Board change and update

RNS Number : 2020N

Premier African Minerals Limited

23 September 2019

 

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

For immediate release

23 September 2019

Premier African Minerals Limited

Board change and update

The Board of Premier African Minerals Limited ("Premier" or the "Company") Limited ("Premier" or the "Company") announces that Mr Michael Foster has today resigned as a non-executive director and chairman of the Company and simultaneously the following update on the progress of the operations at Zimbabwe.

George Roach, CEO, commented: "my thanks and appreciation to Michael Foster for taking on our chairmanship on an interim basis last year at a very difficult time, and for his stewardship and guidance since then as Premier continues to develop the strategic relationship with MNH Holding Limited ("MNH"). I have agreed to act for a strictly limited period initially of 30 days as the interim Chairman. This should be considered as another step in support of Premier's efforts in the restructuring and diversification of both country and commodity risk with Premier's principal focus being the need for a cash generative asset. The recent addition to our board of Neil Herbert, and the proposed appointment of another representative from MNH in due course, are all aimed at revitalising our Company and aligning the best mutual interest of both Premier and MNH.

I do take the opportunity to update on other activities and I am pleased to be able to confirm that we have a further invitation to attend a meeting with the Mining Affairs Board in Harare at the end of this month in regard to the ongoing exclusive prospecting order application at our Zulu Lithium and Tantalum project.

In respect of RHA Tungsten Mine, site work has commenced with the construction of a suitable substation for electrification of the mine and we have also been able to better assess the overall funding still required that National Indigenisation and Economic Empowerment Fund are committed to provide under the terms of the revised Management Agreement. I expect to be in a position to better assess the timeline for a return to production thereafter."

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.

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]

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. 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.

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.  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.

 

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