Final Results

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining 28 June 2013 Premier African Minerals Limited (`Premier' or `the Company') Final Results Premier African Minerals Limited, the AIM quoted multi-commodity naturalresource company with mineral projects located in Western and Southern Africa,announces its results for the year ended 31 December 2012. Highlights * Admitted to AIM in December 2012 raising US$2.4m gross of expenses (£1.5m) to advance its key mineral projects in Zimbabwe * Commenced SAMREC code compliant resource delineation work programme at RHA tungsten project in Zimbabwe, with a view to developing towards production in the near-term * Acquired prospective Dapaong grass-roots gold exploration project in northern Togo in January 2013 * Announced the proposed sale of its Togo subsidiary with phosphate and industrial mineral assets and Mali subsidiary with potash assets to EPC - if approved this will give Premier an approximate 42% shareholding in EPC and an interest in its highly prospective Danakil Potash Project (the EPC shareholder vote to approve the transaction will take place on 30 June 2013) Executive Chairman and CEO Statement Since our admission to AIM in December 2012, which successfully raised grossUS$2.4m (£1.5m), I am delighted to report that Premier has made solid progressin establishing itself as a multi-commodity exploration & development companyfocussed in Southern and West Africa. As a company, we have a defined strategy focussed on value creation from ourdiverse multi-commodity asset base, which includes tungsten, rare earthelements (REE), gold, lithium, tantalum and flurospar in Zimbabwe and Togo inAfrica. It is our aim to unlock the intrinsic wealth of these assets, whichspan from brownfield projects with near-term production potential tograss-roots exploration. Premier plans to create value by implementing definedexploration and development programmes to prove-up resources with a view tofuture production and/or forming strategic alliances and completing corporatetransactions to maximise shareholder value. Within our portfolio we have three core projects. Our flagship RHA tungstenproject (`RHA') and large Katete REE project are both located in theinfrastructure rich Matabeleland North region in Zimbabwe. Meanwhile, ourDapaong grass-roots gold project in northern Togo, which we acquired in January2013 just after our admission to trading on AIM, has had exposure tosignificant artisanal activity. We also have a pipeline portfolio of assetswhich offer value upside potential through future exploration or near-termstrategic alliances or corporate transactions. With the above in mind, we have been highly active since our flotation and havemade significant progress on a number of fronts, including proving-up theprospectivity of RHA with a view to bringing a small-scale tungsten miningoperation into production in 2014, which would in-turn generate early cash flowfor Premier. We have also entered into a significant corporate transaction witha TSX listed company (TSX Venture `FED') Ethiopian Potash Corporation (`EPC'),an Ethiopian focussed potash company, which if completed, would allow for ourMalian potash and Togo phosphate and clays pipeline projects to be progressed.Additionally if EPC shareholders approve the transaction (which I outline belowin `Corporate Transactions'), Premier will own a 42% shareholding in EPC givingus exposure to EPC's highly prospective Danakil potash project in Ethiopia andretain an interest in Premier's clays, phosphate and potash projects. RHA Tungsten Project - Zimbabwe RHA covers a 1,800 hectare land holding and is located approximately 20kmsouth-east of Hwange and 270km north of Bulawayo in the prospectivemulti-commodity Kamativi Tin Belt in north-west Zimbabwe. The project, which webelieve shows great potential to be developed into a low-capital and operatingcost mine in the near term, boasts excellent infrastructure with electricalpower available from a ZESA power line and industrial water available from themine dam and domestic water available from a borehole. Furthermore, the projecthas easy access via the main Bulawayo-Victoria Falls tar road and 25km ofgravel road to the mine. Intermittent small scale mining was conducted at RHA and the adjacent Tung mine(which Premier has an option to acquire) 5km away. Between 1931 and 1979 themines jointly produced 1,247 tonnes of concentrate at an average concentrategrade of 65% WO3. Since being admitted to trading on AIM in December 2012 we have implemented adefined exploration and development programme with a view to proving a SAMRECcode compliant resource and fast-tracking the project towards development bythe end of 2013. In 2012 we implemented a 1,302m five-hole diamond drilling (`DD') programmewhich returned significant tungsten mineralisation in the form of very coarsewolframite crystals hosted by quartz veins that are 5cm - 30cm wide. Thisdrilling returned a best intercept of 1.33% WO3 