LONDON (ShareCast) - (ShareCast News) - Premier African Minerals Ltd has nabbed a 4.5% stake in Mauritius-based Casa Mining Ltd, which holds prospective gold mining and exploration licences in the Democratic Republic of Congo.
Casa is the 71.25% owner and operator of the Misisi Gold Project, located in South Kivu, eastern DRC.

Premier said it had raised £300,000 before costs and expenses through the issue of new shares at 0.32p each to fund the investment in Casa and for general working capital purposes.

CEO George Roach said the investment in Casa secured 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," Roach said in a statement.

He said the scoping study potentially demonstrated a technically viable and economically robust project.

"And, the plan to commence an exploration programme to validate the 3 million ounce potential target should generate significant value for the company," he said.

"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."

At about 10:49 BST, shares in Premier African were down 6.25% to 0.38p.

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