Premier Completes $4,950,000 Flow-Through Financing

December 2nd, 2010
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NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGHTOUT U.S. NEWSWIRE SERVICES


PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that it has completed its previously announced non-brokered private placement for 660,000 “flow-through” common shares (“Flow-Through Shares”) at a price of $7.50 per share for gross proceeds of $4,950,000 (the “Offering”). The proceeds of the Offering will be used for funding exploration on Premier’s Canadian properties.

As consideration for its services in connection with the Offering, Premier paid a finder a fee equal to 5% of the gross proceeds of the Offering.

The Flow-Through Shares issued pursuant to the Offering will be subject to a four month hold period from the date of closing the Offering. The completion of the Offering is subject to final approval from the Toronto Stock Exchange.

Premier Gold Mines Limited is a well financed Canadian-based mineral exploration and development company with several projects and deposits in Northwestern Ontario and a joint venture in Mexico. In the Red Lake gold mining camp, two are operated in joint venture with Red Lake Gold Mines. The company also owns strategic projects located in the heart of the Carlin Trend, Nevada, on the main Musselwhite Gold Mine trend, and holds a 70% interest in the Hardrock Project.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


For further information, please contact:
Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-346-0100
e-mail: info@premiergoldmines.com
Web Site: www.premiergoldmines.com



The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.