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.
- 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.