TIDMPREM
RNS Number : 3403Z
Premier African Minerals Limited
15 May 2023
Premier African Minerals Limited / Ticker: PREM / Index: AIM /
Sector: Mining
For immediate release
15 May 2023
Premier African Minerals Limited
Funding of Ongoing Zulu Plant Optimisation
The Board of Premier African Minerals Limited ("Premier" or the
"Company") is pleased to announce a placing today to raise
GBP1,759,500 before expenses at an issue price of 0.925 pence per
new ordinary share for the ongoing Zulu Lithium and Tantalum
Project ("Zulu") Pilot Plant Optimisation.
The Company is also pleased to report that the plant is now
producing concentrate from both the spodumene and mica floatation
circuits.
George Roach, CEO commented : "Work on optimisation of the plant
and process control procedures to achieve nameplate throughput will
remain the sole focus of Zulu.
Mining operations continue to encourage with both grade and ore
body definition meeting our expectations. At the same time,
exploration activities outside of the current mining operations
have identified additional spodumene dominant pegmatites not
included in the resource currently being mined.
Similarly, our joint venture partner at our Mutare Project (as
announced on the 25 April 2022) has indicated to us that early
trenching has uncovered substantial pegmatites and we look forward
to reporting on results from that activity in the near future."
Placing
Premier has today issued by way of a placing ("Placing"),
conditional on admission, 190,216,216 new ordinary shares of nil
par value ("Placing Shares") at a Placing price of 0.925 pence per
Placing Share. The Placing Shares will, when issued, rank pari
passu in all respects with the existing ordinary shares. CMC
Markets UK Plc ("CMC Markets"), acted as the Company's sole placing
agent in respect of the Placing.
Application will be made for the Placing Shares to be admitted
to trading on AIM and admission is expected to take place on or
around 19 May 2023.
The Placing has been arranged within the Company's existing
share authorities. Premier intends to use the proceeds of the
placing principally to assist with further operational funding of
the ongoing optimisation operations at Zulu and general working
capital purposes necessary for the Group.
Total Voting Rights
Following the issue of the Placing Shares, the Company's issued
share capital consists of 22,770,103,177 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.
Qualified Person
Bruce Cumming, geologist with Premier, has reviewed and approved
this release to the extent that reference is made to Zulu. Mr.
Cumming is a SACNASP and GSSA registered geoscientist with 46
years' experience in exploration and project management, in
multicommodity projects throughout Africa.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
The person who arranged the release of this announcement on
behalf of the Company was George Roach.
Enquiries:
George Roach Premier African Minerals Limited Tel: +27 (0) 100
201 281
Michael Cornish Beaumont Cornish Limited Tel: +44 (0) 20
/ Roland Cornish (Nominated Adviser) 7628 3396
--------------------------------- -----------------
John More/Toby Shore Capital Stockbrokers Tel: +44 (0) 20
Gibbs Limited 7408 4090
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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. A number of
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.
Glossary of Technical Terms:
"Floatation Flotation circuits are a common technology for
circuits" the concentration of a broad range of minerals.
Froth flotation is based on differences in the
ability of air bubbles to adhere to specific mineral
surfaces in a solid/liquid slurry.
"Micas" Micas are a group of silicate minerals whose outstanding
physical characteristic is that individual mica
crystals can easily be split into extremely thin
elastic plates.
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"Pegmatite" Is an exceptionally coarse-grained igneous rock,
with interlocking crystals, usually found as irregular
dikes, lenses, or veins, esp. at the margins of
granitic intrusions.
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"Spodumene" A white to pink coloured lithium bearing mineral
(LiAlSi 2 O 6 ).
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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 Tungsten and Zulu Lithium
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. The Company holds 5,010,333
shares in Circum Minerals Limited, the owners of the Danakil Potash
Project in Ethiopia, which has the potential to be a world class
asset.
In addition, the Company holds a 19% interest in MN Holdings
Limited, the operator of the Otjozondu Manganese Mining Project in
Namibia.
END
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END
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May 15, 2023 02:00 ET (06:00 GMT)
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