REG - Premier African Min - Zulu Lithium Update

Premier African MineralsAnnouncement

27/04/2023 13:00

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RNS Number : 7329X  Premier African Minerals Limited  27 April 2023

27 April 2023

Premier African Minerals Limited

 

Zulu Lithium Update

 

Premier African Minerals Limited ("Premier" or the "Company"), is pleased to
provide a further update on progress at Zulu Lithium and Tantalum Project
("Zulu").

George Roach, CEO commented, "Subsequent to our update of 12 April 2023,
Premier is pleased to provide this additional progress report. Following
commissioning of all plant components, work on optimisation of the plant and
process control procedures to achieve nameplate throughput continues.

The plant has demonstrated its ability to float Mica/Lepidolite rich
concentrates and Spodumene. Open pit mining operations continue and as the pit
expands, we are encountering less weathered ore than was originally
anticipated and seeing an ore body that is conforming to the predicted
internal geological mining model. This is particularly important and will add
confidence to future operating guidance.

As announced on the 29 March 2023, cashflow is constrained at Zulu, this is
expected to be short term and Premier will implement applicable financing
measures to deal with this in the lead up to first revenues from sale of
concentrates in the coming weeks. Further near-term updates will follow.

Video of floatation in the wet circuit of Zulu plant:

 

 

The person who arranged the release of this announcement on behalf of the
Company was George Roach.

Enquiries:

 

 George Roach                        Premier African Minerals Limited    Tel: +27 (0) 100 201 281

 Michael Cornish / Roland Cornish    Beaumont Cornish Limited            Tel: +44 (0) 20 7628 3396

                                     (Nominated Adviser)

 John More/Toby Gibbs                Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090

 

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.

 

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 and lithium and gold in
Mozambique, encompassing brownfield projects with near-term production
potential to grass-roots exploration. The Company has accepted a share offer
by Vortex Limited ("Vortex") for the exchange of Premier's entire 4.8%
interest in Circum Minerals Limited ("Circum"), the owners of the Danakil
Potash Project in Ethiopia, for a 13.1% interest in the enlarged share capital
of Vortex. Vortex has an interest of 36.7% in Circum.

 

In addition, the Company holds a 19% interest in MN Holdings Limited, the
operator of the Otjozondu Manganese Mining Project in Namibia.

 
Ends

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