Perseus Mining Limited - Exploration Update - Significant Drill Intercepts

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PERTH, Western Australia, Jan. 16, 2012 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) is pleased to provide an exploration update from its West African gold projects.

Highlights

Infill and deeper drilling at Fetish at the Edikan Gold Mine ("EGM") in Ghana returned significant results, including:

EFDD110   -   24m at 9.0g/t from 141m and 18m at 1.2g/t Au from 216m.
EFDD111   -   20.8m at 1.4g/t from 27.7m, 24m at 1.5g/t from 72m, 12m at 1.2g/t from 178m and 34m at 4.0g/t Au  from 211m.
EFDD124   -   5m at 26.2g/t from 118m, 14m at 1.4g/t from 427m and 29m at 2.2g/t Au from 448m.
EFDD119   -   1m at 27.9g/t from 158m, 9m at 4.0g/t from 178m, 11m at 2.4g/t from 294m, 13m at 1.8g/t from 331m, 1m at 10.1g/t, 1m at 62.0g/t Au from 372m.
EFRDD104   -   1.5m at 14.3g/t from 49.5m, 16m at 2.3g/t from 70m, 13m at 2.7g/t from 99m and 8m at 6.9g/t Au from 320m.

Other intercepts at Fetish included 1m at 211g/t Au from 121m in EFRDD033 and 16m at 4.0g/t Au from 77m in EFRDD034

Infill drilling and deeper drilling at Esuajah North at EGM returned significant results, including:

ENDD082   -   1m at 11.7g/t from 73m, 6m at 1.8g/t from 107m, 3m at 66.7g/t Au from 128m, 7m at 2.1g/t 143m and 19m at 3.7g/t Au from 158m.
ENDD071   -   38m at 1.3g/t from 28m, 6m at 1.7g/t from 86m, 16m at 5.7g/t from 119m, 18m at 1.0g/t from 145m and 16.8m at 1.1g/t Au from 206m, ended in mineralisation.
ENDD095   -   20m at 4.2g/t from 35m, 12m at 1.8g/t from 59m and 13m at 6.2g/t Au from 82m.
ENDD096   -   13.5m at 1.4g/t from 50.5m, 14m at 1.2g/t from 73m and 68m at 2.1g/t Au from 137m.
ENDD076   -   9m at 1.8g/t from 40m, 20m at 4.5g/t from 62m, 16m at 1.1g/t from 96m and 8m at 1.8g/t Au from 143m.
ENRDD033   -   13m at 1.7g/t from 238m, 4m at 18.4g/t from 264m, 6m at 7.0g/t from 281m, 42m at 1.5g/t from 295m, 25m at 1.8g/t from 343m and 10m at 2.7g/t Au from 374m.

Other intercepts at Esuajah North included 9m at 5.6g/t Au in ENDD084, 33m at 2.0g/t Au in ENRC012, 18m at 3.0g/t Au in ENRDD032 and 50m at 1.8g/t Au in ENDD077

Infill drilling at Chirawewa and Bokitsi at EGM returned significant results, including:

CHDD032   -   16m at 4.8g/t from 76.3m, 10.5m at 1.9g/t from 56.5m, 7m at 5.7g/t from 176m, 14m at 1.9g/t from 189m and 8.5m at 5.5g/t Au from 211.5m.
BKDD041   -   5m at 27.1g/t Au from 74m including 2m at 64g/t from 75m.
BKDD042   -   11m at 7.6g/t Au from 82m.

Refer to Table 1 for details of the intercepts

Perseus Managing Director, Mark Calderwood's Comments

"An impressive set of results highlighting the potential at Edikan for not only large tonnage but areas of high grade".

"With samples for 632 drill holes still pending we will be in for a steady flow of results during 2012." 

"2012 should be a busy year for Resource and Reserve estimates, starting with the planned March upgrade to Edikan Resources and Reserves followed by a Resource upgrade at our Côte d'Ivoire project planned for June."

Edikan Gold Mine, Ghana

The Company completed 11,809m of drilling on the Edikan Gold Mine and Dunkwa licence during December.  While there has been an improvement on assay turnaround times, there are still assays pending for 5,620 samples from 145 drill holes.  A large number of significant drill hole intercepts have been reported since the cut off date for the resource estimate announced on December 22 2011.  These are contained in Tables 1 and 2 below.   Holes which were not included in the recent resource estimate will be included in future estimates starting with Esuajah North in March 2012.

