Final Results
Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining
28 June 2013
Premier African Minerals Limited (`Premier' or `the Company')
Final Results
Premier African Minerals Limited, the AIM quoted multi-commodity natural
resource company with mineral projects located in Western and Southern Africa,
announces its results for the year ended 31 December 2012.
Highlights
* Admitted to AIM in December 2012 raising US$2.4m gross of expenses (£1.5m)
to advance its key mineral projects in Zimbabwe
* Commenced SAMREC code compliant resource delineation work programme at RHA
tungsten project in Zimbabwe, with a view to developing towards production
in the near-term
* Acquired prospective Dapaong grass-roots gold exploration project in
northern Togo in January 2013
* Announced the proposed sale of its Togo subsidiary with phosphate and
industrial mineral assets and Mali subsidiary with potash assets to EPC -
if approved this will give Premier an approximate 42% shareholding in EPC
and an interest in its highly prospective Danakil Potash Project (the EPC
shareholder vote to approve the transaction will take place on 30 June
2013)
Executive Chairman and CEO Statement
Since our admission to AIM in December 2012, which successfully raised gross
US$2.4m (£1.5m), I am delighted to report that Premier has made solid progress
in establishing itself as a multi-commodity exploration & development company
focussed in Southern and West Africa.
As a company, we have a defined strategy focussed on value creation from our
diverse multi-commodity asset base, which includes tungsten, rare earth
elements (REE), gold, lithium, tantalum and flurospar in Zimbabwe and Togo in
Africa. It is our aim to unlock the intrinsic wealth of these assets, which
span from brownfield projects with near-term production potential to
grass-roots exploration. Premier plans to create value by implementing defined
exploration and development programmes to prove-up resources with a view to
future production and/or forming strategic alliances and completing corporate
transactions to maximise shareholder value.
Within our portfolio we have three core projects. Our flagship RHA tungsten
project (`RHA') and large Katete REE project are both located in the
infrastructure rich Matabeleland North region in Zimbabwe. Meanwhile, our
Dapaong grass-roots gold project in northern Togo, which we acquired in January
2013 just after our admission to trading on AIM, has had exposure to
significant artisanal activity. We also have a pipeline portfolio of assets
which offer value upside potential through future exploration or near-term
strategic alliances or corporate transactions.
With the above in mind, we have been highly active since our flotation and have
made significant progress on a number of fronts, including proving-up the
prospectivity of RHA with a view to bringing a small-scale tungsten mining
operation into production in 2014, which would in-turn generate early cash flow
for Premier. We have also entered into a significant corporate transaction with
a TSX listed company (TSX Venture `FED') Ethiopian Potash Corporation (`EPC'),
an Ethiopian focussed potash company, which if completed, would allow for our
Malian potash and Togo phosphate and clays pipeline projects to be progressed.
Additionally if EPC shareholders approve the transaction (which I outline below
in `Corporate Transactions'), Premier will own a 42% shareholding in EPC giving
us exposure to EPC's highly prospective Danakil potash project in Ethiopia and
retain an interest in Premier's clays, phosphate and potash projects.
RHA Tungsten Project - Zimbabwe
RHA covers a 1,800 hectare land holding and is located approximately 20km
south-east of Hwange and 270km north of Bulawayo in the prospective
multi-commodity Kamativi Tin Belt in north-west Zimbabwe. The project, which we
believe shows great potential to be developed into a low-capital and operating
cost mine in the near term, boasts excellent infrastructure with electrical
power available from a ZESA power line and industrial water available from the
mine dam and domestic water available from a borehole. Furthermore, the project
has easy access via the main Bulawayo-Victoria Falls tar road and 25km of
gravel road to the mine.
Intermittent small scale mining was conducted at RHA and the adjacent Tung mine
(which Premier has an option to acquire) 5km away. Between 1931 and 1979 the
mines jointly produced 1,247 tonnes of concentrate at an average concentrate
grade of 65% WO3.
Since being admitted to trading on AIM in December 2012 we have implemented a
defined exploration and development programme with a view to proving a SAMREC
code compliant resource and fast-tracking the project towards development by
the end of 2013.
