Prime Meridian Resources Corp Provides Financial Update

Prime Meridian Resources Corp (TSX VENTURE:PMR) (FRANKFURT:DYD) ("Prime
Meridian" or "Company") is providing an update of its finances and strategy for
its continuing operations.


In the spring Prime Meridian announced it was suspending drilling due to spring
break-up conditions, as well as to advance discussions on its projects with
possible partners and to conserve funds. Given the market conditions and Prime
Meridian's treasury it was decided not to resume drilling until the overall
situation improved or an option/joint venture agreement(s) was concluded with a
suitable partner for specific projects.


Prime Meridian has successfully reduced its monthly costs. The current working
capital is approximately US$100,000 which at current expenditure levels will be
sufficient only until very early in 2009. The recent extraordinary market
conditions have made it unrealistic to effectively address this situation
through normal means. The Company has also reviewed its projects, prioritized
them and is confident that a number of them continue to be of superior quality
and merit significant ongoing exploration programs. Prime Meridian has
undertaken a strategy of discussing its projects with potential option/joint
venture parties. These discussions have continued to advance with several
parties however for a number of reasons, including the current market
conditions, the Company has not concluded any agreements to date. Prime Meridian
remains confident that the ongoing discussions will result in a suitable
agreement(s), however there is no assurance when or if this will actually occur.
Prime Meridian remains committed to exploring and developing its assets and to
continuing its project development in the Midcontinent Rift System.


In light of the Company's limited working capital and desire to maintain its
current high priority project inventory and acquisition of strategic land
parcels into 2009 Prime Meridian has entered into negotiations with its major
shareholder to provide a loan to fund its ongoing operations. The intent,
assuming satisfactory terms are concluded, is to provide Prime Meridian with
sufficient operating funds well into 2009. A press release will be issued when
and if an agreement is concluded.


As part of its cost savings measure Prime Meridian has agreed with BMK Partners
Inc. to terminate its investor relations, corporate communications and marketing
services contract. Prime Meridian appreciates the efforts made by BMK on behalf
of Prime Meridian.


Prime Meridian Resources Corp. is a Canadian exploration company focused on
projects it has developed since 2000 within the Midcontinent Rift System in
Michigan and Minnesota. This rift system consists of deep-seated structures and
act as conduits permitting the intrusion of mantle-derived magmas (mafic and
felsic) and permit the development of magmatic nickel-copper and IOCG
mineralization. Prime Meridian is continuing the exploration of projects it has
developed with the goal of achieving a discovery in an area that has
historically produced large and valuable base and precious metal mines.


Prime Meridian Resources Corp.

John Boreta, President

Certain disclosures in this release, including management's assessment of Prime
Meridian's plans and projects, constitute forward-looking statements that are
subject to numerous risks, uncertainties and other factors relating to Prime
Meridian's operation as a mineral exploration company that may cause future
results to differ materially from those expressed or implied in such
forward-looking statements. Prime Meridian expressly disclaims any intention or
obligation to update or revise any forward-looking statements whether as a
result of new information, future events, or otherwise.