Premier Gold Mines Ltd. Trans-Canada Drilling Expands High Grade Fortune Zone Horizon Including 64.14 g/t Au Across 4.5 metr by 24hgold

Monday, April 30, 2012

PG:TSX

Premier - Trans-Canada Drilling Expands High Grade Fortune Zone Horizon Including 64.14 g/t Au Across 4.5 metres

Premier Gold Mines Limited (TSX-PG) is pleased to provide an exploration update from ongoing drilling at the Company's 100% owned Trans-Canada Project in Northwestern Ontario. Drilling continues to delineate and expand mineralization in several high-grade horizons including numerous high-grade intercepts within the primary target, the Fortune Zone. Due to the continued success in this highly prospective horizon, the completion of an updated (NI) 43-101 compliant mineral resource estimate has been delayed such that the majority of intercepts contained in this release will be included. The resource update is expected to be completed during the current quarter.

The updated resource will include the multiple deposits that comprise Trans-Canada Project including the Hardrock, Brookbank, Key Lake and Kailey Deposits. All deposits are being assessed for both underground and open pit potential.

The Fortune Zone horizon is comprised of multiple, en-echelon, narrow vein zones located in close proximity to the historic Hardrock mine workings. The horizon has now been delineated over a substantial plunge length and remains open down-plunge. The Fortune Zone has characteristics similar to the high-grade past producing Little Long Lac (600,000 ounces gold produced at a grade of 11.7 g/t) and Leitch (847,900 ounces produced at a grade of 31.5 g/t) Gold Mines that are located on the Trans-Canada Project.

Recent highlights from ongoing drilling include:

14.30 grams per tonne gold (g/t Au) across 4.0 metres (m) or 0.42 ounces per ton (oz/t) across 13.1 feet (ft) in the Fortune Zone horizon in wedge hole MM172A
21.26 g/t Au across 5.1 m (0.62 oz/t across 16.7 ft) in the Fortune Zone horizon, and 18.20 g/t Au across 9.7 m (0.53 oz/t across 31.8 ft) and 10.77 g/t Au across 8.3 m (0.31 oz/t across 27.2) within the North Zone horizon in wedge hole MM191B
62.80 g/t Au across 3.0m (1.83 oz/t across 9.8 ft) in the Fortune Zone horizon in hole MM254
13.66 g/t across 7.0 m (0.40 oz/t across 23 ft) and 64.14 g/t Au across 4.5 m (1.87 oz/t across 14.8 ft) in the Fortune Zone horizon in hole MM268
116.00 g/t Au across 1.0 m (3.39 oz/t across 3.3 ft) in the Fortune Zone horizon in hole MM270
16.31 g/t Au across 2.2 m (0.48 oz/t across 7.2 ft) in the Fortune Zone horizon in hole MM274
12.95 g/t Au across 2.7 m (0.38 oz/t across 8.9 ft) in the K-Zone and 12.84 g/t Au across 3.6 m (0.38 oz/t across 11.8 ft) in the Fortune Zone in hole MM276

"Drilling continues to demonstrate the high-grade nature of recent vein zones being targeted at Hardrock" stated Brian Morris, Vice-President Exploration of Premier. "Owing to the ongoing success in delineating the recently identified Fortune Zone, the revised resource estimate is delayed to maximize resources in this horizon as well as to potentially optimize the economics in a PEA. Going forward, we will continue to define the Fortune Zone but also begin exploration on several other prospective high-grade targets"

Table 1 provides a summary of new assay results from step-out and infill drilling within several targeted high-grade horizons.

