Ghana Exploration Update Significant Drill Intercepts

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

PERTH, Western Australia, Dec. 1, 2011 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX: PRU) (ASX: PRU) is pleased to provide an exploration update from its Edikan Gold Mine ("EGM") in Ghana, West Africa.

Highlights

Infill and deeper drilling at Fetish returned significant results, including:

EFDD083 - 70.78m at 1.7g/t Au from 93.8m, ended in mineralisation.
EFDD084 - 29m at 1.1g/t from 234m, 12m at 1.5g/t from 284m and 23m at 2.3g/t Au from 274m
EFDD107 - 30m at 1.0g/t from 297m and 18m at 4.5g/t Au from 383m.
EFDD086 - 25m at 2.2g/t from 237m and 23m at 2.3g/t Au from 274m.
EFRDD027 - 6m at 3.4g/t from 333m, 52m at 1.4g/t from 407m and 8m at 2.8g/t Au from 535m.

Infill drilling at Esuajah North returned significant results, including:

ENDD037   - 31m at 1.4g/t from 33m, 12m at 2.9g/t from 74m, 53.8m at 1.5g/t Au from 108m, ended in mineralisation.
ENDD057   - 51m at 1.9g/t from 28m and 15m at 1.4g/t Au from 96m
ENDD058   - 12m at 1.2g/t from 34m, 23m at 1.1g/t from 66m and 40m at 2.9g/t Au from 136m.
ENDD034   - 57m at 1.0g/t from 73m, 15m at 1.5g/t from 138m, 29m at 1.6g/t from 169m and 21m at 2.3g/t Au from 219m.
ENDD072   - 12m at 1.5g/t from 79m, 39m at 4.1g/t from 105m, 43m at 1.0g/t Au from 181m.

Exploration drilling at Chirawewa and Bokitsi returned significant results, including:

CHRDD006 - 7.8m at 21.2g/t from 106m including 4m at 39.7g/t Au from 108m, with assays still pending below 113.8m.
CHRC138 - 10m at 15.6g/t from 50m, including 2m at 65.7g/t Au from 54m.
CHRC131 - 40m at 3.1g/t from 46m, including 2m at 35.4g/t Au from 76m.
CHRC140 - 16m at 4.3g/t from 26m, and 16m at 1.0g/t Au from 74m, ended in mineralisation.
BKDD002 - 22.7m at 4.9g/t Au from 60.8m.
BKDD005 - 17.4m at 4.8g/t Au from 98.6m.
BKRDD039 - 9m at 5.3g/t Au from 112m.

Perseus Managing Director, Mark Calderwood's Comments

"The recent drilling intercepts from Fetish, Bokitsi and Chirawewa are the final results to be included in the 2011 Edikan Gold Mine resource upgrade which we are planning to release before the end of 2011.  The significant backlog of assays results and ongoing drilling will be included in subsequent resource upgrades.

Seven drill rigs are currently active in Ghana, including five rigs on continuing resource/reserve drilling plus one RC rig evaluating exploration targets at EGM, and another testing targets on other Perseus tenements in the district." 

"The Esuajah North resource upgrade will be released prior to the 2012 reserve estimation upgrade in the first half of calendar year 2012."

Edikan Gold Mine, Ghana

Perseus is continuing to infill and extend resources at the Edikan Gold Mine with a view to undertaking reserve upgrades at regular intervals.  Apart from ongoing drilling of identified targets, the Company has completed half of a 400 line km gradient induced polarization survey plus 300 line km of infill soil sampling, which are expected to identify further drill targets.  Early results from the gradient induced polarization program have highlighted several strong resistivity anomalies with coincident Au in soil anomalism.

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 recently became a producer at its Edikan Gold Mine in Ghana.  The Company plans to produce at the initial rate of about 220,000 ounces of gold in the next 12 months and to increase this to about 280,000 ounces per annum in year two.  Details of the project and mine plan are set out in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.