Tengrela Gold Project, Côte d'Ivoire

The Company completed 16,758m of drilling on various prospects on the Tengrela Gold Project during December. However, assay turnaround was poor, and currently assays are pending for 15,673 samples from 487 drill holes.  From the limited number of holes where results were received several anomalous exploration intercepts were recorded, including 16m at 2.1g/t from 44m and 4m at 5.5g/t Au from surface in the proposed waste dump and ROM pad area, and 8m at 4.0g/t from 40m at Kanakono.  Details are included in Table 3.

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. 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
(m)
  North
(m)
  Depth
(m)
  Azm.
(°)
  Incl.
)
    From
(m)
  To
(m)
  Width
(m)
  Au
g/t
ABRDD443   AF Gap   26320   13950   445   180   -61     413   414   1   15.9
                              421   437   16   3.1
                        incl.     427   428   1   31.6
FBDD130   Fobinso   27140   14102   264.7   180   -50     197   224   27   1.6
                        incl.     217   218   1   22.3
FBDD131   Fobinso   27140   14103   270   180   -55     213   250   37   1.8
                        incl.     224   225   1   18.6
FBDD132   Fobinso   27140   14104   276   180   -61     216   245   29   2.8
                        incl.     222   223   1   28.4
FBDD135   Fobinso   27442   14054   228.7   180   -61     84   146   62   1.4
                        incl.     103   104   1   12.6
                              155   168   13   1.1
                              173   201   28   2.1
                        incl.     197   198   1   30.7
EFDD104   Fetish   3383   5340   410   270   -48     49.5   51   1.5   14.3
                              70   86   16   2.3
                        incl.     77   78   1   15.4
                              99   112   13   2.7
                              320   328   8   6.9
                        incl.     325   326   1   31.1
EFDD110   Fetish   3136   5200   331.5   90   -60     141   165   24   9.0
                        incl.     142   148   6   16.2
                        incl.     147   148   1   50.0
                        and     157.5   159   1.5   13.3
                        and     161   163   2   15.3
                              216   234   18   1.2
EFDD111   Fetish   3399   5240   273.5   270   -48     27.68   48.5   20.8   1.4
                              72   96   24   1.5
                              178   190   12   1.2
                              211   245   34   4.0
                        incl.     218   223   5   11.3
                        and     238   239   1   13.3
EFDD114   Fetish   3400   5400   218.5   270   -50     110   119   9   1.6
                              127   138   11   1.0
                              159   163   4   4.7
                        incl.     160   161   1   12.9
EFDD117   Fetish   3364   5140   211   270   -44     8.5   32.5   24   1.0
                              50.5   67   16.5   1.3
                              77   85   8   2.1
                              108   109   1   14.9
                              153   167   14   1.0
EFDD119    Fetish   3517    5238    401.6    270   -50      158   159   1   27.9
                              178   187   9   4.0
                        incl.     182   183   1   18.6
                              294   305   11   2.4
                              331   344   13   1.8
                              360   361   1   10.1
                              372   373   1   62.0
EFDD124   Fetish   3115   5080   160   270   -83     118   123   5   26.2
                        incl.     119   121   2   60.1
                              427   441   14   1.4
                              448   477   29   2.2
                        incl.     464   466   2   11.3
EFRDD033   Fetish   3125   5100   145.1   270   -70     103   108   5   2.3
                              121   122   1   211.0
EFRDD034   Fetish   3123   5100   125.1   270   -50     77   93   16   4.0
                        incl.     82   83   1   11.3
EFRDD035   Fetish   3127   5140   115   270   -55     82   89   7   7.2
                        incl.     83   84   1   18.6
EFRDD041   Fetish   3128   5180   246   90   -56     181   205   24   1.3
                              211   226   15   1.3
ENDD059   Esuajah N   2170   7220   375.58   90   -57     239   263   24   1.8
                        incl.     261   262   1   13.7
                              275   276   1   19.1
                              336   348   12   1.8
                              354   371   17   1.0
ENDD068   Esuajah N   2270   7379   212   90   -56     131   142   11   1.8
                        incl.     133   134   1   10.3
                              181   206   25   1.2
ENDD071   Esuajah N   2490   7161   222.8   270   -60     28   66   38   1.3
                              86   92   6   1.7
                              119   135   16   5.7
                        incl.     126   127   1   35.0
                        and     133   134   1   24.2
                              145   163   18   1.0
                              206   222.8*   16.8   1.1
ENDD073   Esuajah N   2409   7160   118   270   -61     59   85   26   1.2
                              97   118*   21   2.2
                        incl.     117   118*   1   13.2
ENDD074   Esuajah N   2390   7199   126   90   -55     7.5   22   14.5   1.7
                              76   95   19   1.0
                              104   112   8   1.4
ENDD075   Esuajah N   2470   7160   165   270   -60     35   54   19   1.9
                        incl.     40   41   1   22.8
                              139   159   20   1.2
ENDD076   Esuajah N   2335   7170   170   90   -55     40   49   9   1.8
                        incl.     40   41   1   11.3
                              62   82   20   4.5
                        incl.     78   79   1   74.0
                              96   112   16   1.1
                              143   151   8   1.8
ENDD077   Esuajah N   2385   7170   166   90   -55     40   74   34   1.4
