NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Sept. 15, 2011 /CNW/ - Perseus Mining Limited
(ASX/TSX: PRU) is pleased to provide an update on commissioning at its
Edikan Gold Mine ("EGM") in Ghana.
The process plant is currently achieving increasing rates of utilisation
(87%) and mill throughput rates have recently been tested to 730t/hr
(5.9Mt/annum) for short periods on fresh/transition ore blends.
Significantly, at 730t/hr the net power draw for the SAG mill is 10MW
of the 14MW capacity with the SAG Mill variable speed drive control
operating at low speed. A recent inspection inside the SAG mill has
revealed minimal wear.
The primary crusher has reached 1,300t/hr (10Mt/annum) throughput rates.
Gravity, float and CIL gold recoveries from both low grade and higher
grade feed are in line with expectations. Combined recovery is
currently about 74%, which is consistent with expectations for the
current stage of commissioning and the blend of fresh and oxide
material. Gravity gold recovery is on target at 30%.
To date calculated head grades appear on average to be marginally higher
than grade control estimated head grades, and grade control tonnes and
grade estimates to date are, on average, each slightly higher than
exploration model grades for the corresponding areas.
The Company has also received approval to deposit float tailings into
stage one of the floatation tailings storage facility.
Mining is ramping up with the first of two Liebherr R9250E Excavators
now commissioned and operating.
The first gold shipment from the Edikan Gold Mine, just over 65kgs or
approximately 2,100 fine troy ounces of gold was sent to Rand
Refineries Limited in South Africa for processing on 13th September.
Mark Calderwood, Managing Director's Comments
"We have achieved two further milestones by processing ore through the
mill at 730tph and making our first shipment of gold in recent days.
The process plant is running smoothly, with the mill only drawing about
80% of its power rating during this early commissioning phase."
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 has now joined gold producer ranks
at its Edikan Gold Mine (EGM) in Ghana. The Company plans to produce
at the initial rate of about 220,000 ounces of gold in the first twelve
months of commercial production and to increase this to about 280,000
ounces per annum in the following year.
Perseus is now also planning the development of its 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 year gold producer in 2013.
Perseus will continue its strategy of rapidly increasing its resource
and reserve base during the development of the Edikan Gold mine and
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 Edikan Gold Mine 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.
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 firstname.lastname@example.org
Nathan Ryan at telephone +61 420 582 887 or email email@example.com
Rebecca Greco at telephone +1 416 822 6483 or email firstname.lastname@example.org (Toronto)