The PQ North Project, located in the Musselwhite District of Northwestern Ontario, some 300 kilometres northeast of Red Lake, is a very strategic property within Premier's property portfolio, owing to it's location proximal to Goldcorp's Musselwhite Mine and to the strong potential for discoveries to be made early in the exploration cycle. The property is within 10 kilometres of the Musselwhite Mine surface infrastructure and is accessed by road in winter and by road and lake in summer. Exploration can be conducted year round at PQ North.

The Musselwhite Mine has operated continuously since 1997. As of December 31, 2010, total reserves and resources exceeded 3.1 million ounces. The ore zones that make up the Musselwhite deposit (256,700 ounces produced in 2010) occur within an iron formation unit that is known to also occur on the PQ North property.

The location of PQ-North, potentially down-plunge from Musselwhite, is particularly important when considering the following facts:

• The apparent mine grade at the Musselwhite Mine is increasing as mineralized zones are mined down-plunge to the north (toward PQ-North).
• The frequency of new discoveries (some closer to surface than current mining) at Musselwhite is increasing as exploration migrates to the north (toward PQ-North), increasing the number of ounces kilometer.
• Historic diamond drilling at PQ-North includes an intercept of 23.42 g/t Au across 5.3 metres within a Musselwhite-style host rock.
• The 2007 Goldcorp Annual Report confirmed, "Drilling on the North Shore [in close proximity to PQ-North].....indicate high potential for resource expansion. This strong potential has led to a study to test the economics of constructing a new shaft at Musselwhite."

Premier strongly believes that PQ-North may host a gold deposit similar to the multi-million ounce deposit characteristic of the Musselwhite Mine.