Mr. John Ryan reports

PREMIUM ANNOUNCES MINERAL LEASE ON PORTION OF IDAHO PROPERTY

Premium Exploration Inc. has signed a mineral lease on a portion of its extensive approximate 10,000 acres of landholdings in the OreGrande shear zone located in central Idaho. The lessee, TVL Gold LLC, is a private company based in Dallas, Tex.

Premium has signed a long-term lease on approximately 2,000 acres of mineral claims and leases covering the underground high-grade resources at the Friday gold property. The lease covers exploration and development of gold resources that exceed a minimum of six grams per tonne in average grade. Premium retains all rights on the remainder of the mineral inventory, which would include most of the open-pit resources. Internal company calculations (for estimation purposes only) would indicate that of the 1,237,000 ounces of all categories identified in the National Instrument 43-101 report completed in February, 2013, 176,000 ounces would be included under the new lease and 1,061,000 ounces would remain with Premium.

Terms of the lease called for an initial cash payment of $500,000, which has been received in full. These funds have been used to pay accounts payable, primarily those owed to American Drilling Inc., the drilling contractor that executed the 2013/2014 drill program of Premium.

The lease calls for the sum of $750,000 to be spent over the next year on work on qualified expenditures on the ground at the Friday deposit. Beginning the first quarter of 2016 and for four quarters, the lease also calls for advance royalty payments of $50,000. Thereafter, the lease calls for quarterly advance royalty payments of $25,000 until such time as the deposit is placed in continuous production. The company will receive a 2-per-cent net-smelter-return royalty on future production.

Receipt of the funds will also allow the company to pay its account payable stemming from last year's audit with the accounting firm of Fruci & Associates of Spokane, Wash. This payment will allow Fruci to be independent with respect to issuance of the audit for the year-end of 2014. However, the company anticipates that the audit will not be completed in time for the April 30, 2015, filing deadline.

In other news, the company wishes to announce the appointment of Donna Miller as the interim chief financial officer of the company. Ms. Miller has an extensive history of accounting and reporting with both Toronto Stock Exchange-listed and U.S.-listed securities. Ms. Miller is based in Spokane, Wash., in close proximity to the headquarters of the company. The company is pleased to have her on board.

Additionally, president and chief executive officer John Ryan issued the following amplifying statement with respect to the recent departures of Grant Smith and Lisa Maxwell, long-time chief financial officer and corporate secretary, respectively, of the company: "Myself and the board would like to thank Mr. Smith and Ms. Maxwell for their extreme dedication and loyalty to the company. During the very difficult market conditions of the last several years, both of these individuals repeatedly demonstrated an extraordinary dedication to the company and its shareholders. The board wishes them both the most extreme successes in all of their future endeavours."

James Baughman, a qualified person as defined by National Instrument 43-101, has reviewed this press release and approves of its content.

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