told investors it has received formal grant of an exclusive prospecting order (EPO) covering the company’s Zulu Lithium and Tantalum claims.
“Zulu remains a significant deposit,” said George Roach, chief executive.
Roach added: “I am deeply appreciative of the Zimbabwe Government for the granting of this substantial EPO and Premier will reciprocate with mobilization for the commencement of the definitive feasibility study (DFS) on the Zulu deposit which has an estimated completion time of 14 months.”
Roach highlighted that the EPO area contains further known lithium-bearing pegmatites offering upside to Zulu, as well as historic small gold mines, potential molybdenite and many tungsten mineral occurrences within the area.
“The granting of the EPO reaffirms the Zimbabwean Government policy that Zimbabwe is open for business and further supports the Ministry of Mines policy of creating a US$12bn mining economy by 2023.”
“Premier expects to provide details in regard to further developments associated with Zulu and full details of the terms and conditions associated with the grant of the EPO in the near future.”
In London, Premier African Minerals shares rose as much as 25% in the wake of the news and changing hands at 0.29p were up 16.5% at around 11:00am.