In 2012 we implemented a 1,302m five-hole diamond drilling (`DD') programme
which returned significant tungsten mineralisation in the form of very coarse
wolframite crystals hosted by quartz veins that are 5cm - 30cm wide. This
drilling returned a best intercept of 1.33% WO3 over 3m. From here we undertook
a further detailed examination and sampling of the DD drill core, targeting 198
individual samples with values of over 0.15% WO3. We were delighted to announce
in April 2013 that of these 198 samples, 68 again contained significant
tungsten mineralisation and importantly that nine of the samples returned
grades of over 5% WO3 and three samples were over 10% WO3, which are
exceptionally high values in terms of tungsten exploration (see press release
dated 17 April 2013 for full sampling results). The sampling also confirmed
three highly mineralised quartz veins in the hanging wall of the existing lode
system and uncovered a previously unknown well-mineralised lode located under
the north face of the hill.
We have now conducted low-cost surface trenching and further sampling to
confirm the extent of these newly identified quartz veins and define a maiden
SAMREC compliant resource that we will release in due course. In tandem with
this, CAE Mining of Johannesburg has constructed a 3D Datamine model using
information derived from historic plans and sections, and the results of the
historic Falconbridge channel sampling work undertaken at RHA. The completed
model will be fed into the conceptual mine study, which is now underway, and
will determine the most beneficial and cost effective method of exploiting the
known extent of the RHA deposit. The conceptual study will consider the
possibility of early and low-cost production from the recently discovered
outcropping mineralised quartz veins, and from existing tailings dams and
dumps. Given the availability of water and power at our RHA property, and the
relative simplicity of the required processing plant, we believe that we will
be able to commence development before the end of 2013 with a view to
production in 2014, subject to an improved capital markets appetite and the
continued strength of tungsten demand.
Katete REE Project - Zimbabwe
Our second development project, Katete, boasts a large multi-phased REE
enriched carbonatite complex that is exposed at surface, and we believe has the
potential to be developed as an open pit, low-strip mining project. The
project, which spans 3,750 hectares covering 25 mineral claim blocks in the
Matabeleland north province in north-west Zimbabwe, can be accessed via
national highways and has a good source of power and water; important factors
to have in place when considering developing mining projects.
Katete has had previous exploration work undertaken by Anglo American in the
1970s, which identified the presence of significant REE mineralisation and
highlighted the potentially large REE structure hosted.
We have undertaken trenching at the project, taking 425 samples, which
identified high-grade zones between 13% Total Rare Earth Oxide (`TREO') with a
peak result of 14.6% TREO. We also undertook a scout drilling programme over 7
holes for 1,178m and discovered that the TREO distribution is consistent at
depth with levels consistently over 3% and with varying widths from 1m to 4m.
We are looking to complete mineralogical and metallurgical testwork during the
course of this year and we are aiming to delineate a SAMREC code compliant
resource statement in the second half of 2013.
Dapaong Gold Project - Togo
In January 2013 we were delighted to have secured two gold Exploration Permits
totalling 400 sq km in the Dapaong area of northern Togo. The licence areas are
considered to be highly prospective for gold, having extensive artisanal
activity, but have not yet been the subject of systematic exploration.
The Project is underlain by volcanic and sedimentary Birimian-aged intrusive
rocks with minor volcano-sedimentary sequences, quartz veins and pegmatites,
which form part of the larger West African Craton geologic region. Gold
mineralisation generally occurs along north to north east trending shear zones
and faults that cut Birimian belts or form the margins of these Birimian belts
where sedimentary rocks often include paleo-placer gravels. Substantial gold
mineralisation has previously been discovered within Birimian-aged formation
belts located in Ghana, Côte d'Ivoire, Mali, Guinea and Burkina Faso. Major
gold mines in the region include, Tarkwa in Ghana operated by GoldFields, which
has a 15million oz resource and produces circa 700,000 oz per annum; Oubasi
mine in Ghana operated by AngloGold which produces circa 300,000 oz of gold per
annum; and the Youga gold mine operated by Etruscan Resources in southern
Burkina Faso, which produces circa 80,000 oz of gold per annum.
Multiple rivers draining Birimian rocks in the West African Craton hold
alluvial gold deposits and an initial reconnaissance visit by our Premier
geological teams have already identified four areas in the drainage systems
where there has been recent artisanal activity.
We believe that the area offers excellent development potential due to its
location and geological signature. Accordingly, using our first mover advantage
in northern Togo and our existing resources in the country, we intend to
commence exploration directed towards the discovery of bedrock sources of
artisanal gold workings and geochemistry programmes to help quantify the
potential of the highly prospective area.
