Accounts Update

RNS Number : 1125T

Premier African Minerals Limited

29 June 2018

 

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

29 June 2018

Premier African Minerals Limited

Accounts Update

Premier African Minerals Limited, the AIM-traded, multi-commodity mining and natural resource development company focused in Southern and Western Africa, announces that in the light of the ongoing delays in obtaining final sign-off from the Zimbabwean Government, the Board has decided to fully impair RHA Tungsten Mine ("RHA") at this time and these adjustments to the final draft accounts are subject now to final technical review and sign-off by the Company's auditors. This is expected early next week.

Premier believes that it has substantially agreed the basis for the proposed RHA equity restructuring with the Zimbabwean Government and is waiting for sign-off, following which this impairment can be reviewed as and when RHA returns to production.

The Board currently expects to publish the annual report and accounts for the year ended 31 December 2017 (the "Annual Accounts") shortly.

George Roach, CEO, commented: "The status of RHA raised a number of unforeseen technical issues related to valuation and the proposed impairment is the appropriate solution at this time. I expect finalisation and publication of our annual statements shortly and we intend to support our recent appointment of a leading auditor based in the SADC (South African Development Community) region, with additional resource in our finance team. I expect to update the market early next week."

As the Company will not publish its Accounts by 30 June 2018 as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), the Company's shares will be suspended temporarily from trading on AIM, pending publication of the Annual Accounts, with effect from 7.30am on Monday 2 July 2018.

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 Russel Swarts.

Enquiries:

Fuad Sillem	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Jerry Keen/Edward Mansfield	Shore Capital Stockbrokers Limited	Tel: [phone]
Jonathan Evans	Brandon Hill Capital Limited	Tel: [phone]

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, which has the potential to be a world class asset. Premier also has an interest in Arc Minerals that has a number of mineral assets in Europe and Africa.

Forward Looking Statements:

Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identified 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 reflect 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.

ENDS

 

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