VANCOUVER, BC / ACCESSWIRE / Apr 9, 2014 - Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current: PMMEF) ("Premium" or the "Company") announces that it is cancelling the proposed private placement originally announced on February 7th, 2014.
The financing is being cancelled due to unfavourable market conditions. Premium will continue to monitor the market and identify appropriate opportunities as conditions improve.
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 more information, please contact:
--------------------------------------------------------------------- |Mr. John Ryan | President&CEO |Peter J. Kletas | Investor Relations| |P: (604) 682‐0243 |866‐999‐6251‐Toll Free | |Fax: (604) 682‐2499 |604‐874‐7915‐Direct | |E:[email protected]|[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.
SOURCE: Premium Exploration Inc.