the age of the mic is pretty irelevant, usually you just plug it into the either the "line in" input or the dedicated "mic" input
line in socket is usually colour coded light blue and mic is usually pink.
If the mic isnt automatically picked up as an input source by adobe or anything else for that matter, then you probably need to go into the mixer recordingdevice section of your sound card and select the mic.
Depending on what sound card and what system you have, you can usually access the recording devices mixer by right clicking on the loudspeaker icon in the right hand corner of your screen.
Or you may need to go into control panel > sounds and do it there.
Havent used Premiere in a while but It would seem that Premiere is giving you the choice of selecting it from the preferences audio hardware dialogue