Penbar Capital Ltd V.PEM

Good NEWS!!

[trumpmaster]

Things are looking very well for PEM and BTP could be a great summer for these two little giants. Thanks for the heads up on the insider trading, looks promise, three great indicators that we are going on a run! VANCOUVER, BRITISH COLUMBIA, May 24, 2007 (CCNMatthews via COMTEX News Network) -- Premium Exploration, Inc. (TSX VENTURE:PEM) ("Premium") is pleased to provide results of a 2,000 sample soil geochemistry survey on its Chrome Mountain Property within the Stillwater Mafic Intrusive Complex, Montana, USA. The results extend a very strong platinum group metal (PGM) soil anomaly associated with the "A" and "B" chromitite horizons across the Chrome Mountain property for over 4.4 kilometres. Over four kilometers of the strike extension of the zone remains to be explored to the north-west, where additional sampling is planned for the 2007 field season. The map below shows the extent of the soil anomaly on Premium's property. To view map, please click on the following link: https://www.ccnmatthews.com/docs/pem0524.jpg The soil sampling program was carried out by Premium's Strategic Alliance partner, Beartooth Platinum Corporation (see TSX-V:BTP press release October 10, 2006). A soil anomaly delineated on the contiguous Beartooth property for approximately six kilometers continues northwesterly and increases in size and PGM content on Premium's Chrome Mountain Property. Beartooth completed 9,000 soil samples on their property and continued sampling along the strike of the A and B Chromitite horizons on Premium's claims. Sampling on Chrome Mountain covered half of the strike length of the property before weather forced the program to cease. Assays were completed by SGS Mineral Services in Toronto, Canada. The soil anomaly, defined by platinum plus palladium greater than 20 ppb, is 4.4 kilometers south-east to north-west and up to 1.7 kilometres wide. Soil samples were taken on a grid with 100 meter line spacing and 25 meter sample spacing. The strongest portion of the anomaly, centered on Chrome Mountain, is 2,300 metres long and 1,000 metres in width. Premium is very encouraged by these results, which are indicative of near surface platinum and palladium mineralization associated with the chromitite horizons. Rhodium was not analyzed for the soils, but previous sampling and drilling by Beartooth demonstrates that a significant amount of rhodium is present in the A and B chromitite layers (see TSX-V:BTP press release December 12, 2006). Premium's joint venture partner Beartooth Platinum is designated to follow up on these results with 10,000 metres of core drilling during the 2007 field season. The program is designed to delineate the extent of the subsurface platinum and palladium mineralization. Overview of the Stillwater Complex and Chrome Mountain Project Premium Exploration's property is located in the Stillwater mafic intrusive complex 120 kilometres south of Billings, Montana. The property parallels the JM reef, currently being mined from two sites by the Stillwater Mining Company ("SMC"). SMC produced approximately 500,000 oz of PGM's in 2006. The JM reef runs the entire 41 kilometer length of the Stillwater Complex, and models the Merensky reef in the Bushveld Complex in South Africa; the A and B Chromitites at Stillwater are thought to mimic the UG2 Chromitites, also in the Bushveld. The UG2 chromitites account for approximately 64% of the PGM production from the Bushveld. Premium's project parallels the reef for about 8 1/2 kilometers. Historically, the Stillwater complex produced chromitite with one of the old producers located near the NW end of Premium's property. The mine operated in 1918 for the war effort and was reopened briefly in 1942 by Anaconda Minerals Co., again for the war effort and strategic metals requirements. The lower unit of the Stillwater Complex hosts copper-nickel mineralization currently being explored on the southeast end of the Stillwater Complex. Qualified Person Mr. Wilf Struck, P.Eng., geologic consultant to the Company, is the Qualified Person ("QP") responsible for the technical disclosure in this press release, in accordance with National Instrument 43-101. About Premium Exploration, Inc. Premium Exploration, Inc. specializes in precious metals exploration in North America; current holdings are in Montana, USA and Mexico. The Company has an aggressive program of project acquisition and resource definition in Mexico. Premium's goal is to explore, discover and quickly advance precious metal deposits that are strategically located in areas that would allow their profitable extraction, with minimal political, social or environmental risks. By acquiring prospects internally and financing some of them through joint venture partners, the company is able to maximize the potential for discovery while mitigating risk and increasing shareholder value. More information can be found on our website at https://www.premiumexploration.com. --------------------------------------------------------------------------- Premium Exploration - Current Projects---------------------------------------------------------------------------Project Metals Land Position Snapshot---------------------------------------------------------------------------Chrome Pt-Pd-Rh 970 hectares Within the Stillwater Complex,Mountain (2,397 acres) host to the only producingMontana, USA 100% owned primary platinum and palladium mine in the USA. Drilling planned in 2007.---------------------------------------------------------------------------Nueva Galicia Ag-Au 18,125 hectares Epithermal vein-stockwork-Nayarit, Mexico (44,787 acres) breccia systems mapped for Option to a total of 4500 meters to earn 100% date - the target of Phase I-III drill programs. Several high quality targets within the land package outside of the area to be drilled.---------------------------------------------------------------------------San Pedro Ag-Au-Zn 1,136 hectares Past-producer, epithermal veins;Analco (2,800 acres) Phase I exploration program theJalisco, Mexico Option to following highlights: earn 100% - 1,390.7 g/t Ag and 0.085 g/t Au over 3.15 meters - 534.5 g/t Ag and 0.787 g/t Au over 3.5 meters---------------------------------------------------------------------------Dos Amigos Au-Ag 3,230 hectares Epithermal veins and stockwork;Nayarit, Mexico (7,985 acres) bulk tonnage target Option to earn 100%---------------------------------------------------------------------------Rosamorada 300 hectares Epithermal veins and stockwork;Nayarit, Mexico Ag-Au (740 acres) bulk tonnage target Option to earn 100%--------------------------------------------------------------------------- This press release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Security Exchange Act of 1934, and involve 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 files 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. Information contained in this news release includes information about adjacent properties on which we have no right to explore or mine. We advise investors in the United States that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. United States investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. SOURCE: Premium Exploration, Inc. Premium Exploration, Inc. Ms. Lisa Maxwell VP, Corporate Development [phone] Email: [e-mail] Website: www.premiumexploration.com Copyright (C) 2007 CCNMatthews. All rights reserved. © 2007 Stockgroup Media Inc. | Disclaimer