September 27 2011

Premium Exploration Inc. (TSX-V:PEM, OTCQX:PMMEF) (”Premium” or “the Company”) has initiated a property review of the Chrome Mountain Platinum Group Metals (“PGM”) Project located within the Stillwater Complex, Montana, USA.

The Company has retained 100% ownership of Chrome Mountain after the expiry of a joint venture with its previous partner Beartooth Platinum Corp.

In light of a strong long-term outlook for platinum, palladium, rhodium, and base metals, Premium is re-evaluating the Chrome Mountain Property and reviewing strategic alternatives for optimizing shareholder value while focusing on the successful exploration and development of its district-sized Idaho Gold Project.

The review and positioning of the property includes work highlighted below:

• Claim status
• Plan of Operations for drilling
• Limited program of geological mapping, prospecting, and soil sampling program

About Chrome Mountain
The Chrome Mountain project is a bulk tonnage platinum, palladium, rhodium, copper, and nickel target located approximately 1.0 km from the East Boulder Mine within the Stillwater Complex in Montana USA. The East Boulder mine is one of two mines in operation by the Stillwater Mining Company; the only primary PGM producer in North America mining the one of the highest grade PGM deposits in the world.

Limited drilling in 2007 on a 2.5 km x 1.0 km PGM-in-soil anomaly encountered high-grade reef style PGM mineralization associated with the AB Chromitite horizon within a thick envelope of previously un-encountered lower grade “disseminated” style of PGM mineralization. The disseminated mineralization appears to be similar to the Platreef style of mineralization found in South Africa

The AB Chromitite horizon is parallel to the richest PGM reef in the world; the JM Reef, which averages 15 – 21 g/t PGM and is mined by Stillwater Mining Company. The AB Chromitites are thought to model UG2 style of PGM mineralization found in South Africa.

Chrome Mountain is unique as it has the potential to develop into a source of PGM’s in a North American district.

Qualified Person
Mr. Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc., prepared, and approves of the content in this release. Mr. Ostenson is a Qualified Person as defined by NI 43-101.

About Premium Exploration, Inc.
Premium Exploration Inc. (TSX-V:PEM) is focused on gold exploration at within its district-sized land package along the Orogrande Shear Zone (“OSZ”) in North-Central Idaho, USA; the 4th largest gold producing country in the world. The “OSZ” is a +30 km regionally-significant trending structure with multiple known zones of gold mineralization and is similar to many large gold belts, like the Carlin Trend in Nevada. Armed with a proven exploration strategy, advancing gold resources, and 30 Km of drill-ready targets, Premium is well positioned to create shareholder value through exploration, discovery, and the development of this re-emerging gold district. For additional information, please visit us atwww.premiumexploration.com.

For more information, please contact:

Mr. Del Steiner, JD.
President
Premium Exploration Inc.
(604) 682-0243
(604) 682-2499
e: dsteiner@premiumexploration.com
w: www.premiumexploration.com

Ms. Christine Kopr
Corporate Communications
Opes Capital Inc.
(604) 992-1831
e: ckopr@opescapitalinc.com
www.opescapitalinc.com