Table 1: New Assay Results from the Fortune Zone

Hole-ID	UTM Coordinates (m)	Dip/Azimuth (degrees)	From (m)	To (m)	Interval (m)	Grade (g/tonne)	Interval (ft)	Grade (oz/ton)	Zone
MM172A	5502657N 503600E	-67/360	663.0	668.0	5.0	4.14	16.4	0.12	F
			732.0	735.0	3.0	13.70	9.8	0.40	F2
			741.0	745.0	4.0	14.30	13.1	0.42	F3
			781.5	783.0	1.5	41.90	4.9	1.22	F1
			868.5	873.3	4.8	7.07	15.7	0.21	NLC
			937.5	940.5	3.0	7.41	9.8	0.22	HGN1
MM191B	5502649N 503699E	-66/360	628.5	635.0	6.5	3.13	21.3	0.09	F
MM191B			665.9	671.0	5.1	21.26	16.7	0.62	F2
including			669.0	670.0	1.0	82.10	3.3	2.40
			813.3	831.5	9.7	18.20	31.8	0.53	NLC
			840.6	848.9	8.3	10.77	27.2	0.31	NLB
including			844.5	845.5	1.0	34.60	3.3	1.01
MM253	5502694N 504550E	-58/360	428.0	429.0	1.0	4.89	3.3	0.14	F2
MM254	5502823N 504700E	-61/360	197.5	199.0	1.5	26.80	4.9	0.78	F
			246.0	249.0	3.0	6.23	9.8	0.18	F2
			273.5	276.5	3.0	62.80	9.8	1.83	F1
MM255	5502876N 504900E	-60/360	83.5	89.0	5.5	2.49	18.0	0.07	F
MM255	5502876N 504900E	-60/360	166.0	167.5	1.5	2.70	4.9	0.08	F2
MM256	5502595N 504300E	-56/360	525.5	526.5	1.0	48.60	3.3	1.42	F2
MM257	5502748N 50449E	-56/360	324.0	325.5	1.5	3.61	4.9	0.11	F2
MM258	5502550N 504200E	-57/360	407.0	408.0	1.0	4.02	3.3	0.12	P
MM259	5502828N 504895E	-60/360	NSV
MM260	5502850N 504650E	-65/360	102.5	111.0	8.5	6.52	27.9	0.19	F
MM261	5502825N 504750E	-55/360	383.5	385.0	1.5	7.99	4.9	0.23	F1
MM262	5502676N 504350E	-59/360	Hole abandoned due to deviation
MM263	5502850N 505025E	-58/360	99.0	100.0	1.0	15.00	3.3	0.44	F
MM263	5502850N 505025E	-58/360	177.2	178.6	1.4	8.76	4.6	0.26	F2
MM264	5502675N 504350E	-61/360	218.5	219.0	0.5	49.90	1.6	1.46	SP
MM265	5502525N 504175E	-59/360	651.0	653.0	2.0	5.29	6.6	0.15	K
MM266	5502760N 504630E	-63/360	Hole abandoned due to workings
MM267	5502800N 504800E	-60/360	14.0	24.0	10.0	3.79	32.8	0.11	SP
MM267	5502800N 504800E	-60/360	305.0	306.5	1.5	5.41	4.9	0.16	F2
MM268	5502823N 504850E	-62/360	156.0	158.0	2.0	14.26	6.6	0.42	P
MM268			167.0	174.0	7.0	13.66	23.0	0.40	F
including			168.0	169.0	1.0	70.80	3.3	2.07
			244.0	248.5	4.5	64.14	14.8	1.87	F2
including			247.5	248.5	1.0	199.00	3.3	5.81
MM269	5502630N 504150E	-60/360	69.5	71.0	1.5	10.10	4.9	0.29	F2
MM270	5502525N 503829E	-60/360	654.0	657.0	3.0	6.84	9.8	0.20	F2
			691.5	692.5	1.0	116.00	3.3	3.39	F2
			789.1	790.3	1.2	8.18	3.9	0.24	F1
MM271	5502630N 504150E	-63/360	310.0	311.0	1.0	21.00	3.3	0.61	SP
			430.8	431.8	1.0	10.20	3.3	0.30	F
			497.5	498.5	1.0	23.50	3.3	0.69	F2
			507.0	508.0	1.0	20.00	3.3	0.58	F2
			582.0	584.0	2.0	7.95	6.6	0.23	F1
			647.0	649.5	2.5	14.78	8.2	0.43	HGN2
MM272	5502448N 503799E	-59/360	Hole abandoned due to deviation
MM273	5502450N 503800E	-62/360	882.0	883.0	1.0	5.70	3.3	0.17	SLC
MM274	5502575N 503500E	-64/360	699.8	702.0	2.2	16.31	7.2	0.48	F
			726.0	727.0	1.0	8.25	3.3	0.24	F
			745.0	746.5	1.5	6.47	4.9	0.19	F2
MM275	5502500N 504000E	-54/360	720.0	723.0	3.0	4.10	9.8	0.12	SLC
MM275	5502500N 504000E	-54/360	750.0	752.0	2.0	3.38	6.6	0.10	F2
MM276	5502525N 503600E	-61/360	669.7	670.3	0.6	22.40	2.0	0.65	F
			714.9	715.9	1.0	15.50	3.3	0.45	F2
			755.0	759.0	4.0	7.94	13.1	0.23	K1
			767.3	770.0	2.7	12.95	8.9	0.38	K2
			826.5	827.6	1.1	10.50	3.6	0.31	F1
			831.0	834.6	3.6	12.84	11.8	0.38	F1
			941.0	944.5	3.5	6.61	11.5	0.19	NLC
MM277	5502650N 504295E	-63/360	Hole abandoned due to deviation
MM278	5502650N 504295E	-60/360	883.0	884.0	1.5	2.75	4.9	0.08	F2 (VG to rerun)
MM279	5502575N 503900E	-64/360	440.3	441.5	1.2	6.52	3.9	0.19	SP
MM279	5502575N 503900E	-64/360	735.0	736.0	1.0	35.50	3.3	1.04	F1
MM280	5502524N 503400E	-60/360	827.8	829.2	1.4	6.59	4.6	0.19	K
MM280	5502524N 503400E	-60/360	947.0	949.0	2.0	4.76	6.6	0.14	NLB

Figure 1 Fortune Zone

Click to Enlarge

Trans-Canada Project

The Trans-Canada Project is host to several past-producing mines which collectively produced more than 4 million ounces of gold from depths primarily within 600 metres of surface between 1938 and 1968. The Hardrock Deposit is host to a (NI) 43-101 compliant mineral resource estimate that was completed by Micon International Limited earlier in 2011. An updated mineral resource estimate will be completed in the near future and a Preliminary Economic Assessment will be released following a second mineral resource estimate that will be completed later in 2012 following additional drilling in the Fortune Zone horizon and any further drilling to be completed on other zones. The Trans-Canada Project benefits from development advantages with the Trans-Canada Highway, Trans-Canada Pipeline, and major power lines running through, or in close proximity to, the Project sites. Significant services and a skilled labour pool exist with several communities located in close proximity.

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, or to Accurassay Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.

Premier Gold Mines Limited is one of North America's leading exploration companies with a high-quality pipeline of gold projects focused in proven, safe and accessible mining jurisdictions in Canada and the United States. The Company's portfolio includes significant assets in world class gold mining districts such as Red Lake, Musselwhite and Geraldton in Ontario and the Carlin Trend in Nevada.

For further information, please contact:

Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-346-0100
e-mail: Info@premiergoldmines.com
Web Site: www.premiergoldmines.com

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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