Thanks for that, I saw the thread but disregarded when I was researching the problem because it only showed a work flow for Sony Vegas.
Well I got it working in Vegas using this process but not premiere pro cs6.
I just gave up on premiere when I found Vegas worked fine, I'll just adjust my usual workflow.
For those looking for a fix with premiere pro cs6, you're going to have a hard time.
Upon inspection I found that the bitrates were the issue with Game Capture HD Pro (GCHP) encoding the raw video into a .m2ts format giving it a variable bitrate for both the audio and the video.
These in consist bitrates cause the audio drifting/lag to occur as Adobe has not programmed Premiere pro to perform such a task.
This cannot be fixed as the GCHP has to use variable bitrates despite a constant one being set in the capture setting.
A user over on the adobe forums posted the details of a copy of the raw video and the data showed the variable bitrate in the raw encoded video, you can have a look here: http://forums.adobe.com/thread/1180672 and look at the first reply.
Hope this helps anyone looking for more information, but the "fix" is to use Sony Vegas as it can deal with the files after converting the raw footage as the thread Jim posted above a states.
That thread is here: http://forums.support.roxio.com/topic/84041-make-roxio-recorded-files-full-compliant-with-any-video-editor-vegas-power-director-adobe-premiere/
However the same process does NOT work with Premiere pro CS6, I've tried.