Premier African Minerals has acquired a 4.5% stake in Casa Mining (CASA), a private company registered in Mauritius that holds prospective gold mining and exploration licences in the Democratic Republic of Congo (DRC). Premier has also today raised £300,000 gross via the issue of new shares at an issue price of 0.32p each, which would fund the investment in CASA as well as for general working capital purposes. HIGHLIGHTS: - Premier subscribed US$250,000 for an initial interest of 4.5% in the enlarged share capital of CASA. - CASA holds the rights to three mining licenses (133km2) located in the highly prospective South Kivu province in the eastern Congo gold belt of the DRC; - Over US$30 million spent by CASA since 2009, identifying a 60km long 'corridor' prospective for gold, multiple prospects identified with some drill and trench tested returning significant intercepts; - CASA has reported an initial near surface inferred resource of 1.2 Moz @ 1.7 g/t Au at Akyanga Deposit; open along strike and down dip; - Positive Scoping Study at Akyanga confirmed the potential viability of an 80,000 oz gold per year heap leach operation, with a total cash operating cost of US$628/oz based on current resources; and - CASA plans to commence a 5,000 metre exploration program to validate the 3 million oz potential target at Akyanga and issue a revised scoping study by the end of 2017.
0.00p (0.00%)delayed 18:15PM