Corporate Update

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining 14 November 2013 Premier African Minerals Limited (`Premier' or `the Company') Corporate Update Premier African Minerals Limited, the AIM traded multi-commodity naturalresource company with mineral projects located in Western and Southern Africa,announces that the terms of the additional funding to be provided by theCompany's Chairman and CEO George Roach have been finalised. As previouslyannounced, George Roach has increased his working capital facility to theCompany from £300,000 to not less than £600,000 on substantially the sameterms. The conversion price for any additional drawings under the increasedfacility, which George Roach subsequently elects to convert into new ordinaryshares, will be set by reference to the then most recent fundraising. TheCompany has drawn down £200,000 of the additional funds to fund the costs ofthe additional exploration activity currently being undertaken at Premier'sflagship RHA Tungsten Project in Zimbabwe, including further selected in-filldrilling and metallurgical test work, together with providing additionalgeneral working capital. Premier is actively engaged in discussions with potential off-take partners andfunders with the objective of securing the necessary funding for thedevelopment of the RHA Tungsten mine by the end of 2014. The Company willprovide a further update on progress in due course. The increase in the working capital facility is a related party transaction forthe purposes of the AIM Rules. The Board of Premier, other than George Roach,comprising the Independent Directors, consider, having consulted with theCompany's nominated adviser, that the terms of the increased facility are fairand reasonable insofar as all shareholders are concerned. **ENDS** For further information please visit www.premierafricanminerals.com or contactthe following: Pamela Hueston Premier African Minerals Limited Tel: +44 (0) 755 778 3855 Michael Cornish / Beaumont Cornish Limited Tel: +44 (0) 207 628 3396Roland Cornish (Nominated Adviser) Jerry Keen Shore Capital Stockbrokers Tel: +44 (0) 207 408 4090 Limited Edward Mansfield Shore Capital Stockbrokers Tel: +44 (0) 207 408 4090 Limited Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Charlotte Heap St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Notes Premier African Minerals Limited (AIM: PREM) is a multi-commodity explorationand development company focussed in Southern and West Africa. As well as its42% shareholding in TSX-Venture quoted AgriMinco (see www.agriminco.com), theCompany has a diverse portfolio of multi-commodity projects which includestungsten, rare earth elements (`REE'), gold, lithium, tantalum and uranium inZimbabwe and Togo, which span from brownfield projects with near-termproduction potential to grass-roots exploration.