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Tung Option Extended - RHA Tungsten Zimbabwe
Tung Option Extended - RHA Tungsten Zimbabwe.
About this update from Premier African Minerals Ltd.
[{"type":"text","content":"\n \n Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining \n\n5 September 2013\n\n Premier African Minerals Limited (`Premier' or `the Company') \n\nOption Extended for Tung Mine Adjoining Flagship RHA Tungsten Project, Zimbabwe\n\nPremier African Minerals Limited, the AIM quoted multi-commodity natural\nresource company with mineral projects located in Western and Southern Africa,\nannounces that it has extended its option agreement (the `Liebenberg Option')\nfor the dormant historic Tung tungsten mine (`Tung'), which covers forty blocks\nof claims approximately 5 km to the North of the Company's flagship RHA\nTungsten mine project (`RHA') in north-west Zimbabwe, where it is aiming to\nrecommence low-cost mining activities in 2014. Under the terms of the\nLiebenberg Option, the owners of the claims, Clifford John Liebenberg and Carol\nAnn Correria have extended the option until 28 February 2014 at the same\nmonthly option payment of US$4,000 with the exercise price increasing to\n$156,000 less claim maintenance costs paid by the Company.\n\nAs set out in the announcement of 28 August 2013 RHA has a maiden SAMREC\ncompliant code resource of 1,093,000 tonnes at 8.7 kg/t WO3 (Inferred) and\n147,000 tonnes at 4.7 kg/t WO3 (Indicated). A Preliminary Economic Assessment\nand Concept Mining Study have also been completed which illustrate the robust\neconomics of the RHA tungsten mine and support a 192,000 tonnes per annum of\ntungsten-bearing ore operation over a six year mine life. The historic Tung\nmine is located 5 km north-east of RHA and has a 2km untested strike which the\nCompany believe could extend the resource potential of RHA in the future.\n\nCommenting on this extension, Premier's CEO George Roach said, \"The anticipated\ndevelopments in the coming months at RHA are exciting as we look to arrange\nfinancing and recommence mining activities in 2014. This extended option, which\nI believe could be exercised shortly, further marks our commitment to\ndeveloping RHA into a significant low-capex mining operation. In addition, the\nmany unexplored tungsten occurrences in the immediate RHA/ Tung area and across\nother regions of Zimbabwe, could see the country emerge as a significant\nTungsten exporter and potentially encourage the development of an ammonium\npara-tungstate (APT) facility.\"\n\n **ENDS*...