Appointment of Chairman

RNS Number : 0726R

Premier African Minerals Limited

25 June 2020

 

Premier African Minerals Limited / Ticker: PREM / Index: AIM / Sector: Mining

For immediate release

 25 June 2020

Premier African Minerals Limited

Appointment of Chairman

The Board of Premier African Minerals Limited ("Premier" or the "Company") is pleased to confirm the immediate appointment of Neil Herbert (an existing Non-Executive Director) as Non-Executive Chairman of the Company. George Roach will revert to his Board role of Chief Executive.

George Roach, commented:

"I am grateful that Neil Herbert has accepted this appointment and particularly at this time when our Company is looking to exploit the opportunities both for cash generative assets and to add value as we anticipate granting of our EPO application at Zulu Lithium and Tantalum and through our existing and recently acquired exploration and development projects.

I look forward to further board and management changes and a stronger focus on operational efficiencies, improvements and value generation."

Mr Herbert was appointed a director of the Company on 28 August 2019 and the disclosures on Mr. Herbert as required under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies were announced on 28 August 2019.

As previously announced, Mr. Herbert has nearly three decades of experience in finance. Mr. Herbert trained with PwC and has been involved in growing mining ventures, both as an executive (including Antofagasta plc, Brancote Holdings plc and UraMin Inc.) and as a manager of investments (including Galahad Gold plc and Polo Resources Limited). Mr. Herbert has served as a director of companies on the AIM, ASX, LSE, JSE and TSX and was previously a director of Premier between 20 August 2013 and 22 April 2016.

Today, Mr. Herbert works with growth companies across sectors and he is chairman of IronRidge Resources, Helium One, Siderian Resource Capital and was the former Chairman of MN Holding Limited and its subsidiaries which operate Otjozondu.

Mr. Herbert has a BA with Joint Honours from the University of Leicester and is a Fellow of the Association of Chartered Certified Accountants.

Mr. Herbert currently has 4 million vested options in the Company with the first 2 million being exercisable at 1.15 pence and the second 2 million being exercisable at 1.5 pence. Apart from the above options, Mr. Herbert holds no ordinary shares in the Company.

Mr. Herbert has a formal engagement with MN Holding Limited ("MNH") to act as consultant under which he is entitled to a 10% fee on any overall purchase of MNH, payable by MNH.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was George Roach.

Enquiries:

Fuad Sillem	Premier African Minerals Limited	Tel: [phone]
Michael Cornish / Roland Cornish	Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Jerry Keen/Edward Mansfield	Shore Capital Stockbrokers Limited	Tel: [phone]

Notes to Editors:

Premier African Minerals Limited (AIM: PREM) is a multi-commodity mining and natural resource development company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe. The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in Zimbabwe, encompassing brownfield projects with near-term production potential to grass-roots exploration.

The Company holds 5,010,333 shares in Circum Minerals Limited, the owners of the Danakil Potash Project in Ethiopia, which has the potential to be a world class asset.

In addition, the Company holds a 19% interest in MN Holdings Limited, the owner and operator of the Otjozondu Manganese Mining Project in Namibia.

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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