Premier African Minerals reports a substantial increase in resources at RHA Tungsten (RHA) mine in Zimbabwe. Premier owns 49% of RHA and is the operator. CEO George Roach commented:
"This maiden resource in the underground and update on the open pit, strongly supports the installation of X-Ray ("XRT") based run-of-mine sorting technology and indicates a sustained profitable operation once the shaft upgrades are completed and the sorter is installed.
"At the same time, the resources now declared support our planned production levels of up to 10,000 metric ton units of Wolframite monthly when installation and commissioning of the upgrades underway are complete.
"Production at this level is likely to see Zimbabwe placed into the top five wolframite producing countries and RHA as one of the larger producers outside of China."
- 300% increase in open pit resources and inventory to 20.8 million tonnes at increased grade of 2.34kg per tonne.
- Maiden Underground Resource in developed areas of 1.3 million tonnes at 4.25kg per tonne.
- 40-year mine life indicated.
At 9:40am: (LON:PREM) Premier African Minerals share price was 0p at 0.3p