VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2008) - Premium Exploration, Inc. (TSX VENTURE:PEM) ("Premium") (www.premiumexploration.com) is pleased to announce the 2008 Exploration Program on their Pine Claim Shear Zone on the Chrome Mountain PGM (Platinum Group Metals) property and Chrome Mountain drilling update.

The Plan of Operations for the 2008 Drill Program of filed by Beartooth Platinum Corporation, the joint venture "Operator" on Premium's Chrome Mountain project, has been approved by the Gallatin National Forest and will begin soon. In addition to the 2008 Drill Program of 3,000 meters (10,000 ft), the Operator will also resume soil geochemical sampling on strike, west of the existing PGM soil anomaly. Drilling conducted in 2007 and the upcoming 2008 Drill Program are both focused on the PGM soil anomaly. (For a new map of the Pine Claim and PGM Anomaly, click on the following link: http://media3.marketwire.com/r/PineandPGManomaly).

The existing soil geochem anomaly hosts PGM grades up to 1.2 g/t at surface and the planned geochem is designed to test for PGM's in soils to the west of the anomaly. There are 6 km's of strike length to the western boundary of Premium's property which remain to be tested. The current soil anomaly to be drilled is on the eastern 1/3 of the property.

Premium will conduct exploration on gold mineralization previously encountered on the Pine Claim Shear Zone which is associated with a transverse fault and shear zone cross-cutting Stillwater Complex lithologies. (For the 43-101 for the Chrome Mountain Property Package, click on the following link: http://media3.marketwire.com/r/ChromoeMountainProperty).

Historic drilling in the Pine Claim Shear Zone by past operators returned:

PC-2: 16.9 g/t gold over 7.98 m starting at 14.6 m of depth

PC-3: 10.3 g/t gold over 1.07 m starting at 5.6 m of depth

PC-5: 29.7 g/t of gold over 2.62 m starting at 2.64 m of depth

PC-6: 11.9 g/t gold over 1.45 m and a second intercept of;

37.3 g/t gold over 0.71m starting at 30.1m depth

PC-9: 16.6 g/t gold over 4.66 m starting at 4.35m depth

The Pine Claim fault is a conduit for gold mineralization and has deposited gold into rocks which form the Stillwater complex and the fault has also remobilized PGM's associated with the "A" and "B" Chromitite horizons. Premium will conduct surface mapping and sampling to further define the limits of the gold bearing system of the Pine Claim Shear Zone. The shear zone is located west-southwest of the existing PGM soil geochem anomaly and on the west side of the additional drilling planned by the Operator.

The gold mineralization appears to be associated with the steeply dipping shear zone striking northerly and cross cutting the PGM soil anomaly and Chromite seams while PGM mineralization is associated with the Chromite. Previous work on the shear zone has identified a strike length of 300 meters (1,000 feet) open to the north and south. The 2008 Drill Program may intersect the north extension of the Pine Claim Shear Zone.

The stratiform Chromite seams which host the mineralization on the Pine Claim trends east and west onto the other claims of the Chrome Mountain property package. Several of the limited outcrop exposures have been sampled to attempt to identify the width of the shear zone and Chromite horizons which have yielded some interesting PGM numbers.

The following results represent the higher grade PGM and gold sample results collected by Premium and Previous Operators on the Pine Claim Shear Zone:

Past sampling by Premium:


- 46.29 g/t Au+Pt+Pd


- 14.32 g/t Au+Pt+Pd


- 12.66 g/t Au+Pt+Pd


- 12.10 g/t Au+Pt+Pd


- 9.09 g/t Au+Pt+Pd


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Past sampling by Previous Operators :
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Type        Gold   Platinum   Palladium     Rhodium    Pt+Pd+Rh       Rh %
Sample      (g/t)      (g/t)       (g/t)       (g/t)       (g/t)     of Pt
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Outcrop    15.74       4.67       21.59        0.81       27.07     17.34%
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Outcrop     0.19       3.48        7.46        1.12       12.06     32.18%
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Chip        0.19       2.74        5.47        0.08        8.29     29.60%
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Chip        0.19       1.68        4.29        0.47        6.44     27.98%
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Outcrop     0.19       1.37        4.79        0.19        6.35     13.87%
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The limited samples assayed for Rhodium more closely represent the 23% to 31% of Platinum identified by Dr. Reid Keyes from 2002 & 2006 drilling on the "B" Chromitites. The Rhodium results released on July 16th, 2008 indicate a 9% Platinum content, further advancing the theory of a new style of mineralization identified by the 2007 Drill Program (For the July 16th release, click on the following link: http://media3.marketwire.com/r/July16release). The Chromitite content in the Chromitite samples from the Pine Claim were not analysed by Premium or their predecessor but historic work completed by the US Bureau of Mines shows surface grades up to 47.1% Chromitite from the Pine Claim Shear Zone area. This year's work program will be done to better identify the Chromities crossing the entire south side of the property and identify the Pine Claim Shear Zone width and extend it to the south.

Del Steiner, President and CEO of Premium Exploration, Inc. states, "Not only is the Rh content in the Pine Claim area exciting but the 2008 exploration program may better identify the "B" Chromitites which historically have contained the higher grade PGM. In addition, the location and previous exploration results from the Pine Claim Shear Zone in conjunction with the broad size of the geochem anomaly helps puts the large size of the first third of exploration of the Chrome Mountain project into context."

Mr. Wilf Struck, P.Geo is the Qualified Person for the technical information in the news release under National Instrument 43-101.

About Premium Exploration

Premium Exploration, Inc. is a precious metals exploration company focused on prospect generation, evaluation and exploration in North America. Listed on the TSX Venture Exchange (TSX VENTURE:PEM), Premium has assembled an innovative and experienced management and advisory team who are committed to the long-term success of the Company. Premium is focused on evaluating, acquiring and advancing projects. Our goal is to discover precious metal deposits that are strategically located in areas that would allow their profitable extraction, with minimal political, social or environmental risks. www.premiumexploration.com.

All prospective and current shareholders of Premium Exploration are invited to join the company's official investment forum exclusively at Pinnacle Digest: http://www.pinnacledigest.com/company/pem:ca. The forum allows for investor controlled discussion, questions and progressive feedback from other shareholders and investors. Third party reports on the company are also available at http://www.pinnacledigest.com./

FORWARD LOOKING STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Premium, 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 results to differ materially from Premium's plans and expectations as detailed herein and from time to time in the filings made by Premium with the TSX Venture Exchange and securities regulators. Premium does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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