NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Sept. 19, 2011 /CNW/ - Perseus Mining Limited
(ASX/TSX: PRU) is pleased to advise that good progress has been made
towards the development of the Sissingue gold deposit on its Tengrela
Gold Project in northern Côte d'Ivoire.
Progress highlights include:
Lodgement of an Environmental and Social Impact Assessment (ESIA) with
Ivorian authorities in September
Awarding of a design contract for the Sissingue processing facility to
GR Engineering Services Pty Ltd (GRES)
Exploration and resource drilling is continuing with six drill rigs
expected to be operating in October
Following lodgement of the ESIA in early September, community
consultation meetings will be held later in the month as part of the
approvals process. The Company is anticipating environmental permit
approval by the end of 2011, assuming no delays in the process. When
the permit is obtained, Perseus can engage the Ivorian Government in
negotiations for the mining convention with the view to building the
plant and achieving first production in 2013.
To enable an early start to construction when the permitting is in
place, the process facility design contract has been awarded to
Perth-based engineering group GRES. The detailed design is expected to
take about 30 weeks, and it is anticipated that orders for long lead
plant items will be placed during that period.
Extensional drilling to the Sissingue deposit and exploration drilling
across the Tengrela Gold Project area are continuing with five drill
rigs on site and a sixth on schedule to arrive in October. An update
to the Sissingue resource and reserve estimate is expected to be
released during the June Quarter 2012.
Based on the 2010 feasibility study, gold production from Sissingue is
estimated to an average of 170,000 ounces per annum in the first two
Mark Calderwood, Managing Director's Comments
"Tengrela is the next mine in the pipeline for Perseus now that we have
brought our Edikan Gold Mine into production in Ghana."
"Lodgement of the environmental assessment document with the Ivorian
authorities and awarding the process facility design contract to GRES
are significant pre-construction milestones for the project, which we
plan to fast track to achieve first production in 2013."
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 12
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 Edikan 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 development of the 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)