NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Nov. 11, 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 has been performing to expectation during the
commissioning stage with some further improvement in recoveries. Key
commissioning statistics for October 2011 were:
296,670 dry tonnes, September 331,700;
570 hours, September 570 hours;
25.9%, September 27.5%;
Post gravity float recovery
79.5% with a mass pull of 0.81%, September 77.2% with a mass pull of
Overall calculated recovery
79.5%, September 77.5%; and
8,230 ounces, September 8,960 ounces.
Throughput rates and operating hours were below target due mainly to 139
hours of crusher down-time caused by oversize rock feed and tipping
practices and 81 hours lost due to tails storage and process water
pumping limitations. The crusher issues have been addressed by
modifying ore dumping procedures, adjusting blast patterns to provide
increased rock fragmentation for optimal crusher throughput and
modifications to the ROM bin, which are 50% complete.
Plant throughput rates were also restricted due to the filling of Stage
1A of the tailings dam and redeployment of pumping and piping
facilities to the larger Stage 1B section of the dam, together with
some process water shortages caused by lightning strikes affecting
pumping capacity. Stage 2 of the tailings dam is well ahead of
Recoveries continue to improve and are good considering the blend of
lower recovery oxide and transition ore with the high recovery fresh
ore and the interruptions to steady processing rates.
Grade control drilled ore to date exceeds the reserve model estimate in
terms of tonnes (+17%) and contained gold (+13%). Most of the excess
contained ounces have come from AF-Gap, where mining is still in the
oxide zone. Mill calculated head grades for the 721,000t treated to the
end of October are higher than feed grade estimated by grade control
Despite unseasonably high rainfall of 315mm making October the wettest
month this year, the mining contractor mined a total of 851,000Bcm
compared to 924,000Bcm in September 2011. Stockpiled ore tonnages have
increased to about 1,200,000 tonnes grading 1.10g/t gold, comprising
380,000t of sulphide ore and 820,000t of oxide ore.
Mark Calderwood, Managing Director's Comments
"Recoveries are good, the reserve reconciliation is positive and, as we
iron out 'teething' issues with the plant, we expect to increase mill
operating hours and throughput rates."
"Consumable levels remain low, with 0.06kg/t of cyanide and 0.78kg/t of
steel balls consumed per tonne of ore feed."
In addition to the previously announced appointments of a Chief
Operating Officer and Deputy General Manager during the September
quarter, Wayne Nicoletto commenced as General Manager for Edikan last
week. Wayne is a senior mining professional with 30 years industry
experience in Africa (7 years), Australia, Canada and Central Asia.
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 joined gold producer ranks 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 first 12 months of
commercial production and to increase this to about 280,000 ounces per
annum in the following year.
Perseus is 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 is pursuing its strategy of rapidly increasing its resource and
reserve base at the Edikan Gold mine and Tengrela.
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 commissioning and commercial production at 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 email@example.com
Nathan Ryan at telephone +61 420 582 887 or email firstname.lastname@example.org
Rebecca Greco at telephone +1 416 822 6483 or email email@example.com (Toronto)