Pipeline Portfolio
We have an exciting pipeline portfolio of projects in Zimbabwe, Togo and Mali,
which include assets we own and those in which we will retain an interest,
subject to completion of the EPC transaction. When we first established Premier
in 2007, we set out to apply for licences in areas that showed prospectivity
and development potential with no commodity bias. In this vein, we have a
pipeline portfolio (see table 1), which whilst not core to our current
exploration and development activities, offers upside potential through future
exploration or near term strategic alliances or corporate transactions.
Table 1: Pipeline portfolio
Project Country Further details
Southern Togo Togo * 173,99sq km project located in southern Togo, 35km
Phosphate * from Port of Lome
* Commercial phosphate development potential in Togo
* Borders State high grade phosphate mine - 50M t of
ore over 40 years at 35.7% Pâ‚‚Oâ‚… product
* Historical hydrogeological drilling identified
phosphate beds on property & shallow cover deposit
suggests potential for low capex open pit mining
* Conceptual Exploration Target of 75Mt at 32% Pâ‚‚Oâ‚…
(Venymn)
Southern Togo Togo * Located in the northern part of Southern Togo
Clays * Project
* High quality clays project with potential in-situ
resources of 108Mt attapulgite and smectite
* Mineralisation remains open along strike and down
dip
* Venymn: potential conceptual Exploration Target
upside of 254Mt
Bassar Togo * Located 315 km north of Premier's Southern Togo
Phosphate * project (350km to Port of Lome)
* Non-compliant resource of 20Mt at 22% Pâ‚‚Oâ‚…
Haito Nickel Togo * 600 sq km project located in south west Togo -
Laterite deposit still open at depth
* Inferred compliant resource by surface pitting of
7.21Mt at 0.99% Ni at 0.7% Ni cut off
Pagala Togo * 400 sq km contiguous land position 230km north of
Lead-Zinc the Port of Lome
* Non-compliant resource of 3.6Mt at 2.7% Zn
Kara Togo * 766 sq km permit area 380km north of the Port of
Niamtougou Lome
Uranium
* Non-compliant resource of 150 -300t UÈ08
Taoudenni Mali * 976 sq km prospecting area in central northern Mali
Potash
* 53Mt non-compliant resource of sodium salt
Tinde Zimbabwe * 1,350 hectare project located east of the historic
Fluorspar Kamativi tin mine in the Matabeleland North
province
* Vein fluorspar >30% grade historically mined -
Exploration Target 34,000t at 33%CaF2
Lubimbi REE Zimbabwe * REE deposit located in Matabeleland North province
* Xenotime identified in historical trenching
Zulu Lithium Zimbabwe * 350 hectare project with good infrastructure
located 16km from Fort Rixon District in
Matabeleland South province - Exploration Target of
1Mt @1.45% Li
(*) Interest will be retained by Premier if the deal with EPC is completed on
30 June 2013
Corporate Transactions
In line with one of our core strategies of adding value through corporate
transactions we were pleased to announce, in April 2013, that we had entered
into a definitive agreement (`the Definitive Agreement') with EPC, for the sale
of our Mali subsidiary, G and B African Resources Mali SARL (`Mali Sub'). Our
Mali Sub holds rights to acquire two exploration authorisations, namely the
Taoudenni and Oglat Projects as described in the Company's Admission Document.
Further to this, in May 2013, we agreed the sale of our Togo subsidiary, G and
B African Resources SARL (`Togo Sub'), as part of the same transaction, which
includes our Southern Togo phosphate and clays projects and our Bassar
phosphate project.
The consideration for the sale is 120 million new shares in EPC based on an EPC
share price of C$0.02 per share (EPC's last trading price), which equates to
C$2.4 million. If completed, this will give Premier an approximate 42%
shareholding in EPC. Excitingly, as the major shareholder in EPC, Premier will
gain significant exposure to EPC's prospective Danakil potash property in
Ethiopia, in which EPC will retain a 30% interest, with a free carry to Scoping
Study and a total spend of $10 million. Circum Resources Ltd, the purchaser of
70% of this property, has raised the funds required to meet the carry referred
to above and expects to rapidly advance exploration of the property.
Significantly, through our shareholding in EPC, we will retain an interest in
our Malian and Togo assets, gaining any potential upside from the exploration
and development of these properties, at no further exploration spend to the
Company.
This transaction is subject to EPC shareholder approval and fulfillment of the
conditions precedents as set out in the Definitive Agreements. EPC's
shareholder meeting is set for 30 June 2013. We look forward to updating
shareholders on this transaction in due course and we continue to look for
opportunities to realise value from our portfolio of assets and look to
strengthen the cash position of the Group.
