Premier African Minerals Limited Corporate Update (7183A)
January 02 2018 - 6:33AM
UK Regulatory
TIDMPREM
RNS Number : 7183A
Premier African Minerals Limited
02 January 2018
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
2 January 2018
Premier African Minerals Limited
Corporate Update
RHA Tungsten
Premier advises that the preliminary findings from the
management of RHA following the December operations show that RHA
did not achieve its guidance of profitable production during
December as announced on 29 September 2017. Mining and plant
operations at RHA currently continue and following an in-depth
assessment of the operations at RHA, Premier will provide a further
update and revised guidance.
Zulu Lithium
The Board of Premier has decided that a separate listing should
be sought for the Zulu Project. Over the past year Premier has made
significant progress in the development of the Zulu Lithium
Project. The Company declared a Maiden Mineral Inferred Resource
Estimate of 20.6 million tonnes grading 1.06% Li O based on a 2,500
metres drilling programme on only 35% of the strike length of the
Main Zone. In addition, the Company completed a positive
metallurgical test-work study demonstrating a viable process route
and Premier completed a Scoping Study demonstrating a robust
project with strong economics for both the Concentrate Plant and
the Lithium Carbonate Plant option.
The current drilling programme continues to intersect wide and
high-grade spodumene pegmatite mineralisation. Valuations for
comparable hard-rock lithium projects exceed Premier's current
market capitalisation and the Board believes significant value will
be unlocked by having a separate listing for Zulu. Premier is in
discussions with various drilling contractors to fund future
drilling programmes at Zulu on an earn-in basis and accordingly, is
not dependent on any substantial placement into this proposed new
company.
George Roach, Premier's CEO, commented: "Even though we made
significant progress at RHA during the last quarter of 2017, the
mine did not meet the guidance of profitable production during Q4,
2017. Premier has previously stated that unless RHA traded
profitably during December 2017, Premier would not provide further
financial support to RHA. Accordingly, Premier is immediately
approaching our 51% partner in RHA to assist in facilitating a
long-term solution for RHA.
"Whilst Premier continues with discussions with several parties
in regard to development of our Zulu asset, it is clear that we
need to separate Zulu from Premier to see the real value in this
asset unlocked and a proposed separate listing will be the first
step in this process."
Enquiries:
Premier African Tel: +44 (0)7734
Fuad Sillem Minerals Limited 922074
------------------------ --------------------------- -----------------
Michael Cornish Beaumont Cornish Tel: +44 (0)
/ Roland Cornish Limited 20 7628 3396
(Nominated Adviser)
------------------------ --------------------------- -----------------
Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0)
Mansfield Limited 20 7408 4090
------------------------ --------------------------- -----------------
Beaufort Securities Tel: +44 (0)
Jon Belliss Limited 20 7382 8300
------------------------ --------------------------- -----------------
Charles Goodwin/Harriet Yellow Jersey PR Tel: +44 (0)
Jackson Limited 07544 275 882
------------------------ --------------------------- -----------------
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, lithium and tantalum in Zimbabwe,
encompassing brownfield projects with near-term production
potential to grass-roots exploration. In addition, the Company
holds 5,010,333 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$10.2 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 ounce inferred resource Akyanga
gold deposit in the DRC.
Forward Looking Statements:
Certain statements in this announcement are, or may be deemed to
be forward looking statements. Forward looking statements are
identi ed 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 re ect
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.
Glossary of Technical Terms:
"Li2O" means Lithium oxide
------------- ---------------------------------------
"lepidolite" is the mineral name for lithium
bearing mica KLi2Al(Si4O10)(F,OH)2
an important ore of lithium
------------- ---------------------------------------
"pegmatite" is an exceptionally coarse-grained
igneous rock, with interlocking
crystals, usually found as irregular
dikes, lenses, or veins, esp.
at the margins of granitic intrusions
------------- ---------------------------------------
"petalite" " is the mineral name for lithium
aluminium silicate LiAl(Si4O10)
an important ore of lithium
------------- ---------------------------------------
"spodumene" is the mineral name for lithium
aluminium silicate LiAlSi2O6
an important ore of lithium
------------- ---------------------------------------
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDFLLFBVFFXBBB
(END) Dow Jones Newswires
January 02, 2018 06:33 ET (11:33 GMT)
Premier African Minerals (LSE:PREM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Premier African Minerals (LSE:PREM)
Historical Stock Chart
From Apr 2023 to Apr 2024