Thursday, February 10, 2011

Industry Watch: Del Steiner discusses Premium Exploration's new discovery in Idaho Gold Project

January 24th, 2011: Del Steiner, CEO of Premium Exploration talks with Al Korelin at the Cambridge House Investment Conference about a new discovery and the potential for more discoveries in their Idaho Gold Project.

Premium Exploration Inc. (TSX-V:PEM) is focused on gold exploration at its district-sized land package along the Orogrande Shear Zone ("OSZ") in Central Idaho, USA; the 4th largest gold producing country in the world.
The "OSZ" has an extensive, historic mining history. It is a major regional structure with multiple known zones of gold mineralization and has the potential to become the first modern gold mining district in Idaho. Armed with a proven exploration strategy, advancing gold resources, and 30 Km of drill-ready targets, Premium is well positioned to create shareholder value through exploration, discovery, and the development of this emerging gold district.

Interview Transcript:

Al: Hey I’m Al Korelin, thanks so much for joining me. This video was originating from the Cambridge House investment conference in Vancouver, British Colombia, the show that we’ve been attending almost exclusively for the last 20 years. These guys are really good guys- you can really increase your knowledge of the resource industry by coming to these shows. I’m chatting right now with Del Steiner, an old friend. Cathy and I have known Del and Ellie for probably 25 years now. Del is the president of one of our sponsor companies, Premium Exploration. We shot a video on the company here actually; about 6 or 8 months ago and we got some pretty good coverage there.

Del: Good coverage.

Al: Property in Idaho that may very well turn into a major mining district. Let’s talk about it.

Del: As you know, we just finished the 10,000-metre drill program we were starting on when you were down this summer. The data has come back on that program: we’ve had good results in every hole drilled, 28 total holes. We’ve got a couple that aren’t back yet, but what we’ve done is we’ve expanded the size of the resource- there was a half million ounces there when we started in the original 43-101. Hopefully we’ve added a substantial amount to that; in fact we know we have. Interestingly, in doing that we’ve found two new discoveries on that segment of the property, one on the lower level and one paralleling the existing resource like railroad tracks. The one to the west, the new discovery that’s running parallel seems to have the same kind of material with excellent grade on it, 1.4 grams in the discovery hole, 40 metres of width to this point, but that’s the first hole in it. So we’re extremely happy with the results coming off that program. 2011 will be a new year. We will do 25,000 to 50,000 metres, depending on how everything comes out wit the idea in mind of advancing the resource with two drills and sending two drills both north and south on the strike of that 30 km sheer zone and making some new discoveries.

Al: Now how long until we get more into the development stage? You’re exploring, you’re getting great results, when do we get to development?

Del: We’ve started development as we speak. The scoping has started. We need the rest of these results. The new 43-101 will fit into that development, and then the engineering will start, as far as looking at potential mine plans.

Al: Now you talk about the new 43-101. When is that going to be available?

Del: We’re looking to have that out at the end of February. The last items in that are these two new drill holes that all of the results aren’t back from, from the last drilling in December. We now have the 30km of airborne geophysics interpreted, 5000 new soils in place that parallel the geophysics almost to a T. This is not a glaciated area, so the soils are an excellent indication of what there and we have substantial indication of half gram at surface in a number of areas, so we think that we can pinpoint target some step-outs both north and south for some new discoveries, along with the 2 we’ve already made, and the ounce potential of this thing will go up exponentially.

Al: So I’ve been following your company for a long long time, and I would have to say that the level of progress that has been achieved in the last 3 years or thereabouts has really really ramped up what’s going on down there. I mean, you guys are really active, you’re spending a lot of money, you’ve got a great staff down there, it strikes me that 2011 is going to be a year that you’re going to see some very significant- or should I say interested parties are going to see a very significant news flow.

Del: That’s correct. Actually, the news flow started in ’09 and through 2010 and that will speed up a lot with 4 drills running, and so there will be fairly constant news the entire length of 2011.

Al: And we are going to be providing you with that information as it comes out, both in video form and on the air. In the interest of full disclosure, Big Al has to say a couple of things: I’m highly prejudiced here so don’t construe what I’m saying as investment advice. Number 1 the Steiner family are friends of ours so I’ve got a little bit of emotional contact there, I also own stock in the company and have for some time now, they’re also a sponsor on our website. If you want to get more information on Premium Exploration, simply click on their banner, watch the video, and see what you think for yourself. Del, always a pleasure buddy.

Del: Thanks very much Al, I appreciate it.

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