The Hardrock Project, located in the Beardmore -- Geraldton Greenstone Belt of Northwestern Ontario, is consistent with all the hallmarks of Premier's business model and is a core holding in its exploration portfolio. Premier owns a 100% interest in the project. Many past-producing sites in Canada are undergoing a renaissance and today are being recognized for their exceptional potential to host future world class discoveries. Recent discoveries in Red Lake (Red Lake Gold Mines, Bruce Channel) and at Malartic underscore the importance of exploration in such historic camps.

The Hardrock Project comprises approximately a 15-kilometre long property package that overlies more than 3.0 million ounces of past gold production in a district that has historic production in excess of 4.0 million ounces. The property lies only a few kilometers south of the Town of Geraldton, which is serviced by the Trans-Canada Highway, Trans-Canada Pipeline, and Hydroline. Exploration is conducted year round.

NI43-101 Compliant Mineral Resources

On April 6, 2011 the Company announced that it had received an updated National Instrument (NI) 43-101 compliant Mineral Resource for the Hardrock Project. This resource included near surface mineralization, including that contained in the original open pit resource estimate completed in 2010, and deeper mineralization identified in the 114,000m of drilling that was completed in 2010.

Highlights of the Hardrock Resource include:

• A 269% increase in Measured and Indicated resources to 2.5 million ounces.

• A 164% increase in Inferred resources to 1.1 million ounces.

• A 30% increase in the "potential open pit" Measured and Indicated resource grade to 2.37 grams per tonne gold (g/t Au).

• A 37% increase in the "potential open pit" Inferred resource grade to 2.48 g/t Au.

• Some 40% of the Measured and Indicated resource ounces are categorized as "Measured."

• A "Whittle-Pit" analysis suggesting a strip ratio on potential open pit mineral resources of 2.1 to 1.

• The Kailey ("potential open pit") Deposit resource is included and contains 127,000 ounces of Measured and Indicated Resources at 1.57 g/t Au and 10,000 ounces of Inferred resources at 1.48 g/t Au.

The mineral resources estimated for the Hardrock project (both the Hardrock and Kailey Deposits) are set out in Table 1 below. They have been subdivided into potentially underground or open pit mineable resources and reported using different cutoff grades.

Table 1: Hardrock Project Indicated & Inferred Mineral Resources

Material	Classification	Cut-off (au g/t)	Grade Estimate (Au g/t)	Resource Tonnes	Contained Au Ozs
Open Pit	Measured	0.83	2.446	6,865,000	540,000
Open Pit	Indicated	0.83	2.280	5,833,000	427,500
Open Pit	Measured + Indicated	0.83	2.370	12,698,000	967,500
Open Pit	Inferred	0.83	2.483	615,000	49,200
Underground	Measured	2.80	5.993	2,312,000	445,800
Underground	Indicated	2.80	5.827	5,757,000	1,078,500
Underground	Measured + Indicated	2.80	5.875	8,069,000	1,524,300
Underground	Inferred	2.80	5.397	6,187,000	1,073,500
OP + UG	Measured	---	3.340	9,177,000	985,800
OP + UG	Indicated	---	4.042	11,590,000	1,506,000
OP + UG	Measured + Indicated	---	3.732	20,767,000	2,491,800
OP + UG	Inferred	---	5.133	6,802,000	1,122,700

(i) Figures may not sum due to rounding

1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.
2. The mineral resources were estimated using a block model with parent blocks of 25x30x10 sub-blocked to a minimum size of 5x3x2 and using Inverse Distance Cubed methods for grade estimation. A total of 12 individual mineralized domains were identified and estimated using an average top cut of 48 g/t Au. For a "potential open pit" mineral resource a cut-off grade of 0.83 g/t Au is based on a Whittle optimized pit shell and a mining recovery of 100%. For potential underground mineral resources a cut-off grade of 2.80 g/t Au and an assumed mining recovery of 100% outside of the potential open pit mining areas was used.
3. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The above mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council November 27, 2010.



(as of Dec. 6, 2011)

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2011 Hardrock Assay results

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Plan View
F2 Zone Long Section	HGN Long Section