Premier African Minerals Ltd. Reports Holdings of Common Shares of Ethiopian Potash Corp.

Premier African Minerals Ltd. Reports Holdings of Common Shares of Ethiopian 
Potash Corp. 
LONDON, UNITED KINGDOM -- (Marketwired) -- 07/04/13 -- Premier
African Minerals Ltd. ("PREM") announces that PREM acquired control
over an aggregate of 120,000,000 common shares ("Common Shares") of
Ethiopian Potash Corp. ("EPC") as part of a series of transactions
(the "Transactions"), including the acquisition by EPC of all of the
issued and outstanding shares of G and B African Resources SARL ("G&B
Togo") and G and B African Resources Mali SARL ("G&B Mali"), which
hold certain exploration permits in Togo and certain exploration
authorizations in Mali (the "Mali Exploration Authorizations"),
respectively, from PREM. The Transactions were approved by
shareholders of EPC at an annual and special meeting held on June 30,
2013 (the "Meeting"). The 120,000,000 Common Shares represent
approximately 42% of the issued and outstanding Common Shares. George
Roach, the Chief Executive Officer of PREM and Chairman and Chief
Executive Officer of EPC, through family trusts, of which Mr. Roach
may be a beneficiary, indirectly controls 16,993,774 Common Shares,
representing 14% of the issued and outstanding Common Shares
immediately prior to the Transactions.  
In addition to the foregoing, for purposes of applicable Canadian
securities laws, George Roach may be considered to be acting jointly
or in concert with PREM, as each of them beneficially owns or
exercises control or direction over securities of EPC as described
above. Accordingly, for purposes of applicable Canadian securities
laws, George Roach and PREM, as a result of the Transactions may be
considered to beneficially own or exercise control or direction over
an aggregate of 136,993,774 Common Shares, representing approximately
56% of the Common Shares, calculated in accordance with applicable
Canadian securities laws. 
The securities of EPC referred to in this release were acquired by
PREM for investment purposes. PREM intends to review its investment
in EPC on a continuing basis. Depending on various factors including,
without limitation, EPC's financial position, the price levels of the
securities of EPC, conditions in the securities markets and general
economic and industry conditions, PREM's business or financial
condition and other factors and conditions PREM deems appropriate.
PREM may in the future take such actions with respect to its
investment in EPC as PREM deems appropriate including, without
limitation, acquiring, selling or otherwise disposing of securities
of EPC. In addition, PREM may formulate other purposes, plans or
proposals regarding EPC or any of its securities to the extent deemed
advisable in light of general investment and trading policies, market
conditions or other factors or may change its intention with respect
to any and all matters referred to in this release. 
Other Information 
As a result of civil unrest and war-like conditions caused by rebel
groups in Mali, the uncertainty regarding the status of the Mali
Exploration Authorizations and the inaccessibility of G&B Mali's
projects, EPC and PREM have entered into an escrow agreement (the
"Mali Escrow Agreement"). Pursuant to the Mali Escrow Agreement, EPC
has deposited into escrow all necessary shareholder directions and
other notifications required to effect the transfer of the shares of
G&B Mali to EPC and PREM has deposited into escrow the 20,000,000
Common Shares received as payment for the sale of the shares of G&B
Mali to EPC. 
Pursuant to the Mali Escrow Agreement, in the event that EPC and PREM
have delivered to the escrow agent appointed thereunder, an
irrevocable joint release and direction (the "Joint Release") prior
to June 30, 2014 (the "Termination Date") to the effect that (A) each
of a (i) compliant Canadian National Instrument 43-101 Technical
Report and (ii) title opinion, on the properties underlying the
Taoudeni-Oglat project have been submitted to, and accepted by, the
TSX Venture Exchange, and (B) the transfer of the shares of G&B Mali
to EPC has taken effect, the escrow agent will immediately release
from escrow the 20,000,000 Common Shares to PREM. 
In the event the Joint Release has not been received by the escrow
agent prior to the Termination Date, the escrow arrangement provided
under the Mali Escrow Agreement will immediately terminate on the
Termination Date and each of EPC and PREM will be required to
re-convey or return to the other the securities that it acquired in
the acquisition of G&B Mali, thereby "unwinding" or effectively
cancelling the previously completed acquisition of G&B Mali. 
In addition, as part of the acquisition of G&B Togo, PREM shall be
entitled to nominate two directors to the board of EPC while PREM's
shareholding remains above 30% of the issued share capital of EPC. 
Neither the issuance of this news release in connection with the
matters disclosed in this news release nor the anticipated filing by
PREM of the corresponding "early warning" report required to be filed
in accordance with applicable Canadian securities laws is an
admission that an entity named or otherwise referred to in this news
release owns or controls any described securities or is a joint actor
with another entity named or otherwise referred to in this news
release. 
PREM's address and other contact information is set forth below. For
further information, including to obtain a copy, once filed, of the
"early warning" report required to be filed in accordance with
applicable Canadian securities laws, contact PREM at the address
specified below.  


 
Premier African Minerals Ltd.                    
Craigmuir Chambers                               
PO Box 71                                        
Road Town                                        
Tortola                                          
British Virgin Islands                           
                                                 
Attn: Pamela Hueston                             
Tel: +44 (0) 755 778 3855                        

Contacts:
Premier African Minerals Ltd.
Pamela Hueston
+44 (0) 755 778 3855
 
 
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