Proactiveinvestors USA & Canada Perseus Mining Ltd https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Perseus Mining Ltd RSS feed en Sun, 26 May 2019 15:05:20 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Perseus Mining has new substantial shareholder in New York-based Van Eck Associates ]]> https://ca.proactiveinvestors.com/companies/news/220093/perseus-mining-has-new-substantial-shareholder-in-new-york-based-van-eck-associates-220093.html Perseus Mining Limited (ASX:PRU) has a new substantial shareholder in prominent New York-based investment manager Van Eck Associates Corporation, which holds a 5.04% stake.

Van Eck and its subsidiaries reached this status through a series of transactions this month and now holds more than 58.847 million shares in the West African gold producer.

READ: Perseus Mining receives board approval to begin full-scale development of Yaouré Gold Mine

Last week the board approved full-scale development of the company’s third gold mine, Yaouré in Cote d’Ivoire with a forecast capital cost of US$265 million and first production targeted for December 2020.

The development will be funded by a US$150 million credit facility, US$40 million in underwritten warrants and US$81 million in existing cash and bullion.

Permit granted

This approval follows the recent granting of an exploitation permit by the government of Cote d’Ivoire and confirmation of Perseus’ development plan.

The decision opens the way for Perseus to execute engineering and supply contracts with Lycopodium Limited (ASX:LYL).

Perseus has collaborated successfully with Lycopodium in the past, including on the ahead-of-time and on-budget development of Perseus’ Sissingué Gold Mine which was commissioned in early 2018.

Under the terms of Lycopodium’s contract, first gold is due to ne poured at Yaouré by January 23, 2021, although a “stretch target” involving an earlier gold pour in December 2020 is being pursued.

READ: Perseus Mining major shareholder Franklin Resources increases stake to nearly 10%

Last November Perseus posted a preliminary inferred resource estimated for a potential underground mining operation at Yaouré which totalled 3 million tonnes at 6.2 g/t gold containing 595,000 ounces.

The accompanying scoping study found there were no known impediments to future underground development.

Perseus intends to undertake exploration and mineral resource definition work which will materially add to Yaouré’s ore reserve base and life-of-mine plan, beyond its current nine-year life.

During the March quarter the company produced 67,144 ounces of gold at an all-in sustaining cost (AISC) of US$851 per ounce.

The majority of this came from Edikan mine in Ghana and the remainder from Sissingué mine in Cote d’Ivoire.

Group gold production is on track to achieve the June 2019 half-year guidance of 130-150,000 ounces, as well as achieving cost guidance within an AISC range of US$850-$1,000 per ounce.

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Mon, 13 May 2019 13:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/220093/perseus-mining-has-new-substantial-shareholder-in-new-york-based-van-eck-associates-220093.html
<![CDATA[News - Perseus Mining receives board approval to begin full-scale development of Yaouré Gold Mine ]]> https://ca.proactiveinvestors.com/companies/news/219694/perseus-mining-receives-board-approval-to-begin-full-scale-development-of-yaour-gold-mine-219694.html Perseus Mining Ltd’s (ASX:PRU) board has approved full-scale development of the Yaouré Gold Mine in Cote d’Ivoire, with first gold production at the company’s third mine targeted for December 2020.

The mine development has a forecast capital cost of US$265 million which will be funded by a US$150 million credit facility, US$40 million in underwritten warrants and US$81 million in existing cash and bullion.

 

Perseus managing director & CEO Jeff Quartermaine said: “When Perseus acquired Amara Mining plc in April 2016, our primary objective was to bring Yaouré into production as soon as practical.

“With the decision announced today, we have moved one step closer to achieving this goal.

“We are firmly placed on the path to achieving our stated aim of producing more than 500,000 ounces of gold at an all-in site cost less of less than US$850 per ounce from multiple mines in several jurisdictions in West Africa.

“With the experience that our team developed from the successful execution of the Sissingué Mine development plan, we are confident that Yaouré will also be developed on time and on budget and in the process further establish Perseus’ reputation as a reliable and capable developer and operator of gold mines in West Africa.”

