TSX Approval for Togo and Malian asset sale

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining 5 July 2013 Premier African Minerals Limited (`Premier' or `the Company') Approval from TSX Venture for sale of Premier's Togo and Mali subsidiaries to EPC Premier African Minerals Limited, the AIM quoted multi-commodity naturalresource company with mineral projects located in Western and Southern Africa,is pleased to announce that further to its press releases of 22 April 2013, 24May 2013, 4 June 2013 and 3 July 2013, the acquisition by Ethiopian PotashCorp. (`EPC') (TSX Venture: FED) of Premier's Togo and Mali subsidiaries(together the `Transactions') has received final approval from the TSX VentureExchange (`TSX-V'). As a result, Premier will hold 120 million new shares in EPC, representingapproximately 42% of the issued and outstanding shares. These shares, except asmentioned below, will be subject to a four month hold period and will betradeable from 31 October 2013. Of these shares, 20 million shares (whichrelate to the sale of Premier's Mali subsidiary) will be held in escrow pendingTSX-V approval of technical and legal reports being satisfactorily submittedprior to 30 June 2014. If approval is not forthcoming the Mali subsidiarytransaction will be unwound. As part of the Transactions, Premier has appointedtwo representatives to EPC's board, John (Ian) Stalker and David Weill as theCompany is entitled to nominate two directors to the board of EPC whilePremier's shareholding remains above 30%. Under the Transactions, Premier will gain exposure to EPC's prospective Danakilpotash property in Ethiopia, in which EPC will retain a 30% interest, with afree carry to Scoping Study and a total spend of C$10 million. Circum ResourcesLtd, the purchaser of 70% of this property, has raised the funds required tomeet the carry referred to above and expects to rapidly advance exploration ofthe property. In addition, through the Company's shareholding in EPC, Premierwill retain exposure to the Malian and Togo subsidiary assets, which includesthe Taoudenni and Oglat potash projects in Mali, the Southern Togo phosphate/clays projects, and the Bassar phosphate project in Togo. All assets arefurther described in the Company's Admission Document. Premier CEO, George Roach commented "This transaction has many benefits bothfor Premier and EPC. Through our substantial shareholding in EPC, Premierretains a significant interest in the prospective Togo industrial mineral andphosphate properties and Malian potash projects. Premier also acquires asignificant interest in EPC's Danakil potash property, gaining any potentialupside from the exploration and development of these properties at no furtherexploration spend to the Company. In conjunction, with positive developments atour RHA tungsten project in Zimbabwe, which we are advancing with a view tonear-term production, we believe it should be an exciting second half for 2013for Premier, and that we are well placed to deliver on our strategy ofgenerating value from our diverse multi-commodity asset base in Togo andZimbabwe." For further information please visit www.premierafricanminerals.com or contactthe following: **ENDS** Pamela Hueston Premier African Minerals Limited Tel: +44 (0) 755 778 3855 Tony Rawlinson Cairn Financial Advisers LLP (Nomad) Tel: +44 (0) 207 148 7900 Jerry Keen Shore Capital Stockbrokers Limited Tel: +44 (0) 207 408 4090 Edward Mansfield Shore Capital Stockbrokers Limited Tel: +44 (0) 207 408 4090 (Broker) Felicity Edwards St Brides Media & Finance Ltd (PR) Tel: +44 (0) 20 7236 1177 Notes Premier African Minerals Limited is a multi-commodity exploration anddevelopment company focussed in Southern and West Africa. As well as itsshareholding in EPC, the Company has a diverse portfolio of multi-commodityprojects which includes tungsten, rare earth elements (`REE'), gold, lithium,tantalum and uranium in Zimbabwe and Togo, which span from brownfield projectswith near-term production potential to grass-roots exploration. Premier plansto create value by implementing defined exploration and development programmesto prove-up resources with a view to future production and/or forming strategicalliances and completing corporate transactions to maximise shareholder value. Within Premier's portfolio it has three core projects. Its flagship RHAtungsten project (`RHA') in Zimbabwe, has the exploration potential to hosteither a commercial scale open pit or high-grade underground tungsten mine. ASAMREC resource is expected by 31st July 2013 and a mining study is underwaywith a view to bringing a small-scale tungsten mining operation into productionin 2014. Premier's second priority project in Zimbabwe is the Katete REEproject, which again has the potential to be developed as an open pit mine. Theproject, which spans 3,750 ha, has returned a peak result from trenching of14.6% TREO. Premier is targeting to delineate a code-compliant resourcestatement in H2 2013. Thirdly Premier is exploring its Dapaong grass-roots goldproject in northern Togo, which it acquired in January 2013. The Company alsohas a pipeline portfolio of assets which further de-risks its exposure.