Perseus is now also planning the development of its Sissingue Gold Project, part of the Tengrela Gold Project in Côte d'Ivoire, with production targeted for 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 400,000 ounce per annum gold producer during 2013.  Details of the project are set out within "Technical Report - Tengrela Gold Project, Ivory Coast" dated December 22, 2010."

Perseus will continue its strategy of rapidly increasing its resource and reserve base during the ramp-up of the Edikan Gold Mine and development of the Sissingue Gold Project.

Table 1: CAGP, Ghana, Recent Infill and Extensional Drilling

                     
Hole Deposit East North Depth Azm. Incl. From To Width Au
    (m) (m) (m) (°) (°) (m) (m) (m) g/t
ABRDD439 AF Gap 26200 13901 420.4 180 -64 338 378 40 1.3
AFRDD094 Fobinso 27540 14181 376.7 180 -68 246 267 21 1.1
              332 349 17 1.3
EFDD083 Fetish 3144 5220 164.58 90 -47 93.8 164.58 70.78 1.7
            incl. 156 160 4 9.0
            incl. 159 160 1 21.5
EFDD084 Fetish 3514 5263 365.5 270 -52 198 204 6 2.7
              234 263 29 1.1
              284 296 12 1.5
              303 326 23 2.3
            incl. 323 324 1 16.9
EFDD086 Fetish 3510 5340 345 270 -56 237 262 25 2.2
            incl. 237 239 2 11.6
              258 259 1 19.1
              274 297 23 2.3
            incl. 278 279 1 19.7
EFDD087 Fetish 3480 5400 290 270 -55 259 270 11 3.0
            incl. 264 265 1 14.4
EFDD089 Fetish 3610 5140 455 270 -55 304 336 32 1.0
              435 451 16 1.2
EFDD105 Fetish 3510 5300 335.63 270 -56 274 330 56 1.5
            incl. 317 318 1 18.6
EFDD106 Fetish 3650 5300 505.3 270 -57 375 387 12 1.0
              463 489 26 1.2
EFDD107 Fetish 3553 5260 431.48 270 -58 297 327 30 1.0
              383 401 18 4.5
            incl. 386 387 1 25.6
            and 392 393 1 35.6
EFDD118 Fetish 3640 5140 501.48 270 -58 337 353 16 2.9
            incl. 341 342 1 22.2
              420 475 55 1.5
            incl. 420 421 1 10.2
EFDD122 Fetish 3575 5160 488.64 270 -72 336 404 68 1.0
              419 453 34 1.3
EFRDD027 Fetish 3599 5200 636.6 270 -60 333 339 6 3.4
            incl. 338 339 1 14.6
              407 459 52 1.4
            incl. 434 435 1 10.7
            and 437 438 1 10.8
              535 543 8 2.8
            incl. 535 536 1 11.2
EFRDD031 Fetish 3528 5340 366 270 -56 282 286 4 2.7
              304 323 19 2.3
              336 343 7 3.1
            incl. 339 340 1 14.2
EFRDD040 Fetish 3081 5060 81 270 -54 44 56.1 12.1 3.9
            incl. 53.7 55.1 1.4 11.1
EFRDD042 Fetish 3082 5060 139.2 270 -85 128 132 4 11.1
ENDD034 Esuajah N. 2310 7140 257 90 -55 73 130 57 1.0
              138 153 15 1.5
              169 198 29 1.6
              219 240 21 2.3
            incl. 229 231 2 18.8

