PREMIER AFRICAN MINERALS LTD: TSX Approval for Togo and Malian asset sale

PREMIER AFRICAN MINERALS LTD: 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  
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 further to its press releases of 22 April 2013, 24
May 2013, 4 June 2013 and 3 July 2013, the acquisition by Ethiopian Potash
Corp. (`EPC') (TSX Venture: FED) of Premier's Togo and Mali subsidiaries
(together the `Transactions') has received final approval from the TSX Venture
Exchange (`TSX-V'). 
As a result, Premier will hold 120 million new shares in EPC, representing
approximately 42% of the issued and outstanding shares. These shares, except as
mentioned below, will be subject to a four month hold period and will be
tradeable from 31 October 2013. Of these shares, 20 million shares (which
relate to the sale of Premier's Mali subsidiary) will be held in escrow pending
TSX-V approval of technical and legal reports being satisfactorily submitted
prior to 30 June 2014. If approval is not forthcoming the Mali subsidiary
transaction will be unwound. As part of the Transactions, Premier has appointed
two representatives to EPC's board, John (Ian) Stalker and David Weill as the
Company is entitled to nominate two directors to the board of EPC while
Premier's shareholding remains above 30%. 
Under the Transactions, Premier will gain exposure to EPC's prospective Danakil
potash property in Ethiopia, in which EPC will retain a 30% interest, with a
free carry to Scoping Study and a total spend of C$10 million. Circum Resources
Ltd, the purchaser of 70% of this property, has raised the funds required to
meet the carry referred to above and expects to rapidly advance exploration of
the property. In addition, through the Company's shareholding in EPC, Premier
will retain exposure to the Malian and Togo subsidiary assets, which includes
the Taoudenni and Oglat potash projects in Mali, the Southern Togo phosphate/
clays projects, and the Bassar phosphate project in Togo. All assets are
further described in the Company's Admission Document. 
Premier CEO, George Roach commented "This transaction has many benefits both
for Premier and EPC. Through our substantial shareholding in EPC, Premier
retains a significant interest in the prospective Togo industrial mineral and
phosphate properties and Malian potash projects. Premier also acquires a
significant interest in EPC's Danakil potash property, gaining any potential
upside from the exploration and development of these properties at no further
exploration spend to the Company. In conjunction, with positive developments at
our RHA tungsten project in Zimbabwe, which we are advancing with a view to
near-term production, we believe it should be an exciting second half for 2013
for Premier, and that we are well placed to deliver on our strategy of
generating value from our diverse multi-commodity asset base in Togo and
For further information please visit or contact
the following: 
Pamela Hueston    Premier African Minerals Limited      Tel: +44 (0) 755 778 
Tony Rawlinson    Cairn Financial Advisers LLP (Nomad)  Tel: +44 (0) 207 148 
Jerry Keen        Shore Capital Stockbrokers Limited    Tel: +44 (0) 207 408 
Edward Mansfield  Shore Capital Stockbrokers Limited    Tel: +44 (0) 207 408 
Felicity Edwards  St Brides Media & Finance Ltd (PR)    Tel: +44 (0) 20 7236 
Premier African Minerals Limited is a multi-commodity exploration and
development company focussed in Southern and West Africa. As well as its
shareholding in EPC, the Company has a diverse portfolio of multi-commodity
projects which includes tungsten, rare earth elements (`REE'), gold, lithium,
tantalum and uranium in Zimbabwe and Togo, which span from brownfield projects
with near-term production potential to grass-roots exploration. Premier plans
to create value by implementing defined exploration and development programmes
to prove-up resources with a view to future production and/or forming strategic
alliances and completing corporate transactions to maximise shareholder value. 
Within Premier's portfolio it has three core projects. Its flagship RHA
tungsten project (`RHA') in Zimbabwe, has the exploration potential to host
either a commercial scale open pit or high-grade underground tungsten mine. A
SAMREC resource is expected by 31st July 2013 and a mining study is underway
with a view to bringing a small-scale tungsten mining operation into production
in 2014. Premier's second priority project in Zimbabwe is the Katete REE
project, which again has the potential to be developed as an open pit mine. The
project, which spans 3,750 ha, has returned a peak result from trenching of
14.6% TREO. Premier is targeting to delineate a code-compliant resource
statement in H2 2013. Thirdly Premier is exploring its Dapaong grass-roots gold
project in northern Togo, which it acquired in January 2013. The Company also
has a pipeline portfolio of assets which further de-risks its exposure. 
-0- Jul/05/2013 06:00 GMT
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