READ: Perseus Mining granted permit to develop third gold mine

The board’s decision to develop Yaouré follows the recent granting of an exploitation permit by the government of Cote d’Ivoire and confirmation of Perseus’ development plan.

Taking immediate effect, the decision opens the way for Perseus to execute engineering and supply contracts with Lycopodium Limited (ASX:LYL).

Perseus has collaborated successfully with Lycopodium in the past, including on the ahead-of-time and on-budget development of Perseus’ Sissingué Gold Mine which was commissioned in early 2018.

Under the terms of Lycopodium’s contract, first gold is due to ne poured at Yaouré by January 23, 2021, although a “stretch target” involving an earlier gold pour in December 2020 is being pursued.

  READ: Perseus Mining quarterly production confirms on track to meet guidance

Along with execution of contracts, Perseus has advanced payments for crop, land and sacred site compensation, with about 80% of landowners paid compensation at rates specified by the local prefect’s decree.

Payment of compensation to landowners is required before clearing and preparation of the processing facility and tailings dam sites can begin.

The company is in negotiations with the Ivorian government for a mining convention to establish a stable fiscal and social environment for the project, with finalisation and execution of the convention expected in the September 2019 quarter.

READ: Perseus Mining’s warrant underwriting agreement could raise $45 million

Perseus is also planning to reactivate exploration activities adjacent to the proposed mine site.

High priority will be placed on delineating further mineralisation that can be mined from below the proposed CMA open pit using underground methods.

The company last November posted a preliminary inferred resource estimated for a potential underground mining operation at Yaouré which totalled 3 million tonnes at 6.2 g/t gold containing 595,000 ounces.

The accompanying scoping study found there were no known impediments to future underground development at Yaouré.

Perseus intends to undertake exploration and mineral resource definition work which will materially add to Yaouré’s ore reserve base and life-of-mine plan, beyond its current nine-year life.

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Sun, 05 May 2019 20:22:00 -0400 https://ca.proactiveinvestors.com/companies/news/219694/perseus-mining-receives-board-approval-to-begin-full-scale-development-of-yaour-gold-mine-219694.html
<![CDATA[News - Perseus Mining granted permit to develop third gold mine ]]> https://ca.proactiveinvestors.com/companies/news/219140/perseus-mining-granted-permit-to-develop-third-gold-mine-219140.html Perseus Mining Ltd (ASX:PRU) has been granted an Exploitation Permit to develop and operate its third gold mine, the Yaouré Gold Mine in Côte d’Ivoire.

Notably, the Exploration Permit is the final permit Perseus requires to start developing the Yaouré mine.

It follows the recently accepted offer of debt financing from a syndicate of international banks and confirmed its financing plans for the mine development.

With all major prerequisites for the development of the Yaouré gold mine now in place, the coard will convene in the very near future to resolve to commence full scale project development.

READ: Perseus Mining receives commitment for US$150 million debt facility to fund third gold mine

Perseus’s CEO and managing director Jeff Quartermaine said: “The granting of the Exploitation Permit to enable development of the Yaouré Gold Mine is a major milestone for Perseus that firmly places us on the path to achieving our stated goal of producing more than 500,000 ounces of gold at an all-in cost of less than US$850 per ounce from multiple mines in several jurisdictions in West Africa.

“When developed, Yaouré is expected to be a large scale, low cost mining operation capable of generating substantial benefits for all of Perseus’s stakeholders, including not only our shareholders who have been keenly awaiting this milestone, but also our host government and local communities, employees and providers of a range of goods and services.

“On behalf of the Board and the entire team at Perseus, I thank the government of Côte d’Ivoire for granting us the exploitation licence and in doing so, recognising Perseus’s credentials as a capable, reliable and responsible participant in the Ivorian gold mining industry.”

READ: Perseus Mining quarterly production confirms on track to meet guidance

Perseus produced 67,144 ounces of gold in the March quarter at an all-in site cost (AISC) of US$851 per ounce.

