GHANA EXPLORATION UPDATE

Continued Positive Drill Results from Ghana

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

PERTH, Western Australia, April 6 /CNW/ - Perseus Mining Limited (ASX: PRU) (TSX: PRU) ("Perseus" or the "Company") is pleased to provide an update on exploration activity, with highlights as follows:

  • Perseus drilled a record 47,322m on the Central Ashanti Gold Project ("CAGP") during the March quarter, including 22,131m in March alone.
  • Significant results from recent deeper drilling CAGP confirm continuity of mineralisation at depth and will be reflected in planned resource upgrades:
                AF-Gap     - 53m at 2.2g/t Au from 205m.
                Fobinso     - 52m at 1.9g/t Au from 257m and 81m at 1.8g/t Au from 186m.
                Fetish        - 10m at 5.1g/t Au from 190m and 19m at 3.3g/t Au from 292m.
                Fetish         - EFDD063 intercepted 28m at 2.8g/t, 11m at 1.4g/t and 17m at 1.8g/t Au between 295 and 419m down hole.
  • Anomalous intercepts from exploration drilling at the CAGP included:
                Chirawewa - 2.33m at 17.5g/t Au, intercepted in the bottom of hole CHDD017, from 205.5m.
                Chirawewa South - 8m at 5.3g/t from 72m.
                Esuajah WD - 4m at 6.8g/t from surface.

Perseus Managing Director, Mark Calderwood's commented:

"The Company is well ahead of schedule in its quest to complete 150,000m of drilling in Ghana this year, having completed 47,322m in the first three months. Over 13,500m of this drilling was carried out to sterilize waste dump sites.  We expect the slow turnaround for assays to improve during the next couple of months."

"Drilling at the CAGP is currently focused on growing our gold reserves from 3.3Moz to 4Moz to allow the option of increasing production rates." 

"The Company is finalising plans to relaunch its exploration effort in Côte d'Ivoire after a five-month hiatus.  Five drill rigs are available for an early start at Tengrela, in addition to the eight rigs operating in Ghana."

Central Ashanti Gold Project ("CAGP"), Ghana, West Africa.

Perseus is continuing active and systematic infill and exploration drill programs on the CAGP in Ghana. It is also finalising plans to recommence drilling at the Tengrela Gold Project in Côte d'Ivoire to test a number of targets and to facilitate several resource and reserve upgrades during the next 12 months.

Drilling in Ghana steadily increased from 8,022m in January to a record 22,131m in March, to achieve a record at 47,322m in the March quarter, albeit 13,531m of this was sterilization drilling for waste dump and infrastructure purposes.

Assay turnaround has been slow, with about 8,130 samples currently in the laboratory representing about 12,400m of drilling.

Abnabna-Fobinso, CAGP

Testing depth extensions to known gold mineralised shoots returned significant results, including 53m at 2.2g/t Au from 205m at AF-Gap, 52m at 1.9g/t Au from 257m and 81m at 1.8g/t Au from 186m at Fobinso (see Table 1).  These results highlight the continued depth potential of the Abnabna-Fobinso zone that to date has Measured and Indicated resources of 66.2Mt at 1.1g/t Au containing 2.32Moz of gold, of which 81% is currently in Reserve category.

Fetish, CAGP

Drilling at Fetish returned a number of significant intercepts at depth, including 10m at 5.1g/t Au from 190m, 19m at 3.3g/t Au from 292m and 28m at 2.8g/t, 11m at 1.4g/t and 17m at 1.8g/t Au in a single hole between 295 and 419m (see Table 1).     The substantial level of drilling undertaken at Fetish since the last resource estimate in February 2009 will facilitate a planned upgrade of the current estimate, which comprises Indicated resources of 17.4Mt at 1.1g/t for 597koz and Inferred resources of 8mt at 1.4g/t containing 360koz of gold.

Exploration Drilling, CAGP

A number of anomalous gold intercepts were recorded outside the main resource areas, including:

Chirawewa - Core hole CHDD017 intercepted 2.33m at 17.5g/t at the end of the hole which was abandoned at 207.83m.  The Company plans to redrill a hole to test the extent of the high grade mineralisation.

Chirawewa South - 8m at 5.3 g/t from 72m.

Esuajah South Extension - 1m at 48.8g/t was intercepted from 38m, on a section 20m south of existing drilling at Esuajah South.

Esuajah East - 4m at 6.8g/t and 4m at 3.6g/t Au were intercepted in wide-spaced drilling in a new area east of Esuajah North.

