Premier African Minerals Regulatory News (PREM)

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining 16 September 2013 Premier African Minerals Limited (`Premier' or `the Company') Updated Results from RHA Tungsten Preliminary Economic Assessment and Concept Mining Study Premier African Minerals Limited, an AIM quoted multi-commodity naturalresource company with mineral projects located in Western and Southern Africa,is pleased to announce positive results from additional technical study work atthe Company's flagship RHA Tungsten Project (`RHA' or `the Project'), locatedin the prospective Kamativi Tin Belt in north-west Zimbabwe. The work hasextended the proposed open pit mine life and further enhanced the robusteconomics of recommencing low-cost mining activities at RHA in late 2014. Since the positive Preliminary Economic Assessment (`PEA') and Concept MiningStudy results were announced (see press release 28 August 2013), whichhighlighted the economic viability of RHA supporting a low-capex 192,000 tonnesper annum tungsten-bearing ore operation over a six year mine life, furtheroptimisation work has been undertaken by independent mining consultants RoyalHaskoning DHV (formally Turgis Mining Consultants) in respect to developingRHA. A Whittle computer design optimisation was recently completed on theproposed open pit at RHA, which indicates a revised lower stripping ratio of6.2:1 (10:1 was assumed in the initial mining study), and an optimal open pitlife of circa 16 months, compared with 12 months previously estimated. In linewith this, we are in active discussions with potential funders for the projectand possible off-take partners as one route to fast-track RHA towardsproduction in the near-term with a target production of late 2014. The Companyaims to commence open pit production development in late 2014, with undergroundmining development to commence thereafter to fulfil the Project's projected sixyear life of mine. The new pit design is targeted to increase the undiscounted before tax NetPresent Value (`NPV') of RHA to US$120 million (US$118 million previously), andthe before tax Internal Rate of Return (`IRR') to 378% (316% previously). Allother results for the RHA Project remain as per the press release of 28 August2013. To view this release and other relevant information please visit theCompany's website at www.premierafricanminerals.com. Commenting on this extension, Premier's CEO George Roach said, "I am delightedto announce this positive upgrade to our recent PEA and Concept Mining Studythat further highlights the attractiveness of our flagship RHA tungstenproject. With a revised NPV of US$120 million and a significantly increased IRRbefore tax of 378% now projected, coupled with the low-capex nature of theProject with estimated costs of US$13.5 million, excellent infrastructure,low-strip ratio and a relatively simple processing route anticipated, weapproach the next stages of development with confidence. We are in activediscussions with potential off-take partners and we look forward to updatingthe market on the development of RHA over the coming months." Qualified Person The technical information contained in this announcement has been prepared andreviewed by Alexander du Plessis PrEng, BSc(Eng), MSc(Eng), CertEng, FSAIMM,who is a consultant to Premier African Minerals Limited. Professor du Plessisis also a director of the Company. He is registered with the EngineeringCouncil of South Africa (ECSA) Registration Number 950232. He is satisfied withthe accuracy and precision of this release by Premier African Minerals Limited. **ENDS** For further information please visit www.premierafricanminerals.com or contactthe following: Pamela Hueston Premier African Minerals Limited Tel: +44 (0) 755 778 3855 Tony Rawlinson Cairn Financial Advisers LLP (Nomad) Tel: +44 (0) 207 148 7900 Jerry Keen Shore Capital Stockbrokers Limited Tel: +44 (0) 207 408 4090 (Broker) Edward Mansfield Shore Capital Stockbrokers Limited Tel: +44 (0) 207 408 4090 (Broker) Felicity Edwards St Brides Media & Finance Ltd (PR) Tel: +44 (0) 20 7236 1177 Charlotte Heap St Brides Media & Finance Ltd (PR) Tel: +44 (0) 20 7236 1177 About Premier Premier African Minerals Limited is a multi-commodity exploration anddevelopment company focussed in Southern and West Africa. As well as itsshareholding in TSX-V quoted AgriMinco, the Company has a diverse portfolio ofmulti-commodity projects which includes tungsten, rare earth elements (`REE'),gold, lithium, tantalum and uranium in Zimbabwe and Togo, which span frombrownfield projects with near-term production potential to grass-rootsexploration. Premier plans to create value by implementing defined explorationand development programmes to prove-up resources with a view to futureproduction and/or forming strategic alliances and completing corporatetransactions to maximise shareholder value. Premier is a control party to TSX-V listed AgriMinco (TSX-V: ANO), holding 120million shares representing 42% of AgriMinco. See www.agriminco.com. Inaddition, Premier's Katete REE project in Zimbabwe has the potential to bedeveloped as an open pit mine. The project, which spans 3,750 ha, has returneda peak result from trenching of 14.6% TREO.