Premier to complete non-brokered private placement



    
    /NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
    SERVICES/

    Shares Issued: 69,348,742
    

    THUNDER BAY, ON, Oct. 30 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce that it will complete a non-brokered private placement of
6,500,000 flow-through common shares at a price of $1.80 per share to raise
gross proceeds of $11,700,000. At the company's option, this placement may be
increased by 10%. This private placement is subject to regulatory approval.
The proceeds of this private placement will be used for funding exploration on
the company's Canadian properties.
    On closing, the company may pay a finder's fee in respect of a portion of
the private placement in accordance with the policies of the TSX Exchange. The
securities issued in this private placement will be subject to a four month
hold period from the date of closing in compliance with applicable securities
laws.

    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 signed an agreement to acquire
mineral properties in the Geraldton area from Barrick Gold.

    
    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
    

    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, Phone: (807) 346-1390,
Fax: (807) 345-0284, e-mail: info@premiergoldmines.com, Web Site:
www.premiergoldmines.com


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