The majority (66.5%) of gold was produced from its Edikan mine in Ghana with the balance (33.5%) produced from the Sissingué mine in Côte d’Ivoire.

Group gold production is on target to achieve June 2019 half year production guidance of 130-150,000 ounces and AISCs are also on track to achieve cost guidance of US$850-US$1,000 per ounce.

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Fri, 26 Apr 2019 09:27:00 -0400 https://ca.proactiveinvestors.com/companies/news/219140/perseus-mining-granted-permit-to-develop-third-gold-mine-219140.html
<![CDATA[News - Perseus Mining major shareholder Franklin Resources increases stake to nearly 10% ]]> https://ca.proactiveinvestors.com/companies/news/218918/perseus-mining-major-shareholder-franklin-resources-increases-stake-to-nearly-10-218918.html Perseus Mining Ltd (ASX:PRU) substantial shareholder Franklin Resources Inc has purchased nearly 20 million shares in the company, bringing its total holding to 102,490,902 shares.

The transaction leaves Franklin Resources with a 9.45% interest in Perseus, which includes nearly 1.1 million shares outstanding.

 

Perseus produced 67,144 ounces of gold in the March quarter at an all-in sustaining cost (AISC) of US$851 per ounce.

The majority of the gold was produced from the Edikan mine in Ghana and the rest from the Sissingué mine in Cote d’Ivoire.

Group gold production is on track to achieve the June 2019 half-year guidance of 130-150,000 ounces, as well as achieving cost guidance within an AISC range of US$850-$1,000 per ounce.

The company’s weighted average cash margin of US$433 per ounce during the quarter generated notional cash flow of US$29.1 million, more than double that of the prior quarter.

Cash and bullion on hand at March 31 amounts to US$80.8 million, which together with debt reductions to US$44.5 million puts Perseus in a net cash and bullion position of US$36.3 million.

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Tue, 23 Apr 2019 00:48:00 -0400 https://ca.proactiveinvestors.com/companies/news/218918/perseus-mining-major-shareholder-franklin-resources-increases-stake-to-nearly-10-218918.html
<![CDATA[News - Perseus Mining quarterly production confirms on track to meet guidance ]]> https://ca.proactiveinvestors.com/companies/news/218623/perseus-mining-quarterly-production-confirms-on-track-to-meet-guidance-218623.html Perseus Mining Ltd (ASX:PRU) has confirmed that it produced 67,144 ounces of gold in the March quarter at an all-in site cost (AISC) of US$851 per ounce.

The majority (66.5%) of gold was produced from its Edikan mine in Ghana with the balance (33.5%) produced from the Sissingué mine in Côte d’Ivoire.

Group gold production is on target to achieve June 2019 half year production guidance of 130-150,000 ounces and AISCs are also on track to achieve cost guidance of US$850-US$1,000 per ounce.

Perseus’s weighted average cash margin of US$433 per ounce during the quarter generated notional cash flow of US$29.1 million, more than double that of the prior quarter.

READ: Perseus Mining’s warrant underwriting agreement could raise $45 million

With US$80.8 million in cash and bullion on hand at 31 March and debt being reduced to US$44.5 million, the company is in a net cash and bullion position of US$36.3 million.

This places the company in a strong financial position as it continues with its progress to develop its third gold mine, Yaouré, also in Côte d'Ivoire.

Financing plan in place

An offer by a banking syndicate to provide a US$150 million cash advance facility to partially fund the development of Yaouré was accepted earlier this month.

Yaouré’s financing plan will be fully funded by debt, existing cash and bullion, future operating cash flows, and proceeds from the exercise or underwriting of Perseus warrants.

Perseus’s CEO and managing director Jeff Quartermaine said: “The agreement on the terms of the debt facility with our banking syndicate was a critical step that needed to be completed to enable the development of the Yaouré Gold Mine.

