Premium Exploration Receives $1,912,500 for Exploration of 30 km Idaho Gold Project

Premium Exploration Inc. (TSXV:PEM) reports that it has received gross proceeds of $1,912,500 from the exercise of 6,375,000 warrants.

The press release is quoted as saying:

The proceeds from the warrant exercise will supplement the Company’s current working capital position and will be used to fund exploration work on Premium’s flagship property, the Idaho Gold Project.

The Idaho Gold Project hosts 343,000 Indicated oz Au (11.8 Mt @ 0.90 g/t Au with 0.5 g/t Au cut-off) and 879,000 Inferred oz Au (26.4 Mt @ 1.04 g/t Au with 0.5 g/t Au cut-off) resources along the Friday Zone and remains open along strike and depth.

Premium’s President,  Del Steiner says:

“343,000 indicated and 780,000 inferred gold ounces are hosted in 800 meters of structure at the Idaho Gold Project. This represents less than 1% of the +30 km of structure present on the property demonstrating tremendous potential for our shareholders. The $1,912,500 provides additional capital to unlock shareholder value for the +25,000 drill program currently underway.”

Click here to access the entire news release.

Click here to access Premium’s company profile.