over 3m. From here we undertooka further detailed examination and sampling of the DD drill core, targeting 198individual samples with values of over 0.15% WO3. We were delighted to announcein April 2013 that of these 198 samples, 68 again contained significanttungsten mineralisation and importantly that nine of the samples returnedgrades of over 5% WO3 and three samples were over 10% WO3, which areexceptionally high values in terms of tungsten exploration (see press releasedated 17 April 2013 for full sampling results). The sampling also confirmedthree highly mineralised quartz veins in the hanging wall of the existing lodesystem and uncovered a previously unknown well-mineralised lode located underthe north face of the hill. We have now conducted low-cost surface trenching and further sampling toconfirm the extent of these newly identified quartz veins and define a maidenSAMREC compliant resource that we will release in due course. In tandem withthis, CAE Mining of Johannesburg has constructed a 3D Datamine model usinginformation derived from historic plans and sections, and the results of thehistoric Falconbridge channel sampling work undertaken at RHA. The completedmodel will be fed into the conceptual mine study, which is now underway, andwill determine the most beneficial and cost effective method of exploiting theknown extent of the RHA deposit. The conceptual study will consider thepossibility of early and low-cost production from the recently discoveredoutcropping mineralised quartz veins, and from existing tailings dams anddumps. Given the availability of water and power at our RHA property, and therelative simplicity of the required processing plant, we believe that we willbe able to commence development before the end of 2013 with a view toproduction in 2014, subject to an improved capital markets appetite and thecontinued strength of tungsten demand. Katete REE Project - Zimbabwe Our second development project, Katete, boasts a large multi-phased REEenriched carbonatite complex that is exposed at surface, and we believe has thepotential to be developed as an open pit, low-strip mining project. Theproject, which spans 3,750 hectares covering 25 mineral claim blocks in theMatabeleland north province in north-west Zimbabwe, can be accessed vianational highways and has a good source of power and water; important factorsto have in place when considering developing mining projects. Katete has had previous exploration work undertaken by Anglo American in the1970s, which identified the presence of significant REE mineralisation andhighlighted the potentially large REE structure hosted. We have undertaken trenching at the project, taking 425 samples, whichidentified high-grade zones between 13% Total Rare Earth Oxide (`TREO') with apeak result of 14.6% TREO. We also undertook a scout drilling programme over 7holes for 1,178m and discovered that the TREO distribution is consistent atdepth with levels consistently over 3% and with varying widths from 1m to 4m.We are looking to complete mineralogical and metallurgical testwork during thecourse of this year and we are aiming to delineate a SAMREC code compliantresource statement in the second half of 2013. Dapaong Gold Project - Togo In January 2013 we were delighted to have secured two gold Exploration Permitstotalling 400 sq km in the Dapaong area of northern Togo. The licence areas areconsidered to be highly prospective for gold, having extensive artisanalactivity, but have not yet been the subject of systematic exploration. The Project is underlain by volcanic and sedimentary Birimian-aged intrusiverocks with minor volcano-sedimentary sequences, quartz veins and pegmatites,which form part of the larger West African Craton geologic region. Goldmineralisation generally occurs along north to north east trending shear zonesand faults that cut Birimian belts or form the margins of these Birimian beltswhere sedimentary rocks often include paleo-placer gravels. Substantial goldmineralisation has previously been discovered within Birimian-aged formationbelts located in Ghana, Côte d'Ivoire, Mali, Guinea and Burkina Faso. Majorgold mines in the region include, Tarkwa in Ghana operated by GoldFields, whichhas a 15million oz resource and produces circa 700,000 oz per annum; Oubasimine in Ghana operated by AngloGold which produces circa 300,000 oz of gold perannum; and the Youga gold mine operated by Etruscan Resources in southernBurkina Faso, which produces circa 80,000 oz of gold per annum. Multiple rivers draining Birimian rocks in the West African Craton holdalluvial gold deposits and an initial reconnaissance visit by our Premiergeological teams have already identified four areas in the drainage systemswhere there has been recent artisanal activity. We believe that the area offers excellent development potential due to itslocation and geological signature. Accordingly, using our first mover advantagein northern Togo and our existing resources in the country, we intend