First Day of Dealings (4410A)
30 Mars 2012 - 10:51AM
UK Regulatory
TIDMPMA
RNS Number : 4410A
Premier Management Holdings PLC
30 March 2012
30 March 2012
Premier Gold Resources plc
("Premier Gold" or the "Company")
(formerly Premier Management Holdings plc)
First Day of Dealings
Shares in Premier Gold, the Central Asia-focused gold
exploration and development company, will today begin trading on
the AIM market of the London Stock Exchange. Premier Gold has
completed the acquisition of Central Asia Resources Ltd bringing
with it the Company's first major gold exploration project, the
Cholokkaindy licence, in Kyrgyzstan. The Company's name change to
Premier Gold Resources plc and trading symbol (AIM: PGR) are
expected to change during the course of today.
Strategy
Premier Gold's initial focus is on gold projects on the highly
prospective Tien Shan gold belt, running through Kyrgyzstan which
is the third largest gold producer of the CIS countries. Kyrgyzstan
has a well-developed mining industry with good support services.
Many investment incentives have been established to use mining as a
starting point for economic development in the country.
Premier Gold has a highly experienced board and management team
with a combination of precious metal mining expertise, local
political knowledge and corporate finance experience positioning
the Company optimally to gain access to and develop further gold
projects in the region.
The Cholokkaindy gold project
The Cholokkaindy licence covers an area of 24 square km and is
located about 80km west-southwest of Bishkek. Four significant gold
prospects have already been identified within the licence. These
include the relatively advanced Talbaital and Jarkonush prospects,
and the Torsaisky and Aksaisky prospects, which are at an earlier
stage.
Premier Gold's focus is currently on the Talbaital and Jarkonush
locations and exploration work on these prospects will move into
its second full year during the spring when the 2012 exploration
season commences. Exploration results at Talbaital and Jarkonush to
date have been very encouraging. A semi-continuous gold mineralised
zone, with economic grades identified in trenches, extends over
2,000 metres. This will be the focus for detailed exploration work
recommencing this spring, including diamond drilling.
Last year, with the benefit of Premier Gold's funds during the
completion process of the acquisition of Central Asia Resources
Ltd, a total of 559 trench channel samples were collected from an
estimated 2500 cubic metres of trenchwork. 532 Lithochemical 'grab'
samples from prospecting and mapping programmes were collected and
a further 833 geochemical samples on profile grids traversing the
Talbaital and Jarkonush prospects were collected. A two week
geophysical study, including resistivity, induced polarisation and
magnetic surveys, was carried out in October 2011 by a specialist
Krgyz crew. Further results from recent exploration work are
expected shortly.
With the benefit of the exploration work completed by the end of
the 2012 exploration season Premier Gold hopes to commission a
Scoping Study in 2013 before moving through the full feasibility
phases in 2014 with a view to mine construction commencing in 2015.
The Company is currently targeting first commercial gold production
from Cholokkaindy in 2016.
Operating Team
Premier Gold has an excellent local partner and operating team
led by Chynarbek Tegizbekov, executive director of the Company's
Kyrgyz subsidiary, and chief geologist Sagyn Kulzhigitov. Between
them Chynarbek and Sagyn have over sixty years of geological
experience in Kyrgyzstan.
Further projects
In addition to Cholokkaindy, Premier Gold acquired a lithium
licence, Uzunbulak, with the acquisition of Central Asia Resources
Ltd. The Company is focused on gold exploration and, as such,
considers Uzunbulak as non-core and intends to divest it in the
near future.
The management is currently appraising three further gold
projects on the Tien Shan gold belt at varying stages of
development and looks forward to announcing further additions to
the licence portfolio when appropriate.
Gerry Desler, Chairman, commented,
"We have bought to AIM today a highly focused gold exploration
and development company with an expert team, well connected in
Kyrgyzstan. We are excited not only for the prospects of the
Cholokkaindy licence, which we will be drilling on this spring, but
also for a number of other projects that are under appraisal."
NB: the new ticker symbol for the ordinary shares of Premier
Gold Resources plc is (AIM: PGR) and the warrants is (AIM:
PGW).
Enquiries:
Premier Management Holdings Plc
Gerry Desler, Chairman Tel: +44 (0)
1279 731037
Libertas Capital Corporate Finance
Limited - Nominated Adviser
Thilo Hoffmann / Sandy Jamieson Tel: +44 (0)
20 7569 9650
Rivington Street Corporate Finance
- Broker
Jon Levinson Tel: +44 (0)
20 7562 3384
M: Communications
Ben Simons / Maria Souvorov Tel: +44 (0)
20 7920 2340
This information is provided by RNS
The company news service from the London Stock Exchange
END
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