Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
3 July 2013
Premier African Minerals Limited (`Premier' or `the Company')
Completion of the sale of Premier's Togo and Mali subsidiaries
Premier African Minerals Limited, the AIM quoted multi-commodity natural
resource company with mineral projects located in Western and Southern Africa,
is pleased to announce that, further to its press releases of 22 April 2013, 24
May 2013 and 4 June 2013, the acquisition by Ethiopian Potash Corp. (`EPC')
(TSX Venture: FED) of Premier's Togo and Mali subsidiaries (together the
`Transactions') was approved at the Annual and Special General Meeting of EPC
shareholders held on 30 June 2013. The Transactions have closed in escrow
pending final approval of the TSX Venture Exchange, which is expected shortly.
Premier will update shareholders once TSX Venture Exchange final approval is
obtained.
**ENDS**
For further information please visit www.premierafricanminerals.com or contact
the 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
(Broker) 4090
Edward Mansfield Shore Capital Stockbrokers Limited Tel: +44 (0) 207 408
(Broker) 4090
Felicity Edwards St Brides Media & Finance Ltd (PR) Tel: +44 (0) 20 7236
1177
Premier African Minerals Limited is a multi-commodity exploration and
development company focussed in Southern and West Africa. The Company has a
diverse portfolio of multi-commodity projects which includes tungsten, rare
earth elements (`REE'), gold, lithium, tantalum and uranium in Zimbabwe and
Togo, which span from brownfield projects with near-term production potential
to grass-roots exploration. Premier plans to create value by implementing
defined exploration and development programmes to prove-up resources with a
view to future production and/or forming strategic alliances and completing
corporate transactions to maximise shareholder value.
Within Premier's portfolio it has three core projects. Its flagship RHA
tungsten project (`RHA') in Zimbabwe, has the exploration potential to host
either a commercial scale open pit or high-grade underground tungsten mine. A
SAMREC resource is expected by 31st July 2013 and a mining study is underway
with a view to bringing a small-scale tungsten mining operation into production
in 2014. Premier's second priority project in Zimbabwe is the Katete REE
project, which again has the potential to be developed as an open pit mine. The
project, which spans 3,750 ha, has returned a peak result from trenching of
14.6% TREO. Premier is targeting to delineate a code-compliant resource
statement in H2 2013. Thirdly Premier is exploring its Dapaong grass-roots gold
project in northern Togo, which it acquired in January 2013. The Company also
has a pipeline portfolio of assets which further de-risks its exposure.
In line with Premier's core strategies of adding value through corporate
transactions, the Company, as per this announcement, has closed a transaction
with Ethiopian Potash Corp. (`EPC') (TSX VENTURE: FED), an Ethiopian focussed
potash company in which Premier has acquired a significant shareholding. This
transaction gives Premier exposure to EPC's highly prospective Danakil potash
project in Ethiopia and allows the Company to retain a significant interest in
its clays, phosphate and potash projects at no further exploration spend.