leadf
logo-loader
viewPerseus Mining Ltd

Perseus Mining upgrades gold reserves following near mine exploration success and pit optimisations

Despite mining depletion of over three hundred thousand in situ ounces in the last 12 months, Perseus’s total ore reserves have incrementally increased.

Perseus Mining Ltd - Perseus Mining upgrades gold reserves following near mine exploration success and pit optimisations
The ore reserve estimates assume a gold price of US$1,300 per ounce

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) has revealed updated mineral resources and ore reserves at each of its West African operations as follows:

Mineral resources

Ore reserves

The upgraded resources and reserves place Perseus in a strong footing to achieve its goal of 500,000 ounces of annual gold production after returning FY20 financial results described as "outstanding".

In FY20, Perseus recorded EBITDA from operations of A$273.8 million, a 67% increase compared to the previous financial year.

Robust resource modelling

Perseus managing director and CEO Jeff Quartermaine said: “In the last twelve months, our Mineral Resource modelling at Edikan and Sissingué has proven to be robust with acceptable reconciliations being achieved between contained metal forecast by our block models and the metal we actually recovered at both mines.

“Notwithstanding this, we have updated our resource models based on the outcomes of our stringent reconciliation processes, striving to continually improve our ability to provide the best possible forecast of future ounce production.”

Increase in ore reserves

Quartermaine added “Our latest Ore Reserve estimates assume a gold price of US$1,300 per ounce for calculating revenues, US$100 per ounce more the price previously assumed.

“Pit shells have variously been used to guide pit designs based on gold prices between US$1,040 and US$1,300 per ounce, depending on the mine life of the deposit.

“This has increased the Ore Reserves at both the AF Gap and Fetish deposits at Edikan.

“Additional drilling at the Fimbiasso deposits near Sissingué and the Bokitsi South deposit at Edikan has resulted in modest additions to the Ore Reserves and importantly improved the level of confidence in the accuracy of the various estimates.

“Despite mining depletion of over three hundred thousand in situ ounces in the last 12 months, Perseus’s total Ore Reserves have incrementally increased due to near mine exploration success and pit optimisations.”

Quick facts: Perseus Mining Ltd

Price: 1.41 AUD

ASX:PRU
Market: ASX
Market Cap: $1.73 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Perseus Mining Ltd named herein, including the promotion by the Company of Perseus Mining Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Perseus Mining reports "outstanding" year in FY20 with EBITDA up 67%

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) has returned financial results described as "outstanding" in the 2020 financial year with EBITDA of $274 million, which was 67% higher than the previous year. Managing director and CEO Jeff Quartermaine told Proactive that it had been...

on 25/8/20

2 min read