                     
Hole Deposit East North Depth Azm. Incl. From To Width Au
    (m) (m) (m) (°) (°) (m) (m) (m) g/t
ENDD036 Esuajah N. 2150 7300 359 90 -55 211 248 37 1.0
              254 261 7 1.9
              273 282 9 1.6
              296 332 36 1.4
            incl. 300 301 1 12.7
ENDD037 Esuajah N. 2390 7140 161.58 90 -55 33 64 31 1.4
              74 86 12 2.9
            incl. 74 75 1 26.9
              108 161.8* 53.8 1.5
            incl. 133 134 1 18.8
ENDD039 Esuajah N. 2350 7101 185 90 -55 112 133 21 1.4
              143 174 31 1.0
ENDD042 Esuajah N. 2309 7380 173.68 90 -55 32 34 2 8.0
              77 92 15 1.1
              142 167 25 1.1
              289 291 2 8.0
ENDD043 Esuajah N. 2130 7200 412 90 -55 305 316 11 1.2
              338 373 35 1.0
              378 390 12 1.0
              398 408 10 1.1
ENDD045 Esuajah N. 2370 7220 119.53 90 -55 50 69 19 1.0
              84 106 22 1.1
ENDD049 Esuajah N. 2160 7120 399 90 -55 302 329 27 1.9
            incl. 310 311 1 31.6
              374 392 18 1.1
ENDD051 Esuajah N. 2260 7340 248.53 90 -55 72 84 12 1.0
              109 120 11 2.4
            incl. 118 119 1 10.2
              164 180 16 1.7
            incl. 172 173 1 12.8
ENDD054 Esuajah N. 2270 7180 275 88 -56 179 180 1 83.0
              186 207 21 1.7
            incl. 202 203 1 12.1
              220 224 4 2.6
ENDD055 Esuajah N. 2264 7260 242 90 -55 211 233 22 2.5
            incl. 230 231 1 15.4
ENDD057 Esuajah N. 2390 7100 134 90 -55 28 79 51 1.9
            incl. 31 32 1 21.5
            and 70 71 1 23.9
              96 111 15 1.4
ENDD058 Esuajah N. 2350 7140 212 90 -56 34 46 12 1.2
              66 89 23 1.1
              136 176 40 2.9
            incl. 148 150 2 15.4
ENDD060 Esuajah N. 2430 7139 99 90 -55 10 40 30 1.6
              53 64 11 1.9
ENDD062 Esuajah N. 2250 7220 287.48 90 -57 140 146 6 1.9
              153 164 11 1.4
              171 172 1 10.1
              189 201 12 3.9
            incl. 190 191 1 29.2
              255 279 24 1.0

                     
Hole Deposit East North Depth Azm. Incl. From To Width Au
    (m) (m) (m) (°) (°) (m) (m) (m) g/t
ENDD064 Esuajah N. 2330 7220 186 90 -55 30 55 25 1.4
            incl. 40 41 1 13.1
              85 97 12 1.0
ENDD065 Esuajah N. 2355 7300 110 90 -55 65 75 10 3.7
            incl. 68 72 4 8.1
ENDD067 Esuajah N. 2190 7380 273.2 90 -56 165 178 13 1.5
              183 190 7 2.1
              244 246 2 64.5
ENDD072 Esuajah N. 2310 7199 234 90 -55 79 91 12 1.5
              105 144 39 4.1
            incl. 105 106 1 126.0
              181 224 43 1.0
ENDD080 Esuajah N. 2395 7170 130 90 -54 11.5 21 9.5 1.2
              47 63 16 1.1
                     
              114 130* 16 1.3
ENRC001 Esuajah N. 2343 7340 125 90 -55 20 27 7 1.9
              31 69 38 1.1
ENRC011 Esuajah N. 2395 7260 85 90 -55 16 36 20 1.3
              51 75 24 2.6
            incl. 63 64 1 28.5
ENRC005 Esuajah N. 2356 7260 135 90 -55 33 43 10 1.3
              63 77 14 1.0
              84 118 34 1.1
ENRDD011 Esuajah N. 2149 7140 414 90 -55 277 299 22 1.1
            incl. 290 291 1 10.7
              312 329 17 1.0
              342 351 9 2.0
            incl. 345 346 1 11.0
              373 408 35 1.5
            incl. 401 402 1 25.6
ENRDD014 Esuajah N. 2192 7300 311 90 -55 207 234 27 1.7
            incl. 227 229 2 13.9
ENRDD024 Esuajah N. 2428 7160 132 270 -61 33 66 33 2.5
            incl. 53 58 5 9.4
ENRDD025 Esuajah N. 2415 7170 125 90 -55 38 56 18 1.0
              60 80 20 1.8
            incl. 60 61 1 16.6
ENRDD035 Esuajah N. 2335 7240 180 90 -60 20 36 16 1.5
              59 70 11 1.6
              79 93 14 1.6

