News Flash On The Aim Market Message Board

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Gold/Mining/Energy : News Flash On The Aim Market

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Nov 7 9:30 AM EST

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From: miningoz	5/1/2014 4:00:42 PM
	of 161

Shares in Premier African Minerals ( LON:PREM) soared after it announced a significant increase in resources at the RHA tungsten project. Resource tonnage at the Zimbabwe project, where Premier is the operator and has a 49% stake, increased by 152% to 2.7mln tonnes at a composite grade of 8.7 kilograms per tonne (kg/t) tungsten oxide (WO3). The measured and indicated resource has been upped by a staggering 957% to 1.55mln tonnes at a composite grade of 8.0 kg/t WO3, while there is 1.2mln tonnes at a composite grade of 9.7kg/t WO3 in the inferred category. Previous resource estimate totalled 1.24mln tonnes, of which the inferred resource was put at 8.70kg/t and the indicated resource at 4.68kg/t. The new numbers allow for a revision and updating of Premier’s mining study, while the new resource has further defined the ore body and has described a new mineralised Lode 1 system that is expected to significantly increase the open pit component of the mine plan. "This resource upgrade, coupled to completion of the mineralogical and metallurgical studies, deals with the main requirements identified in our mining study. We look forward with confidence to finalisation of the updated study and, subject to finance, the commencement of mine construction,” said company chief executive, George Roach. The miner said it is engaged in further discussions with potential off-take partners, while it is also talking to debt finance providers who have indicated a willingness to invest in Zimbabwe. Shares shot up by almost two-thirds to 1.14p in the wake of the announcement.

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