UK-based Premier African Minerals has acquired a 4.5% stake in Casa Mining that holds significant gold mining and exploration licences in the Democratic Republic of Congo (DRC).

Premier has also raised £300,000 (before costs and expenses) through the issue of new ordinary shares at an issue price of 0.32 pence per new ordinary share, which will support the investment in Casa, as well as for general working capital purposes.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Casa has three mining licences (133km²) located in the South Kivu province in the eastern Congo gold belt of the DRC.

More than $30m has been spent by Casa since 2009, identifying a 60km-long 'corridor' prospective for gold, besides multiple prospects with some drill and trench tested returning significant intercepts.

"Starting an exploration programme to validate the three million ounce potential target should generate significant value for the company."

It has reported an initial near-surface inferred resource of 1.2Moz at 1.7g/t Au at Akyanga Deposit, open along strike and down dip.

A positive scoping study at Akyanga established the possible viability of an 80,000oz of gold a year heap leach operation, with a total cash operating cost of $628oz depending on current means.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Casa plans to begin a 5,000m exploration programme to affirm the three million ounce potential target at Akyanga and issue a revised scoping study by the end of next year.

Premier chief executive officer George Roach said: "This investment in Casa secures exposure to an exciting gold project in a very prospective region.

"The Akyanga deposit has a large and well-defined resource base, as well as the potential to be brought into production relatively quickly. The scoping study potentially demonstrates a technically viable and economically robust project.

"And, the plan to commence an exploration programme to validate the three million ounce potential target should generate significant value for the company.

"I am also delighted that our lender, Darwin, has consented to this investment, which we believe provides excellent value at a time when investment demand in the gold sector is picking up."