Premier provides Rahill-Bonanza (Red Lake) JV property update

Shares Issued: 148,992,712 
pleased to announce that surface drilling at the JV Project continues to 
expand gold mineralization in multiple target areas proximal to the Wilmar 
Mine. In addition, new gold-bearing structures have been intersected by the 
haulage drift (tram) on the Company's Rahill-Bonanza Joint Venture Project in 
Red Lake. 
The Rahill-Bonanza Project (PG:49% & G:51%) is strategically located in the 
heart of the main Red Lake "Mine Trend" between the Red Lake Gold Mines 
complex to the east, and the Cochenour (Bruce Channel) Project to the west. 
The property is being explored from both surface and underground with joint 
venture partner Red Lake Gold Mines Limited ("RLGM"), an affiliate of Goldcorp 
Inc. (TSX: G), (NYSE: GG). Highlights from three holes recently completed in 
the Wilmar area and updates from the tram include: 

    --  PG12110 tested the down-dip extension of the past-producing
        Wilmar Mine returning an intersection of 4.01 grams per tonne
        gold (g/t Au) across 20.5 metres (m), or 0.12 ounces per ton
        (oz/t) across 67.3 feet, including 11.51 g/t Au across 3.0 m
        (0.34 oz/t across 9.8 feet).  This hole tested the horizon some
        457 metres (1500 feet) below the bottom level of the mine.
    --  PG12111 deviated and did not test its intended target, a
        projected fold in the main unconformity to the southwest of
        Wilmar.  This target will be redrilled in the 2013 drill
    --  PG12112 was a near vertical hole that tested the West
        Granodiorite Zone (WGZ), a bulk-tonnage target located
        immediately west of Wilmar.  As veining within the WGZ is
        flat-lying, this hole provided a good test of the horizon and
        returned an interval of 1.52 g/t Au across 126.0 m (0.04 oz/t
        across 413.4 feet) with higher grade intervals of up to 27.08
        g/t Au across 1.0 m (0.79 oz/t across 3.3 feet).
    --  Multiple gold-bearing horizons, in addition to those previously
        announced, have been intersected in the tram.  Eight
        closely-spaced holes have been drilled to test one of these
        structures hosting visible gold (assays pending).
    --  The regional drill program, consisting of flat holes drilled at
        regular intervals and up to 5000 feet (1,524.0 metres) in
        length has commenced with the first hole having been
        completed.  This long-term program is designed to provide a
        geological base model of the "Mine Trend" at tram depth from
        the Red Lake Mine complex to the Cochenour Mine complex that
        will be used to identify targets for future drilling.

The Rahill-Bonanza Project is one of Premier's core projects, representing the 
only portion of the main Red Lake "Mine Trend" not 100% owned by Goldcorp. 
The project is immediately west of the RLGM that is considered to be one of 
the world's richest gold mines with production of more than 18 million ounces 
of gold and nearly 10 million ounces of gold resources.

The Property covers approximately 4.5 kilometres of the main Red Lake "Mine 
Trend" between the world class RLGM complex to the east, and the Cochenour 
(Bruce Channel) complex to the west. The haulage drift is being constructed 
to connect the two operations and will provide a prime underground exploration 
platform to conduct a long-term exploration program to test this largely 
unexplored part of the camp. Initial exploration drilling is now underway 
from the tram and is expected to continue for several years.

"Solid results from the surface drilling program continue to confirm the 
potential for the Wilmar area to host significant gold resources" stated 
Stephen McGibbon, Executive Vice-President of Premier. "In the not too 
distant future, we will have access to test the Wilmar target from 
underground. The vast and highly prospective territory that will be targeted 
from underground Haulage Drift has the potential to provide exciting 
discoveries for many years to come. So far, several gold-bearing structures 
have been identified, favourable rock units have been intersected, and early 
indications from this untested area continue to be highly encouraging".

