PREMIER - SUTTER RELEASES
ADDITIONAL HIGH GRADE GOLD AT SANTA TERESA INCLUDING 16.68 GPT (0.49 OPT)
ACROSS 3.1 METRES
Shares Issued: 77,565,179
PREMIER GOLD MINES LTD (TSX:PG) is pleased to release the remaining
assay results from its initial 32-hole Phase One program drilled at the
Santa Teresa Concession in Baja California, Mexico. These new results, with
intercepts as high as 21.10
grams per tonne (gpt) or 0.62 ounces per ton
(opt) gold across 1.35
metres (m), and 16.68g/t across 3.1m continue to
demonstrate the potential of this underexplored district.
Results to date confirm the following:
- Drilling has discovered
multiple high-grade veins up to 260 metres
along strike from the historic Princessa Gold Mine, whose average
production grade exceeded one ounce per ton.
- Results include multiple
intercepts in excess of 34.00 gpt (about 1.00 oz/ton) gold between one
and three metres within the Princessa structure.
- Twenty-three significant
intercepts with length weighted average in excess of 35.00 gpt.
- Structures remain open in
The Santa Teresa Project is located adjacent to and on strike from the
past-producing Princessa Mine (the district's largest gold producer), which
was mined to a maximum depth of only 110 metres, and
whose ore body was known to extend close to the northern boundary of the
Santa Teresa Property. Gold production at El Alamo, a 16-kilometre long
district, was halted at its peak owing to technological and political
circumstances early in the 20th century. Since then, only minimal
exploration has taken place, presenting a unique opportunity for Premier
and its joint venture partner Sutter Gold Mines Inc. (TSX-V:SGM). Premier
has secured the right to earn up to a 65% interest in the Santa Teresa
Project from Sutter.
"In all, our Phase One program had 23 intercepts drilled that were
greater than 5.00
grams per tonne across no less than one metre, and
the length weighted average of those exceeded 35.00 grams per
tonne." commented Stephen McGibbon, Executive Vice-President & COO
of Premier. "Recent drilling with more tightly patterned holes helped
us better understand the nature and distribution of gold within this
Premier and joint venture partner Sutter Gold Mines Inc. (TSX-V:SGM)
continue to regard expansion of their interests at El Alamo as a priority
Table 1 includes all assay results greater than 2.00 gpt gold for holes
ST024 to ST032, with assay results greater than 10.00 gpt highlighted in
yellow. Several of these contained visible gold upon visual inspection of
the core. Drill holes ST024-029 were drilled to test the South structure,
while holes ST030-032 tested the main Princessa structure.
Table 1 Significant Results ST024 To ST032
Click image to enlarge
* True widths estimated between 50-75% of intersection width
The Santa Teresa Project is accessible by road, and is located
kilometres southeast of Ensenada and about 250 kilometres
south of San Diego, California, USA. A total of some 7,000 metres (22,800 feet) in 32
holes were drilled on Santa Teresa in 2008.
Premier is attracted to the El Alamo District because of a unique history
of high mined grades, but little modern exploration. The properties
being explored by Premier and Sutter are:
- Located within a proven
ounces of past production) gold district.
- Historical data indicates
that mined grades within the district are between 1.00 and 2.00 ounces
per ton (opt).
- The majority of district
production occurred within 120 metres of surface, but remains
open at depth.
- Geologically similar to the
historic Mother Lode District of California.
Stephen McGibbon, P.Geo., Executive Vice-President and Chief Operating
Officer of Premier, 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.
A stringent QAQC program utilizing blanks, standards
and replicates has been developed by Mark Payne, Consulting Geologist, for
the STC joint venture. All sample prep and analysis is being conducted by
American Assay Laboratories Inc. of Sparks, Nevada utilizing conventional 1
assay-ton fire assay and 500-gram screen metallic methods.
For further information, please contact:
Ewan Downie, President & CEO
Web Site: www.premiergoldmines.com
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
Associated File: http://www.premiergoldmines.com/i/pdf/2009-01-07_NR.pdf
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