tocommence exploration directed towards the discovery of bedrock sources ofartisanal gold workings and geochemistry programmes to help quantify thepotential of the highly prospective area. Pipeline Portfolio We have an exciting pipeline portfolio of projects in Zimbabwe, Togo and Mali,which include assets we own and those in which we will retain an interest,subject to completion of the EPC transaction. When we first established Premierin 2007, we set out to apply for licences in areas that showed prospectivityand development potential with no commodity bias. In this vein, we have apipeline portfolio (see table 1), which whilst not core to our currentexploration and development activities, offers upside potential through futureexploration or near term strategic alliances or corporate transactions. Table 1: Pipeline portfolio Project Country Further details Southern Togo Togo * 173,99sq km project located in southern Togo, 35kmPhosphate * from Port of Lome * Commercial phosphate development potential in Togo * Borders State high grade phosphate mine - 50M t of ore over 40 years at 35.7% P₂O₅ product * Historical hydrogeological drilling identified phosphate beds on property & shallow cover deposit suggests potential for low capex open pit mining * Conceptual Exploration Target of 75Mt at 32% P₂O₅ (Venymn) Southern Togo Togo * Located in the northern part of Southern TogoClays * Project * High quality clays project with potential in-situ resources of 108Mt attapulgite and smectite * Mineralisation remains open along strike and down dip * Venymn: potential conceptual Exploration Target upside of 254Mt Bassar Togo * Located 315 km north of Premier's Southern TogoPhosphate * project (350km to Port of Lome) * Non-compliant resource of 20Mt at 22% P₂O₅ Haito Nickel Togo * 600 sq km project located in south west Togo -Laterite deposit still open at depth * Inferred compliant resource by surface pitting of 7.21Mt at 0.99% Ni at 0.7% Ni cut off Pagala Togo * 400 sq km contiguous land position 230km north ofLead-Zinc the Port of Lome * Non-compliant resource of 3.6Mt at 2.7% Zn Kara Togo * 766 sq km permit area 380km north of the Port ofNiamtougou LomeUranium * Non-compliant resource of 150 -300t Uȝ08 Taoudenni Mali * 976 sq km prospecting area in central northern MaliPotash * 53Mt non-compliant resource of sodium salt Tinde Zimbabwe * 1,350 hectare project located east of the historicFluorspar Kamativi tin mine in the Matabeleland North province * Vein fluorspar >30% grade historically mined - Exploration Target 34,000t at 33%CaF2 Lubimbi REE Zimbabwe * REE deposit located in Matabeleland North province * Xenotime identified in historical trenching Zulu Lithium Zimbabwe * 350 hectare project with good infrastructure located 16km from Fort Rixon District in Matabeleland South province - Exploration Target of 1Mt @1.45% Li (*) Interest will be retained by Premier if the deal with EPC is completed on30 June 2013 Corporate Transactions In line with one of our core strategies of adding value through corporatetransactions we were pleased to announce, in April 2013, that we had enteredinto a definitive agreement (`the Definitive Agreement') with EPC, for the saleof our Mali subsidiary, G and B African Resources Mali SARL (`Mali Sub'). OurMali Sub holds rights to acquire two exploration authorisations, namely theTaoudenni and Oglat Projects as described in the Company's Admission Document. Further to this, in May 2013, we agreed the sale of our Togo subsidiary, G andB African Resources SARL (`Togo Sub'), as part of the same transaction, whichincludes our Southern Togo phosphate and clays projects and our Bassarphosphate project. The consideration for the sale is 120 million new shares in EPC based on an EPCshare price of C$0.02 per share (EPC's last trading price), which equates toC$2.4 million. If completed, this will give Premier an approximate 42%shareholding in EPC. Excitingly, as the major shareholder in EPC, Premier willgain significant exposure to EPC's prospective Danakil potash property inEthiopia, in which EPC will retain a 30% interest, with a free carry to ScopingStudy and a total spend of $10 million. Circum Resources Ltd, the purchaser of70% of this property, has raised the funds required to meet the carry referredto above and expects to rapidly advance exploration of the property. Significantly, through our shareholding in EPC, we will retain an interest inour Malian and Togo assets, gaining any potential upside from the explorationand development of these properties, at no further exploration spend to theCompany. This transaction is subject to EPC shareholder approval and fulfillment of theconditions precedents as set out in the Definitive Agreements. EPC'sshareholder meeting is set for 30 June 2013. We look forward to updatingshareholders on this transaction in due course and we continue to look foropportunities to realise value from our portfolio of assets and look tostrengthen the cash position of the Group. Results