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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: LoneClone	9/1/2006 9:56:15 AM
	of 78420

Oops! Premier not to proceed with acquisition of Sedimentary Friday September 1, 9:25 am ET [Shouldn't they be releasing this after the bell going into the long weekend rather than in the morning?] ca.us.biz.yahoo.com Shares Issued: 52,253,514 THUNDER BAY, ON, Sept. 1 /CNW/ - PREMIER GOLD MINES LIMITED (TSX: PG - News) announces that it does not intend to continue with the acquisition of Australian based Sedimentary Holdings Ltd. Following discussions with shareholders, and taking account of the terms of the necessary debt and equity financings associated with this acquisition opportunity, it has been decided that this acquisition would be excessively dilutive to existing shareholders and would reduce significant upside exposure associated with its advanced-stage gold projects in Canada - particularly the Red Lake gold camp. Management of Premier continues to view Sedimentary's interest in the Cracow Gold Mine in Australia to be a quality gold project and wishes Sedimentary success in its future endeavours. Premier is a Canadian based mineral exploration and development company with diverse property holdings that include several projects and deposits in Northwestern Ontario. These projects include several in the Red Lake gold mining camp, two of which are operated in joint venture with Goldcorp Inc. (TSX:G - News), and a strategic project located on the main Musselwhite Gold Mine trend (Goldcorp-Kinross). 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. For further information Ewan Downie, President & CEO, Phone: (807) 346-1668, Fax: (807) 345-0284, e-mail: info@premiergoldmines.com, Web Site: www.premiergoldmines.com

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