Premier African Minerals Limited Corporate Update (3762A)
May 28 2019 - 10:18AM
UK Regulatory
TIDMPREM
RNS Number : 3762A
Premier African Minerals Limited
28 May 2019
For immediate release
28 May 2019
Premier African Minerals Limited
("Premier" or the "Company")
Corporate Update
The Company announced earlier today an update on drilling
activities at Premier's wholly-owned Zulu Lithium Project ("Zulu")
in Zimbabwe. As announced, following termination of discussions
with KME, the Company is reopening its discussions held with the
previous drilling contractor to look to recommence drilling
activities at Zulu. The Company has also been in contact with the
office of the Ministry of Mines and has been assured that it will
have further feedback on the long outstanding Exclusive Prospecting
Order ("EPO") application for areas surrounding Zulu in the near
future. The Company believes that the granting of this EPO will add
significantly to Zulu and may assist in progressing discussions on
alternative finance to progress the Definitive Feasibility Study
("DFS") programme so as to minimise the requirement for Premier to
raise funds directly.
The Company has also been in constant contact with the Zimbabwe
Ministry of Industry, Commerce and Enterprise Development
("Ministry") who control and operate National Indigenization and
Economic Empowerment Fund of Zimbabwe ("NIEEF"). The Company's
agreement with NIEEF in respect of RHA Tungsten, (as announced on 7
May 2019) has a binding provision for NIEEF to provide financing of
$6 million. To date NIEEF has not provided the funds. While Premier
remains confident that the NIEEF will comply with their
obligations, Premier has agreed to entertain a direct approach from
a potential alternative buyer of wolframite and to facilitate a due
diligence process by two other Development Finance Institutions who
have concluded confidentiality agreements with Premier.
The Company has recently had meetings with members of the board
of directors of Circum Minerals, which have been encouraging, and
has been assured that all Circum shareholders should expect an
update in the near future. A further announcement will be made in
due course.
Finally, preparation of the annual accounts for year ended
December 2018 remain on track and to date, there have not been any
of the technical and valuation issues associated with previous
years. Premier expects finalisation and publication of the annual
acconts on 28 June 2019.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged the
release of this announcement on behalf of the Company was George
Roach.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
Michael Cornish
/ Roland Cornish Beaumont Cornish Limited Tel: +44 (0) 20
(Nominated Adviser) 7628 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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Tom Curran/Elliot Tel: +44 (0) 20 3700
Hance SVS Securities Limited 0100
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Notes to Editors:
Premier African Minerals Limited (AIM: PREM) is a
multi-commodity mining and natural resource development company
focused on Southern Africa with its RHA Tungsten and Zulu Lithium
projects 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, the owners of
the Danakil Potash Project in Ethiopia.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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