Premium Exploration Private Placement Oversubscribed

Vancouver, Canada, May 29, 2009 --(PR.com)-- Premium Exploration Inc., (TSX-V:PEM) (”Premium”) reports that it anticipates its previously announced private placement may be oversubscribed by approximately $160,000 (1,600,000 units). The original expectation was to raise up to $500,000 (5,000,000 units).

The offering will now raise approximately $660,000 through a non-brokered private placement of 6,600,000 Units (the “Unit”) at $0.10 per Unit. Each Unit will consist of one (1) Common Share (a “Share”) and one (1) non-transferrable Warrant. Each Warrant will be exercisable for a period of two years at a price of $0.20 in the first year and $0.50 in the second year.

The proceeds from the placement will be used for production permitting on the Buffalo Gulch gold project, exploration drilling on the high grade gold zone at the Friday-Petsite property; an NI 43-101 Inferred gold resource of 531,890 troy ounces, contained in 15.17 million tonnes averaging 1.1 g/t gold (0.032 oz/ton) at a cutoff of 0.514 gram per metric tonne (0.017 oz/ton); and general working capital. The funds raised will include up to a 10% finder’s fees in cash or shares.

The proposed amendment is subject to TSX Venture Exchange approval.

About Premium Exploration, Inc.

Premium Exploration Inc. (TSX-V:PEM) is an explorer and developer of precious metals projects with significant potential for near-term production and growth. Our projects are located in the USA and Mexico; stable regions where we have a history of success. Our team is committed to unlocking mineral wealth for our shareholders by discovering, developing and permitting our precious metals assets to production. The Company's portfolio includes one of the largest land packages in Idaho with two potential near-term gold production assets, a PGM exploration project in Montana, and a past-producing silver project in Mexico.

For additional information, please visit them at www.premiumexploration.com.

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