Yaouré has untapped potential

He added: “As a management team we believe that the Mineral Resources and Reserves reported to date represent a proportion of the potential of this property.

“We are looking forward to the challenge of, firstly, developing Yaouré on time and on budget and then operating the gold mine in line with expectations.

“In addition to this, we recognise the enormous untapped exploration potential within the Yaouré tenements and with access to funding we expect to be able to materially add to the expected life and value to investors of this operation.”

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Tue, 16 Apr 2019 09:40:00 -0400 https://ca.proactiveinvestors.com/companies/news/218623/perseus-mining-quarterly-production-confirms-on-track-to-meet-guidance-218623.html
<![CDATA[Media files - Perseus Mining to 'comfortably' achieve half-year guidance after strong March quarter ]]> https://ca.proactiveinvestors.com/companies/stocktube/13012/perseus-mining-to--comfortably--achieve-half-year-guidance-after-strong-march-quarter-13012.html Tue, 16 Apr 2019 00:06:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/13012/perseus-mining-to--comfortably--achieve-half-year-guidance-after-strong-march-quarter-13012.html <![CDATA[News - Perseus Mining’s warrant underwriting agreement could raise $45 million ]]> https://ca.proactiveinvestors.com/companies/news/218541/perseus-minings-warrant-underwriting-agreement-could-raise-45-million-218541.html Perseus Mining Limited (ASX:PRU) (TSE:PRU) (FRA:P4Q) (OTCMKTS:PMNXF) has entered into an underwriting agreement for the exercise of warrants with a total value of approximately $45 million

The joint agreement with Canaccord Genuity (Australia) Limited and Hartleys Limited involves more than 102.5 million Perseus warrants which expire on April 19, 2019, and are exercisable at 44 cents each.

READ: Perseus Mining results reflect golden times for company in West Africa

Perseus’ managing director and CEO Jeff Quartermaine said: “The proceeds from the warrant underwriting add to Perseus’s financial capacity as the company embarks on the next phase of growth involving amongst other things, the development of our third mine, Yaouré.”

In April 2016, Perseus issued more than 143 million warrants exercisable at 44 cents per warrant at any time within three years to the shareholders of Amara Mining plc as part consideration for their shares in that company.

Since then, about 40.5 million warrants have been or are being exercised by holders.

Acting as joint lead managers Canaccord and Hartleys guarantee the exercise of any of the outstanding warrants not exercised by warrant owners before their expiry.

READ: Perseus Mining March quarter production has it on track to meet guidance

The total amount that could potentially be raised from the exercise of the underwritten warrants is approximately $45 million, before expenses.

Canaccord and Hartleys have received significant demand from large international and domestic institutional investors, including several Perseus shareholders, to sub-underwrite the exercise of the warrants.

Quartermaine added: “The significant demand from investors to sub-underwrite the warrant exercise, demonstrates the strong support for the company’s strategic plan to produce over 500,000 ounces of gold per year at an all-in site cost of less than US$850 per ounce from 2022.”

Funding from the warrants strengthens Perseus’ balance sheet.

READ: Perseus Mining receives commitment for US$150 million debt facility to fund third gold mine

Together with the recently announced US$150 million corporate debt facility, existing cash and future cash flows, this ensures Perseus is well funded.

Funds will position the company to fund the development of its third gold mine, the Yaouré Gold Mine in Côte d’Ivoire, as well as further exploration activities and other growth initiatives.

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Mon, 15 Apr 2019 14:02:00 -0400 https://ca.proactiveinvestors.com/companies/news/218541/perseus-minings-warrant-underwriting-agreement-could-raise-45-million-218541.html
<![CDATA[News - Perseus Mining has potential underwriting news imminent, granted trading halt ]]> https://ca.proactiveinvestors.com/companies/news/218380/perseus-mining-has-potential-underwriting-news-imminent-granted-trading-halt-218380.html Perseus Mining Limited (ASX:PRU) is in a trading halt pending an announcement regarding the potential underwriting of warrants expiring on April 19, 2019.

