Premier Gold Mines Completes Royalty Transaction

Premier Gold Mines (PG.TSX) announced that it has completed the previously announced business combination of its royalty subsidiary and Bridgeport Ventures Inc to form a new publicly traded entity, Premier Royalty Inc., continuing under symbol BPV.TSX.  The Canadian-based gold company also noted that Premier Royalty’s common shares and certain warrants have been conditionally approved to trade on the Toronto Stock Exchange under the symbols “NSR”, “NSR.WT” and “NSR.WT.A”, respectively. The change is expected to be implemented next week under a separate announcement.

Highlights:

* All existing directors and management of Bridgeport resigned, other than Hugh Snyder and Shastri Ramnath who will continue as directors of New Bridgeport

* Premier Gold Mines will have the right to nominate six of the eight directors of New Bridgeport and the new management team shall be set by Premier Gold

* Premier Royalty features a high quality cash-flowing royalty portfolio on several gold mines across North America, South America, and Africa

* The newly-created company also has several promising earlier stage exploration and development royalties in its pipeline

Abraham Drost, Chairman of Premier Royalty:

“With a number of cash-flowing royalties in place and a pipeline of earlier stage royalty assets, the close of this transaction marks a promising launch for Premier Royalty Inc. and a fruitful outcome for Bridgeport and Premier Gold. We look forward to maintaining a track record of growth organically and through the acquisition of additional cash flowing and near-term cash flowing royalties with a focus on stable jurisdictions in the Americas and elsewhere.”

Shastri Ramnath, Bridgeport President and CEO:

“The acquisition of Premier Royalty by Bridgeport will expose Bridgeport shareholders to a well-managed company with a diversified portfolio of gold royalty assets, many of which are in production and operated by prominent gold producers and will form the core of a business with excellent growth potential, particularly in the current economic climate.”