Last checked at 28 May 2019 16:18
For immediate release
28 May 2019
Premier African Minerals Limited
("Premier" or the "Company")
Corporate Update
The Company announced earlier today an update on drilling activities at Premier's wholly-owned Zulu Lithium Project ("Zulu") in Zimbabwe. As announced, following termination of discussions with KME, the Company is reopening its discussions held with the previous drilling contractor to look to recommence drilling activities at Zulu. The Company has also been in contact with the office of the Ministry of Mines and has been assured that it will have further feedback on the long outstanding Exclusive Prospecting Order ("EPO") application for areas surrounding Zulu in the near future. The Company believes that the granting of this EPO will add significantly to Zulu and may assist in progressing discussions on alternative finance to progress the Definitive Feasibility Study ("DFS") programme so as to minimise the requirement for Premier to raise funds directly.
The Company has also been in constant contact with the Zimbabwe Ministry of Industry, Commerce and Enterprise Development ("Ministry") who control and operate National Indigenization and Economic Empowerment Fund of Zimbabwe ("NIEEF"). The Company's agreement with NIEEF in respect of RHA Tungsten, (as announced on 7 May 2019) has a binding provision for NIEEF to provide financing of $6 million. To date NIEEF has not provided the funds. While Premier remains confident that the NIEEF will comply with their obligations, Premier has agreed to entertain a direct approach from a potential alternative buyer of wolframite and to facilitate a due diligence process by two other Development Finance Institutions who have concluded confidentiality agreements with Premier.
The Company has recently had meetings with members of the board of directors of Circum Minerals, which have been encouraging, and has been assured that all Circum shareholders should expect an update in the near future. A further announcement will be made in due course.
Finally, preparation of the annual accounts for year ended December 2018 remain on track and to date, there have not been any of the technical and valuation issues associated with previous years. Premier expects finalisation and publication of the annual acconts on 28 June 2019.
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:
Fuad Sillem | Premier African Minerals Limited | Tel: +44 (0)7734 922074 |
Michael Cornish / Roland Cornish | Beaumont Cornish Limited (Nominated Adviser) | Tel: +44 (0) 20 7628 3396 |
Jerry Keen/Edward Mansfield | Shore Capital Stockbrokers Limited | Tel: +44 (0) 20 7408 4090 |
Tom Curran/Elliot Hance | SVS Securities Limited | Tel: +44 (0) 20 3700 0100 |
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. In addition, the Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia.