Premier African Minerals Limited Update on RHA (7751S)

TIDMPREM

RNS Number : 7751S

Premier African Minerals Limited

13 March 2019

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

For immediate release

13 March 2019

Premier African Minerals Limited

Update on RHA

Premier African Minerals Limited ("Premier" or the "Company") is pleased to report that the Company received a letter on the afternoon of 12 March from the Zimbabwe Ministry of Industry, Commerce and Enterprise Development ("Ministry") which states that the Ministry has secured a proposed investment of US$6 million investment into RHA Tungsten (Private) Limited ("RHA") for the immediate recommissioning of mining operations, subject to completion of the appropriate agreements.

The letter also states that Zimdiv Holdings Limited, which is a wholly-owned subsidiary of Premier and which manages the RHA Mine, will be awarded another management agreement on similar terms to the current management agreement which was entered into on 23 September 2013. The Company will provide further updates once the agreements have been signed.

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: [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 
                    ---------------------------  --------------------- 
 Tom Curran/Elliot                                Tel: [phone] 
  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 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.

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. Many 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 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.

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March 13, 2019 08:55 ET (12:55 GMT)