Premium Exploration Begins Phase-Two Drilling to Continue Gold Resource Delineation and Exploration at Friday-Petsite

VANCOUVER, BRITISH COLUMBIA, Nov 12 (MARKET WIRE) --
Premium Exploration Inc. ("Premium") (TSX VENTURE: PEM), an explorer and
developer of precious metals projects with significant potential for
near-term production and growth in the USA and Mexico, is pleased to
announce that the Phase-Two drill program of 1,830 meters (6,000 ft) is
underway. Phase-Two is part of the ongoing 15,000 meter (44,000 ft) drill
program designed to provide additional data for the delineation of a
multi-million ounce gold target associated with the Orogrande Shear Zone
("OSZ").

The Phase-Two program will consist of 6 to 10 HQ core holes designed to
intercept gold mineralization associated with the Shear Zone for up to an
additional 560 meters (1837 ft) along strike. The Shear Zone is
highlighted by the gold geochemical anomaly that is contiguous to and
extends south along strike from the 531,890 oz Au inferred gold resource
(NI 43-101) resource for a total of 1150 meters (3773 ft).

Mr. Wilf Struck, P.Eng., CEO and Chairman, commented: "With financing in
place, we are excited to be drilling on our bulk-tonnage, multi-million
ounce Friday-Petsite gold target. The first hole of the Phase-Two 1,830
meter (6,000 ft) program has been completed and was drilled to a total
depth of 488 meters (1,602 ft). This is the deepest hole drilled to date
on the Friday-Petsite project, which is associated with the Orogrande
Shear Zone in central Idaho."

Step-out drilling will test strike length to the north and south along
the gold geochemical anomaly that extends directly south of the resource
and will test down dip to a maximum depth of 488 meters (1,602 ft). The
current resource is hosted in 350 meters (1148 ft) of strike and from
surface to 150 meters (492 ft) of depth. For a map of the proposed drill
program, please click
http://www.premiumexploration.com/wpcontent/uploads/2008/05/phase-ii-drill-plan.
df.

The drill target is accessible year round, although winter drilling is
slower and consequently more expensive. Premium is monitoring drilling
costs on an on-going basis to minimize drilling down time over the winter
months and maximize the footage drilled at acceptable costs.

About Premium Exploration Inc.

Premium Exploration Inc. (TSX VENTURE: PEM) is an explorer and developer
of precious metals projects with significant potential for near-term
production and growth. Our projects are located in the USA and Mexico;
stable regions where we have a history of success. Our team is committed
to unlocking mineral wealth for our shareholders by discovering,
developing, and permitting precious metals assets to production. The
Company's portfolio includes one of the largest land packages in Idaho,
including an NI 43-101 gold resource, a PGM exploration project in
Montana, and a past-producing silver project in Mexico. 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.

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. Wilf Struck, P.Eng.
Chief Executive Officer
(604) 682-0243
(604) 682-2499 (FAX)
wstruck@premiumexploration.com
info@premiumexploration.com

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

Pro-edge Consultants Inc.
Tracy Weslosky & Fred Cowans
Managing Partners
Toll-Free: (866) 544-9622
(416) 581-0177 (FAX)
info@pro-edge.com
www.pro-edge.com

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