AUSMON RESOURCES LIMITED — Capital/Financing Update 2011

Jan 31, 2011

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1 February 2011

Company Announcements Office ASX Limited

ANNOUNCEMENT BY PREMIUM EXPLORATION INC.

" Premium Exploration Drills 1.5 g/t gold over 134 Meters including 2.5 g/t gold over 47.3 Meters; Resource Remains Open in All Directions and Phase-Four Exploration Update "

Ausmon Resources Limited (Ausmon) attach a recent public announcement made by Premium Exploration Inc which is listed on TSX Venture Exchange of Canada (TSX-V:PEM). Ausmon has a strategic stake of 5,750,000 shares and 5,750,000 warrants in Premium Exploration Inc. (Premium).

John Wang Executive Director/Secretary

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AUSMON RESOURCES LIMITED ABN 88 134 358 964 Level 15, 370 Pitt Street, Sydney NSW 2000 Australia. PO BOX 20188 World Square, NSW 2002 Australia Tel: 61 2 9264 3100 Fax: 61 2 9264 0099 Email: office@ausmonresources.com.au www.ausmonresources.com.au ASX code: AOA

Premium Exploration Drills 1.5 g/t gold over 134 Meters including 2.5 g/t gold over 47.3 Meters; Resource Remains Open in All Directions and Phase-Four Exploration Update

January 31, 2011, Vancouver, British Columbia: Premium Exploration Inc. (TSX-V:PEM) (”Premium” or “the Company”) is pleased to announce drill results from drill holes PFR2010_23 & 24. Both drill holes are located in the Main Zone and have advanced the Upper and Lower Blocks. Premium continues to encounter gold mineralization in 100% of drilling in the 10,000 meter Phase-Three program at the Friday-Petsite Gold Project in Central Idaho, USA..

PFR2010_23 – 0.8 g/t gold over 370.9 meters including (Starting at 0.0 meters) 1.5 g/t gold over 134.3 meters including

2.5 g/t gold over 47.3 meters

PFR2010_24 – 1.0 g/t gold over 36.5 meters (Starting at 10.1 meters)

“The focus of the Phase-Three program was to double the down-dip extent of the current Upper Block inferred resource to a vertical depth of approximately 300 meters and march along strike, essentially doubling the Main Zone footprint. With that achieved we are looking forward to the updated resource estimate and continued strike length development beyond the known zones of mineralization at Friday-Petsite resource.” stated Michael Ostenson, VP Exploration.

“Phase-Three developed a proven exploration strategy at the Friday Project with the discovery of the Monday Fault mineralization. We look forward to applying the strategy to the balance of the OSZ to make new discoveries.”

The Upper Block hosts an Inferred Resource comprised of 15 Mt at 1.1 g/t Au for 549,000 contained ounces at a 0.5 g/t Au lower cut-off. Drilling in Phase-Three has successfully increased the Lower Block strike length from 100 to 500 meters and the deposit remains open along strike and at depth.

PFR2010_23 is an infill hole located in the center of the Main Zone and was drilled west at a -72 dip further confirming the structural geometry and continuity of mineralization along strike between previously released drill-holes PFR2009_10 and PFR2009_12 (see previous releases dated January 13, 2010). It extends mineralization 180 meters below the current block model depth of 150 meters for a total mineralized vertical depth of 330 meters. The hole was completed at 389.5 metres down-hole depth and terminated in anomalous mineralization.

PFR2010_24 is located in the southern end of the Main Zone and was drilled west at a -80 dip providing structural information about the interpreted Quartz Creek Fault and the Lower Block mineralization. The hole was completed at a 342.3 meter down-hole depth.

Upper Block continuity of mineralization is confirmed although Lower Block mineralization is interpreted to be offset to the east by the Quartz Creek Fault. Correlating gold-in-soil and geophysics suggest potential continuity of 2.5 km south of the Quartz Creek Fault and will be a priority target in the upcoming Phase-Four drill program in 2011.

Friday Fault Potential Continuity

Hole Id	From M	To M	Length M	Au g/t
PFR2010-23	0.0	370.9	370.9	0.8
	215.8	350.1	134.3	1.5
	249.0	296.3	47.3	2.5
PFR2010-24	10.1	46.6	36.5	1.0

The gold grade calculation is a weighted mean with no top cut, and no bottom cut. The grade calculation includes internal waste and low grade sections.True Widths are estimated to be between 50% and 75% of the drilled interval.

Phase Four Exploration Update

Planning of the +25,000 meter Phase-Four drill program is underway and will be announced upon receipt of the 4,500 soil samples taken in the Deadwood Project. The gold–in-soil data will be correlated with the airborne geophysics, refining the most outstanding drill targets. In the preparation of Phase-Four, West Core Drilling out of Elko, Nevada, has been contracted to provide four drills with two scheduled to start drilling on March 21[st] , 2011.

