Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
Premier African Minerals Limited
("Premier" or the "Company")
Production recommences at RHA
Summary
Premier African Minerals Limited, the AIM-traded, multi-commodity mining and natural resource development company focused in Southern and Western Africa, is pleased to report that plant upgrades are now installed and operational at the RHA Tungsten project (RHA) in respect of which Premier is the operator and holds 49%.
The screens, plant modifications as well as the electrical reticulation works have been completed and the plant is undergoing a phased commissioning and optimisation process to achieve the anticipated recoveries and operational throughput. Wolframite concentrate from ore from the underground mine has been produced. The throughput of the plant will be steadily increased to the plant's design capacity of 16 tonnes per hour.
George Roach, CEO, commented:
"I am pleased to report the installation of these much anticipated modifications at RHA and the commencement of the recommissioning and optimisation process. I will keep the market informed of progress and look forward to being in a position to deal with financial forecasts in the near future. At the same time, I am equally pleased to report that XRT test-work recently conducted on bulk sample material from RHA (see RNS dated 17 May 2016) was re-run at the express direction of the equipment provider to confirm the excellent results previously achieved, and the equipment provider now confirms that the sort achieved a near 100% recovery. Premier is reassessing the pit capacity to meet the minimum tonnage XRT sorting will require and expects to be in a position to progress this in early August. I would like to thank our shareholders for their continued support during this transitional period for the Company."
Forward Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements.
Forward looking statements are identified by their use of terms and phrases such as ''believe'',
''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of
those, variations or comparable expressions, including references to assumptions. These forward
looking statements are not based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of operations, performance, future
capital and other expenditures (including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such forward looking statements reflect
the Directors' current beliefs and assumptions and are based on information currently available to the
Directors. A number of factors could cause actual results to differ materially from the results
discussed in the forward looking statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and other regulatory changes, actions
by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured
and underinsured losses and other factors, many of which are beyond the control of the Company.
Although any forward looking statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions; the Company cannot assure investors that actual
results will be consistent with such forward looking statements.
Enquiries
Chantell De Waal |
Premier African Minerals Limited |
Tel: +27 (0) 878063999 |
Michael Cornish / Roland Cornish |
Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 (0) 207 628 3396 |
Jerry Keen/Edward Mansfield |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 207 408 4090 |
Charles Goodwin/Aidan Stanley /Dominic Barretto |
Yellow Jersey PR Limited |
Tel: +44 (0) 7584 085 670 |
Notes
Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.
The Company has a diverse portfolio of projects, which includes tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company also holds 2 million shares in Circum Minerals Limited ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. At present those shares are valued at US$4 million based on the latest price at which Circum has accepted subscriptions.
ENDS
