Ethiopian Potash Corp. (TSXV:FED) entered into a non-binding memorandum of understanding to acquire G and B African Resources Mali SARL from Premier African Minerals Limited (AIM:PREM) for CAD 1 million in stock on January 30, 2013. Ethiopian Potash Corp. will issue 20 million shares for the transaction. EPC's acquisition of such permits will be subject to the satisfaction of all related conditions precedent, execution of definitive agreements by March 1, 2013, obtaining all necessary third-party and regulatory approvals by June 30, 2013 and the completion of the restructuring of G&B debt which has been taken by EPC in 2010. The waiver of all conditions should be unconditionally granted on or before June 30, 2013.

On April 22, 2013, Ethiopian Potash Corp. signed a definitive agreement to acquire G and B African Resources Mali SARL from Premier African Minerals Limited. As of June 30, 2013, the transaction was approved by the shareholders of Premier African Minerals. The transaction has closed in escrow pending final approval of the TSX Venture Exchange, which is expected shortly. As of July 5, 2013, the transaction has been approved by the TSX Venture Exchange.

Grant Gordon, Paul Airley, James Fussell and Mark Boullé of Fladgate LLP acted as legal advisor, Jerry Keen and Ed Mansfield of Shore Capital Stockbrokers and Tony Rawlinson of Cairn Financial Advisers acted as financial advisors for Premier African Minerals Limited.