Business
Off-take Agreement MOU and Corporate Update
Off-take Agreement MOU and Corporate Update.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining \n\n Premier African Minerals Limited (`Premier' or `the Company') \n\n Off-take Agreement MOU and Corporate Update \n\nPremier African Minerals Limited, the AIM traded, multi-commodity natural\nresource company with mineral projects located in Western and Southern Africa,\nhas signed a non-binding Memorandum of Understanding (`MOU') with an industry\noff-take partner for the supply of tungsten from the RHA Tungsten Project\n(`RHA') located in the Kamativi Tin Belt in north-west Zimbabwe, in which\nPremier has a 49 per cent. interest.\n\nThe MOU outlines the basis of cooperation between the parties to negotiate the\ndetailed terms and conditions of an off-take agreement for the purchase of a\nproportion of tungsten concentrate or other tungsten material from RHA for a\nminimum period to be defined, subject to price and product specifications.\nPrice will be determined on the basis of a formula linked to published prices.\n\nThe MOU remains in effect for two months and the parties are working closely on\nfinalising a signed off-take agreement. The Company will provide a further\nupdate on progress in due course.\n\nCorporate Update\n\nThe Company also provides an update on operational activities.\n\nRHA Tungsten Project\n\nThe additional drilling of Lode 2A, as recommended in the Preliminary Economic\nAssessment (`PEA') (see RNS dated 28 August 2013) has commenced and is expected\nto be completed by end of December 2013. To date three out of a planned\nthirteen holes have been completed. Geological logging is proceeding in\npreparation for cutting and sampling of the mineralised intersections.\n\nQuartz veins with visible tungsten mineralisation in the form of coarse grained\nwolframite (Fe,MnWO3) have been intersected in all three holes and logging by\nthe Qualified Person, Mr. R Ingram, indicates a correlation with previously\nidentified and assayed mineralisation intersected in previous drilling. Once\nassays are available, the RHA geological model and resource statement will be\nupdated.\n\nSummary:\n\n * DD07. Inclined at -70 degrees, final depth 125m. Mineralised quartz veins\n were intersected over the interval from 72.60m below collar (`BC') to\n 123.38m BC.\n \n * DD08. Inclined at -65 degrees, final depth 140m. Mineralised quartz veins\n...