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LONDON (Alliance News) - Premier African Minerals Ltd on Tuesday said it will recommence drilling at its wholly-owned Zulu lithium & tantalum project in Zimbabwe.
The works were suspended in mid-September 2018, after Premier African said it has not been able to reach final terms with Cadence Minerals PLC to fund the definitive feasibility study of the Zulu project.
The miner said mobilisation of the rig will commence immediately, and drilling is expected to commence as soon as mobilisation is complete and seasonal rains permit. The drilling programme will follow the recommendations identified in the definitive feasibility study, Premier African noted.
The company has appointed KME Plant Hire Proprietary Ltd as drilling contractor to carry out these drilling works.
The budget for the initial drilling programme, including mobilisation, is USD400,000 and Premier African said it has issued 212.4 million shares at a price of 0.145p each to KME as pre-payment for mobilisation and drilling.
Premier African shares were trading 2.0% higher on Tuesday at 0.12 pence each.
"It is gratifying to finally be able to report a return to real value generative operations," said Chief Executive George Roach.
"We look forward to further updates on progress at Zulu as we progress into the definitive feasibility study work programme," added Roach.