REG - Premier African Min. - Zulu Project and Update

Premier African MineralsAnnouncement

07/12/2023 15:00

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RNS Number : 0774W  Premier African Minerals Limited  07 December 2023

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

For immediate release

 

7 December 2023

Premier African Minerals Limited

 

Zulu Project and Update

 

The Board of Premier African Minerals Limited ("Premier" or the "Company") is
pleased to provide this update in regard to Zulu Lithium and Tantalum Project
("Zulu") where the Company is targeting revenue generating production by
February 2024 following the installation of the 55 tons per hour ball mill and
other associated structures which is currently expected to be completed by
late January/early February  2024.

George Roach, CEO commented: "With these upgrades at Zulu, we expect to
rectify the most significant of the deficiencies in the original plant design
and be able to mill sufficient material to the correct particle size to meet
the design capacity for the float plant of 37.5 ton per hour of dry solids.

 

At the same time, attention is being paid to many other aspects of the
original design and equipment schedule and to mining procedures to ensure that
spodumene floated meets specifications and to limit contamination of waste
material (and in particular talc) that was not previously removed in the
sorting process. Talc contamination that constituted the major concern
originated from Serpentinite that should have been removed in the ore sorting
process.

 

Our target completion date of late January/early February 2024 stands, with
the Company and the Original Equipment Manufacturer all fully committed to
this timeline. The civil construction for the thickener is effectively
complete and the required reinforcing and concrete works for the new mill are
well underway. We do not expect any delays with the civil construction.

 

It is important to note that in repeated test work Zulu demonstrates that
production of spodumene to grade and within specifications is attainable and
the Board believes that our anticipated SC6 production is now within our
grasp. Particularly important is the fact that as previously reported, our
on-site laboratory has produced SC6 at the required level and in particular at
5.7% Li20 from unsorted material and when hand sorting is used to simulate the
effect of properly functioning ore sorters, we are able to produce spodumene
concentrate at a Li20 grade of 7.4%.

 

Also important is the fact that our Offtake and Prepayment Partner remains
extremely supportive and this is evidenced by the fact that they have not
called for payment related to the delayed delivery. In this regard, no further
statement is anticipated."

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

 

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

A copy of this announcement is available at the Company's website,
www.premierafricanminerals.com (http://www.premierafricanminerals.com)

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)
 Douglas Crippen                   CMC Markets UK Plc                  Tel: +44 (0) 20 3003 8632
 Toby Gibbs/Rachel Goldstein       Shore Capital Stockbrokers Limited  Tel: +44 (0) 20 7408 4090
 Jerry Keen                        Fox-Davies Capital Limited          Tel: +44 (0) 20 3884 7447

 

Important notice

Beaumont Cornish Limited ("Beaumont Cornish"), which is authorised and
regulated in the United Kingdom by the Financial Conduct Authority, is acting
as nominated adviser to the Company in connection with this announcement and
will not regard any other person as its client and will not be responsible to
anyone else for providing the protections afforded to the clients of Beaumont
Cornish or for providing advice in relation to such proposals. Beaumont
Cornish has not authorised the contents of, or any part of, this document and
no liability whatsoever is accepted by Beaumont Cornish for the accuracy of
any information or opinions contained in this document or for the omission of
any information. Beaumont Cornish as nominated adviser to the Company owes
certain responsibilities to the London Stock Exchange which are not owed to
the Company, the Directors, Shareholders, or any other person.

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.

 

Ends

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