Premier African Minerals has extended its option agreement for the flagship RHA Tungsten Project in north-west Zimbabwe.The historic Tung tungsten mine is currently dormant, but Premier, an AIM-listed company with mineral projects located in Western Africa and Southern Africa, intends to resume mining activities next year. The monthly option payment of US$4,000 remains the same, while the exercise price is increasing to $156,000 less claim maintenance costs. Clifford John Liebenberg and Carol Ann Correria, owners of the claims, have extended the option until 28 February 2014.
Tung has a 2km untested strike which could extend the resource potential of RHA. The mine currently supports 192,000 tonnes per annum of tungsten-bearing ore operation over a six year mine life, according to a Preliminary Economic Assessment and Concept Mining Study.“The anticipated developments in the coming months at RHA are exciting as we look to arrange financing and recommence mining activities in 2014,” says George Roach, Premier’s CEO. “This extended option, which I believe could be exercised shortly, further marks our commitment to developing RHA into a significant low-capex mining operation. “In addition, the many unexplored tungsten occurrences in the immediate RHA/ Tung area and across other regions of Zimbabwe, could see the country emerge as a significant Tungsten exporter and potentially encourage the development of an ammonium para-tungstate (APT) facility.”