Sissingue, Tengrela Gold Project, Côte d'Ivoire

There has been no drilling on the Company's Ivorian tenements since October 2010 due to the unstable political and security environment in Côte d'Ivoire.  The Company has five drill rigs available to remobilise as soon as the security situation in the country permits. 

Mark Calderwood
Managing Director

About Perseus Mining Limited

Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa's most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a producer by the third quarter of 2011 at its Central Ashanti Gold Project (CAGP) in Ghana.  The Company plans to produce at the initial rate of 220,000 ounces of gold in year and plans to increase this to about 300,000 ounces per annum by 2013.

Perseus is now also planning the development of its Tengrela Gold Project in Côte d'Ivoire, with production targeted for early 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 450,000 ounce per year gold producer by 2013.

Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development of the CAGP and Tengrela.

In addition to its projects in Ghana and Côte d'Ivoire, Perseus retains a 23.9 per cent stake in Manas Resources Limited (ASX: MSR) which it spun off in 2008 as a focused Kyrgyz Republic gold explorer and developer. Perseus also has a 19% stake in, as well as a strategic alliance with, Burey Gold Limited (ASX: BYR), a listed exploration company focused on Guinea, West Africa.

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy.  Mr Calderwood is a Director and full-time employee of the Company.  Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit  under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").  Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Perseus's data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009 and the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated December 22, 2010 in respect of the Central Ashanti Gold Project and the Tengrela Gold Project, respectively.

Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information, includes but is not limited to information with respect to future exploration and drilling,  procurement of financing, procurement of necessary regulatory approvals, the development of a mine at the Central Ashanti Gold Project, and development of a mine at Tengrela . 

Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, , changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable.  Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms.   Readers should not place undue reliance on forward-looking information.  Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Table 1: CAGP, Ghana, Infill and Extensional Drilling

                     
Hole Deposit East North Depth Azm. Incl. From To Width Au
    (m) (m) (m) (°) (°) (m) (m) (m) g/t
ABDD197 AF Gap 26300 13915 491 180 -70 341 352 11 1.64
              405 414 9 1.26
              446 456 10 1.07
              463 467 4 2.71
ABRDD429 AF Gap 26660 14042 405.3 180 -65 205 258 53 2.2
            incl. 225 237 12 4.8
            incl. 236 237 1 29.7
              271 278 7 2.1
ABRDD430 AF Gap 26600 14070 561.1 180 -70 359 360 1 28.9
              433 452 19 1.4
              468 469 1 10.4
              481 494 13 1.0
              534 549 15 1.0
ABRDD431 AF Gap 26300 13901 355 180 -58 247 249 2 5.4
              257 295 38 1.4
            incl. 260 262 2 12.3
ABRDD432 AF Gap 26440 13997 510.3 180 -70 370 393 23 1.7
            incl. 386 387 1 11.2
              423 435 12 1.1
              439 452 13 1.0
              465 497 32 1.2
FBDD116 Fobinso 27500 14152 341 180 -60 153 189 36 1.1
              250 256 6 7.7
            incl. 251 253 2 20.6
FBDD115 Fobinso 27160 14150 356 179 -60 257 309 52 1.9
            incl. 258 259 1 16.0
            and 282 283 1 10.7
            and 307 308 1 12.6
FBDD117 Fobinso 27480 14060 254.7 180 -60 63 75 12 1.0
              123 124 1 15.9
              229 233 4 5.2
            incl. 230 231 1 15.2
FBDD118 Fobinso 27480 14102 278.68 180 -60 179 219 40 1.0
FBDD121 Fobinso 27520 14165 350.5 180 -65 186 267 81 1.8
            incl. 208 209 1 37.0
              312 313 1 11.3
EFRDD002 Fetish 3368 5180 221.8 270 -47 190 200 10 5.1
            incl. 197 198 1 37.6
EFRDD005 Fetish 3541 5100 360.1 270 -55 219 251 32 1.3
            incl. 228 229 1 10.3
              273 275 2 5.2
              297 312 15 1.1
              345 355 10 2.1
            incl. 349 350 1 11.3
EFDD051 Fetish 3529 5260 338.5 270 -57 255 258 3 3.4
              292 311 19 3.3
            incl. 293 294 1 29.9
EFDD063 Fetish 3570 5300 419 270 -55 295 323 28 2.2
            incl. 308 309 1 10.4
              328 339 11 1.4
              385 402 17 1.8
EFDD066 Fetish 3600 5140 413 270 -50 270 275 5 3.0
            incl. 271 272 1 10.8
              287 303 16 2.0
            incl. 290 291 1 12.4
              333 344 11 1.1
              361 376 15 1.0

Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)

                     
Hole Deposit East North Depth Azm. Incl. From To Width Au
    (m) (m) (m) (°) (°) (m) (m) (m) g/t
EFDD067 Fetish 3546 5280 410 270 -55 257 274 17 1.2
              294 302 8 3.1
            incl. 300 301 1 13.1
              377 401 24 1.6
EFRDD006 Fetish 3600 5120 435 270 -50 305 309 4 9.2
            incl. 307 308 1 32.8
              341 350 9 1.6
CHDD017 Chirawewa 4021 4500 207.83 90 -50 205.5 207.83* 2.33 17.2

Notes 

1)      All holes were core drilled through the mineralised zone.
2)      Core holes sampled at 1m intervals.
3)      Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.
4)      High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
5)      RC precollar through hangingwall was sampled at 1m intervals and composited to 4m and analysed by 50gm fire assay by ALS Ghana Limited in Ghana.
6)    Only holes with combined intercepts of greater than 40 gram metres included.
7)   The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.
8)  The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 50-80% of the intercept width.
9)    The true width of intercepts from recent drilling at Fetish ranges from 75-85% of the intercept width.

Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana

                     
Hole Deposit East North Depth Azm. Incl. From To Width Au
    (m) (m) (m) (°) (°) (m) (m) (m) g/t
CHRC035 Chirawewa S. 3805 3920 110 270 -55 72 80 8 5.3
CHRC036 Chirawewa S. 3746 3919 80 270 -55 28 36 8 1.4
MPRDD003 Mampong 24520 13556 215.1 180 -50 110 112 2 6.7
MPRDD006 Mampong 24000 13178 185.9 180 -50 133 143 10 1.4
MPRDD009 Mampong 24120 13180 182.7 180 -50 128 133 5 3.0
MPRDD010 Mampong 24160 13180 165.7 180 -50 122 123 1 18.8
MPRDD012 Mampong 23720 13170 180 180 -50 147 156 9 2.3
ENS034 Esuajah East 2880 7360 90 90 -60 0 4 4 6.8
ENS040 Esuajah East 2800 7400 90 90 -60 20 24 4 3.6
FNS067 Fetish N. 3640 6700 167.5 90 -60 20 24 4 3.9
ESDD031 Esuajah S. 1885 6080 146 90 -62 38 39 1 48.8
ESDD033 Esuajah S. 1820 6080 284 90 -70 219 226 7 2.0
CHRC062 Chirawewa S. 3790 3800 110 270 -55 76 78 2 6.9
CHRC066 Chirawewa S. 3760 4000 80 270 -55 38 50 12 1.4
MRRC004 Mampong 25240 13425 60 180 -50 42 49 7 2.4
MRRC007 Mampong 25220 13415 50 180 -50 10 24 14 1.1
              35 37 2 6.9
MRRC008 Mampong 25220 13435 70 180 -50 30 48 18 1.4
MRRC009 Mampong 25220 13453 90 180 -50 48 62 14 1.0
MRRC010 Mampong 25200 13405 40 180 -50 7 17 10 1.1
MRRC012 Mampong 25180 13405 30 180 -50 2 19 17 1.5
MRRC013 Mampong 25180 13425 50 180 -50 12 24 12 1.0
MRRC014 Mampong 25180 13445 70 180 -50 32 45 13 1.3

Notes

1)      All CHRC, MPRC, FNS and ENS holes are RC holes.
2)      All MPRDD holes are core holes.
3)      RC holes were sampled at 1m intervals and composited to 2m intervals and composited to 4m intervals in known or perceived barren zones.
4)      Core holes were sampled at 1m intervals.
5)      Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.
6)      High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
7)      RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana.
8)      Only holes with combined intercepts of greater than 10 gram metres are included.
9)      The true width of intercepts from recent drilling at the new Chirawewa, Chirawewa South, Fetish North and Esuajah NE occurrences is currently unknown.  The true width of intercepts along the Bokitsi and Mampong zones is about 70% of the intercept width.
10)      The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.

 

SOURCE Perseus Mining Limited

For further information:

To discuss any aspect of this announcement, please contact:
Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com
Nathan Ryan at telephone +61 3 9622 2159 or email nathan.ryan@nwrcommunications.com.au (media)
Rebecca Greco at telephone +1 416 822 6483 or email fighouse@yahoo.com (Toronto)

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