/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PERTH, WESTERN AUSTRALIA, July 30 /CNW/ - Perseus Mining Limited (ASX / TSX: PRU) ("Perseus" or the "Company") advises that its Activity and Cash Flow Reports for the quarter ended June 30, 2010 have been issued today. Highlights of the Activity Report are set out below, and the full text of the reports are available on the Company's website www.perseusmining.com and under the Company's profile at www.sedar.com.
Central Ashanti Gold Project (Ayanfuri) - Ghana
Progress on the Central Ashanti Gold Project ("CAGP") in Ghana included:
- Receipt of the environmental permit;
- Site work commenced on June 21;
- Procurement well advanced, with equipment arriving at port in
- Banking syndicate credit approved offer for up to US$85M facility
- Recruitment of key second-tier management personnel progressing.
Exploration and resource drilling is continuing to ramp up, with 32,214m of drilling completed on the Ghana projects during the quarter ended 30 June 2010.
Tengrela - Ivory Coast
A total of 33,509 m of RC and diamond drilling and 11,524 m of RAB drilling was completed during the quarter, mostly on the Sissingue prospect. First pass RC drilling intercepts highlight the potential of the Kanakono prospect, located 10 km south of Sissingue.
The feasibility study for the Sissingue project is progressing well, with results expected early in the 4th quarter of 2010. As part of the study, an updated resource estimate was completed on the Sissingue deposit - refer to the News Release dated July 19, 2010.
Drilling is continuing on infill, extensional targets and on other prospects at the Tengrela Project.
Perseus raised equity capital of $140 million during the June 2010 quarter through private placements and a share purchase plan issue to shareholders at AUD$1.94 per share. This places the Company in a strong position to maintain its impetus with the CAGP development and the Tengrela feasibility study.
July 30, 2010
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' 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 November 30, 2009 in relation to the Central Ashanti Gold Project and the Tengrela Gold Project respectively.
Pursuant to NI 43-101, a technical report containing the July 2010 estimate for the Sissingue deposit described above will be prepared and filed on SEDAR by early September 2010.
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, completion of a definitive feasibility study at Tengrela and development of a mine at Tengrela subject to the results of that study.
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: For further information: Perseus Mining Limited, ABN 27 106 808 986, 30 Ledgar Road, Balcatta, Western Australia, 6021, PO Box 717, Balcatta, WA, 6914, Telephone: (618) 9240 6344, Facsimile: (618) 9240 2406, Email address: firstname.lastname@example.org, Website: www.perseusmining.com