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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: onepath who wrote (73701)	8/23/2012 10:55:01 AM
From: Veteran98	Read Replies (1) \| Respond to of 78424

PG... Premier Gold Mines drills 20.42 m of 11.75 g/t Au Premier Gold Mines Ltd (C:PG) Shares Issued 138,352,462 Last Close 8/22/2012 $5.16 Thursday August 23 2012 - News Release Mr. Ewan Downie reports PREMIER INTERSECTS HIGH-GRADE GOLD AT COVE GOLD PROJECT IN NEVADA Premier Gold Mines Ltd. has released additional assay results from a drill program at the Helen zone on the company's Cove gold project, located in the Eureka-Battle Mountain trend in Nevada. These results confirm the exceptional expansion potential of the deposit that is open along strike of the Cove anticline to the northwest and southeast. The Helen Zone deposit represents one of the highest grade undeveloped gold deposits in Nevada. The current drill program is aimed at expanding mineralization within both the Upper and Lower Helen Zones. To date, nine reverse circulation holes and four core holes have been completed with assays. The AX drill program, which commenced in the fall of 2011, was designed to step out from the known Helen Zone resource. Drilling has expanded the mineralization by 125 metres (400 feet) to the northwest and an additional 94 metres (300 feet) to the southeast where the favourable horizon remains wide open for expansion. High-grade gold has been intersected in multiple holes. Highlight intervals from the most recent drill holes include: 11.75 g/t Au across 20.42 m (0.34 oz/t across 67.0 feet) in hole AX-8A - a wedge hole drilled to provide a full cut of mineralization in the core part of the deposit using core.4.82 g/t Au across 10.97 m (0.14 oz/t across 36 feet) in the Upper Helen Zone and 8.01 g/t Au across 5.94 m (0.23 oz/t across 19.5 feet) in the Lower Helen Zone in hole AX-11.7.09 g/t Au across 24.38 m (0.21 oz/t across 80 feet) in the Upper Helen Zone and and 9.26 g/t Au across 5.18 m (0.27 oz/t across 17 feet) in the Lower Helen Zone in hole AX-12. "Drill results from the step out drilling along the strike of the axial plane of the Cove anticline continue to support our geologic model that the Helen Zone is a bedding controlled Carlin-style deposit which is punctuated by areas of high-grade where feeder structures intersect the axial plane of the anticline," stated Brian Morris, Vice-President Exploration for Premier. "Historic data suggest that this trend could continue for several hundred metres to the southeast underneath the Cove pit in the relatively untested favorable rocks which are host to the Helen Zone." Nevada is one of the world's most favourable jurisdictions for mine development and the Cove Project offers substantial upside in the existing resource areas in addition to opportunities for the discovery of new high-grade gold deposits within the district. The Cove deposit was mined (primarily by open pit) between 1988 and 2001, a period of comparatively low metal prices, producing approximately 2.3 million ounces of Gold, and more than 100 million ounces of silver. Table 1 provides a summary of highlight assay results received from the ongoing program. The Cove Project is held under lease from Newmont McCoy Cove Limited, a subsidiary of Newmont Mining Corporation. Newmont has the option to become the manager and 51% joint venture partner up until Premier submits a positive feasibility study for a deposit containing a minimum of 500,000 ounces of gold. New drill holes AX-11 and AX-12 confirm Premier's model that the Helen Zone is a stratiform, Carlin-style deposit, that occurs in favourable limestone and dolomite units and remains wide open along the favourable anticline structure that is host to the primary mineralized zones at Cove. AX-11 represents a 122 metre (300 feet) northwesterly step out that intersected both the Upper and Lower Helen Zone horizons. AX-12 represents a 62.5 metres (200 feet) step out from AX-9 to the southeast towards the historic Cove pit and intersected multiple gold zones suggesting major expansion potential. AX-8A was a twinned core hole of RC hole AX-8 which was drilled to properly test mineralization utilizing core rather than reverse circulation, successfully intersecting multiple gold zones in the heart of the deposit. AX-8A offset the original RC hole between 30 to 40 feet to the south of the original RC hole. Premier's management team believes that the Cove Project represents one of the most under-explored projects in Nevada. It is located in the Eureka-Battle Mountain Trend that is host to numerous multi-million ounce producing and past-producing mines. The property is located in close proximity to excellent infrastructure (including paved roads & power) and some work has progressed such that permitting for underground access can be advanced.