Premier African Minerals Limited Casa Mining Update (3958R)
December 09 2016 - 2:00AM
UK Regulatory
TIDMPREM
RNS Number : 3958R
Premier African Minerals Limited
09 December 2016
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
9 December 2016
Premier African Minerals Limited
("Premier" or the "Company")
Casa Mining Update
Premier African Minerals Limited (AIM: PREM), the London-quoted
mining exploration and production company has elected not to
exercise its option to acquire up to 30% in Casa Mining
Limited.
Premier acquired a 4.5% interest in Casa Mining Limited (Casa),
on October 18, 2016 with an option to increase its interest up to
30% within a 60 day period. This option will expire on December 18,
2016.
George Roach, Premier's CEO, commented:
"Our current market capitalization does not reflect the value of
the underlying assets and accordingly we will not proceed with a
direct financing to pursue the interest available in Casa. We
remain strongly supportive of Casa and believe the project has
great value and would generate significant value for Premier
shareholders. I am pleased that Premier and Casa have agreed to
work cooperatively to attempt to find a solution to both the
consolidation of the Casa interests and appropriate finance to
fully develop the project."
About Casa Mining Limited
Casa Mining Limited is 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. For more information,
please visit www.casamining.com
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.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
------------------- --------------------------- ------------------
Michael Cornish Beaumont Cornish Tel: +44 (0) 207
/ Roland Cornish Limited 628 3396
(Nominated Adviser)
------------------- --------------------------- ------------------
Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207
Mansfield Limited 408 4090
------------------- --------------------------- ------------------
Charles Goodwin/
/Harriet Jackson/ Yellow Jersey PR Tel: +44 (0) 7747
Clare Glynn Limited 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
This information is provided by RNS
The company news service from the London Stock Exchange
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December 09, 2016 02:00 ET (07:00 GMT)