and Dividends The results of the Group include the results of ZimDiv Holdings Limited(`ZimDiv') which Premier acquired on 4 December 2012. The acquisition of ZimDivon a share for share exchange has been accounted for as a merger, meaning theresults for the Group for the year ended 31 December 2012 and 31 December 2011have been retrospectively adjusted which is consistent with the aggregationpresentation in the Company's Admission Document. As we are currently an exploration and development group, no income was earnedduring the year end as a result. The Group incurred a loss for the year ofUS$2,098,269 (2011: US$998,820). The loss includes a once-off charge ofUS$372,240 related to the Company's admission to trading on AIM not chargedagainst share capital and a US$374,754 share based payment charge on account ofoptions and warrants issued on Admission. Cash at year end was US$1.52m compared to US$338,000 at 24 June 2013, beingless than we had anticipated to have at this time. The key reasons for this arethat the transaction with EPC took longer than anticipated due to itscomplexity and the addition of the sale of the Togo properties, and thisresulting in professional fees. The delay also meant that we bore overheadcosts in Mali and Togo for longer than anticipated. We also incurred higherthan expected costs for work on our RHA project in Zimbabwe due to certaintechnical issues and a re-modeling of the 3D Datamine model for newlydiscovered areas which had not been included in the historical information. The Company does not anticipate paying dividends until one or more of itsprojects enter into the production phase and the Company becomes significantlycash generative. The Directors will consider a dividend policy when it becomescommercially prudent to do so. Outlook As previously highlighted, Premier's strategy is one of value creation. Premieris committed to generating value from our diverse multi-commodity asset base byimplementing defined exploration and development programmes to prove-upresources with a view to future production and/or forming strategic alliancesand completing corporate transactions to maximise shareholder value. The second half of 2013 is shaping up to be highly active in terms of valuedrivers for Premier. With a SAMREC code compliant resource due soon at ourflagship RHA project in Zimbabwe and a conceptual mine study underway with aview to mine development beginning by the end of the year, we believe that RHAis set to be our first project to move into production (targeting early 2014)and in-turn generate cash for the company. In addition we also have two othercore projects: Katete in Zimbabwe, where we are completing metallurgical testwork and looking to define a SAMREC code compliant resource by the end of theyear; and the Dapaong gold project in Togo, where we have secured a first moveradvantage. Finally our recently announced corporate transaction, subject to it completingsoon after publishing of these results, should result in additional value forPremier shareholders and will give the Group exposure to EPC's highlyprospective Danakil potash project, as well as, allow us to retain asignificant interest in our Mali and Togo projects. With these developments inprogress I believe Premier has the foundations in place from which to deliversignificant value and I look forward to updating the market of our progressduring 2013 and beyond. Whilst we believe our outlook is bright, it must be tempered with a note ofcaution in regard to the fact that Premier is and remains an explorationcompany at this time, and as such, it is highly dependent on the judicious useof available funds and an ability to either raise additional funds, or generatecash through early production or profitably dispose of properties. The Board recognise that it will need to address financing requirements in thenear future. As disclosed in our Admission Document, I have provided a £300,000facility which has not yet been drawn down. In addition, it was announced on24 May 2013 that I intend to increase this facility to not less than £600,000,subject to agreement with the Board, and I have recently also confirmed to theBoard that I am in negotiations with third party investors to increase thisfacility further. I expect that all these negotiations will be finalisedshortly after release of a maiden resource and near-term mine development planfor RHA which is expected by 31 July 2013. In addition, the Board believes thatthe EPC transaction, if completed, has the potential to provide significantshareholder value, both if we can retain our shareholding in EPC and allow usto dispose of some of our EPC shares for cash, subject to market conditionsbeing favourable. Finally, I would like to take this opportunity to thank my fellow directors,management and advisors for their dedication and help over the past year duringour admission to trading on AIM, as well as our shareholders for theircontinuing support. George RoachExecutive Chairman