Premier African Minerals Limited TCT IF Potential Sale Update (3315P)
August 31 2017 - 1:00AM
UK Regulatory
TIDMPREM
RNS Number : 3315P
Premier African Minerals Limited
31 August 2017
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
31 August 2017
Premier African Minerals Limited
("Premier" or the "Company")
TCT IF Potential Sale Update
Summary
Premier African Minerals Limited (AIM: PREM) (the "Company"),
the AIM-traded, multi-commodity mining and natural resource
development company focused in Southern and Western Africa, is
pleased to provide a further update on operations and future in
regard to Mozambique-based TCT Industrias Florestais Limitada ("TCT
IF") which principally owns a substantial limestone deposit and
forestry interests.
As announced on 23 August 2017, the Board is reviewing possible
partnerships and / or a sale of Premier's TCT IF forestry interests
whilst ensuring that Premier maintains an interest in the limestone
deposit. These discussions are continuing. Premier is now
principally focused on the development of its Zulu lithium asset
and RHA project, together with increasing its strategic interest in
Circum Minerals. While the limestone asset of TCT IF remains of
continuing interest to Premier, the forestry interests are not
material in the ongoing development and strategy of the Group, a
view supported by the recent country-wide suspension of timber
cutting and export licences in Mozambique.
As previously disclosed, the payment by Premier of the
consideration due to the vendors of TCT IF is only due following
final procedural registration of the assignment of quotas by the
Mozambique authorities and, as this registration remains
outstanding, this provides an opportunity for the Company to
potentially novate its rights and obligations under the acquisition
agreements whilst still retaining a free carried 50% interest in
the limestone deposits to completion of the initial exploration
programs and without cost.
A further announcement will be made in due course.
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 Tel: +44 (0) 207
/ Roland Beaumont Cornish Limited 628 3396
Cornish (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/ Tel: +44 (0) 7747
Harriet Jackson Yellow Jersey PR 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 has
acquired a 52 per cent 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 5,010,333
million shares in 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 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 per cent interest in the 1.5
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
END
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