2nd rns30 Mar 2012 11:22
RNS Number : 4410A
Premier Management Holdings PLC
30 March 2012
30 March 2012
Premier Gold Resources plc
("Premier Gold" or the "Company")
(formerly Premier Management Holdings plc)
First Day of Dealings
Shares in Premier Gold, the Central Asia-focused gold exploration and development company, will today begin trading on the AIM market of the London Stock Exchange. Premier Gold has completed the acquisition of Central Asia Resources Ltd bringing with it the Company's first major gold exploration project, the Cholokkaindy licence, in Kyrgyzstan. The Company's name change to Premier Gold Resources plc and trading symbol (AIM: PGR) are expected to change during the course of today.
Strategy
Premier Gold's initial focus is on gold projects on the highly prospective Tien Shan gold belt, running through Kyrgyzstan which is the third largest gold producer of the CIS countries. Kyrgyzstan has a well-developed mining industry with good support services. Many investment incentives have been established to use mining as a starting point for economic development in the country.
Premier Gold has a highly experienced board and management team with a combination of precious metal mining expertise, local political knowledge and corporate finance experience positioning the Company optimally to gain access to and develop further gold projects in the region.
The Cholokkaindy gold project
The Cholokkaindy licence covers an area of 24 square km and is located about 80km west-southwest of Bishkek. Four significant gold prospects have already been identified within the licence. These include the relatively advanced Talbaital and Jarkonush prospects, and the Torsaisky and Aksaisky prospects, which are at an earlier stage.
Premier Gold's focus is currently on the Talbaital and Jarkonush locations and exploration work on these prospects will move into its second full year during the spring when the 2012 exploration season commences. Exploration results at Talbaital and Jarkonush to date have been very encouraging. A semi-continuous gold mineralised zone, with economic grades identified in trenches, extends over 2,000 metres. This will be the focus for detailed exploration work recommencing this spring, including diamond drilling.
Last year, with the benefit of Premier Gold's funds during the completion process of the acquisition of Central Asia Resources Ltd, a total of 559 trench channel samples were collected from an estimated 2500 cubic metres of trenchwork. 532 Lithochemical 'grab' samples from prospecting and mapping programmes were collected and a further 833 geochemical samples on profile grids traversing the Talbaital and Jarkonush prospects were collected. A two week geophysical study, including resistivity, induced polarisation and magnetic surveys, was carried out in October 2011 by a specialist Krgyz crew. Further results from recent e
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