Results and Dividends
The results of the Group include the results of ZimDiv Holdings Limited
(`ZimDiv') which Premier acquired on 4 December 2012. The acquisition of ZimDiv
on a share for share exchange has been accounted for as a merger, meaning the
results for the Group for the year ended 31 December 2012 and 31 December 2011
have been retrospectively adjusted which is consistent with the aggregation
presentation in the Company's Admission Document.
As we are currently an exploration and development group, no income was earned
during the year end as a result. The Group incurred a loss for the year of
US$2,098,269 (2011: US$998,820). The loss includes a once-off charge of
US$372,240 related to the Company's admission to trading on AIM not charged
against share capital and a US$374,754 share based payment charge on account of
options and warrants issued on Admission.
Cash at year end was US$1.52m compared to US$338,000 at 24 June 2013, being
less than we had anticipated to have at this time. The key reasons for this are
that the transaction with EPC took longer than anticipated due to its
complexity and the addition of the sale of the Togo properties, and this
resulting in professional fees. The delay also meant that we bore overhead
costs in Mali and Togo for longer than anticipated. We also incurred higher
than expected costs for work on our RHA project in Zimbabwe due to certain
technical issues and a re-modeling of the 3D Datamine model for newly
discovered areas which had not been included in the historical information.
The Company does not anticipate paying dividends until one or more of its
projects enter into the production phase and the Company becomes significantly
cash generative. The Directors will consider a dividend policy when it becomes
commercially prudent to do so.
Outlook
As previously highlighted, Premier's strategy is one of value creation. Premier
is committed to generating value from our diverse multi-commodity asset base by
implementing defined exploration and development programmes to prove-up
resources with a view to future production and/or forming strategic alliances
and completing corporate transactions to maximise shareholder value.
The second half of 2013 is shaping up to be highly active in terms of value
drivers for Premier. With a SAMREC code compliant resource due soon at our
flagship RHA project in Zimbabwe and a conceptual mine study underway with a
view to mine development beginning by the end of the year, we believe that RHA
is set to be our first project to move into production (targeting early 2014)
and in-turn generate cash for the company. In addition we also have two other
core projects: Katete in Zimbabwe, where we are completing metallurgical test
work and looking to define a SAMREC code compliant resource by the end of the
year; and the Dapaong gold project in Togo, where we have secured a first mover
advantage.
Finally our recently announced corporate transaction, subject to it completing
soon after publishing of these results, should result in additional value for
Premier shareholders and will give the Group exposure to EPC's highly
prospective Danakil potash project, as well as, allow us to retain a
significant interest in our Mali and Togo projects. With these developments in
progress I believe Premier has the foundations in place from which to deliver
significant value and I look forward to updating the market of our progress
during 2013 and beyond.
Whilst we believe our outlook is bright, it must be tempered with a note of
caution in regard to the fact that Premier is and remains an exploration
company at this time, and as such, it is highly dependent on the judicious use
of available funds and an ability to either raise additional funds, or generate
cash through early production or profitably dispose of properties.
The Board recognise that it will need to address financing requirements in the
near future. As disclosed in our Admission Document, I have provided a £300,000
facility which has not yet been drawn down. In addition, it was announced on
24 May 2013 that I intend to increase this facility to not less than £600,000,
subject to agreement with the Board, and I have recently also confirmed to the
Board that I am in negotiations with third party investors to increase this
facility further. I expect that all these negotiations will be finalised
shortly after release of a maiden resource and near-term mine development plan
for RHA which is expected by 31 July 2013. In addition, the Board believes that
the EPC transaction, if completed, has the potential to provide significant
shareholder value, both if we can retain our shareholding in EPC and allow us
to dispose of some of our EPC shares for cash, subject to market conditions
being favourable.
Finally, I would like to take this opportunity to thank my fellow directors,
management and advisors for their dedication and help over the past year during
our admission to trading on AIM, as well as our shareholders for their
continuing support.
