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Premier Gold Mines Limited – Red Lake Drilling Update

Friday, July 20th, 2007

Premier Gold Mines Limited is pleased to announce that underground drilling from the Red Lake Gold Mines complex has reached the Rahill-Bonanza joint venture Property. The Red Lake District “Rahill-Bonanza Project” is being operated under a 50/50 exploration joint venture with Red Lake Gold Mines, a subsidiary of Goldcorp Inc.
At a depth of approximately 1800 feet (548.6 meters), drill hole 41-013 crossed over from Goldcorp’s wholly-owned Property onto the joint venture Property. The hole is collared on the 41 Level, approximately 1,875 metres (m) or 6,150 feet below surface, of the Campbell Complex (formerly Campbell Mine) of Red Lake Gold Mines. This drilling is immediately west of, and along strike from the current mine zones, and represents a key target area in the 2007 exploration program. This drilling is testing for possible extensions and/or repetitions of fault structures, key rock types and vein material known to relate to mineralization at the Red Lake Gold Mines, including the prolific High Grade Zones.
In addition to the underground drilling, 2 surface drills are currently targeting the Wilmar gold deposit down dip and plunge at depth, approximately 500 meters below the historic mine workings in an area where no historical diamond drilling has been completed. This drilling will consist of “mother” holes with numerous wedge holes to test the deposit at depth and to infill a 500 m stratigraphical “gap” between the Follansbee North Zone to the south, and the Wilmar Mine workings to the north. During the final years of mining at the adjacent Cochenour Gold Mine, the Wilmar deposit was developed with 203,256 tons being mined at an average grade of at least 0.3 oz/ton Au (10.3 g/t Au). Historical data from the Wilmar Mine indicates that the deposit contains numerous intervals with high-grade gold mineralization and that the deposit remains open along strike and at depth. One of the initial holes has reached target depth and has intersected several mineralized alteration and vein zones hosted within a similar stratigraphy to that recorded at the Wilmar Mine, including several ultramafic horizons. The second drill has had difficulties in reaching target depth due to drilling problems, but is expected to reach the target horizon in the next week.

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