Premium Exploration Identifies an Additional Strong IP Target Along the Idaho Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2012) - Premium Exploration Inc. (TSX VENTURE:PEM)PMMEF ("Premium" or the "Company) is pleased to report that a ground-based Induced Polarisation ("IP") geophysical survey at the Idaho Gold Project ("IGP") has successfully outlined a new target at the X Zone. This new IP target exhibits coincident highly anomalous gold-in-soil and airborne mag/EM signatures. These characteristics are similar to those associated with the three known deposits along the IGP and suggest potential for the discovery of new gold mineralization at the Idaho Gold Project.

This is the 12th advanced target identified on the project. These twelve targets all exhibit highly anomalous geochemical signatures associated with strong airborne magnetic and electromagnetic and ground IP geophysical anomalies. The majority of the targets are yet to be drill tested.

For maps of the coincident X Zone IP and Soil targets, please click: http://bit.ly/XZone_IPTarget and http://bit.ly/XZone_GoildinSoils.

Permit Update

The Friday Zone Plan of Operations is in the 45 day comment period. Should this period proceed without comment, the Company anticipates receiving the drill permits in the spring of 2012. The Friday Zone Plan of Operations contains drill sites for exploration along an additional 2.5 km of potential strike length to the south of the Friday deposit and includes the Petsite Stock target.

Currently Premium can drill within the patented claims located in the Friday and Deadwood Zones. Additionally there are 10 drill sites permitted targeting the coincident IP, airborne and gold-in-soil anomalies in the Buffalo Gulch Zone. The additional targets identified by airborne, IP geophysics and soil geochemistry are in the permitting process.

For maps of the other IP and Soil targets, please click here: http://bit.ly/BG_IPTarget, http://bit.ly/DW_IPTarget, and http://bit.ly/IGPSoil_Trends.

NI 43-101 Technical Report

Premium's current technical report on the Company's Idaho Gold Project was prepared for Premium by 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. Midas Gold's Golden Meadows Project is located approximately 90km south of the IGP, along strike of a major regional structural trend. The Golden Meadows Project hosts Indicated: 4,229,000 oz (78.2 Mt @ 1.68 g/t Au) and Inferred: 2.890,000 oz (56.1 Mt @ 1.60 g/t Au) in resources to date. 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 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.

FOR FURTHER INFORMATION PLEASE CONTACT:
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