Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
For immediate release
22 August 2017
Premier African Minerals Limited
("Premier" or the "Company")
Casa Mining Update
Premier African Minerals Limited (AIM: PREM), the London listed mining and exploration company, is pleased to provide an update on Casa Mining Limited in which Premier has a 4.5% interest.
Casa Mining Limited ("Casa") is a privately-owned mineral exploration company focused on developing the Akyanga gold deposit, part of the prospective Misisi Gold Project, in the Democratic Republic of Congo ("DRC"). Casa has commenced a 5,000 metres drilling programme with the aim to increase and upgrade the existing mineral resource estimate. The first 2,200 metres are expected to be completed during October 2017.
Casa Mining Limited
Casa has a 71.25% interest and is the operator of the Misisi Gold Project located in South Kivu, eastern DRC, approximately 350km south of Bukavu and 180km north of Kalemie.
In 2014, SRK Consultants (UK) Limited ("SRK") reported an Inferred Mineral Resource at the Akyanga deposit of 5.5 Mt at a grade of 1.5 g/t Au for approximately 272koz of contained metal. SRK has further reported an Inferred transition gold Mineral Resource of 16.2 Mt at a grade of 1.8 g/t Au for approximately 927koz of contained metal.
MDM Engineering Projects Limited ("MDM"), in conjunction with SRK, completed a scoping feasibility study for an 80,000 oz year heap-leach operation at the Akyanga deposit resulting in an ungeared net present value ("NPV") (at a discount of 8%) and internal rate of return ("IRR") of US$171 million and 35% respectively at a US$1,300/oz gold price. This assumes a contract mining scenario with an initial capital cost estimate of US$87.4 million and a total operating cost of US$628/oz.
African Mining Consultants Limited ("AMC") recently completed a review and re-interpretation of the geological model of the Akyanga deposit and reported a 1.05Moz JORC inferred resource at a grade of 2.27 g/t Au (using a 1.5 g/t Au cut-off) within a lower grade envelope of 1.57Moz at a grade of 1.65 g/t Au (using a 0.5g/t cut-off grade).
For more information, please visit www.casamining.com
Enquiries:
Fuad Sillem |
Premier African Minerals Limited |
Tel: +44 (0)7734 922074 |
Michael Cornish / Roland Cornish |
Beaumont Cornish Limited (Nominated Adviser) |
Tel: +44 (0) 20 7628 3396 |
Jerry Keen/Edward Mansfield |
Shore Capital Stockbrokers Limited |
Tel: +44 (0) 20 7408 4090 |
Jon Belliss |
Beaufort Securities Limited |
Tel: +44 (0) 20 7382 8300 |
Charles Goodwin/Harriet Jackson |
Yellow Jersey PR Limited |
Tel: +44 (0)7544 275882 |
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 has 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 4,101,999 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$8.2 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.5 million ounces inferred resource Akyanga gold deposit in the DRC.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
ENDS
