Premier African Minerals Limited Zulu Lithium Drilling Programme Update (0387Z)
15 Mayo 2019 - 1:01AM
UK Regulatory
TIDMPREM
RNS Number : 0387Z
Premier African Minerals Limited
15 May 2019
For immediate release
15 May 2019
Premier African Minerals Limited
Zulu Lithium Drilling Programme Update
Premier African Minerals Limited ("Premier" or the "Company")
previously announced on 26 February 2019 that it would recommence
drilling at the Company's wholly-owned Zulu Lithium and Tantalum
Project ("Zulu") in Zimbabwe, and that KME Plant Hire Proprietary
Limited ("KME") would be the drilling contractor to carry out these
drilling works. Drilling was expected to commence as soon as
mobilisation was complete and seasonal rains permitted.
The budget for the initial drilling programme (as described
above), including mobilisation, was estimated at approximately
US$400,000 and the Company issued within the Company's existing
share authorities 212,413,793 new Ordinary Shares of nil par value
at an issue price of 0.145p per share ("KME Payment Shares") to KME
as pre-payment for mobilisation and drilling. The KME Payment
Shares were admitted to trading on AIM on 4 March 2019.
The KME Payment Shares, while issued, have not to date been
released by Premier to the control of KME, pending execution of the
long form drilling contract, which is not currently in a final form
that is acceptable to both parties reflecting their current
relationship. On the basis that the long form drilling contract is
mutually agreed between the parties, and as the rainy season has
now largely subsided, drilling will then proceed on Zulu and the
KME Payment Shares released by Premier to KME's control. If
agreement, however, cannot be reached with KME on the final
outstanding terms of the long form drilling contract, then KME's
appointment will end, the KME Payment Shares will be cancelled and
Premier will in due course appoint a new contractor to undertake
the drilling programme at Zulu.
A further announcement will be made in due course.
Enquiries:
Premier African Minerals Tel: +44 (0)7734
Fuad Sillem Limited 922074
Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 20 7628
Roland Cornish (Nominated Adviser) 3396
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Jerry Keen/Edward Shore Capital Stockbrokers Tel: +44 (0) 20 7408
Mansfield Limited 4090
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Tom Curran/Elliot Tel: +44 (0) 20 3700
Hance SVS Securities Limited 0100
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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. Many 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.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The person who arranged the
release of this announcement on behalf of the Company was George
Roach.
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 and Zulu 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. In addition, the Company
holds 5,010,333 shares in Circum Minerals Limited ("Circum"), the
owners of the Danakil Potash Project in Ethiopia.
ENDS
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London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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