Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
03 May 2017
Premier African Minerals Limited
("Premier" or the "Company")
RHA/Zulu Update
Premier African Minerals Limited, the AIM-traded, multi-commodity resource and development Company focused on Southern and Western Africa, is pleased to announce that the commissioning of the RHA mine is progressing well and that the Company anticipates its first shipment of wolframite concentrate in the beginning of May.
George Roach, Chairman and CEO commented: "I am pleased to report that the XRT sorter is exceeding our expectations and has proved capable of recovering up to 100% of mineralisation contained in the run of mine (ROM) feed to the sorter, on a continuous basis and in a mass pull of circa 5% on average. General refinement of the sorter operation and optimisation of the gravity recovery circuit and other elements of the crushing circuits continue with constant steady improvements. Breakeven production of wolframite occurs at 3,000 mtu per month and the plant has already achieved and exceeded this production level but not yet on a sustained basis. Ongoing optimisation, refinement and mining development is expected to result in continuous sustained operation at profitable levels in the near future. Shipments of concentrates produced from the upgraded plant will commence in the beginning of this month."
Drilling continues at the Zulu lithium and tantalum project with the direct objective of increasing our interim maiden resource that is expected to cover a limited length of the so far known 3.5 kilometre strike length. Drilling has been interrupted from time to time with ongoing and unseasonal heavy rains but this is now expected to end as winter approaches for this region. Mineralisation continues to be encountered as anticipated and exceptional results will be released as and when they are available. In addition, we are commencing a Mobile Metals Ions ("MMI") survey which is an innovative soil geochemical survey to detect hidden mineralisation in areas where the mineralisation isn't outcropping."
Qualified Person:
Wolfgang Hampel, Exploration Manager of Premier African Minerals Limited has reviewed and approved this release to the extent that reference is made to the Zulu tenements. Mr Hampel has 25 years' experience in the African, American, European and Asian exploration and mining industry and holds a Diploma in Economic Geology (Dipl.-Geol.) from the Technical University of Munich. He is a registered European Geologist (EurGeol), n° 1261, with the European Federation of Geologists.
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.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries
Fuad Sillem |
Premier African Minerals Limited |
Tel: +44 (0)7734 922074 |
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 |
Jon Belliss |
Beaufort Securities Limited |
Tel: +44 (0) 20 7382 8300 |
Charles Goodwin/ Harriet Jackson |
Yellow Jersey PR Limited |
Tel: +44 (0) 7747 788221 |
Notes to Editors:
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 include 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 recently acquired a 52% controlling stake in Mozambique-based TCT Industrias Florestais Limitada, which owns a substantial limestone deposit and forestry business located on rail in the Sofala Province of Mozambique. In addition, the Company 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. Premier also has a 4.5% interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.2 million ounce inferred resource Akyanga gold deposit in the DRC.
ENDS
