DJ SMALL-CAP-NEWS / Premium Exploration Provides Update on its Buffalo Gulch Joint Venture Project
VANCOUVER, BRITISH COLUMBIA (August 25, 2008) - Premium Exploration, Inc.
(TSX-V:PEM) ("Premium" or the 'Company") (www.premiumexploration.com) is
pleased to provide the following update on its joint venture with Clearwater
Mining Corporation ('CMC") for the Buffalo Gulch open pit heap leach gold
mine project located near Elk City, Idaho, United States of America.
Highlights Include:
Publication on August 15, 2008 in the United States Federal Register of a
Notice of Intent ('NOI") for the preparation of the required Environmental
Impact Statement ('EIS") for the proposed Buffalo Gulch Mine by the United
States Department of Interior, Bureau of Land Management ('BLM.")
On August 15, 2008 the required 30-day public scoping and comment period for
the EIS began.
On August 28, 2008, there will be a public tour of the proposed Buffalo
Gulch mine site, followed by a public meeting at the Elk City Ranger Station
in Elk City Idaho.
A Memorandum of Understanding ('MOU") is being finalized between the BLM
and Elk City Mining, LLC ('ECM.") Elk City Mining, LLC is the joint venture
company owned by Premium and CMC that is advancing the Buffalo Gulch
project.
The MOU:
designates the BLM Cottonwood Field Office as the lead government oversight
agency for preparation of the EIS;
appoints the engineering firm of Brown & Caldwell (www.brownandcaldwell.com)
as the third-party engineering firm responsible for preparation of the EIS;
and
provides for an estimated timeline of August 2010 for publication of the
Final EIS and Record of Decision on the Buffalo Gulch project.
A website for the Buffalo Gulch project may be viewed at
http://www.elkcitymining.com.
The publication of the NOI on August 15, 2008 started the official 30-day
public comment and project scoping period required for the preparation of an
EIS. The comment period ends on September 15, 2008. The NOI can be viewed on
the BLM website at: Notice of Intent. Those wishing to submit comments on
the Buffalo Gulch project should submit them to Mr. Scott Sanner, Mining
Engineer with BLM at the contact information provided at the end of this
update.
The public tour and meeting will begin at 1:30 PM on August 28, 2008 at the
Elk City Ranger Station, and last until approximately 9:00 PM. Additional
information on the public site visit and meeting can be viewed on the BLM's
web site at: BLM Buffalo Gulch Field Tour and Public Meeting.
Representatives of the BLM, Idaho Department of Environmental Quality, and
other interested government agencies will be participating in this public
meeting and tour. During the tour, the plan of operations for the proposed
mine will be publicly reviewed and the public will have an opportunity to
submit comments and questions to ECM and the agency representatives present.
It is expected that the MOU being negotiated between the BLM and ECM will be
finalized shortly. The MOU provides for the appointment of Brown & Caldwell
(www.brownandcaldwell.com) as the independent third-party engineering firm
for preparation of the EIS. Brown and Caldwell, established in 1947, is a
multi-disciplined environmental engineering and consulting firm. It is an
employee-owned company headquartered in Walnut Creek, California, and
employs more than 1,500 people in 45 offices across the United States of
America. Engineering News-Record ranks Brown and Caldwell 48th among the
nation's top 500 engineering firms, 36th among the Top 200 environmental
firms, 21st largest in the Water Supply market and 8th largest in the
Sewer/Waste market.
As the EIS process proceeds Premium will provide additional updates as to
the status of the milestones and their anticipated completion timelines. It
is expected, pending issuance of all the necessary permits, that mine
construction and operations will commence as soon as possible after issuance
of the Record of Decision on the EIS by the BLM.
Qualified Person
Mr. Wilf Struck, P.Eng,. is the Qualified Person for the technical
information in the news release under National Instrument 43-101.
About Premium Exploration, Inc.
Premium Exploration, Inc. is a unique precious metals explorer focused on
Mexico and the USA. Listed on the TSX Venture Exchange (TSX-V:PEM), the
Company was founded on a team with exploration success, committed to
maximizing shareholder exposure to precious metals discovery, the most
profitable stage of exploration. Premium's portfolio holds gold, silver and
platinum group metals projects in various stages of exploration, from
grassroots to near-term production. Premium's business model utilizes the
joint venture approach where strategically chosen projects are quickly
advanced. This model allows the Company to focus its exploration efforts in
under-explored precious metal belts that would allow for profitable
extraction, with minimal political, social or environmental risks.
Additional information on the Company may be found at
http://www.premiumexploration.com.
All prospective and current shareholders of Premium Exploration are invited
to join the company's official investment forum exclusively at Pinnacle
Digest: http://www.pinnacledigest.com/company/pem:ca. The forum allows for
investor controlled discussion, questions and progressive feedback from
other shareholders and investors. Third party reports on the company are
also available at http://www.pinnacledigest.com.
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(END) Dow Jones Newswires
August 27, 2008 02:50 ET (06:50 GMT)
© 2008 Dow Jones News