The company, which has operating gold projects in West Africa, expects to announce the details of the underwriting before or on April 15, 2019, and is not aware of any reason why a trading halt should not be granted.

Perseus securities last traded at 48.5 cents.

READ: Perseus Mining receives commitment for US$150 million debt facility to fund third gold mine

Earlier this month, the company accepted a Committed Letter of Offer from three leading international banks to provide a US$150 million corporate debt facility to develop its third gold mine, the Yaoure Gold Mine in Cote d’lvoire, at an estimated cost of US$265 million.

Perseus managing director and CEO Jeff Quartermaine said: “The agreement on the terms of the debt facility with our banking syndicate was a critical step that needed to be completed to enable the development of the Yaoure Gold Mine.

“Perseus acquired Amara Mining plc in April 2016 with the specific object of developing Yaoure which was then considered one of the best undeveloped gold resources in West Africa.

“Since acquiring the project, our technical teams have validated our original belief and methodically created a compelling commercial case to develop the gold mine.”

READ: Perseus Mining March quarter production has it on track to meet guidance

The company met its expectation during the March quarter with gold production from its two West African mines, Edikan and Sissingue, of 67,144 ounces, 5% more than in the corresponding 2018 quarter.

This comprised 44,680 ounces from the Edikan mine in Ghana and 22,464 ounces of gold from the Sissingue mine in Cote d’lvoire.

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Thu, 11 Apr 2019 15:06:00 -0400 https://ca.proactiveinvestors.com/companies/news/218380/perseus-mining-has-potential-underwriting-news-imminent-granted-trading-halt-218380.html
<![CDATA[News - Perseus Mining receives commitment for US$150 million debt facility to fund third gold mine ]]> https://ca.proactiveinvestors.com/companies/news/218092/perseus-mining-receives-commitment-for-us150-million-debt-facility-to-fund-third-gold-mine-218092.html Perseus Mining Ltd (ASX:PRU) has accepted a Committed Letter of Offer from three leading international banks to provide a US$150 million corporate debt facility.

Among other things, the debt funding will be used to develop the company’s third gold mine, the Yaouré Gold Mine in Côte d’Ivoire - estimated to cost US$265million.

Funding is subject to execution of formal documentation and and other conditions including the grant of an Exploitation Permit by the Ivorian government and final board approval.

Perseus plans to proceed with the development of Yaouré in accordance with its strategic plan of producing more than 500,000 ounces of gold per year at an all-in site cost of less than US$850 per ounce from 2022.

READ: Perseus Mining March quarter production has it on track to meet guidance

Perseus’s CEO and managing director Jeff Quartermaine said: “The agreement on the terms of the debt facility with our banking syndicate was a critical step that needed to be completed to enable the development of the Yaouré Gold Mine.

“Perseus acquired Amara Mining plc in April 2016 with the specific objective of developing the Yaouré, which was then considered one of the best undeveloped gold resources in West Africa.

“Since acquiring the project, our technical teams have validated our original belief and methodically created a compelling commercial case to develop the gold mine.

Final piece of funding puzzle

“With our international banking syndicate agreeing to provide debt finance, we have put in place the final piece of the funding plan required to deliver our original vision.

“As a management team we believe that the Mineral Resources and Reserves reported to date represent a proportion of the potential of this property.

“We are looking forward to the challenge of, firstly, developing Yaouré on time and on budget and then operating the gold mine in line with expectations.

“In addition to this, we recognise the enormous untapped exploration potential within the Yaouré tenements and with access to funding we expect to be able to materially add to the expected life and value to investors of this operation.”

Interest payable is LIBOR + variable margin

Interest payable on the loan will be LIBOR plus a margin that initially will be 4.25% and will vary in line with the company’s leverage ratio.

