Premier-Goldcorp Drilling Intersects High-Grade Gold Mineralization in Red Lake

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November 7th, 2007
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PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that ongoing drilling at the Rahill-Bonanza Project continues to intersect high-grade gold mineralization below the historic workings of the past producing Wilmar Gold Mine. The “Rahill-Bonanza Project” is being operated under a 50/50 exploration joint venture between Premier and Red Lake Gold Mines, an affiliate of GOLDCORP INC. (TSX:G, NYSE:GG).

The Wilmar Gold Mine was mined as a satellite deposit to the adjacent Cochenour Gold Mine (owned by Goldcorp) and was in operation during the final several years of mining at Cochenour. This resulted in the mining of 203,256 Tons at an average grade of approximately 0.3 oz/ton Au (10.3g/t Au) with the deposit remaining open at depth when the mine shutdown. During the current drill program, the Wilmar horizon has been intersected in all holes drilled over an area of more than 600 meters below the historic workings and over a strike length of approximately 300 meters with assays that include 49.0g/t Au over 1.0m, 14.2g/t Au over 5.0 m and 18.1 g/t Au over 2.0 m . Mineralization remains open at depth and along strike. Drilling has also identified high-grade gold in the West Granodiorite Zone (‘WGZ”) that is located west of, and along strike from the Wilmar Zone. The following tables provide a summary of results received to-date in the Wilmar deposit area (Note: several wedges were performed from original Hole PG07018W1, thus 18W2-W6 represents one drill hole):

Wilmar East Breccia Drilling

HOLE NO. INTERSECTION (m) WIDTH (m) ASSAY (g/t Gold) Zone
PG07015W4 1273.00-1274.00 1.0 49.00 (1.43 oz/ton) New - Qtz Carb
PG07018W1 905.00-910.00 5.0 14.19 (0.41 oz/ton) New - Qtz Carb
Incl. 905.00-906.00 1.0 59.09 (1.72 oz/ton)

995.00-996.00 1.0 8.81 (0.26 oz/ton) South Breccia
PG07018W2-W6 765.20-765.80 0.6 17.9 (0.63 oz/ton) New - Qtz Carb
PG07018W2-W6 908.00-909.00 1.0 10.6 (0.37 oz/ton) EBZ
PG07023 950.00-952.00 2.0 18.1 (0.637 oz/ton) EBZ
Incl. 951.10-952.00 0.9 34.4 (1.2 oz/ton)
PG07023 963.00-968.80 5.8 2.4 (0.08 oz/ton) EBZ

NOTE: True widths estimated at approximately 65% of intersection width

Wilmar West Granodiorite Drilling

HOLE NO. INTERSECTION (m) WIDTH (m) ASSAY (g/t Gold) Zone
PG07019 426.00-429.00 3.0 3.0 (0.09 oz/ton) WGZ
PG07019 439.60-443.00 3.6 3.4 (0.11 oz/ton) WGZ
PG07020 552.00-552.80 0.8 29.9 (0.96 oz/ton) WGZ
PG07020W1 574.10-577.00 2.9 12.2 (0.39 oz/ton) WGZ
Inc. 574.10-575.00 0.9 18.5 (0.59 oz/ton) WGZ
Inc. 576.00-577.00 1.0 16.7 (0.54 oz/ton) WGZ
PG07025 325.00-326.00 1.0 18.4 (0.64 oz/ton) WGZ

NOTE: True widths estimated at approximately 65% of intersection width

Additionally, drilling is underway at; 1) the “Mine West” target that is located immediately west of, and along strike from, the Red Lake Gold Mines complex; 2) from the underground mine workings of the prolific Red Lake Gold Mines complex; and, 3) the Bonanza deposit. The Mine West drilling is designed to test the western extension of the ultramafic rock unit that is host to the Red Lake Mine and the on-strike extension of the “S and F Zones” at the mine. The underground drilling is testing for possible extensions and/or repetitions of fault structures, key rock types and vein material on the project area along strike to the west of the current mine workings. Drilling at Bonanza will consist of in-fill and expansion drilling to further define the Bonanza deposit, discovered in 2004, where previous drilling has returned numerous significant intersections to depths of less than 400 meters including 13.27 g/t Au across 19.00 meters, 8.66 g/t Au across 22.0 meters and 5.05 g/t Au across 34.95 meters.

The Rahill-Bonanza Project is strategically located along the main Red Lake “Mine Trend” between the Red Lake Gold Mines to the east and the Cochenour Gold Mine and Bruce Channel discovery to the west (See Figure 1 & 2). The geological setting at Wilmar shares many similarities to the Red Lake Gold Mines, located in the same suite of rocks to the east, and the Cochenour Mine-Bruce Channel discovery to the northwest. The current drilling is part of a major, two year, exploration program ($5 Million budgeted for 2007) that will test several prospective targets on the Property. A presentation with more detailed slides can be viewed at the Company’s web site: www.premiergoldmines.com.

Figure 1(Click to Enlarge)

Figure 2(Click to Enlarge)

Matt Long, P. Geo., Red Lake District Project Manager of Premier, is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101.

Premier Gold Mines Limited is a Canadian-based mineral exploration and development company with diverse property holdings that include several projects and deposits in Northwestern Ontario and a joint venture in Mexico. In the Red Lake gold mining camp, two of these are operated in joint venture with Goldcorp Inc. (TSX:G). A strategic project is also located on the main Musselwhite Gold Mine trend (Goldcorp).

For further information, please contact:
Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-345-0284
E-mail: info@premiergoldmines.com
Web Site: http://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.