TIDMPREM
RNS Number : 1152R
Premier African Minerals Limited
26 February 2019
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
26 February 2019
Premier African Minerals Limited
Zulu Lithium Drilling Programme and issue of equity
Premier African Minerals Limited ("Premier" or the "Company") is
pleased to announce that it will recommence drilling at the
Company's wholly-owned Zulu Lithium and Tantalum Project ("Zulu")
in Zimbabwe. Mobilisation will commence immediately, and drilling
is expected to commence as soon as mobilisation is complete and
seasonal rains permit.
The drilling programme will follow the recommendations
identified in the Definitive Feasibility Study ("DFS") work
programme and will focus on expanding both the size and confidence
of the current SAMREC compliant Resource at Zulu, as well as the
generation of geotechnical and hydrological data for the pit shell
designs and future mine construction. The Company has appointed KME
Plant Hire Proprietary Limited ("KME") as drilling contractor to
carry out these drilling works. As previously announced on 14
February 2019, Premier has announced agreed amended conditional
terms to acquire 50% of KME.
George Roach, CEO of Premier, stated: "It is gratifying to
finally be able to report a return to real value generative
operations. With the recently announced term sheet in regard to
KME, drilling activities at Zulu are likely to proceed at a
much-reduced overall cost. We look forward to further updates on
progress at Zulu as we progress into the DFS work programme."
About Zulu
The Zulu Lithium and Tantalum Project ("Zulu") is an advanced
stage lithium development project. The project covers c. 3.5km(2)
and is located 80km north east of Bulawayo. In June 2017, Premier
announced a Maiden Mineral Inferred Resource Estimate on Zulu of
20.1 million tonnes grading 1.06% Li2O. In November 2017, the
Company announced a Scoping Study demonstrating a robust project
with a viable process route. Premier has lodged an application for
an Exclusive Prospecting Order for a 20,200-hectare exploration
licence adjacent to the current licences which, once granted, could
significantly enhance the project.
Drilling Programme
The budget for the initial drilling programme (as described
above), including mobilisation, is approximately US$400,000 and the
Company has today issued 212,413,793 new Ordinary Shares of nil par
value at an issue price of 0.145p per share ("New Ordinary Shares")
to KME as pre-payment for mobilisation and drilling. The New
Ordinary Shares will, when issued, rank pari passu in all respects
with the existing ordinary shares. Application will be made for the
New Ordinary Shares to be admitted to trading on AIM and admission
is expected to take place on or around 4 March 2019. The issuance
of the New Ordinary Shares has been undertaken within the Company's
existing share authorities.
Total Voting Rights
Following the issue of the New Ordinary, the Company's issued
share capital consists of 7,594,062,285 Ordinary Shares, with
voting rights. This figure may be used by shareholders in the
Company as the denominator for the calculation by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
Special note concerning the Market Abuse Regulation
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.
Qualified Person
Wolfgang Hampel, Senior Geologist with Premier African Minerals
Limited, has reviewed and approved this release to the extent that
reference is made to the Zulu Lithium Project. Mr Hampel has 28
years' experience in the African, American, European and Asian
exploration and mining industry and holds a Diploma in Economic
Geology (Dipl.-Geol.) from the Technical University of Munich. He
is a registered European Geologist (EurGeol). ndeg 1261 with the
European Federation of Geologists.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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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 and Zulu 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 ("Circum"), the
owners of the Danakil Potash Project in Ethiopia, which has the
potential to be a world class asset.
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. Many 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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
ENDS
Glossary of Technical Terms:
"Li(2) O" chemical formula of lithium oxide
"Mineral resource" concentration or occurrence of diamonds, natural
solid inorganic material or natural fossilized
organic material including base and precious metals,
coal, and industrial minerals in or on the Earth's
crust in such form and quantity and of such a
grade or quality that it has reasonable prospects
for economic extraction. The location, quantity,
grade, geological characteristics and continuity
of a mineral resource are known, estimated or
interpreted from specific geological evidence
and knowledge.
"SAMREC" is the South African Code for the Reporting of
Mineral Resources and Mineral Reserves
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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