THUNDER BAY, ON, Nov. 6 /CNW/ - PREMIER GOLD MINES LIMITED (TSX:PG) is pleased to announce that the Rahill-Bonanza Project joint venture, a joint venture between Premier and Red Lake Gold Mines Partnership ("RLGM"), a partnership between Goldcorp Inc. and Goldcorp Canada Ltd., is in discussions with RLGM to participate in a major underground development program that Goldcorp expects to undertake at the Red Lake Gold Mines mine complex.

High-Speed Tram

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Goldcorp has announced that a trade-off study has indicated that the construction of a high-speed tram to connect the Red Lake Gold Mines complex and the Cochenour (Bruce Channel) Mine complex is the favoured method to develop its Cochenour deposit. A portion of this tram may pass through, or in close proximity to, the joint venture project providing an excellent exploration platform. This tram will intersect several kilometres of some of the highest potential and untested geology along the main Red Lake "Mine Trend". The Red Lake Gold Mine is considered to be one of the world's richest gold mines with production of more than 18 million ounces of gold and nearly 10 million ounces of resources.

It is expected that the joint venture, of which Premier holds a 49% interest, will fund drill bays on the south side of the tram, that could be used to drill test high potential areas, and switches that could be built in the event of possible development of the Wilmar, West Granodiorite, and Bonanza deposits located on the Rahill-Bonanza Project.

"Once completed, this plan would open up several kilometres of highly prospective geology in one of the world's most prolific high- grade gold districts" stated Ewan Downie, President and Chief Executive Officer of Premier. "Given this huge area has seen little to no previous deep exploration drilling, we are excited by the opportunity to test a number of potential geologic targets."

To view Red Lake Gold Mines map please visit: http:// files.newswire.ca/598/Red_Lake_Gold_Mines.pdf

New Gold Horizon

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Recent drilling performed by the joint venture that tested geological targets to the Bruce Channel Deposit (BCD), that is currently being developed by Goldcorp, has intersected high-grade gold in a new horizon as well as the depth and strike extension of the West Granodiorite Zone (WGZ) on the joint venture.