Premier African Minerals turns down further acquisition of Casa Mining

9th Dec 2016 08:58

(ShareCast News) - Premier African Minerals, an AIM listed mining exploration and production company, has decided not to exercise its option to acquire up to 30% in Casa Mining Limited.After acquiring a 4.5% interest in Casa Mining on 18 October 2016 the miner had an option to increase its interest up to 30% within a 60 day period.Chief executive George Roach said: "Our current market capitalization does not reflect the value of the underlying assets and accordingly we will not proceed with a direct financing to pursue the interest available in Casa. We remain strongly supportive of Casa and believe the project has great value and would generate significant value for Premier shareholders. I am pleased that Premier and Casa have agreed to work cooperatively to attempt to find a solution to both the consolidation of the Casa interests and appropriate finance to fully develop the project."The share price rose 10.55% at 0939 GMT on Friday.