Thanks Harm. I was told the Nero software included can edit the 60fps footage, I just find it strange that a powerhouse editing suite like Premiere doesn't have this preset. More and more camcorders support this nowadays.
Thanks.
Did you try creating a custom sequence preset? If you use Desktop editing mode, you can custom set all the parameters (frame size, frame rate, etc.) to accommodate footage such as this. Now, whether you can actually edit it will depend on whether Premiere has the appropriate codec at its disposal. I don't know what codec this camera uses, but I assume it is some sort of MPEG4 variant; the editability of such material varies widely.