                              83   97   14   1.1
                              112   162   50   1.8
ENDD078   Esuajah N   2450   7160   146   270   -60     42   59   17   2.1
                              80   98   18   1.7
                              103   108   5   5.9
                        incl.     105   106   1   26.3
ENDD079   Esuajah N   2355   7169   206   90   -55     10.5   46   35.5   1.2
                              129   153   24   1.0
                              186   202   16   1.0
ENDD082   Esuajah N   2296   7400   194.7   90   -55     73   74   1   11.7
                              107   113   6   1.8
                              128   131   3   66.7
                        incl.     129   130   1   102.0
                              143   150   7   2.1
                              158   177   19   3.7
                        incl.     166   168   2   17.1
ENDD083   Esuajah N   2345   7170   126   90   -55     62   91   29   1.1
                              97   108   11   1.6
ENDD084   Esuajah N   2331   7180   170   90   -55     56   91   35   1.0
                              108   123   15   1.3
                              152   161   9   5.6
                        incl.     158   159   1   38.4
ENDD086   Esuajah N   2405   7170   126   90   -55     11   18.5   7.5   4.0
                              51   76   25   1.1
                              107   126*   19   2.5
ENDD087   Esuajah N   2340   7180   125   90   -55     59   92   33   1.4
                              105   118   13   1.0
ENDD091   Esuajah N   2364   7170   126   90   -54     22   34   12   2.6
                        incl.     30   31   1   10.2
                              66   84   18   1.0
                              89   104   15   2.0
                        incl.     103   104   1   15.5
ENDD095   Esuajah N   2425   7170   110   90   -54     35   55   20   4.2
                        incl.     36   37   1   21.4
                        and     48   50   2   20.7
                              59   71   12   1.8
                              82   95   13   6.2
                        incl.     89   91   2   34.2
                        incl.     89   90   1   58.0
ENDD096   Esuajah N   2337   7080   209.5   90   -55     50.5   64   13.5   1.4
                              73   87   14   1.2
                              137   205   68   2.1
                        incl.     138   139   1   17.4
                        and     178   179   1   13.4
ENDD098   Esuajah N   2296   7360   204   90   -58     64   75   11   2.0
                        incl.     64   65   1   10.4
                              144   161   17   1.0
                              171   176   5   2.3
ENDD102   Esuajah N   2130   7400   325.18   90   -55     247   277   30   1.5
ENRC012   Esuajah N   2390   7300   85   90   -55     6   39   33   2.0
                        incl.     7   8   1   15.9
                        and     29   30   1   19.9
ENRDD016   Esuajah N   2281   7420   153   90   -55     74   83   9   1.8
                              122   144   22   1.4
ENRDD022   Esuajah N   2075   7160   495   90   -60     428   442   14   2.7
                        incl.     432   433   1   28.9
                              458   487   29   1.0
ENRDD023   Esuajah N   2124   7180   429.5   90   -60     313   341   28   1.6
                        incl.     313   314   1   15.0
                        and     340   341   1   11.9
                              396   414   18   1.
ENRDD024   Esuajah N   2428   7160   132   270   -61     72   100   28   2.4
                        incl.     77   78   1   11.0
                        and     87   88   1   15.7
ENRDD026   Esuajah N   2120   7160   459.2   90   -60     336   337   1   36.0
                              371   380   9   1.5
                              400   415   15   1.0
                              435   448   13   1.0
ENRDD027   Esuajah N   2185   7100   372.4   90   -57     140   149   9   1.6
                              159   182   23   1.0
                              251   258   7   3.2
                        incl.     255   256   1   14.1
ENRDD032   Esuajah N   2185   7100   372.4   90   -55     223   239   16   1.1
                              263   281   18   3.0
                        incl.     274   275   1   38.8
                              356   357   1   20.1
ENRDD033   Esuajah N   2152   7240   402   88   -61     238   251   13   1.7
                              264   268   4   18.4
                        incl.     265   267   2   34.6
                              281   287   6   7.0
                        incl.     284   286   2   13.6
                              295   337   42   1.5
                        incl.     323   324   1   30.3
                              343   368   25   1.8
                        incl.     347   348   1   23.0
                              374   384   10   2.7
ENRDD038   Esuajah N   2136   7339   384.5   90   -57     350   375   25   2.0
                        incl.     366   367   1   16.2
BKRDD041   Bokitsi S   2780   4300   135   270   -55     74   79   5   27.1
                        incl.     75   77   2   64.0
BKRDD042   Bokitsi S   2789   4340   116.5   270   -55     82   93   11   7.6
                        incl.     82   84   2   11.3
                        and     91   92   1   16.1
BKRDD044   Bokitsi S   2820   4380   125.12   270   -55     84   92   8   3.4
                              110   113   3   4.9
CHDD032   Chirawewa   4001   4460   226.5   90   -55     0   16   16   4.8
                        incl.     7   8.5   1.5   16.9
                              56.5   67   10.5   1.9
                              176   183   7   5.7
                        incl.     178   179   1   22.3
                              189   203   14   1.9
                              211.5   220   8.5   5.5
                        incl.     217   218   1   12.3
CHDD035   Chirawewa   3994   4480   196   90   -55     91   113   22   1.0
                              119   122   3   7.4
                        incl.     120   121   1   16.7

