Premier African Minerals Regulatory News (PREM)

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining 10 January 2014 Premier African Minerals Limited (`Premier' or `the Company') AgriMinco update Premier African Minerals Limited (AIM: PREM) announces that AgriMinco Corp (TSXVENTURE: ANO) ("AgriMinco" ) announced that its joint venture partner andoperator, Danakil Potash Corporation ("Danakil Corp.") has completed the PhaseI exploration program, which included a resource drilling program on theDanakil potash license (the "License"). Premier has a 42 per cent. shareholding in AgriMinco. Accordingly, a copy ofthe announcement issued by AgriMinco is reproduced below without materialadjustment or amendment: AgriMinco Announcement: "TORONTO, ONTARIO -- (January 7, 2014) AgriMinco Corp. (TSX VENTURE: ANO) ("AgriMinco" or the "Company") is pleased toannounce its joint venture partner and operator Danakil Potash Corporation("Danakil Corp.") has completed the Phase I exploration program, which includeda resource drilling program on the Danakil potash license ("the License"). ThePhase I drilling program consisted of 24 holes, totalling 7,893 metres, ofwhich 1,074 metres were twinned data holes from AgriMinco's previous drillingprogram (see figure 1 for full drilling plan). In total, 1,569 samples havebeen submitted for assay work. The results will be compiled into a NI 43-101compliant mineral resource estimate, anticipated to be completed in firstquarter of 2014, which will then be followed by a full scoping study of theproject. In July 2013, AgriMinco disposed of its option agreement to acquire the sharesof G&B Central African Resources Limited to Danakil Holdings Limited (the"JVCo"), in which it retained a 30 % interest, as is described in pressreleases of July 4, 2013 and November 27, 2013. To date, the JVCo has forecastexpenditure to December 31, 2013 of US$12.85 million relating to thedevelopment of the License. As per the terms of the JVCo Agreement, AgriMincohas a free-carry interest of US$10 million in total, and thereafter, despiteexpenditure in excess of the free carry, AgriMinco is only required to make upits share of pro-rata expenses in excess of the free carry and its futurecontribution, on March 31, 2014. Failure to do so within seven days of March31, 2014, will result in the Company's interest in the License being diluted. AgriMinco's CEO, George Roach comments, "I am very pleased with the quality andprogress that Danakil Corp. has made during the Phase I work program.The Licensed area has real potential to develop into a mine and I am confidentthat the planned mineral resource estimate scheduled for completion in early2014, will support the project potential." K-UTec Salt Technologies ("K-UTec"), German consulting firm with expertise inpotash mining, were selected and appointed as the resource experts for thecompletion of the NI 43-101 compliant report. K-UTec have conducted two QA/QCsite visits, and approved all site methodology involved in data acquisition. Inaddition, they have constructed a geological model using existing geologicaland sampling data, and will augment this as further assay and geophysical databecomes available. Development of the mining concept is well advanced and costestimations for the project is being assessed by the joint venture partners. Desktop studies on the local environmental conditions and hydro-geology are inprogress, and final reports are expected before the end of January. In bothcases the studies will make recommendations on actions required for the nextphase of exploration, and the hydro-geological study will include the detailedplanning of the water exploration project envisioned for the early part of2014. The geophysical surveys are progressing well with a 90% success rate achievedon survey attempts so far. A partial data set comprising the geophysicsavailable to date has been sent for integration into the geological model, sothat the impact can be seen and optimisation of the data can be fed back to thegeophysics team prior to them finalising their readings." The full details of AgriMinco's announcement can be found at: www.agriminco.com. Pamela Hueston Premier African Minerals Limited Tel: +44 (0) 755 778 3855 Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 207 628 3396Roland Cornish (Nominated Adviser) Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 207 408 4090Mansfield Limited Tim Blythe/ Blythe Weigh Communications Tel: +44 (0) 207 138 3204Halimah Hussain For further information please visit www.premierafricanminerals.com or contactthe following: Qualified Person Bruce Cumming holds a Bachelor of Science (Honours) in Geology from theUniversity of Cape Town and is accredited to the South African Counsel forNatural Scientific Professionals (SACNASP). Mr. Cumming has sufficientgeological experience (over 35 years) and is a Qualified Person as definedunder National Instrument 43-101 and has reviewed and approved the scientificand technical information presented in this release. Notes Premier African Minerals Limited (AIM: PREM) is a multi-commodity explorationand development company focused in Southern and West Africa. As well as its 42per cent. shareholding in TSX-Venture quoted AgriMinco (see www.agriminco.com),the Company has a diverse portfolio of multi-commodity projects which includestungsten, rare earth elements, gold, lithium, tantalum and uranium in Zimbabweand Togo, which span from brownfield projects with near-term productionpotential to grass-roots exploration.