Premier African Minerals upgrades estimates for RHA Tungsten mine

Premier African Minerals reported an upgrade and increase in the underground Mineral Resource Estimate at the RHA Tungsten (RHA) Mine in Zimbabwe. Premier owns 49% of RHA and is the operator.

HIGHLIGHTS:

- 32% increase in the underground Measured Resource category to 0.029 million tonnes and a 52% increase in grade to 5.45kg WO3 per tonne

- 33% increase in the underground Indicated Resource category to 0.076 million tonnes and a 95% increase in grade to 6.31kg WO3 per tonne

- 11% increase in overall underground grade to 4.72kg WO3 per tonne and 16% increase in total underground Mineral Resources contained metal to 6,257,493 kg WO3

CEO George Roach commented: "This increase in tonnes and grade of the underground Mineral Resources at RHA provides both higher confidence in these Mineral Resources at RHA and supports our long-term confidence in the mine.

"At the same time, the recent substantial increase in the price of APT to $310-$325 per mtu has reduced the breakeven throughput tonnage required from underground ore at the predicted Resource grade to approximately 4,500 tonnes per month and increases potential profitability as and when plant optimisation completes and we are able to process at the higher throughput tonnages projected for later in Q4 this year.

"Most importantly the reduced breakeven point can also be achieved without any feed from open pit operations and supports our determined efforts over the past year to bring RHA into continuous production.

"We have commenced an independent review of the open pit Mineral Resources and we will report further when this review is completed.

"With ongoing curtailment in supply of wolframite from China, we believe that RHA can become one of the larger producers."