Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
5 September 2013
Premier African Minerals Limited (`Premier' or `the Company')
Option Extended for Tung Mine Adjoining Flagship RHA Tungsten Project, Zimbabwe
Premier African Minerals Limited, the AIM quoted multi-commodity natural
resource company with mineral projects located in Western and Southern Africa,
announces that it has extended its option agreement (the `Liebenberg Option')
for the dormant historic Tung tungsten mine (`Tung'), which covers forty blocks
of claims approximately 5 km to the North of the Company's flagship RHA
Tungsten mine project (`RHA') in north-west Zimbabwe, where it is aiming to
recommence low-cost mining activities in 2014. Under the terms of the
Liebenberg Option, the owners of the claims, Clifford John Liebenberg and Carol
Ann Correria have extended the option until 28 February 2014 at the same
monthly option payment of US$4,000 with the exercise price increasing to
$156,000 less claim maintenance costs paid by the Company.
As set out in the announcement of 28 August 2013 RHA has a maiden SAMREC
compliant code resource of 1,093,000 tonnes at 8.7 kg/t WO3 (Inferred) and
147,000 tonnes at 4.7 kg/t WO3 (Indicated). A Preliminary Economic Assessment
and Concept Mining Study have also been completed which illustrate the robust
economics of the RHA tungsten mine and support a 192,000 tonnes per annum of
tungsten-bearing ore operation over a six year mine life. The historic Tung
mine is located 5 km north-east of RHA and has a 2km untested strike which the
Company believe could extend the resource potential of RHA in the future.
Commenting on this extension, Premier's CEO George Roach said, "The anticipated
developments in the coming months at RHA are exciting as we look to arrange
financing and recommence mining activities in 2014. This extended option, which
I believe could be exercised shortly, further marks our commitment to
developing RHA into a significant low-capex mining operation. In addition, the
many unexplored tungsten occurrences in the immediate RHA/ Tung area and across
other regions of Zimbabwe, could see the country emerge as a significant
Tungsten exporter and potentially encourage the development of an ammonium
para-tungstate (APT) facility."
**ENDS**
For further information please visit www.premierafricanminerals.com or contact
the following:
Pamela Hueston Premier African Minerals Tel: +44 (0) 755 778 3855
Limited
Tony Rawlinson Cairn Financial Advisers LLP Tel: +44 (0) 207 148 7900
(Nominated Adviser)
Jerry Keen Shore Capital Stockbrokers Tel: +44 (0) 207 408 4090
Limited
Edward Mansfield Shore Capital Stockbrokers Tel: +44 (0) 207 408 4090
Limited
Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Charlotte Heap St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177
Premier African Minerals Limited is a multi-commodity exploration and
development company focussed in Southern and West Africa. As well as its
shareholding in TSX-V quoted AgriMinco, 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.
Premier's flagship RHA tungsten project has a SAMREC code compliant resource of
1,093,000 tonnes at 8.7 kg/t WOÈ (Inferred) and 147,000 tonnes at 4.7 kg/t WOÈ
(Indicated), and a mining study has been completed proving the economic
viability of bringing a small-scale tungsten mining operation into production
in 2014. In addition, Premier's Katete REE project in Zimbabwe has the
potential to be developed as a mining project. The project, which spans 3,750
ha, has returned a peak result from trenching of 14.6% TREO (non SAMREC
compliant).
Premier is a control party to TSX-V listed AgriMinco (TSX-V: ANO), holding 120
million shares representing 42% of AgriMinco. See www.agriminco.com.