George Roach
Executive Chairman and CEO
27 June 2013
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Expressed in US dollars
for the year ended 31 December 2012
2012 2011
$ $
Administrative expenses (2,040,721) (895,881)
Depreciation and amortization expense (25,581) (23,212)
Exploration expenses (36,279) (75,415)
Operating loss (2,102,581) (994,508)
Finance costs 4,312 (4,312)
Loss before tax (2,098,269) (998,820)
Income tax expense - -
Loss for the year (2,098,269) (998,820)
Other comprehensive income:
Exchange differences on re-translation 31,408 -
of foreign operations
Total comprehensive income for the year (2,066,861) (998,820)
attributable to the owners of the
parent
Loss per share (expressed in US cents)
Basic loss per share (3c) (2c)
Diluted loss per share (3c) (2c)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Expressed in US dollars
for the year ended 31 December 2012
2012 2011
$ $
ASSETS
Non-current assets
Intangible exploration and 6,724,099 2,512,136
evaluation assets
Property, plant and equipment 48,301 42,938
Total non-current assets 6,772,400 2,555,074
Current assets
Trade and other receivables 179,973 101,437
Cash and cash equivalents 1,517,784 68,448
Total current assets 1,697,757 169,885
TOTAL ASSETS 8,470,157 2,724,959
LIABILITIES
Current liabilities
Trade and other payables (170,324) (153,566)
Borrowings - (3,433,461)
Shares to be issued (1,500,000) -
TOTAL CURRENT LIABILITIES AND TOTAL (1,670,324) (3,587,027)
LIABILITIES
NET ASSETS/(LIABILITIES) 6,799,833 (862,068)
EQUITY
Share capital 11,006,728 1,562,000
Merger reserve (176,495) (176,495)
Foreign exchange reserve 31,408 -
Share based payment reserve 303,638 19,604
Retained earnings (4,365,446) (2,267,177)
TOTAL EQUITY ATTRIBUTABLE TO THE 6,799,833 (862,068)
OWNERS
CONSOLIDATED STATEMENT OF CASH FLOWS
Expressed in US dollars
for the year ended 31 December 2012
2012 2011
$ $
Net cash outflow from operating (1,759,712) (1,223,875)
activities
Investing Activities
Exploration and evaluation expenditures (1,825,596) (1,516,121)
Purchases of property, plant and (30,862) (20,815)
equipment
Net cash used in investing activities (1,856,458) (1,536,936)
Financing Activities
Proceeds from borrowings 3,766,385 2,105,086
Net proceeds from issue of share capital 1,291,272 400,000
Net cash from financing activities 5,057,657 2,505,086
Net increase/(decrease) in cash and cash 1,441,487 (255,725)
equivalents
Cash and cash equivalents at beginning of 68,448 324,173
year
Effect of foreign exchange rate variation 7,849 -
Net cash and cash equivalents at end of 1,517,784 68,448
year
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Expressed in US dollars
for the year ended 31 December 2012
Share
Foreign based
Share Merger exchange payment Retained
capital reserve reserve reserve earnings Total
$ $ $ $ $ $
At 1 January 2011 1,562,000 (944,500) - - (1,268,357) (650,857)
Loss and total - - - - (998,820) (998,820)
comprehensive
income for the
year
Transactions with
owners
Issue of equity - 768,005 - - - 768,005
shares by ZimDiv
Holdings Ltd.
Share based - - - 19,604 - 19,604
payment
At 31 December 1,562,000 (176,495) - 19,604 (2,267,177) (862,068)
2011
Loss for the year - - - - (2,098,269) (2,098,269)
Exchange - - 31,408 - - 31,408
differences on
re-translation of
foreign operations
Total - - 31,408 - (2,098,269) (2,066,861)
comprehensive
income for the
year
Transactions with
owners
Issue of equity 10,843,510 - - - - 10,843,510
shares
Share issue costs (1,398,782) - - - - (1,398,782)
Share based - - - 284,034 - 284,034
payment
At 31 December 11,006,728 (176,495) 31,408 303,638 (4,365,446) 6,799,833
2012
1. General information
Premier African Minerals Limited (`Premier' or `the Company'), together with
its subsidiaries (the `Group'), was incorporated in the Territory of the
British Virgin Islands under the BVI Business Companies Act, 2004. The address
of the registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola,
British Virgin Islands.
The Group's operations and principal activities are the exploration, evaluation
and development of mineral reserves, primarily on the African continent.
Premier's shares were admitted to trading on the London Stock Exchange's AIM
market on 10 December 2012.
2. Basis of preparation
These consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) in issue and as endorsed by
the European Union. IFRS includes interpretations issued by the IFRS
interpretations Committee (formerly IFRIC).
The consolidated financial statements have been prepared on the historical cost
convention and on a going concern basis. The preparation of financial
statements in conformity with EU adopted IFRS requires the use of certain
critical accounting estimates. It also requires management to exercise its
judgement in the process of applying the Group's accounting policies.