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Mon, 08 Apr 2019 09:38:00 -0400 https://ca.proactiveinvestors.com/companies/news/218092/perseus-mining-receives-commitment-for-us150-million-debt-facility-to-fund-third-gold-mine-218092.html
<![CDATA[News - Perseus Mining March quarter production has it on track to meet guidance ]]> https://ca.proactiveinvestors.com/companies/news/218010/perseus-mining-march-quarter-production-has-it-on-track-to-meet-guidance-218010.html Perseus Mining Ltd (ASX:PRU) has revealed it produced gold in line with expectation during the March quarter from its two West African gold mines, Edikan and Sissingué.

Reconciled March 2019 quarter gold production of 67,144 ounces was 5% more than in the corresponding quarter in 2018.

This comprised 44,680 ounces from the Edikan gold mine in Ghana and 22,464 ounces of gold from the Sissingué gold mine in Côte d’Ivoire.

Perseus said it remains on track to achieve June 2019 half year guidance of 130,000-150,000 ounces and full year guidance of 271,000-291,000.

Through the first three quarters, production totals 207,691 ounces.

READ: Perseus Mining produces gold ounces in Ghana and Cote d’Ivoire

Perseus’s CEO and managing director Jeff Quartermaine said: “This is the ninth consecutive quarter that Perseus has reported strong operating performances from its West African gold mines and over this time, the company has established a credible record of delivering on promises by consistently achieving market production and cost guidance.

“Given the material improvement in our operating performance in recent times, as demonstrated by the strong performances at Edikan and Sissingué, achievement of the company’s objective of producing 500,000 ounces of gold per year from 2022 appears well within our operating capacity once the Yaouré Gold Mine is developed and we are looking forward to delivering this outcome in due course.”

Perseus plans to publish its full March quarter report including all-in site costs and operating cash flow on 16 April 2019.

READ: Perseus Mining substantial shareholder Franklin Resources lifts interest to 9.8%

Earlier this week, substantial shareholder Franklin Resources, Inc and its affiliates lifted its interest in the West African gold producer to 9.8% from 7.72%.

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Fri, 05 Apr 2019 09:32:00 -0400 https://ca.proactiveinvestors.com/companies/news/218010/perseus-mining-march-quarter-production-has-it-on-track-to-meet-guidance-218010.html
<![CDATA[News - Perseus Mining substantial shareholder Franklin Resources lifts interest to 9.8% ]]> https://ca.proactiveinvestors.com/companies/news/217817/perseus-mining-substantial-shareholder-franklin-resources-lifts-interest-to-98-217817.html Perseus Mining Limited (ASX:PRU) substantial shareholder Franklin Resources, Inc and its affiliates has lifted its interest in the West African gold producer to 9.8% from 7.72%.

Since December 1, 2017, Franklin has made a series of transactions, with the most recent on April 2, 2019, being the exercise of in excess of 22 million warrants valued at more than $9.76 million.

The investor now holds more than 102 million shares.

READ: Perseus Mining results reflect golden times for company in West Africa

Perseus is producing at the Edikan and Sissingue projects in Ghana and Cote d’Ivoire respectively and is moving towards a third operating mine at Yaouré in central Cote d’Ivoire.

In its half-yearly report, managing director Jeff Quartermaine said that in most respects the company was in its best-ever condition financially and operationally “and is very well positioned to continue the strong growth”.

He said the strong financial results were a direct result of continuing strong production and cost performance at the two operating mines in Ghana and in Côte d’Ivoire.

READ: Perseus Mining produces gold ounces in Ghana and Cote d’Ivoire

There were 140,555 ounces of gold produced in the six months to December 31, 2018, which was 30% higher than in the corresponding period of 2017.

The weighted average all-in site cost, including the costs of production, royalties and sustaining capital, was US$999 per ounce, a 10% reduction on the same period in 2017.

In the six months, Perseus recorded a net profit after tax of $10.4 million or 1.0 cents per share, compared to a net loss after tax of $13.9 million in the six months to December 31, 2017.

Quartermaine added: “In the coming six months, we expect to commence development of our third operating mine, Yaouré.

“When this mine comes online in early 2021, annual production levels should be in the order of 500,000 ounces of gold at an AISC heading to approximately US$800 per ounce.

