Shares Issued: 68,189,742
THUNDER BAY, ON, Oct. 24 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is
pleased to announce that a drill has been mobilized to begin drilling a
minimum of 5,000 meters at the Geraldton project with joint venture partner
ROXMARK MINES LIMITED (TSX-V:RMK). The "Geraldton Project" is located in the
Beardmore-Geraldton greenstone belt, a highly prospective high-grade gold
district that has seen relatively little exploration over the past several
The Project area covers approximately 10 kilometres (km) of some of the
most prospective geology in the region. In addition, it is host to three
past-producing mines and numerous exploration targets in a district that has
seen historic production of more than 4.1 Million ounces of gold (OGS Field
trip notes 2007).
The first target will be testing in the vicinity of the Little Long Lac
Mine that produced more than 600,000 ounces of gold during the period 1934-53
at an average grade of 11.66g/t Au (Historic Government Annual Reports). Prior
to closure, drifting was carried out on the "No.10 Vein" that was discovered
on the 16th Level, one of the deeper levels (675 metres below surface) of the
mine. Data suggests that little exploration was carried out up-dip towards
surface on this zone. Parallel structures that could be host to additional
deposits will also be tested in the current program.
Premier, operator of the Project (since September 24, 2007), holds the
option to earn up to a 70% interest in the Property by making cash and share
payments to Roxmark, and performing exploration on the Property. The current
drilling is part of a major $2.5 Million dollar exploration program that will
test several prospective targets on the large property package.
With respect to Premier's other properties, exploration continues at the
Rahill-Bonanza Joint Venture Project in Red Lake where recent drilling has
intersected multiple gold horizons including a new zone discovered in the
hanging wall of the Wilmar Horizon with assay results of up to 14.2g/t Au
across 5.0 meters including 59.09g/t Au across 1.0 meters (press release:
October 22, 2007). The Rahill-Bonanza Project is being operated under a 50-50
Joint Venture with Red Lake Gold Mines, an affiliate of GOLDCORP INC. (TSX:G,
NYSE: GG). Additional assays from drilling are expected in the near future.
Stephen McGibbon, P. Geo., Executive Vice-President and Chief Operating
Officer of Premier, 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 Canadian-based mineral exploration and
development company with diverse property holdings that include 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 Goldcorp Inc. (TSX:G). A strategic project is also located on the main
Musselwhite Gold Mine trend (Goldcorp-Kinross).
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: