Premier African Minerals Limited Zulu Project and Update (0774W)
December 07 2023 - 10:00AM
UK Regulatory
TIDMPREM
RNS Number : 0774W
Premier African Minerals Limited
07 December 2023
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
7 December 2023
Premier African Minerals Limited
Zulu Project and Update
The Board of Premier African Minerals Limited ("Premier" or the
"Company") is pleased to provide this update in regard to Zulu
Lithium and Tantalum Project ("Zulu") where the Company is
targeting revenue generating production by February 2024 following
the installation of the 55 tons per hour ball mill and other
associated structures which is currently expected to be completed
by late January/early February 2024.
George Roach, CEO commented : "With these upgrades at Zulu, we
expect to rectify the most significant of the deficiencies in the
original plant design and be able to mill sufficient material to
the correct particle size to meet the design capacity for the float
plant of 37.5 ton per hour of dry solids.
At the same time, attention is being paid to many other aspects
of the original design and equipment schedule and to mining
procedures to ensure that spodumene floated meets specifications
and to limit contamination of waste material (and in particular
talc) that was not previously removed in the sorting process. Talc
contamination that constituted the major concern originated from
Serpentinite that should have been removed in the ore sorting
process.
Our target completion date of late January/early February 2024
stands, with the Company and the Original Equipment Manufacturer
all fully committed to this timeline. The civil construction for
the thickener is effectively complete and the required reinforcing
and concrete works for the new mill are well underway. We do not
expect any delays with the civil construction.
It is important to note that in repeated test work Zulu
demonstrates that production of spodumene to grade and within
specifications is attainable and the Board believes that our
anticipated SC6 production is now within our grasp. Particularly
important is the fact that as previously reported, our on-site
laboratory has produced SC6 at the required level and in particular
at 5.7% Li20 from unsorted material and when hand sorting is used
to simulate the effect of properly functioning ore sorters, we are
able to produce spodumene concentrate at a Li20 grade of 7.4%.
Also important is the fact that our Offtake and Prepayment
Partner remains extremely supportive and this is evidenced by the
fact that they have not called for payment related to the delayed
delivery. In this regard, no further statement is anticipated."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").
The person who arranged the release of this announcement on
behalf of the Company was George Roach.
A copy of this announcement is available at the Company's
website, www.premierafricanminerals.com
Enquiries:
Premier African Minerals Tel: +27 (0) 100
George Roach Limited 201 281
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20
Roland Cornish (Nominated Adviser) 7628 3396
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Tel: +44 (0) 20
Douglas Crippen CMC Markets UK Plc 3003 8632
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Toby Gibbs/Rachel Shore Capital Stockbrokers Tel: +44 (0) 20
Goldstein Limited 7408 4090
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Tel: +44 (0) 20
Jerry Keen Fox-Davies Capital Limited 3884 7447
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Important notice
Beaumont Cornish Limited ("Beaumont Cornish"), which is
authorised and regulated in the United Kingdom by the Financial
Conduct Authority, is acting as nominated adviser to the Company in
connection with this announcement and will not regard any other
person as its client and will not be responsible to anyone else for
providing the protections afforded to the clients of Beaumont
Cornish or for providing advice in relation to such proposals.
Beaumont Cornish has not authorised the contents of, or any part
of, this document and no liability whatsoever is accepted by
Beaumont Cornish for the accuracy of any information or opinions
contained in this document or for the omission of any information.
Beaumont Cornish as nominated adviser to the Company owes certain
responsibilities to the London Stock Exchange which are not owed to
the Company, the Directors, Shareholders, or any other person.
Forward Looking Statements
Certain statements in this announcement are or may be deemed to
be forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. Nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward looking
statements.
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 and
lithium and gold in Mozambique, encompassing brownfield projects
with near-term production potential to grass-roots exploration. The
Company has accepted a share offer by Vortex Limited ("Vortex") for
the exchange of Premier's entire 4.8% interest in Circum Minerals
Limited ("Circum"), the owners of the Danakil Potash Project in
Ethiopia, for a 13.1% interest in the enlarged share capital of
Vortex. Vortex has an interest of 36.7% in Circum.
Ends
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