Notes 

1)      Most 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 hanging wall 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 May 30, 2011.
9)    The true width of intercepts from recent drilling at Fetish ranges from 55-85% of the intercept width.
10)   The true width of intercepts from recent drilling at Esuajah North ranges from 70-95% of the intercept width.
11)    # denotes intervals previously released.

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
BKRDD027 Bokitsi S. 2840 4400 145 270 -60 129 133 4 4.3
            incl. 131 132 1 14.3
BKRDD032 Bokitsi S. 2844 4040 132 270 -55 127 128 1 15.9
BKRDD038 Bokitsi S. 2754 4160 75 270 -50 47.5 52 4.5 3.5
BKRDD039 Bokitsi S. 2830 4680 150 270 -55 112 121 9 5.3
BKDD002 Bokitsi 2800 4220 120.53 270 -55 60.8 83.53 22.73 4.9
            incl. 69.53 71.53 2 10.4
BKDD004 Bokitsi 2825 4260 117.08 270 -55 101.48 110.48 9 3.3
BKDD005 Bokitsi 2820 4300 144.58 270 -55 98.6 116 17.4 4.8
CHDD028 Chirawewa S. 3840 4000 131.58 270 -55 120 121 1 60.0
CHRC131 Chirawewa 4120 4400 100 270 -55 46 86 40 3.1
            incl. 76 78 2 35.4
            and 82 84 2 11.3
CHRC132 Chirawewa 4040 4400 100 270 -55 48 52 4 2.8
CHRC138 Chirawewa 4230 4700 85 90 -48 50 60 10 15.6
            incl. 54 56 2 65.7
CHRC140 Chirawewa 4109 4360 90 270 -55 26 42 16 4.3
            incl. 26 28 2 22.6
              74 90* 16 1.0
CHRDD001 Chirawewa 4070 4440 153 90 -50 101 105 4 4.6
            incl. 103 104 1 15.8
CHRDD002 Chirawewa 4031 4440 201 90 -50 107 128 21 1.0
              146 153 7 2.0
CHRDD006 Chirawewa S. 3819 4040 130 270 -55 106 113.8 7.8 21.2
            incl. 108 112 4 39.7

Notes

1)      All CHRC holes are RC holes.
2)      All BKRDD, CHDD holes are core holes.
3)      RC holes were sampled at 1m intervals and composited to 2m or 4m intervals.
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 along the Bokitsi zone is about 90-99% of the intercept width.  The true width of intercepts from the Chirawewa zones range from 79 to 95% 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 May 30, 2011.
11)      CHRDD006 - assays are still pending below 113.8m.

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Kevin Thomson, who is a Member of Association of Professional Geoscientists of Ontario (a Recognised Overseas Professional Organisation ('ROPO') included in a list promulgated by the ASX from time to time) .  Mr Thomson is a full-time employee of the Company.  Mr Thomson 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 Thomson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Mr Thomson verified the data disclosed, including sampling, analytical and test data underlying the information contained herein. For a description of Perseus' data verification process, quality assurance program and quality control measure applied, the type of  analytical or testing procedures utilized, sample size, name and location of testing laboratories, 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 any known environmental, political, legal, title, or other risks that could materially affect the potential development of the mineral resources or reserves, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011 and the technical report entitled ''Technical Report - Tengrela Gold Project, Côte d'Ivoire'' dated December 22, 2010 in relation to the Edikan Gold Mine (formerly 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 the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, that the Edikan Gold Mine will achieve commercial production without material delay, development of a mine at Tengrela, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, 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 are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.

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.

 

 

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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