07:00 Tue 12 Dec 2017
Premier African Min - RHA Update
RHA Update
Open Pit Review
In order to confirm the in-situ resource grade, stripping ratio and concentrate recovery through the plant, RHA has completed the mining phase of a large bulk sample containing 8,272 tonnes of ore from the open pit of which 7,247 tonnes have been processed. The results will guide future open pit operations and cost effectiveness or otherwise, of blending ore from the open pit with underground ore. Processing of the remaining component of open pit ore through the plant will take place when the mining contractor has completed fragmentation of large boulders.
Underground Operations
Underground mining and on strike development are progressing well. The monthly target tonnage required to achieve profitable operations at RHA at projected resource grade, remains less than the projected 6,000 tonnes per month mining target. 3,700 tonnes of ore from on strike development is available on the ROM and this tonnage is expected to reach 6,000 tonnes during
Plant Performance
Plant performance is encouraging, and the extensive maintenance and optimisation work completed over the past few months has seen improved plant recoveries, when plant availability maintains satisfactory levels of performance. Plant throughput is 700 tonnes per day and plant performance is primarily constrained because of a high fine particle percentage in the open pit ore. Processing of underground ore only and/or mixing of open pit with underground ore is likely to improve plant performance as well as overall recoveries of concentrate even further.
Finance
Capital budgets for the underground operations at RHA are fully funded and no portion of the recent financing announced on
To date, RHA has been sole funded by Premier and has received no contribution from the National Indigenisation and Economic Empowerment Board ("NIEEB"), which holds a 51% interest in RHA. Premier is owed in excess of
Afmine
The Company also issued today 59,756,000 new Ordinary Shares at an issue price of
The Afmine Shares will rank pari passu in all respects with the existing Ordinary Shares. Application will be made for the Afmine Shares to be admitted to trading on AIM and admission is expected to take place on or around
Following the issue of the Ordinary Shares, the Company's issued share capital consists of 6,557,972,350 ordinary shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries
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Tel: +44 (0)7734 922074 |
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(Nominated Adviser) |
Tel: +44 (0) 207 628 3396 |
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Tel: +44 (0) 207 408 4090 |
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Tel: +44 (0) 20 7382 8300 |
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Tel: +44 (0) 7747 788221 |
Notes to Editors:
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, gold, lithium and tantalum in
Forward Looking Statements:
Certain statements in this announcement are, or may be deemed to be forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should", ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''will'' or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.
ENDS
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