Several exciting geophysical anomalies have been identified in the Deadwood Project and Premium’s strategy is to apply its gold-in-soil and geophysical correlating methodology in its goal of making another new discovery in 2011.

The Friday-Petsite Project will also be advanced, following up on the new gold discovery in drill-hole PFR2010_19 along the west side of the shear zone known as the Monday Fault. The Company will also continue to develop the existing deposit along the eastern side of the shear zone known as the Friday Fault, which remains open along strike and at depth.

Quality Assurance

The Company has implemented a rigorous QA/QC program using best industry practices at the Friday-Petsite Property. As described in the Company’s News Releases of July 9th, 2009 and December 29[th] , 2009 the program includes chain of custody of samples, drill core sawn in half and shipped in sealed bags, blind duplicates, blank samples and certified standards are inserted in the sample stream. The samples are then boxed and couriered to Acme Analytical Laboratories of Vancouver, B.C. a lab certified for the provision of assays and geochemical analyses (ISO

9001:2008). In Phase-Three, as with Phase-Two and Phase-One, samples with gold values greater than 10 g/t are re-analyzed via the metallic screen procedure. Samples with visible gold were also analyzed initially using the metallic screen analysis, as were the samples immediately preceding and following the sample with visible gold.

Qualified Person

The 2010 Phase-Three exploration program is being directed by Michael Ostenson, P.Geo., VP Exploration of Premium Exploration Inc. Mr. Ostenson is a Qualified Person as defined by NI 43-101. Mr. Ostenson prepared, and approves of the content in this release.

About Premium Exploration Inc.

Premium is focused on the exploration and development of its district-sized Orogrande Shear Zone “OSZ” to fulfill its vision of developing a new mining district in North America. The OSZ is a 30 km-plus regionally-significant trending structure that correlates with multiple known zones of mineralization and has structural control to its gold mineralization, characteristics similar to many large gold belts, such as the Carlin Trend of Nevada. Development is ongoing at the bulk-tonnage Friday-Petsite Project, the most advanced of several known mineralized zones located along the OSZ and represents 4% of the OSZ under Premium’s control.

For More Information Please Contact:

Mr. Del Steiner President & Chief Executive Officer Premium Exploration Inc. P: (604) 682-0243 F: (604) 682-2499

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Friday Fault
0.8 g/t Au over 370.9 meters
Existing 549,000 oz Inferred Resource
15 Mt @ 1.1 g/t Au
0.5 g/t Au cut off
1.5 g/t Au over 150 meters
8.3 g/t Au over 4.9 meters
1.5 g/t Au over 134.3 meters
2.5 g/t Au over 47.3 meters
2.5 g/t Au over 36.9 meters
Cross Section PFR2010_24
PFR2010_4
PFR2010_23
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Cross Section PFR2010_24 Looking North Phase III Drilling Friday - Petsite Project Orogrande Shear Zone Idaho, USA

0 50 meters Fault Scale 1:2500

2010 Phase 3 DH

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Project
Location
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IDAHO
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Existing 549,000 oz Inferred Resource
15 Mt @ 1.1 g/t Au
0.5 g/t Au cut off
1.0 g/t Au over 36.5 meters
1.1 g/t Au over 20.8 meters
1.1 g/t Au over 42.1 meters
0.7 g/t Au over 120 meters
1.25 g/t Au over 26.5 meters
1.2 g/t Au over 16.5 meters
0.8 g/t Au over 107.9 meters
Inferred
Offset Friday Fault
“Undrill tested” to date
Cross Section PFR2010_24
Project
Friday Fault Location
Friday - Petsite Project 0 50 meters
2010 Phase 3 DH Fault
Orogrande Shear Zone
Scale 1:2500 IDAHO
2009 Phase 2 DH
PFR2010_12
PFR2009_13
PFR2010_11
PFR2010_24
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Cross Section PFR2010_24 Looking North Phase III Drilling Friday - Petsite Project Orogrande Shear Zone Idaho, USA