and CEO27 June 2013 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Expressed in US dollars for the year ended 31 December 2012 2012 2011 $ $ Administrative expenses (2,040,721) (895,881) Depreciation and amortization expense (25,581) (23,212) Exploration expenses (36,279) (75,415) Operating loss (2,102,581) (994,508) Finance costs 4,312 (4,312) Loss before tax (2,098,269) (998,820) Income tax expense - - Loss for the year (2,098,269) (998,820) Other comprehensive income: Exchange differences on re-translation 31,408 -of foreign operations Total comprehensive income for the year (2,066,861) (998,820)attributable to the owners of theparent Loss per share (expressed in US cents) Basic loss per share (3c) (2c) Diluted loss per share (3c) (2c) CONSOLIDATED STATEMENT OF FINANCIAL POSITION Expressed in US dollars for the year ended 31 December 2012 2012 2011 $ $ ASSETS Non-current assets Intangible exploration and 6,724,099 2,512,136evaluation assets Property, plant and equipment 48,301 42,938 Total non-current assets 6,772,400 2,555,074 Current assets Trade and other receivables 179,973 101,437 Cash and cash equivalents 1,517,784 68,448 Total current assets 1,697,757 169,885 TOTAL ASSETS 8,470,157 2,724,959 LIABILITIES Current liabilities Trade and other payables (170,324) (153,566) Borrowings - (3,433,461) Shares to be issued (1,500,000) - TOTAL CURRENT LIABILITIES AND TOTAL (1,670,324) (3,587,027)LIABILITIES NET ASSETS/(LIABILITIES) 6,799,833 (862,068) EQUITY Share capital 11,006,728 1,562,000 Merger reserve (176,495) (176,495) Foreign exchange reserve 31,408 - Share based payment reserve 303,638 19,604 Retained earnings (4,365,446) (2,267,177) TOTAL EQUITY ATTRIBUTABLE TO THE 6,799,833 (862,068)OWNERS CONSOLIDATED STATEMENT OF CASH FLOWS Expressed in US dollars for the year ended 31 December 2012 2012 2011 $ $ Net cash outflow from operating (1,759,712) (1,223,875)activities Investing Activities Exploration and evaluation expenditures (1,825,596) (1,516,121) Purchases of property, plant and (30,862) (20,815)equipment Net cash used in investing activities (1,856,458) (1,536,936) Financing Activities Proceeds from borrowings 3,766,385 2,105,086 Net proceeds from issue of share capital 1,291,272 400,000 Net cash from financing activities 5,057,657 2,505,086 Net increase/(decrease) in cash and cash 1,441,487 (255,725)equivalents Cash and cash equivalents at beginning of 68,448 324,173year Effect of foreign exchange rate variation 7,849 - Net cash and cash equivalents at end of 1,517,784 68,448year CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Expressed in US dollars for the year ended 31 December 2012 Share Foreign based Share Merger exchange payment Retained capital reserve reserve reserve earnings Total $ $ $ $ $ $ At 1 January 2011 1,562,000 (944,500) - - (1,268,357) (650,857) Loss and total - - - - (998,820) (998,820)comprehensiveincome for theyear Transactions withowners Issue of equity - 768,005 - - - 768,005shares by ZimDivHoldings Ltd. Share based - - - 19,604 - 19,604payment At 31 December 1,562,000 (176,495) - 19,604 (2,267,177) (862,068)2011 Loss for the year - - - - (2,098,269) (2,098,269) Exchange - - 31,408 - - 31,408differences onre-translation offoreign operations Total - - 31,408 - (2,098,269) (2,066,861)comprehensiveincome for theyear Transactions withowners Issue of equity 10,843,510 - - - - 10,843,510shares Share issue costs (1,398,782) - - - - (1,398,782) Share based - - - 284,034 - 284,034payment At 31 December 11,006,728 (176,495) 31,408 303,638 (4,365,446) 6,799,8332012 1. General information Premier African Minerals Limited (`Premier' or `the Company'), together withits subsidiaries (the `Group'), was incorporated in the Territory of theBritish Virgin Islands under the BVI Business Companies Act, 2004. The addressof the registered office is Craigmuir Chambers, PO Box 71, Road Town, Tortola,British Virgin Islands. The Group's operations and principal activities are the exploration, evaluationand development of mineral reserves, primarily on the African continent. Premier's shares were admitted to trading on the London Stock Exchange's AIMmarket on 10 December 2012. 2. Basis of preparation These consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards (IFRS) in issue and as endorsed bythe European Union. IFRS includes interpretations issued by the IFRSinterpretations Committee (formerly IFRIC). The consolidated financial statements have been prepared on the historical costconvention and on a going concern basis. The preparation of financialstatements in conformity with EU adopted IFRS requires the use of certaincritical accounting estimates. It also requires management to exercise itsjudgement in the process of applying the Group's accounting policies. The accounting policies set out below are consistent across the Group and toall periods presented in these financial statements. 