Notes

1) Most holes were core drilled through the mineralised zone.
2) Core holes sampled at 1m intervals or less to geological contacts.
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 65-85% 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) The true width of intercepts from recent drilling at Bokitsi South extension ranges from 80-97% of the intercept
width.
12) The true width of intercepts from recent drilling at Chirawewa ranges from 55-60% of the intercept width.
13) The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 70-98% of the intercept width.

Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana

                                           
Hole
  Deposit
  East
(m)
  North
(m)
  Depth
(m)
  Azm.
(°)
  Incl.
(°)
    From
(m)
  To
(m)
  Width
(m)
  Au
g/t
ENS102   Besem   3099   7160   75   270   -55     40   48   8   2.4
ENS104   Besem   3080   7240   60   270   -55     24   28   4   2.7
ENS111   Besem   3040   7520   90   270   -60     40   48   8   2.8
ENS113   Besem   3060   7480   100   270   -60     0   4   4   3.5
ENS114   Besem   3021   7480   105   270   -60     96   105*   9   3.1

Notes

1) All holes are RC holes.
2) RC holes were sampled at 1m intervals and composited to 2m or 4m intervals.
3) Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.
4) High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
5) RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana.
6) Only holes with combined intercepts of greater than 10 gram metres are included.
7) True widths of intercepts from the exploration holes are currently unknown.
8) 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.

Table 3: Tengrela Gold Project, Côte d'Ivoire, Exploration Drilling

                                           
Hole
 
  Prospect
 
  East
(m)
  North
(m)
  Depth
(m)
  Azm.
(°)
  Incl.
)
    From
(m)
  To
(m)
  Width
(m)
  Au
g/t
SAC130   Sissingué E   807,060   1,154,200   75   270   -60     44   60   16   2.1
SRB1402   Sissingué E   807,310   1,155,200   61   270   -55     0   4   4   5.5
SRB1419   Sissingué E   807,623   1,154,100   52   270   -55     28   36   8   0.8
KRB425   Kanakono   806,330   1,144,400   22   90   -55     0   4   4   1.7
KRB428   Kanakono   806,353   1,144,400   7   90   -55     4   7*   3   1.7
KRC090   Kanakono   805,680   1,144,040   90   90   -55     40   48   8   4.0
                        incl.     40   42   2   13.2

Notes

1) SAC holes are Aircore holes, SRB and KRB holes are RAB holes and KRC holes are RC holes
2) 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 - Tengrela Gold Project, Côte d'Ivoire" dated December 22, 2010.
3) Drill samples were assayed by 50g fire assays by ALS Mali SARL, (a division of ALS Minerals), in Bamako, Mali.
4) Only exploration holes with combined intercepts of greater than 10 gram metres are included.
5) True widths of intercepts from the exploration holes are currently unknown.

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, continuing commercial production at the Edikan Gold Mine without any major disruption, 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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