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Inferred Monday Fault
Friday Fault Splay Potential Continuity
"North Zone" 1.0 km North
Friday Fault Mineralization
"Main Zone"
500 Meter Drilled Strike Length
New Discovery: Moday Fault Mineralization Interpreted Friday Fault Offset
Drill-Hole PFR2010-19: 1.4 g/t Au over 38.4 meters
Parallel Mineralization Potential
"Exploration Strategy Confirmed"
Friday Fault Splay
"South Zone"
Potential Continuity
1.5 km South
Inferred Monday Fault
¯
Potential Friday Fault Mineralization
Friday-Petsite Project
Orogrande Shear Zone Drill Vailidated Friday Fault Mineralization Magnetic Geophysics
Idaho, USA Inferred Faults3D Model Mag High
Mag Mid
0 125 250 500 Meters Friday-Petsite Claim Boundary
Premium Exploration Patented Claims Mag Low
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PFR2010-25:
Results Pending
PC-20:
1.6 g/t Au over 108.5 m
PC-21
1.0 g/t Au over 79.6 m
PFR2010-10
0.8 g/t Au over 171.3 m
PFR2010-13: PFR2010-25
!.
0.7 g/t Au over 222.2 m PC-20 & 21
!.
!.
PFR2010-16: B
0.8 g/t Au over 155.8 m including
1.0 g/t Au over 75.0 m
PFR2010-17:
0.8 g/t Au over 206.7 m including
1.0 g/t Au over 126.2 m !.!. PFR2010-10, 13, 16, & 17
PFR2010-18: PFR2010-18 !. PFR2010-7 & 8
0.6 g/t Au over 345.7 m including1.0 g/t Au over 38.4 m as well as1.0 g/t Au over 39.3 m PFR2010-4PFR2010-21PFR2010-2 !. !.!. !.!.!.!. PFR2010-1 !. % !.!. %%!. PFR2010-5 & 6 !. PFR2010-23PFR2010-3PFR2009-10
!. !. PFR2009-12
PFR2010-21: !. !. %
PFR2010-14, 15,& 19 !. PFR2009-11
1.5 g/t Au over 330.4 m including
7.0 g/t Au over 34.4 m !. PFR2010-11 & 12
B
PFR2010-2: !. !. PFR2010-24
1.8 g/t Au over 274.9 m !. PFR2009-13
!.
PFR2010-4:
1.5 g/t Au over 150.0 m
PFR2010-14:
1.1 g/t Au over 41.5 m and
1.2 g/t Au over 81.1 m
PFR2010-15: !.
1.2 g/t Au over 107.6 m PFR2009-8 & 9
PFR2010-19:
1.4 g/t Au over 38.4 m
PFR2010-24:
1.0 g/t Au over 37.5 meters
!.
PFR2010-22
%
%
%
%
%
%
%
%
%
%
%
%
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PFR2010-7: 0.6 g/t Au over 175.0 m PFR2010-8: 0.7 g/t Au over 162.4 m PFR2010-1: 1.0 g/t Au over 203.0 m PFR2010-5: 0.9 g/t Au over 267.0 m PFR2010-6: 0.5 g/t Au over 226.0 m PFR2010-3: 2.2 g/t Au over 157.9 m PFR2009-10: 2.7 g/t Au over 198.4 m PFR2010-23: 0.8 g/t Au over 370.9 meters including 1.5 g/t Au over 134.3 meters

PFR2009-12: 1.0 g/t Au over 83.4 m PFR2009-11: 2.9 g/t Au over 73.5 m PFR2009-8: 0.6 g/t Au over 124.1 m PFR2009-9: 1.0 g/t Au over 11.6 m PFR2010-11: 0.8 g/t Au over 107.9 m PFR2010-12: 0.7 g/t Au over 120.5 m

1.4 km Drilled Strike Length Mineralization Open Along Strike And At Depth

~~!.~~ PFR2010-20 PFR2010-20: Results Pending PFR2010-22: Results Pending

B ¯

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Phase-3: Drill Results Friday-Petsite Project Orogrande Shear Zone Idaho, USA

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!. [2010 Phase 3 DH Reported This Release] !. [2010 Phase 3 DH]

!. [2009 Phase 2 DH] !. [2009 Phase 1 DH] Friday-Petsite Claim Boundary Premium Exploration Patented Claims 3D Model Interpreted OSZ

0 62.5 125 250 Meters

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N
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3D model
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1,400 Meters of Strike Length Drilled to date
PFR2010_23
0.8 g/t Au over 370.9 meters including
1.5 g.t Au over 134.3 meters including
2.5 g/t Au over 47.3 meters
PFR2010_24
1.0 g/t Au over 36.5 meterss
South Zone
north Zone
Main Zone
OPEN SOUTH
150 m
300 m
?
OPEN DEPTH
OPEN NORTH
PhaseThree Drilling - Long Section
Looking East
Friday-Petsite Project
Orogrande Shear Zone ~ 500 METERS OF STRIKE DEVELOPMENT OF LOWER BLOCK DEVELOPMENT TO DATE
Idaho, USA.
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S
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Premium Exploration
3D Model
Primary Shear (Domain 1)
Secondary Shear (Domain 2)
Southern Shear Splay (Domain 3)
Dacite Dike
Historic Holes
2010 Released Holes
2010 Pending Holes
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100 m
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