Premier African Minerals Limited Update on RHA Indigenisation Equity Resolution (2291I)

TIDMPREM

RNS Number : 2291I

Premier African Minerals Limited

22 November 2018

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

22 November 2018

Premier African Minerals Limited

Interim update on RHA Indigenisation Equity Resolution

Premier African Minerals Limited ("Premier" or the "Company") provides this interim update on developments with the proposed resolution of the equity arrangement at RHA Tungsten Private Limited ("RHA") in which Premier holds a 49% interest and is the operator.

Premier was advised on the 19 November 2019 by the Ministry of Industry, Commerce and Enterprise Development ("Ministry") that our proposal to resolve the equity status at RHA would be tabled for a decision at the Cabinet meeting of the Government of Zimbabwe that was held on 20 November 2018. Release of the minutes of this meeting made no reference to RHA's matter and we have been told subsequently, the matter had not been discussed. Premier now understands from the Ministry that the proposal will be presented in the next cabinet meeting, which we understand is scheduled for the early part of next week.

George Roach, CEO, commented:

"Apart from the ongoing support we have received from the Minister of Mines, I personally met with the previous Minister of Industry Commerce and Enterprise Development on 4 July 2018 when I was told by the previous Minister that this matter required only a sign off from the President, which was expected within days. Others on our team have received a number of assurances and timelines for conclusion of this process over the past months.

Our board has urged that Premier wait for an outcome from the anticipated cabinet meeting, and in the absence of a positive conclusion, first seek direct intervention from the President before proceeding with any other lawful alternative. It goes without saying as the matter approaches a year, that this delay is a long time in the life of an unemployed miner and an expectant Premier shareholder."

Enquiries:

 
                      Premier African Minerals        Tel: [phone] 
 Fuad Sillem                   Limited                          922074 
 Michael Cornish /    Beaumont Cornish Limited    Tel: [phone] 
  Roland Cornish         (Nominated Adviser)                      3396 
                    ---------------------------  --------------------- 
 Jerry Keen/Edward   Shore Capital Stockbrokers   Tel: [phone] 
  Mansfield                    Limited                            4090 
                    ---------------------------  --------------------- 
 
 

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 and Zulu 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 ("Circum"), the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset. Premier also has an interest in Arc Minerals that has a number of mineral assets in Europe and Africa.

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.

ENDS

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 [e-mail] or visit www.rns.com.

END

UPDFLLFLVFFXFBX

(END) Dow Jones Newswires

November 22, 2018 06:40 ET (11:40 GMT)