Past-production at Wilmar, over a period of four years, to 1971, resulted in 
203,256 tons of ore being mined at an average grade of 0.30 oz/ton Au (10.3g/t 
Au). The deposit remained open at depth (bottom level 610 metres - 2,000 feet) 
when the mine shut down in 1975. Table 1 provides a summary of new drill 

Table 1: Summary of Rahill-Bonanza Drill Results (uncut):                                

        UTM     Dip/Azimuth                   Interval    Grade   Interval  Grade
Hole-ID Coordinates  (degrees)  From (m) To (m)      (m)    (g/tonne)   (ft)   (oz/ton) Zone 

        (m) NAD 27
                     -80/332.5    1240.0 1243.0         3.0      4.37      9.8     0.13    X

     5656609 N
PG12110  444119 E                 1316.0 1336.5        20.5      4.01     67.3     0.12   6E 

                     Including    1323.0 1326.0         3.0     11.51      9.8     0.34   6E

PG12111  5656609 N     -71/323  deviated     No significant   results                       
         444119 E
                       -72/327     707.0  833.0       126.0      1.52    413.4     0.04  WGZ

     5656609 N   Including     720.0  721.0         1.0     27.08      3.3     0.79  WGZ
PG12112  444119 E 

                          And      732.0  735.3         3.3      6.63     10.8     0.19  WGZ
                          And      767.5  770.0         2.5      6.73      8.2     0.20  WGZ
    --  True widths of new intercepts estimated at 40-70% of
        intersection width

Haulage Drift (Tram) Update
The tram has proceeded to more than 1,341 metres (4,400 feet) onto the Joint 
Venture property and has now intersected multiple anomalous gold-bearing 
structures, two of which have been tested by drilling from underground.

Drilling at the initially tested structure, where elevated gold values were 
received from muck and chip samples, returned intermittent gold-bearing zones 
with assays as high as 5.9 g/t Au across 2.4 m (0.17 oz/ton across 7.8 
feet). Further along strike to the west, new structures have been cut in the 
drift including visible gold having been noted locally. Drilling has been 
initiated on one structure and numerous vein zones with sulphides have been 
intersected including arsenopyrite and visible gold (assays pending). More 
recent structures cut by the tram, along strike to the west, also contain 
veining and mineralization with elevated gold grades to over 10.0 g/t Au in 
muck and chip samples.

The first hole in a regional exploration program from the tram has been 
completed along strike to the west of the Red Lake Mine complex. This 
multi-year program will consist of flat holes drilled at approximately 400 
foot (121.9 metre) intervals along the tram that will be used to build a 
geological model of the lands between the two mine complexes at depth. This 
model will be used to identify future drill targets.

Stephen McGibbon, P. Geo., is the Qualified Person for the information 
contained in this press release and is a Qualified Person within the meaning 
of National Instrument 43-101. Assay results are from core samples are sent to 
Activation Laboratories, an accredited mineral analysis laboratory in 
Ancaster, Ontario, or to Accurassay Laboratories, an accredited mineral 
analysis laboratory in Thunder Bay, Ontario, for preparation and analysis 
utilizing both fire assay and screen metallic methods.

Premier Gold Mines Limited is one of North America's leading exploration 
companies with a high-quality pipeline of projects focused in proven, safe and 
accessible mining jurisdictions in Canada and the United States. The Company's 
portfolio includes significant assets in world class gold mining districts 
such as Red Lake, Musselwhite and Geraldton in Ontario and in Nevada the 
Carlin and Eureka-Battle Mountain Trends.

The statements made in this Press Release may contain forward-looking 
statements that may involve a number of risks and uncertainties. Actual 
events or results could differ materially from the Company's expectations and 

Ewan Downie, President & CEO Phone: 807-346-1390 Fax: 807-346-0100 Web

SOURCE: Premier Gold Mines Limited

To view this news release in HTML formatting, please use the following URL:

CO: Premier Gold Mines Limited
ST: Ontario

-0- Nov/20/2012 10:58 GMT

Press spacebar to pause and continue. Press esc to stop.