3. Loss per share The calculation of loss per share is basedon the loss after taxation divided by the 2012 2011weighted average number of shares in issue $ $during the year: Net loss after taxation (2,098,269) (998,820) Weighted average number of Ordinary Shares 69,413,680 47,300,002in calculating basic earnings per share Basic loss per share (expressed in US cents) (3c) (2c) Weighted average number of Ordinary Shares 69,413,680 47,300,002used in calculating fully diluted earningsper share Diluted loss per share (expressed in US (3c) (2c)cents) As the Group incurred a loss for the year, there is no dilutive effect of shareoptions or warrants. 4. Going concern These consolidated financial statements were prepared on the going concernbasis. The going concern basis assumes that the Group will continue inoperation for the foreseeable future and will be able to realise its assets anddischarge its liabilities and commitments in the normal course of business. TheGroup has incurred significant operating losses and negative cash flows fromoperations as the Group is an exploration stage resource Group. The recoverability of the underlying value of exploration and evaluation assetsis entirely dependent on the existence of economically recoverable reserves,securing and maintaining title and beneficial interest in the properties, theability of the Group to obtain the necessary financing to complete development,and future profitable production. The Group has cash reserves at 24 June 2013 of approximately $338,000 and hasan undrawn loan facility of £300,000 from the Chairman available to it, asdisclosed in note 26. The Directors have prepared cash flow forecasts for theperiod ended 30 June 2014, taking into account forecast expenditure, availableworking capital and the existing loan facility. These forecasts indicate thatthe Group will need to obtain additional loan finance or equity to fund itsoperations for the period to 30 June 2014. As disclosed in the Chairman's Statement, it was announced on 24 May 2013 thatthe Chairman intends to increase the loan facility to not less than £600,000,subject to agreement with the Board. The Chairman has recently also confirmedto the Board that he is in negotiations with potential third party investors toincrease this facility further and expects that these negotiations will befinalised shortly after release of a maiden resource and near-term minedevelopment plan for RHA Tungsten which is expected by 31 July 2013. Inaddition, the Board believes that the Ethiopian Potash Corp.(`EPC') transaction(refer note 27), if completed, has the potential to provide significantshareholder value, both if Premier can retain its shareholding in EPC and allowthe Company to dispose of some of its shares in EPC for cash, subject to marketconditions being favourable. After careful consideration of those matters set out above, the Directors areof the opinion that the Group will be able to obtain adequate resources toenable it to undertake its planned activities for the period to 30 June 2014and have prepared these consolidated financial statements on the going concernbasis. These consolidated financial statements do not include any adjustmentsto the amounts and classification of assets and liabilities that might benecessary should the Group be unable to continue in business. 5. Audit Report The audit report for the year ended 31 December 2012 does not include anyqualifications. The audit report contains an emphasis of matter, the details ofwhich are set out below:- "In forming our opinion on the financial statements, which is not modified, wehave considered the adequacy of the disclosures made in note 5 of the financialstatements concerning the group's ability to continue as a going concern. Thegroup incurred a loss for the year ended 31 December 2012 of £2,098,269. Thegroup's forecasts indicate that operating losses are expected to continue forthe foreseeable future and that the group requires additional working capital,as explained in note 5. These conditions, along with the other mattersexplained in note 5 of the financial statements, indicate the existence of amaterial uncertainty which may cast significant doubt about the group's abilityto continue as a going concern. The financial statements do not include theadjustments that would result if the group was unable to continue as a goingconcern." 6. Posting of accounts The annual report for the financial year to 31 December 2012 will bedistributed to all shareholders on 28 June 2013 and will be available fordownload on the Company's website at www.premierafricanminerals.com. **ENDS** For further information please visit www.premierafricanminerals.com or contactthe following: Pamela Hueston Premier African Minerals Limited Tel: +44 (0) 755 778 3855Tony Rawlinson Cairn Financial Advisers LLP (Nomad) Tel: +44 (0) 207 148 7900Jerry Keen Shore Capital Stockbrokers Limited (Broker) Tel: +44 (0) 207 408 4090Edward Mansfield Shore Capital Stockbrokers Limited (Broker) Tel: +44 (0) 207 408 4090Felicity Edwards St Brides Media & Finance Ltd (PR) Tel: +44 (0) 20 7236 1177