Off-take Agreement MOU and Corporate Update

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining Premier African Minerals Limited (`Premier' or `the Company') Off-take Agreement MOU and Corporate Update Premier African Minerals Limited, the AIM traded, multi-commodity naturalresource company with mineral projects located in Western and Southern Africa,has signed a non-binding Memorandum of Understanding (`MOU') with an industryoff-take partner for the supply of tungsten from the RHA Tungsten Project(`RHA') located in the Kamativi Tin Belt in north-west Zimbabwe, in whichPremier has a 49 per cent. interest. The MOU outlines the basis of cooperation between the parties to negotiate thedetailed terms and conditions of an off-take agreement for the purchase of aproportion of tungsten concentrate or other tungsten material from RHA for aminimum period to be defined, subject to price and product specifications.Price will be determined on the basis of a formula linked to published prices. The MOU remains in effect for two months and the parties are working closely onfinalising a signed off-take agreement. The Company will provide a furtherupdate on progress in due course. Corporate Update The Company also provides an update on operational activities. RHA Tungsten Project The additional drilling of Lode 2A, as recommended in the Preliminary EconomicAssessment (`PEA') (see RNS dated 28 August 2013) has commenced and is expectedto be completed by end of December 2013. To date three out of a plannedthirteen holes have been completed. Geological logging is proceeding inpreparation for cutting and sampling of the mineralised intersections. Quartz veins with visible tungsten mineralisation in the form of coarse grainedwolframite (Fe,MnWO3) have been intersected in all three holes and logging bythe Qualified Person, Mr. R Ingram, indicates a correlation with previouslyidentified and assayed mineralisation intersected in previous drilling. Onceassays are available, the RHA geological model and resource statement will beupdated. Summary: * DD07. Inclined at -70 degrees, final depth 125m. Mineralised quartz veins were intersected over the interval from 72.60m below collar (`BC') to 123.38m BC. * DD08. Inclined at -65 degrees, final depth 140m. Mineralised quartz veins were intersected over the interval from 72.60m BC to 138.85m BC. * DD09. Inclined at -60 degrees, final depth 170m. Mineralised quartz veins were intersected over the interval from 56.32m BC to 157.83m BC. SGS South Africa has been commissioned to undertake mineralogical andmetallurgical test work on the drill samples obtained from Lode 2A. This workwill be used to refine the metallurgical design and to further the finalisationof the off-take agreement described above. TogoProperties A comprehensive review of the Company's Togo properties and those held byAgriMinco Corp, in which Premier has a 42 per cent. interest has beenundertaken and additional, highly prospective areas have been identified inthis under-explored region. Option Agreement RHA comprises 50 mineral claim blocks covering 1,800 hectares, 10 of which areowned by Premier and 40 which are under option (the "Liebenberg Option"). TheCompany intends to exercise the Liebenberg Option by early 2014 and is innegotiations to acquire additional tungsten deposits in Zimbabwe. George Roach, CEO of Premier, commented: "The signing of our first off-take MOU is another key development for thecommercialisation of RHA. "Meanwhile, our objective for the current drilling at RHA is to upgrade boththe quantity and the quality of the code-compliant resource; basically fromInferred and Indicated to Indicated and Measured. We are continuing to assessfinancing alternatives for the construction of RHA." Qualified Person The technical information contained in this announcement has been prepared andreviewed by Robert Ingram, BSc, CEng, PrNatSci, FGSSA, MSEG, and Alexander duPlessis PrEng, BSc(Eng), MSc(Eng), CertEng, FSAIMM, who are appointedconsultants to Premier African Minerals Limited. Professor du Plessis is also adirector of the Company. Mr Ingram is registered with the South African Councilfor Natural Scientific Professions (SACNASP) Registration Number 400057/92, andProfessor du Plessis with the Engineering Council of South Africa (ECSA)Registration Number 950232. They are satisfied with the accuracy and precisionof this release by Premier African Minerals Limited. 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/Edward Shore Capital Stockbrokers Tel: +44 (0) 207 408 4090Mansfield Limited Tim Blythe/ Blythe Weigh Communications Tel: +44 (0) 207 138 3204Halimah Hussain Notes Premier African Minerals Limited (AIM: PREM) is a multi-commodity explorationand development company focused in Southern and West Africa. As well as its 42per cent. shareholding in TSX-Venture quoted AgriMinco (see www.agriminco.com),the Company has a diverse portfolio of multi-commodity projects which includestungsten, rare earth elements, gold, lithium, tantalum and uranium in Zimbabweand Togo, which span from brownfield projects with near-term productionpotential to grass-roots exploration. Glossary of Technical Terms "Assay" is a chemical test performed on a sample of ores or minerals todetermine the amount of valuable metals contained. "Indicated mineral resource" is that part of a mineral resource for whichquantity, grade or quality, densities, shape and physical characteristics, canbe estimated with a level of confidence sufficient to allow the appropriateapplication of technical and economic parameters, to support mine planning andevaluation of the economic viability of the deposit. The estimate is based ondetailed and reliable exploration and testing information gathered throughappropriate techniques from locations such as outcrops, trenches, pits,workings and drill holes that are spaced closely enough for geological andgrade continuity to be reasonably assumed. "Inferred mineral resource" is that part of a mineral resource for whichquantity and grade or quality can be estimated on the basis of geologicalevidence and limited sampling and reasonably assumed, but not verified,geological and grade continuity. The estimate is based on limited informationand sampling gathered through appropriate techniques from locations such asoutcrops, trenches, pits, workings and drill holes. "Measured mineral resource" is that part of a mineral resource for whichquantity, grade or quality, densities, shape, and physical characteristics areso well established that they can be estimated with confidence sufficient toallow the appropriate application of technical and economic parameters, tosupport production planning and evaluation of the economic viability of thedeposit. The estimate is based on detailed and reliable exploration, samplingand testing information gathered through appropriate techniques from locationssuch as outcrops, trenches, pits, workings and drill holes that are spacedclosely enough to confirm both geological and grade continuity. "Mineral resource" is a concentration or occurrence of diamonds, natural solidinorganic material or natural fossilized organic material including base andprecious metals, coal, and industrial minerals in or on the Earth's crust insuch form and quantity and of such a grade or quality that it has reasonableprospects for economic extraction. The location, quantity, grade, geologicalcharacteristics and continuity of a mineral resource are known, estimated orinterpreted from specific geological evidence and knowledge. "Mineralisation" is the presence of a target mineral in a mass of host rock. "Tungsten" is a metallic element known as wolfram with a symbol of W and anatomic number of 74. "Veins" are a tabular or sheet like body of one or more minerals deposited inopenings of fissures, joints or faults, frequently with associated replacementof the host rock.

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