StockMarketWire.com - Premier African Minerals said a drilling contract with KME Plant Hire was not 'in a final form that is acceptable to both parties', potentially delaying progress at its Zulu lithium and tantalum project in Zimbabwe.

Premier African Minerals said payment shares to be issued to KME had not yet been released, pending execution of the drilling contract.

'On the basis that the long form drilling contract is mutually agreed between the parties, and as the rainy season has now largely subsided, drilling will then proceed on Zulu and the KME payment shares released by Premier to KME's control,' the company said.

'If agreement, however, cannot be reached with KME on the final outstanding terms of the long form drilling contract, then KME's appointment will end, the KME payment shares will be cancelled and Premier will in due course appoint a new contractor to undertake the drilling programme at Zulu.'

At 8:41am: [LON:PREM] Premier African Minerals share price was -0.01p at 0.1p



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