY, ON, March 18 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that the Company has signed an Exploration Agreement (EA) with Long Lake No. 58 First Nation (LL58). This agreement establishes a commitment by both parties for a mutually beneficial, co-operative and productive working relationship with respect to exploration activities within LL58's home lands and the potential development of the Hardrock Project.
The community of Long Lake No. 58 FN is located near Longlac, Ontario, approximately 30 kilometres east of the Hardrock Project. LL58 has been actively working with Premier to establish a positive and mutually beneficial relationship that identifies potential opportunities for all having a vested interest in the region.
"On behalf of the members of my council and the members of my community I welcome Premier in to our home lands. I appreciate and I am encouraged by the initiative and efforts of Premier for approaching our Leadership to become involved in this very exciting Project. This agreement will provide the opportunity for my people to build the much needed capacity where they can take advantage of the future advances and on-going success of the Hardrock Project. We look forward and welcome this type of proactive approach to future developments in our Home Lands." stated Chief Waboose.
"Premier is encouraged by the dedication and commitment of the LL58 leadership and community to support and participate in the economic opportunities being created as the Hardrock Project continues to advance. The signing of this Agreement paves a path toward certainty and success for both parties. LL58 will benefit from employment, training and contracting opportunities. Premier hopes that these opportunities will carry forward for years to come, so that future generations of LL58 may enjoy the economic benefits associated with the mineral industry," stated Ewan Downie, President of Premier.
The Hardrock Project is operated under a joint venture with Goldstone Resources Inc. (TSX:GRC) (Premier owns a 70% interest as operator). The Hardrock Project is host to several past-producing mines, which collectively produced nearly 3 Million ounces of gold from depths within 600 metres of surface between 1938 and 1968. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through, or proximal to, the centre of the property.
On March 4, 2010 Premier announced an initial resource, containing significant indicated and inferred resources for the near-surface (open pit style) zones at Hardrock based on drilling completed as of the end of 2009. The joint-venture expects to complete more that 70,000 metres of drilling in 2010 following which a revised resource will be completed for both the open pit and underground zones.
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 addition to Hardrock, Premier has two joint ventures in the Red Lake camp with Red Lake Gold Mines, an affiliate of Goldcorp Inc. and a 100% interest in PQ North, a property located immediately north of Goldcorp's 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 projections.
SOURCE Premier Gold Mines Limited
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