Premium Exploration Inc. Clarifies Position with SNS Silver Corp.
VANCOUVER, BRITISH COLUMBIA, Canada, June 22, 2009 --(PR.com)-- Premium Exploration Inc. (TSX-V:PEM) (“Premium” or the “Company”) wishes to clarify the Company’s position with SNS Silver Corp. (“SNS”).
On March 2nd 2009, Premium entered into two Letters of Intent (LOI) with SNS Silver Corp., with the intent of entering a definitive agreement within 90 days. The LOI’s allowed SNS to earn in to a maximum of 50% by advancing financing and paying in cash and stock, certain exploration and development costs to develop Premium’s Friday/Petsite and Buffalo Gulch properties. SNS initially paid PEM CDN $125,000 in advance on each LOI and in the event a definitive agreement is not reached, the Company is obligated to return $200,000 to SNS.
The time required for completion of the Letters of Intent (“LOI”) has lapsed and the parties have not signed a definitive agreement. SNS’s ability to participate in negotiations has been impeded due to the situation in Silver Valley, Idaho. Accordingly, Premium raised gross proceeds of $673,900 through the offering of 6,739,000 units (the “Units”) at a price of $0.10 per unit in order to continue the orderly development of their Central Idaho properties. The Companies have agreed to explore a strategic relationship to rekindle mining’s importance to the economy of Idaho. Premium continues to explore all avenues for future financing.
An 800 metre drill program on the Petsite-Friday portion of the property started on the June 14th, ahead of schedule.
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 precious metals assets to production. The Company’s portfolio includes one of the largest land packages in Idaho, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico.
For additional information, please visit us at www.premiumexploration.com.
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On March 2nd 2009, Premium entered into two Letters of Intent (LOI) with SNS Silver Corp., with the intent of entering a definitive agreement within 90 days. The LOI’s allowed SNS to earn in to a maximum of 50% by advancing financing and paying in cash and stock, certain exploration and development costs to develop Premium’s Friday/Petsite and Buffalo Gulch properties. SNS initially paid PEM CDN $125,000 in advance on each LOI and in the event a definitive agreement is not reached, the Company is obligated to return $200,000 to SNS.
The time required for completion of the Letters of Intent (“LOI”) has lapsed and the parties have not signed a definitive agreement. SNS’s ability to participate in negotiations has been impeded due to the situation in Silver Valley, Idaho. Accordingly, Premium raised gross proceeds of $673,900 through the offering of 6,739,000 units (the “Units”) at a price of $0.10 per unit in order to continue the orderly development of their Central Idaho properties. The Companies have agreed to explore a strategic relationship to rekindle mining’s importance to the economy of Idaho. Premium continues to explore all avenues for future financing.
An 800 metre drill program on the Petsite-Friday portion of the property started on the June 14th, ahead of schedule.
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 precious metals assets to production. The Company’s portfolio includes one of the largest land packages in Idaho, including an NI 43-101 gold resource, a PGM exploration project in Montana, and a past-producing silver project in Mexico.
For additional information, please visit us at www.premiumexploration.com.
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Contact
Premium Exploration, Inc.
Ms. Christine Kopr
(604) 682-0243
www.premiumexploration.com
or
Mr. Wilf Struck, P.Eng
Chief Executive Officer
F: (604) 682-2499
E: wstruck@premiumexploration.com
Ms. Christine Kopr
(604) 682-0243
www.premiumexploration.com
or
Mr. Wilf Struck, P.Eng
Chief Executive Officer
F: (604) 682-2499
E: wstruck@premiumexploration.com
Contact
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