Premier African Minerals Limited RHA Update (3864A)
21 January 2020 - 6:00PM
UK Regulatory
TIDMPREM
RNS Number : 3864A
Premier African Minerals Limited
21 January 2020
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
21 January 2020
Premier African Minerals Limited
RHA Update
The Board of Premier African Minerals Limited ("Premier" or the
"Company") Limited ("Premier" or the "Company") is pleased to
announce the commissioning of Grid Electrical power to RHA Tungsten
(RHA). Premier holds a 49% interest in RHA and is the operator.
George Roach, CEO, commented that, "We are reassured by the
continued commitment of National Indigenisation and Economic
Empowerment Fund to meeting the financial commitment to the funding
of RHA. As of now, adequate power is available from the national
grid to consider the resumption of plant operations at the end of
January 2020 to reprocess historic tailings.
Premier previously reported on the potential reprocessing of
tailings on 29 June 2016. The test work conducted at that time
remains valid and the availability of electrical power has
substantially reduced the cost associated with operating the plant.
Similarly, and by arrangement with MN Holding Limited ("MNH") in
which Premier has recently acquired a shareholding, the capital
plant needed to feed the tailings at RHA is now expected to be
potentially available to RHA at net operating cost only.
Further supporting the proposed reprocessing of tailings is the
fact that historic tailings are already mined and milled such that
the tailings may be fed directly to the gravity recovery sections
of the plant, with the added benefits of only needing to run a
portion of the plant and reaping the benefits of much lower overall
operating costs, better plant availability, reduced maintenance and
lower manpower requirements.
Based on the above, I believe that it is completely logical that
RHA should now look to consider the reprocessing of the tailings
dumps as soon as possible.
Further updates will follow in due course."
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 / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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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. The Company holds 5,010,333
shares in Circum Minerals Limited, the owners of the Danakil Potash
Project in Ethiopia, which has the potential to be a world class
asset. In addition, the Company holds a 10% interest in MN Holdings
Limited, the owner and operator of the Otjozondu Manganese Mining
Project in Namibia.
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 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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