Perseus Mining issues September 2011 Quarterly Reports


PERTH, Western Australia, Nov. 2, 2011 /CNW/ - Perseus Mining Limited (ASX / TSX: PRU) ("Perseus" or the "Company") advises that its Activity and Cash Flow Reports for the quarter ended September 30, 2011 (the "Quarter") have been issued under the rules of the Australian Securities Exchange ("ASX"). Highlights of the Activity Report are set out below, and the full text of the reports are available on the Company's website and under the Company's profile at



Edikan Gold Mine (Formally Central Ashanti Gold Project or CAGP), Ghana

Commissioning of the Edikan Gold Mine ("EGM") plant in Ghana is progressing well.

  • Practical completion was achieved on 20 July 2011
  • First ore was treated on 9 August 2011
  • First gold poured on 21 August 2011
  • First gold shipment on 13 September 2011, with first gold sale recorded on 28 September 2011

During the Quarter, 1.23 million tonnes of ore were mined and 424,400 tonnes of mostly low grade ore were processed.   In total 10,445 ounces of gold were recovered during the Quarter, including 8,960 ounces in September. By the end of the September Quarter, 2,029 ounces of gold had been sold at an average price of USD1,640 per ounce .

Perseus completed 39,131m of resource and exploration drilling on the EGM licence area during the Quarter, which was the third consecutive quarterly drilling record for the Company on this project.

Significant results from recent deeper drilling at EGM confirm continuity of mineralisation at depth.

Tengrela Gold Project - Côte d'Ivoire

In late May 2011 the Company relaunched its exploration programme in Côte d'Ivoire after a six-month hiatus.  A total of 32,576m of drilling was completed during the September Quarter.

In November 2010, the Company announced details of its Feasibility Study for the development of the Sissingue deposit, which forms part of the Company's Tengrela Gold Project ("TGP"). GR Engineering Services Limited was awarded the process facility design contract and has commenced detailed engineering design for the 1.7Mtpa Sissingue process facility.

The Government approvals process is proceeding at a good pace, with very encouraging feedback received from recent meetings with various Government departments.

Program for the December 2011 Quarter

Plans and targets for the December 2011 quarter are:

At Edikan Gold Mine

  • Continued commissioning of the process facility.
  • Ramp-up of production.
  • Continued active exploration.


  • Award SAG mill fabrication contract.
  • Environmental and Social Impact Assessment ("ESIA") Technical meeting and sign off of the ESIA.
  • Lodgement of a Mining Lease application for the Sissingué Gold Mine.
  • Continue exploration at Sissingue and other projects.

Mark Calderwood
Managing Director

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:

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:, Website:

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