Premier African Minerals Limited Update on its RHA Tungsten Mine (9454B)
16 January 2018 - 6:00PM
UK Regulatory
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: +44 (0)7734
Fuad Sillem Minerals Limited 922074
------------------------ --------------------------- -----------------
Michael Cornish Beaumont Cornish Tel: +44 (0)
/ Roland Cornish Limited 20 7628 3396
(Nominated Adviser)
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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
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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
END
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