Definitive Agreement Signed for Sale of Mali Su...

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

22 April 2013

         Premier African Minerals Limited (`Premier' or `the Company')         

            Definitive Agreement Signed for Sale of Mali Subsidiary            

Premier African Minerals Limited, the AIM quoted multi-commodity natural
resource company with mineral projects located in Western and Southern Africa,
is pleased to announce that further to entering into a Memorandum of
Understanding (`MOU') (see press release 30 January 2013), it has signed a
definitive agreement (`the Definitive Agreement') with Ethiopian Potash Corp.
(`EPC') (TSX Venture: `FED'), an Ethiopian focussed potash company, for the
sale of the Company's Mali subsidiary, G and B African Resources Mali SARL
(`Mali Sub'). The Mali sub holds rights to acquire two exploration
authorisations, namely the Taoudenni and Oglat Projects as described in the
Company admission document.

The sale, subject to finalisation, will be satisfied by the issue of 20,000,000
new shares in EPC that will result in Premier holding approximately 11% of the
EPC shares in issue when all the transactions contemplated below, close.
Premier thus retains exposure to the Mali Sub property and gains exposure to
the prospective Danakil Property in Ethiopia in which EPC will hold a 30%
interest when all the transactions close.

Conditions precedent to closing include but are not limited to, TSX Venture
Exchange and EPC shareholders consent. There can be no certainty that the
contemplated transactions will close. The Definitive Agreements that contain
all Conditions Precedent are described in EPC's press release of the 22 April
2013 and are available at www.ethiopianpotash.com.

George Roach, Premier CEO comments that, "The signing of Definitive Agreements
in regard to this disposition underlines our ability to realise value from our
diverse property portfolio and has the potential to add to our available
financial resources. The transaction offers interesting alternatives that
include ongoing exposure to the development of Agricultural minerals.

                                  ** ENDS **                                   

For further information and full details of the Definitive Agreement, please
visit www.premierafricanminerals.com or contact the following:

Pamela Hueston      Premier African Minerals        Tel: [phone]  
                    Limited                                                    
                                                                               
Tony Rawlinson      Cairn Financial Advisers LLP    Tel: [phone]  
                    (Nominated Adviser)                                        
                                                                               
Jerry Keen          Shore Capital Stockbrokers      Tel: [phone]  
                    Limited                                                    
                                                                               
Edward Mansfield    Shore Capital Stockbrokers      Tel: [phone]  
                    Limited                                                    
                                                                               
Felicity Edwards    St Brides Media & Finance Ltd   Tel: [phone]  

Premier African Minerals Limited is a multi-commodity exploration and
development company focussed in Southern and West Africa. The Company has a
diverse portfolio of multi-commodity projects which includes tungsten,
phosphate, rare earth elements (`REE'), gold, lithium, tantalum, uranium and
clays, in Zimbabwe and Togo, at various stages of development. Premier plans to
utilise the strengths of its proven Board and management team, which is highly
experienced in developing resource projects in Africa, to fulfil its strategy
of developing and targeting projects which offer near term value uplift either
through exploration, strategic alliances or commercial opportunities.

The Company has two flagship projects in NW Zimbabwe (tungsten and REE) which
offer near-term resource and future production potential. The RHA Tungsten
Project is located in the multi-commodity Kamativi Tin Belt and has the
exploration potential to host either a commercial scale open pit or high-grade
underground tungsten mine. A SAMREC resource is targeted for H1 2013 and a
mining study is underway. Premier's second priority project in Zimbabwe is the
Katete REE project, which again has the potential to be developed as an open
pit mine. The project, which spans 3,750 ha, has returned a peak result from
trenching of 14.6% TREO. Premier is targeting to delineate a Code-compliant
resource statement in H2 2013.

In Togo, the Company has prioritised a further two projects for exploration:
the Southern Togo Phosphate Project and the Dapaong Gold project. The Southern
Togo project, which has excellent infrastructure being only 35km from the Port
of Lome, has a conceptual exploration target of 75Mt at 32% Pâ‚‚Oâ‚…. Additionally,
it recently secured the exploration permits for its Dapaong gold project in
northern Togo where there has been significant artisanal activity illustrating
the prospectivity of the unexplored area.

Premier also has a pipeline portfolio of projects which further de-risks the
Company's exposure and it is assessing new opportunities that complement its
investment criteria to drive the Company forward and build a leading
multi-commodity exploration and development company in Africa.