Premier African Minerals Limited Update on its RHA Tungsten Mine (9454B)

TIDMPREM

RNS Number : 9454B

Premier African Minerals Limited

16 January 2018

16 January 2018

Premier African Minerals Limited

Update on its RHA Tungsten Mine ("RHA")

Premier African Minerals Limited, ("Premier" or the "Company") is pleased to provide an update on RHA Tungsten Mine ("RHA") in Zimbabwe in which it has a 49% interest.

Following the announcement on 5 January 2018, Premier is pleased to report that ongoing discussions with the National Indigenisation and Economic Development Fund ("NIEEF"), which has an interest of 51% in RHA, are progressing well. At a meeting in Harare last week, NIEEF has reaffirmed the current policy change in Zimbabwe with regards to the indigenization requirements and has indicated NIEEF's willingness to agree a mechanism to restructure its ownership of RHA. Discussions on proposed contract amendments between Premier and NIEEF to achieve this are expected to be progressed during the coming weeks.

George Roach, Premier's CEO, commented: "I am pleased that discussions are progressing well and that NIEEF has confirmed their commitment to the development of RHA. We hope to report on these discussions in the coming weeks. I also look forward to briefing our shareholders at the coming investor evening on the 23(rd) January."

Enquiries:

 
                                Premier African         Tel: [phone] 
 Fuad Sillem                    Minerals Limited                  922074 
------------------------  ---------------------------  ----------------- 
 Michael Cornish                Beaumont Cornish            Tel: +44 (0) 
  / Roland Cornish                   Limited                20 7628 3396 
                               (Nominated Adviser) 
------------------------  ---------------------------  ----------------- 
 Jerry Keen/Edward         Shore Capital Stockbrokers       Tel: +44 (0) 
  Mansfield                          Limited                20 7408 4090 
------------------------  ---------------------------  ----------------- 
                              Beaufort Securities           Tel: +44 (0) 
 Jon Belliss                         Limited                20 7382 8300 
------------------------  ---------------------------  ----------------- 
 Charles Goodwin/Harriet                                    Tel: +44 (0) 
  Jackson                       Yellow Jersey PR           07544 275 882 
------------------------  ---------------------------  ----------------- 
 

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, 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. At present those shares are valued at US$10.2 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% interest in the 1.5 million ounce inferred resource Akyanga gold deposit in the DRC.

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 company news service from the London Stock Exchange

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January 16, 2018 02:00 ET (07:00 GMT)