Premier African Minerals Limited Circum Minerals Update (6139W)
February 10 2017 - 5:09AM
UK Regulatory
TIDMPREM
RNS Number : 6139W
Premier African Minerals Limited
10 February 2017
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
10 February 2017
Premier African Minerals Limited
("Premier" or the "Company")
Circum Minerals Update
Premier African Minerals Limited (AIM: PREM), the London quoted
mining, exploration and production company, is pleased to announce
Circum Minerals Limited ("Circum"), in which Premier holds 2
million shares (equivalent to an interest of approximately 2%), has
posted an updated presentation on its website. For further detail,
please click on the following link to view the Circum presentation
http://circumminerals.com/sites/default/files/Circum_Minerals_Presentation_Website_Feb.2017.pdf
The introduction to the Circum presentation provides the
following highlights, which have been reproduced in full below
without material amendment or adjustment:
-- Mineral resource of 4.9 billion tonnes at 18.1% KCI with reserves of 107.8 of KCI equivalent
-- Seismic data suggests potential total resource of 12 to 14 billion tonnes
-- Targeting annual production of 2 Mt of MOP and 0.75 of SOP
for phase 1 using low cost, low risk solution mining and solar
evaporation
-- Scalable production - resources sufficient to support at
least two, possibly three expansions
-- Mine gate cash costs projected to be among the lowest in the world
-- One of the lowest capital intensity per annual tonne of any
major potash project in the world
-- Substantial transportation advantages to India, Southwest Asia and South China
-- Management team has experience building mines and track record to production
George Roach, Premier's CEO, commented:
"The expected sign-off of Circum's mining license and possible
liquidity event in the near future, the impending return to
production at RHA, ongoing results from Zulu Lithium and the end of
all convertible loan notes all support the recent improvements in
Premier's market capitalisation. To put the Danakil project in
context, the much smaller Yara project to the south of Circum was
funded on a valuation of US$200 million last year (i.e. equivalent
to Circum at $2 per Circum share). And, I believe that Circum
should warrant a significantly higher valuation on its much bigger
project particularly as and when the mining license is
granted."
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 Circum's 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
------------------ --------------------------- ------------------
Beaufort Securities Tel: +44 (0) 20
Jon Belliss Limited 7382 8300
------------------ --------------------------- ------------------
Charles Goodwin/ Yellow Jersey PR Tel: +44 (0) 7747
Harriet Jackson Limited 788221
------------------ --------------------------- ------------------
Notes to Editor:
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.
Glossary
KCI: Potassium Chloride
MOP: Muriate of Potash
SOP: Sulphate of Potash
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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