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PREMIER AFRICAN MINERALS LTD - Issue of two gold exploration permits in Togo

Date : 01/08/2013 @ 12:35PM
Source : PR Newswire (US)
Stock : Premier Afr (PREM)
Quote : 1.0  0.025 (2.56%) @ 2:57PM
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PREMIER AFRICAN MINERALS LTD - Issue of two gold exploration permits in Togo

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PREMIER AFRICAN MINERALS LTD - Issue of two gold exploration permits in Togo
 Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining 

8 January 2013

Premier African Minerals Limited (`Premier' or `the Company')


                 Issue of two gold exploration permits in Togo                 

Premier African Minerals Limited, the AIM quoted multi-commodity natural resource company with mineral projects located in Western and Southern Africa, is pleased to announce that two gold Exploration Permits in the Dapaong area of Togo (`Dapaong' or `the "Project') which were stated as having been approved in the Company's AIM Admission Document dated 4 December 2012, have now been formally issued to the Group. The total area under permit is 400 sq km.

Highlights:

  * Dapaong is considered to be highly prospective for gold due to location and
    geological setting;
   
  * Project underlain by volcanic and sedimentary Birimian-aged intrusive
    rocks, the geology that hosts major mines in Ghana, Mali & Burkina Faso;
   
  * Significant artisanal activity across the licence, which has not yet been
    subject to a systematic exploration programme for gold;
   
  * Using its existing resources in Togo, the Company intends to immediately
    commence exploration in order to quantify the full potential of this highly
    prospective area;
   
  * The Project adds to the Company's already extensive portfolio of mineral
    assets in Southern and West Africa, which are in various stages of
    development.
   

Information on the Dapaong Permits

Dapong consists of two permits, covering 400 sq km, for the exploration of gold and associated metals, which are valid for an initial period of three years.

The Project is underlain by volcanic and sedimentary Birimian-aged intrusive rocks with minor volcano-sedimentary sequences, quartz veins and pegmatites, which form part of the larger West African Craton geologic region. Gold mineralisation generally occurs along north to north east trending shear zones and faults that cut Birimian belts or form the margins of these Birimian belts where sedimentary rocks often include paleo-placer gravels. Substantial gold mineralisation has previously been discovered within Birimian-aged formation belts located in Ghana, Côte d'Ivoire, Mali, Guinea and Burkina Faso. Major gold mines in the region include Tarkwa in Ghana operated by GoldFields which has a 15.Moz resource and produces circa 700,000 oz per annum; Oubasi mine in Ghana operated by AngloGold which produces circa 300,000 oz of gold per annum; and the Youga gold mine operated by Etruscan Resources in southern Burkina Faso which produces circa 80,000 oz of gold per annum.

Multiple rivers draining Birimian rocks in the West African Craton hold alluvial gold deposits and an initial reconnaissance visit by Premier geological teams have already identified four areas in the drainage systems where there has been recent artisanal activity.

The Project is considered to be highly prospective for gold, having extensive artisanal activity but has not yet been the subject of systematic exploration. The Board believes that the area offers excellent development potential due to its location and geological signature. Accordingly, using its existing resources in Togo, the Company intends to immediately commence exploration in order to quantify the full potential of the highly prospective area.

George Roach, Chief Executive Officer of Premier African Minerals Limited, said: "The Dapaong Project in northern Togo is an exciting addition to Premier's diversified multi-commodity portfolio. Given the substantial size of the Project, the presence of Birimian-aged mineralisation, which has been proven to host commercial gold deposits across Western Africa, and the significant levels of artisanal activity, we consider Dapaong to have excellent development potential.

"This is the first announcement since our AIM listing in December 2012 and it underlines our aggressive development strategy aimed at both advancing our existing portfolio, which consists of a number of pre-production assets, and increasing our asset base to build shareholder value. We expect to be active in 2013, as we look to continue with the development of our RHA and Katete projects, which are highly prospective for tungsten and Rare Earth Elements respectively. In regard to these properties, we look forward to updating shareholders in due course."

A PDF version of this announcement including a map showing the geology of the Dapaong Gold Project in northern Togo and location map can be viewed on the Company's website www.premierafricanminerals.com.


                                   **ENDS**                                    

For further information please visit www.premierafricanminerals.com or contact the following:

Pamela Hueston Premier African Minerals Tel: +44 (0) 755 778 3855

                  Limited                                                
                                                                         

Tony Rawlinson Cairn Financial Advisers LLP Tel: +44 (0) 207 148 7901

                  (Nominated Adviser)                                    
Cairn Financial                                                          
Advisers LLP                                                             
                                                                         
Tel: +44 (0) 207                                                         
148 7900                                                                 
                                                                         
Jerry Keen        Shore Capital Stockbrokers    Tel: +44 (0) 207 408 4050
                  Limited                                                
                                                                         
Ed Mansfield      Shore Capital Stockbrokers    Tel: +44 (0) 207 408 4050
                  Limited                                                
                                                                         

Felicity Edwards St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177

Qualified Person:

The technical information contained in this announcement has been reviewed by Bruce Cumming, Technical Director, Premier African Minerals Limited. Mr Cumming holds a Bachelor of Science (Honours) in Geology from the University of Cape Town and is accredited to the South African Counsel for Natural Scientific Professionals (SACNASP). Mr Cumming has sufficient geological experience (over 35 years) to qualify as a Qualified Person for the purposes of this announcement and has reviewed the text of this announcement and is satisfied with the accuracy and precision of this release by Premier African Minerals Limited.

Copyright ry 7 PR Newswire



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