NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
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 www.perseusmining.com and under the Company's profile at www.sedar.com
Edikan Gold Mine (Formally Central Ashanti Gold Project or CAGP), Ghana
Commissioning of the Edikan Gold Mine ("EGM") plant in Ghana is
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
The Government approvals process is proceeding at a good pace, with very
encouraging feedback received from recent meetings with various
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.
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
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: email@example.com, Website: www.perseusmining.com