The accounting policies set out below are consistent across the Group and to
all periods presented in these financial statements.
3. Loss per share
The calculation of loss per share is based
on the loss after taxation divided by the 2012 2011
weighted average number of shares in issue $ $
during the year:
Net loss after taxation (2,098,269) (998,820)
Weighted average number of Ordinary Shares 69,413,680 47,300,002
in calculating basic earnings per share
Basic loss per share (expressed in US cents) (3c) (2c)
Weighted average number of Ordinary Shares 69,413,680 47,300,002
used in calculating fully diluted earnings
per share
Diluted loss per share (expressed in US (3c) (2c)
cents)
As the Group incurred a loss for the year, there is no dilutive effect of share
options or warrants.
4. Going concern
These consolidated financial statements were prepared on the going concern
basis. The going concern basis assumes that the Group will continue in
operation for the foreseeable future and will be able to realise its assets and
discharge its liabilities and commitments in the normal course of business. The
Group has incurred significant operating losses and negative cash flows from
operations as the Group is an exploration stage resource Group.
The recoverability of the underlying value of exploration and evaluation assets
is entirely dependent on the existence of economically recoverable reserves,
securing and maintaining title and beneficial interest in the properties, the
ability of the Group to obtain the necessary financing to complete development,
and future profitable production.
The Group has cash reserves at 24 June 2013 of approximately $338,000 and has
an undrawn loan facility of £300,000 from the Chairman available to it, as
disclosed in note 26. The Directors have prepared cash flow forecasts for the
period ended 30 June 2014, taking into account forecast expenditure, available
working capital and the existing loan facility. These forecasts indicate that
the Group will need to obtain additional loan finance or equity to fund its
operations for the period to 30 June 2014.
As disclosed in the Chairman's Statement, it was announced on 24 May 2013 that
the Chairman intends to increase the loan facility to not less than £600,000,
subject to agreement with the Board. The Chairman has recently also confirmed
to the Board that he is in negotiations with potential third party investors to
increase this facility further and expects that these negotiations will be
finalised shortly after release of a maiden resource and near-term mine
development plan for RHA Tungsten which is expected by 31 July 2013. In
addition, the Board believes that the Ethiopian Potash Corp.(`EPC') transaction
(refer note 27), if completed, has the potential to provide significant
shareholder value, both if Premier can retain its shareholding in EPC and allow
the Company to dispose of some of its shares in EPC for cash, subject to market
conditions being favourable.
After careful consideration of those matters set out above, the Directors are
of the opinion that the Group will be able to obtain adequate resources to
enable it to undertake its planned activities for the period to 30 June 2014
and have prepared these consolidated financial statements on the going concern
basis. These consolidated financial statements do not include any adjustments
to the amounts and classification of assets and liabilities that might be
necessary should the Group be unable to continue in business.
5. Audit Report
The audit report for the year ended 31 December 2012 does not include any
qualifications. The audit report contains an emphasis of matter, the details of
which are set out below:-
"In forming our opinion on the financial statements, which is not modified, we
have considered the adequacy of the disclosures made in note 5 of the financial
statements concerning the group's ability to continue as a going concern. The
group incurred a loss for the year ended 31 December 2012 of £2,098,269. The
group's forecasts indicate that operating losses are expected to continue for
the foreseeable future and that the group requires additional working capital,
as explained in note 5. These conditions, along with the other matters
explained in note 5 of the financial statements, indicate the existence of a
material uncertainty which may cast significant doubt about the group's ability
to continue as a going concern. The financial statements do not include the
adjustments that would result if the group was unable to continue as a going
concern."
6. Posting of accounts
The annual report for the financial year to 31 December 2012 will be
distributed to all shareholders on 28 June 2013 and will be available for
download on the Company's website at www.premierafricanminerals.com.
**ENDS**
For further information please visit www.premierafricanminerals.com or contact
the following:
Pamela Hueston Premier African Minerals Limited Tel: +44 (0) 755 778 3855
Tony Rawlinson Cairn Financial Advisers LLP (Nomad) Tel: +44 (0) 207 148 7900
Jerry Keen Shore Capital Stockbrokers Limited (Broker) Tel: +44 (0) 207 408 4090
Edward Mansfield Shore Capital Stockbrokers Limited (Broker) Tel: +44 (0) 207 408 4090
Felicity Edwards St Brides Media & Finance Ltd (PR) Tel: +44 (0) 20 7236 1177