February 26, 2014, Coeur d'Alene, Idaho - Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current: PMMEF) ("Premium" or the "Company") announced today that its Board of Directors has approved a change of the Company's auditors. At the request of the Company, MNP LLP (the Former Auditor) has resigned as auditor of the Company effective February 26th, 2014. The Board of Directors of the Company have appointed Martinelli Mick PLLC as the successor auditor, effective February 26, 2014 (the Successor Auditor).
The Company has sent a Notice of Change of Auditor (the Notice) to the Former Auditor and to the Successor Auditor and has received a letter from each, addressed to the securities commissions in each of Alberta, British Columbia, and Ontario stating that they agree with the information contained in the Notice. The Notice together with the letter from the Former Auditor and the letter from the Successor Auditor are available on www.sedar.com.
There were no disagreements or unresolved issues with the Former Auditor on any matter of audit scope or procedures, accounting principles or policies, or financial statement disclosure. It is the Company's opinion that there have been no "reportable events" (as defined in National Instrument 51-102 Continuous Disclosure Obligation) between the Company and the Former Auditor. The Former Auditor did not provide a modified opinion in their auditor's report for the financial statements of the Company fiscal years ended December 31st, 2012 and 2011.
About Premium Exploration Inc.
The Company's purpose is to efficiently and economically advance their district sized Idaho Gold Project. The Idaho Gold project contains three known deposits. The Friday deposit has an NI 43-101 compliant resource of:
Indicated: 647,000 Au (20.1 MT @ 1.0 g/t Au with 0.45 g/t cut-off)
Inferred: 590,000 Au (20.9 MT @ 0.88 g/t Au with 0.45 g/t cut-off)
The Deadwood deposit and the Buffalo Gulch oxide deposit both have small historical gold resources and both are expandable. Premium Exploration has commenced a preliminary economic study envisioning underground mining of a high grade portion of the Friday deposit.
For Further Information Please Contact:
---------------------------------------------------------------------------------- |Mr. John Ryan |President&CEOP:(604)682-0243|Peter J. Kletas | Investor Relations| |Fax: (604) 682-2499 |866-999-6251-Toll Free | |E:[email protected] |604-874-7915-Direct | | |[email protected] | ----------------------------------------------------------------------------------
This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time under the Company's profile on www.sedar.com in accordance with the policies and requirements of the TSX Venture Exchange and applicable securities law. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There are no assurances that the Company can fulfill such Forward-Looking Statements and the Company undertakes no obligation to update such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.