http://www.frasermackenzie.com/newresearch/PREMIUM_EXPLORATION/QUICK_NOTE_PEM_Starogiannis_171111.pdf

Discussion The drill results released today have extended the potential drill tested strike by 200 metres to the south of known mineralization at the Friday zone. The grades remain consistent with previously released drill holes and help to confirm our potential ounce estimate of 1.5 million ounces at Friday-Petsite. Overall, these results help to build towards our total estimate of 2.7 million potential ounces. We view this as a positive development for the Idaho Gold project and in particular the Friday zone as it continues to demonstrate that mineralization could extend further south. We are anticipating assays from the current drilling in the coming weeks as results for only 25% of the holes drilled to-date have been released. Using a probability-weighted calculation, we currently estimate that Premium Exploration has potential for 2.7 million ounces of gold. We maintain our Strong Buy recommendation and our 12 month price target $1.70 per share.