Premium Exploration Announces the Sale of Bennett Mill Site and Red Elk Group of Claims
24 April 2014 - 8:19AM
Access Wire
Vancouver, BC / ACCESSWIRE / Apr 23 2014 /
Premium Exploration Inc. (TSX-V: PEM; OTC Pink Current:
PMMEF) ("Premium" or the
"Company") announces
the sale of the Bennett Lumber Company Mill Site and the Red Elk
Group of claims to New Jersey Mining Company ("NJM").
The property consists of 220
acres, situated in Elk City, Idaho, and the Red Elk Group of claims
consists of 13 patented mining claims.
NJM will to make cash payments
to Premium, a total of Four Hundred and Twenty-Five Thousand
Dollars ($425,000.00) paid out as follows:
-
1.$125,000 down
payment upon signing of a definitive agreement;
Premium shall carry a note at
five percent (5%) interest in the principle amount of Three Hundred
Thousand Dollars ($300,000) with two balloon payments, as described
below:
-
2.$125,000 (plus
5% interest) due and payable on August 15, 2014; and
-
3.$175,000 (plus
5% interest) due and payable on July 15, 2015.
Proceeds from the sale will be
used to reduce debt and for working capital purposes.
About Premium Exploration
Inc.
The Company aims 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:
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|Mr. John Ryan | President&CEO |Peter J. Kletas | Investor Relations|
|P: (604) 682‐0243 |Toll Free: 866‐999‐6251‐ |
|Fax: (604) 682‐2499 |604‐874‐7915‐Direct |
|E:jryan@premiumexploration.com|ir@premiumexploration.com |
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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.
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