Tuesday, June 22, 2010

Goldstone Resources: Premier - Drilling returns high-grade in multiple zones at Hardrock GRC.to, PG.to, GG, NEM, GDX, HUI, XAU, GBN.v, RGLD, AUY, BVN,

New Gold discovery in Canada - Hardrock is growing with every drilling reported, Goldstone Resources on another hand is trading lower than before Roxmark Mining Merger when the gold price was much lower. Premier is doing a very good job and is setting a very high benchmark for all J/V partners - we wish that our Lithium Plays have so aggressive partners on exploration side.
Premier - Drilling returns high-grade in multiple zones at Hardrock

Press Release Source: Premier Gold Mines Limited On Tuesday June 22, 2010, 8:32 am

Shares Issued: 98,790,220
THUNDER BAY, ON, June 22 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG - News) is pleased to announce successful ongoing delineation of high-grade gold mineralization in multiple zones at the Hardrock Project in Northwestern Ontario. Highlights from recent drilling include extensions of the SP Zone down-plunge and significant step-out intersections in one of the primary resource targets, the NN Zone:

- Drilling has defined several lenses within the SP Zone over a plunge length of some 1,100 metres with recent step-out holes returning up to 11.69 grams per tonne Gold (g/t Au) across 6.7 metres (m) - or 0.34 ounces per ton (oz/t) across 22.0 feet and 9.09 g/t Au across 12.3m (0.27 oz/t across 40.3 feet). - Drilling at the NN Zone has expanded near-surface mineralization with open-pit style intersections of up to 8.14 g/t Au across 9.0m (0.24 oz/t across 29.5 feet) at depth. Drilling in the NN Zone is now focusing on testing for higher-grade, underground style mineralization and has returned intersections of up to 15.09 g/t Au across 3.8 m (0.44 oz/t across 12.5 feet) up to 100 metres down- plunge from previous drilling. - Expansion drilling at depth in the historically mined North Zone has confirmed additional high-grade mineralization with intersections a further 100 metres down plunge returning multiple zones and assays of up to 10.97 g/t Au across 3.7m (0.32 oz/t across 12.1 feet).

"Drilling at Hardrock is delivering strong results in multiple zones and, with continued success, has the potential to materially add to our current resource. After only one year of drilling, we presently have 1.2 million indicated ounces of gold as well as 1 million inferred ounces, using a 0.6 gram cut-off with no capping." stated Tim Twomey, Exploration Manager for Premier. "This is an impressive rate of discovery".

NN Zone -------
Recent drilling in the NN Zone validates potentially open-pit style mineralization, along strike and at depth below the previously announced NI43-101 resource at Hardrock. Current drilling in the NN Zone is focused on delineating narrower, underground style resources, and has successfully extended the zone a further 100 metres down plunge with multiple high-grade intersections.

Highlights include 15.09 g/t Au across 3.8 m (0.44 oz/t across 12.5 feet) in the underground target area 100 metres down-plunge from previous drilling and 8.14 g/t Au across 9.0m (0.24 oz/t across 29.5 feet) approximately 100 metres down-plunge from previously announced hole MM117 that returned an impressive 22.97 g/t Au across 24.8m (0.67 oz/t across 81.4 feet).

Follow-up drilling down-plunge continues to intersect mineralization within the NN Zone. New drill results from the NN Zone are contained in Table 1.

Drilling in the SP Zone has now intersected high-grade gold mineralization over a plunge length of approximately 1,100 metres with new results of up to 11.69 g/t Au across 6.7m (0.34 oz/t across 22.0 feet). This drilling is expanding on previously announced intersections that included
15.68g/t Au (0.46 oz/ton) across 3.4m (0.46 oz/t across 11.2 feet), 6.60g/t Au across 32.6m (0.19 oz/t across 107.0 feet), and 17.14g/t Au across 7.0m (0.50 oz/t across 23.0 feet) down-plunge from the historically mined SP Zone.

The SP Zone was partially mined in the upper levels at Hardrock with 264,354 tonnes (291,428 tons) of ore extracted at an average grade of 8.37g/t Au (0.244 oz/t). Intermittent historic drilling that tested the unmined down-plunge extension of the SP Zone suggests the potential to outline mineralization over a plunge length of nearly 3.0 kilometres (8,500 feet).

New drill results from the SP Zone are contained in Table 2.

One drill is focused on expanding mineralization below the bottom level of the Hardrock Mine in the historically mined North Zone. Hardrock was mined to a depth of 600 metres, shallow for an Archean gold deposit, and remained open at the time of closure. The new drilling is located approximately 100 metres down plunge from previously announced intersections that included 10.05 g/t Au across 24.2 m (0.29 oz/ton across 79.4 feet) in hole MM079B and 7.59 g/t Au across 23.3 m (0.22 oz/t across 76.4 feet) in hole MM092A. New drill results from the North Zone Deeps are contained in Table 3.

The Hardrock Project is operated under a joint venture with Goldstone Resources Inc. (TSX:GRC - News; Premier holds a 70% interest in the project). The Hardrock Project is host to several past-producing mines which collectively produced nearly 3.0 Million ounces of gold primarily from shallow depths within 600 metres of surface from 1938-1968. The Hardrock Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada
Pipeline, and major power lines running through the center of the property. A revised resource calculation is expected to be completed following the 2010 drill program containing both open pit and underground style resources.

Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.

Premier Gold Mines Limited is a well financed Canadian-based mineral exploration and development company with several projects and deposits in Northwestern Ontario and Nevada, and a joint venture in Mexico. In the Red Lake gold mining camp, two projects are operated in joint venture with Red Lake Gold Mines, an affiliate of Goldcorp Inc. The company also owns a strategic project located on the main Musselwhite Gold Mine trend and a 70% interest in the Hardrock Project. The company recently acquired Saddle Gold Inc. and now holds the Saddle Project and a royalty in Newmont's Emigrant Springs Project, both on the prolific Carlin Trend, in northeast Nevada.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections."
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