Premium Exploration Provides Update on its Buffalo Gulch Joint Venture Project
August 25 2008 - 5:22PM
Marketwired Canada
Premium Exploration, Inc. (TSX VENTURE:PEM) ("Premium" or the "Company")
(www.premiumexploration.com) is pleased to provide the following update on its
joint venture with Clearwater Mining Corporation ("CMC") for the Buffalo Gulch
open pit heap leach gold mine project located near Elk City, Idaho, United
States of America.
Highlights Include:
- Publication on August 15, 2008 in the United States Federal Register of a
Notice of Intent ("NOI") for the preparation of the required Environmental
Impact Statement ("EIS") for the proposed Buffalo Gulch Mine by the United
States Department of Interior, Bureau of Land Management ("BLM").
- On August 15, 2008 the required 30-day public scoping and comment period for
the EIS began.
- On August 28, 2008, there will be a public tour of the proposed Buffalo Gulch
mine site, followed by a public meeting at the Elk City Ranger Station in Elk
City Idaho.
- A Memorandum of Understanding ("MOU") is being finalized between the BLM and
Elk City Mining, LLC ("ECM"). Elk City Mining, LLC is the joint venture company
owned by Premium and CMC that is advancing the Buffalo Gulch project. The MOU:
-- designates the BLM Cottonwood Field Office as the lead government oversight
agency for preparation of the EIS;
-- appoints the engineering firm of Brown & Caldwell (www.brownandcaldwell.com)
as the third-party engineering firm responsible for preparation of the EIS; and
-- provides for an estimated timeline of August 2010 for publication of the
Final EIS and Record of Decision on the Buffalo Gulch project.
- A website for the Buffalo Gulch project may be viewed at
http://www.elkcitymining.com.
The publication of the NOI on August 15, 2008 started the official 30-day public
comment and project scoping period required for the preparation of an EIS. The
comment period ends on September 15, 2008. The NOI can be viewed on the BLM
website at http://media3.marketwire.com/r/BLM1. Those wishing to submit comments
on the Buffalo Gulch project should submit them to Mr. Scott Sanner, Mining
Engineer with BLM at the contact information provided at the end of this update.
The public tour and meeting will begin at 1:30 PM on August 28, 2008 at the Elk
City Ranger Station, and last until approximately 9:00 PM. Additional
information on the public site visit and meeting can be viewed on the BLM's web
site at http://media3.marketwire.com/r/BLM2. Representatives of the BLM, Idaho
Department of Environmental Quality, and other interested government agencies
will be participating in this public meeting and tour. During the tour, the plan
of operations for the proposed mine will be publicly reviewed and the public
will have an opportunity to submit comments and questions to ECM and the agency
representatives present.
It is expected that the MOU being negotiated between the BLM and ECM will be
finalized shortly. The MOU provides for the appointment of Brown & Caldwell
(www.brownandcaldwell.com) as the independent third-party engineering firm for
preparation of the EIS. Brown and Caldwell, established in 1947, is a
multi-disciplined environmental engineering and consulting firm. It is an
employee-owned company headquartered in Walnut Creek, California, and employs
more than 1,500 people in 45 offices across the United States of America.
Engineering News-Record ranks Brown and Caldwell 48th among the nation's top 500
engineering firms, 36th among the Top 200 environmental firms, 21st largest in
the Water Supply market and 8th largest in the Sewer/Waste market.
The MOU identifies the following key milestones and their anticipated timeline
for completion:
-------------------------------------------------------------------------
Estimated Date
Key EIS Milestone of Completion
-------------------------------------------------------------------------
Federal Register Notice of Intent published - start
of Scoping Period. August 15, 2008
-------------------------------------------------------------------------
EIS field work completed; environmental impact
analysis prepared and technical reports completed. June 2009
-------------------------------------------------------------------------
Preliminary Draft EIS to BLM and interagency
personnel for review. July 2009
-------------------------------------------------------------------------
Preliminary Draft EIS comments to Brown and Caldwell. July 2009
-------------------------------------------------------------------------
Final Review by BLM of Draft EIS ("DEIS") October 2009
-------------------------------------------------------------------------
Publication of DEIS and Notice of Availability
("NOA") in Federal Register. Starting the 60 day
public comment period on the Draft EIS. November 2009
-------------------------------------------------------------------------
Public comment meetings held on the DEIS. November 2009
-------------------------------------------------------------------------
DEIS public comment period ends. Brown & Caldwell
analyzes public comments and submits summary
report to the BLM. February 2010
-------------------------------------------------------------------------
Preliminary Final EIS drafted by Brown & Caldwell
and delivered to the BLM for Review. April 2010
-------------------------------------------------------------------------
Release and distribution of the Final EIS and
publication of NOA in the Federal Register.
60-day comment period on the Final EIS begins. June 2010
-------------------------------------------------------------------------
Comment period ends for the Final EIS. August 2010
-------------------------------------------------------------------------
BLM issues the Record of Decision on the Buffalo Gulch
Project EIS. August 2010
-------------------------------------------------------------------------
As the EIS process proceeds Premium will provide additional updates as to the
status of the milestones and their anticipated completion timelines. It is
expected, pending issuance of all the necessary permits, that mine construction
and operations will commence as soon as possible after issuance of the Record of
Decision on the EIS by the BLM.
Qualified Person
Mr. Wilf Struck, P.Eng., is the Qualified Person for the technical information
in the news release under National Instrument 43-101.
About Premium Exploration, Inc.
Premium Exploration, Inc. is a unique precious metals explorer focused on Mexico
and the USA. Listed on the TSX Venture Exchange (TSX VENTURE:PEM), the Company
was founded on a team with exploration success, committed to maximizing
shareholder exposure to precious metals discovery, the most profitable stage of
exploration. Premium's portfolio holds gold, silver and platinum group metals
projects in various stages of exploration, from grassroots to near-term
production. Premium's business model utilizes the joint venture approach where
strategically chosen projects are quickly advanced. This model allows the
Company to focus its exploration efforts in under-explored precious metal belts
that would allow for profitable extraction, with minimal political, social or
environmental risks. Additional information on the Company may be found at
http://www.premiumexploration.com.
All prospective and current shareholders of Premium Exploration are invited to
join the company's official investment forum exclusively at Pinnacle Digest:
http://www.pinnacledigest.com/company/pem:ca. The forum allows for investor
controlled discussion, questions and progressive feedback from other
shareholders and investors. Third party reports on the company are also
available at http://www.pinnacledigest.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.
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