Filing of Accounts and Suspension of Trading

RNS Number : 8774J

Premier African Minerals Limited

03 July 2017

 

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

For immediate release

3 July 2017

Premier African Minerals Limited

("Premier" or the "Company")

Filing of Accounts and Suspension of Trading

Premier African Minerals Limited, the AIM-traded, multi-commodity mining and natural resource development company focused in Southern and Western Africa announces that the Company has not yet published its annual report and accounts for the year ended 31 December 2016 (the "Annual Accounts"). The Company is aiming to publish the Annual Report in July 2017. 

Work to complete the Company's Annual Accounts is substantially complete, however, the Company has faced technical complexities surrounding certain valuations, in particular the Darwin loan notes (despite the fact that they were all fully converted following the period end) and the integration and consolidation of the acquisition of Mozambique based TCT Industrias Florestais (as announced on 31 October 2016).

As the Company was not in a position to publish its Accounts by 30 June 2017 as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), Company's shares have therefore been suspended from trading on AIM pending publication of the Annual Accounts. The suspension will commence at 7.30 a.m. today.

A further announcement will be made in due course.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

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]
Jon Belliss	Beaufort Securities Limited	Tel: [phone]
Charles Goodwin/ Harriet Jackson	Yellow Jersey PR Limited	Tel: [phone]

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused in Southern and Western Africa with production started at its flagship RHA project in Zimbabwe.

The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, gold, lithium and tantalum in Zimbabwe and Benin, encompassing brownfield projects with near-term production potential to grass-roots exploration. The Company recently acquired a 52% controlling stake in Mozambique-based TCT Industrias Florestais Limitada, which owns a substantial limestone deposit and forestry business located on rail in the Sofala Province of Mozambique. In addition, the Company holds 2 million 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. At present those shares are valued at US$4 million based on the latest price at which Circum has accepted subscriptions. Premier also has an interest in Casa Mining Limited, a privately-owned exploration company that has a 71.25% interest in the 1.2 million ounce inferred resource Akyanga gold deposit in the DRC.

 

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