1st May 2014 11:43
LONDON (Alliance News) - Premier African Minerals Limited saw its shares jump to lead the AIM All-Share market Thursday after the firm recorded a significant increase in tungsten metal at the RHA Tungsten Project in Zimbabwe.
Premier African is the operator and holds a 49% interest in the project.
The AIM-traded, multi-commodity natural resource company with mineral projects located in Western and Southern Africa, reported a substantial increase in both the size and the confidence of the resource at RHA, with resource tonnage up 152% to 2.73 million tonnes at a composite grade of 8.7 kilograms per tonne of tungsten trioxide.
The firm also found Measured and Indicated surged 957% to 1.55 million tonnes at a composite grade of 8.0 kilograms per tonne of tungsten trioxide. The firm also reports 1.2million tonnes at a composite grade of 9.7 kilograms per tonne of tungsten trioxide in the Inferred category.
Premier African Minerals said revision and updating of the mining study and work has already commenced.
"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 George Roach, CEO.
Shares in the company were trading 38.57% higher at 0.97 pence per share, the biggest gainer on the AIM All-Share market Thursday afternoon.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Premier African Minerals