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Premium Exploration: Exploration Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/13 -- Premium Exploration Inc. (TSX VENTURE:PEM)(OTCQX:PMMEF) is pleased to provide an exploration update for the Idaho Gold Project.

Drill Results

Premium is pleased to report it has received all assays for the test RC drill hole for the planned 8,000 m infill program at the Friday-Petsite Resource. Upon examination of the results, Premium will determine whether to proceed with the RC drill method or return to diamond drill coring to ensure the highest and best QA/QC for the infill program, and will release the results to the public.

Permitting

Premium has embarked on two Environmental Assessments ("EA") to streamline its exploration at its Idaho Gold Project.

"This approach will allow us to consolidate what are currently eight smaller exploration permit applications into two, under which we will be able to conduct a district-wide evaluation of targets," said Premium's President and CEO Del Steiner. "After thoroughly evaluating the options for moving forward and after discussions with the permitting agencies as well as environmental organizations, it's clear the two-EA method is the best regime for proceeding."

One EA is on lands administered by the Bureau of Land Management ("BLM") and the other on the portion administered by the United States Forest Service ("USFS"). Having the EA's conducted by the agencies will allow Premium to more strategically implement its district-wide exploration approach while simultaneously ensuring the Company meets both the high environmental standards required and the company's own commitment to environmental protection and sustainability.

The EAs will provide infrastructure for drill exploration that will allow follow-up on any new or existing discoveries and continue the collection of data for environmental baseline studies throughout the Idaho Gold Project. The scoping for public comment regarding the EA as it pertains to the Plan of Operation for drilling from 57 drill sites on lands administered by the BLM concluded January 25, 2013. Once complete it will be released to the public with the signed Decision Memo.

The majority of the data for the EA on the lands administered by the USFS has been acquired through the EA conducted by the BLM in addition to several of Premium's previous Plans of Operations.

Permitted Drill Sites

Meanwhile, Premium's infill drill program remains unaffected by the aforementioned permitting; previously permitted drill sites on public lands, private property, or any of Premium's patented claims, some of which cover a substantial majority of the mineral resources, remain accessible.

The principal purpose of this process is to conduct exploration on a number of exploration prospects outside of the Friday deposit, for which drilling is not scheduled to commence until the second half of 2013 and is subject to financing, permitting, and market conditions.

NI 43-101 Technical Report

Premium's current technical report on the Company's Idaho Gold Project was prepared for Premium by Mr. Ronald Simpson, P.Geo, President of Geosim Services Inc. and independent "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The technical report has an effective date of May 31, 2012 and was filed on SEDAR on August 16th, 2012.

Qualified Person

The Phase-Four exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.

About Premium Exploration Inc.

Premium is focused on the exploration and development of its district-sized Orogrande Shear Zone "OSZ" to fulfill its vision of developing a new mining district in North America. The OSZ is a 30 km-plus regionally-significant structure that correlates with multiple known zones of mineralization. This structural control to gold mineralization has characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Exploration is ongoing at the bulk-tonnage Friday-Petsite deposit, the most advanced of several known mineralized zones located along the OSZ and represents four percent of the OSZ under Premium's control.

For additional information, please visit us at http://www.premiumexploration.com

This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involves a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX Venture Exchange and the British Columbia Securities Commission. All statements, other than of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Premium Exploration Inc.
Mr. Del Steiner
President & Chief Executive Officer
(604) 682-0243
(604) 682-2499 (FAX)
dsteiner@premiumexploration.com, info@premiumexploration.com
www.premiumexploration.com

Opes Capital Inc.
Ms. Christine Kopr
Corporate Communications
(604) 682-0243
(604) 682-2499 (FAX)
ckopr@opescapitalinc.com
www.opescapitalinc.com

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