“Subject to the gold price at that time, this production and cost performance should enable Perseus to generate material amounts of free cash flow and record significantly greater profits.”

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Wed, 03 Apr 2019 14:38:00 -0400 https://ca.proactiveinvestors.com/companies/news/217817/perseus-mining-substantial-shareholder-franklin-resources-lifts-interest-to-98-217817.html
<![CDATA[News - Perseus Mining produces gold ounces in Ghana and Cote d’Ivoire ]]> https://ca.proactiveinvestors.com/companies/news/217807/perseus-mining-produces-gold-ounces-in-ghana-and-cote-divoire-217807.html Perseus Mining Limited (ASX:PRU) (TSX:PRU) (OTCMKTS:PMNXF) specialises in gold production and project development in West Africa. It is run by Jeff Quartermaine, a Certified Practising Accountant with an MBA and an undergraduate engineering degree. Quartermaine joined Perseus nine years ago and has more than 25 years of experience in senior financial and strategic management roles.

What does Perseus Mining own?

The key producing assets are the Edikan Gold Project in Ghana and Sissingué Gold Project in Cote d’Ivoire.

Perseus has achieved its corporate strategy to be a producer operating multiple gold mines in a number of jurisdictions.

A development asset Perseus hopes to start developing by the September quarter of 2019 is the Yaouré Gold Project, also in Cote d’Ivoire.

Perseus produced 140,555 ounces of gold at its Edikan and Sissingue mines in the December 2018 half-year, a 30% increase on the corresponding period in 2017.

The company hopes to reach a 500,000 ounces of gold a year production target by 2022 while achieving an all-in sustaining cost (AISC) of US$850.

In the December quarter, the company produced 68,078 ounces of gold at an AISC of about $1,050 an ounce.

The spot gold price per ounce was about US$1,292 an ounce overnight.

Perseus’ weighted average all-in site cost, including the costs of production, royalties and sustaining capital, was US$999 an ounce, a 10% cost contraction on the December 2017 half-year.

A $10.4 million or 1 cents a share net profit after tax was achieved in the December 2018 half-year, compared to a net loss after tax of $13.9 million in the six months to December 31, 2017.

The profit was achieved off the back of a 69% increase in revenue to $281.6 million after a 59% increase in gold sales to 165,066 ounces at a 3% lower weighted average gold sales price of US$1,236 an ounce.

Earnings before interest, tax, depreciation and amortisation (EBITDA) earnings had increased by $55.9 million, or 80%, to $87 million.

The company had $92 million cash and bullion on hand at the end of 2018.

Inflection points

Yaouré project development start, targeted to be achieved by the September 2019 quarter

Yaouré mine building which has been envisaged for 2019-20

Yaouré on-boarding about 2020-21 and ramp-up about 2021-22

Continued production output increases

Global gold market sentiment

West African investment market dynamics

Chief executive Jeff Quartermaine highlights production strength

“We’ve produced strongly at both of our mines, Edikan and Sissingue,” Perseus Mining managing director and CEO Jeff Quartermaine told Proactive Investors in January.

“Between the two mines we’ve produced about 68,000 ounces at about ten-fifty [$1,052] an ounce all-in site costs between the two.

“Where that puts us, though, on a half-year, we’re about 140,000 ounces and a touch under a thousand dollars and on a full year, 288,000 ounces and also a touch under a thousand.

“What that means is Edikan and Sissingue are both producing very strongly, the company is performing exceptionally well and we’re setting ourselves very nicely for a new year.”

Perseus is expected to post its next quarterly production results by the end of April 2019.

 

 

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Tue, 02 Apr 2019 21:30:00 -0400 https://ca.proactiveinvestors.com/companies/news/217807/perseus-mining-produces-gold-ounces-in-ghana-and-cote-divoire-217807.html
<![CDATA[News - Perseus Mining results reflect golden times for company in West Africa ]]> https://ca.proactiveinvestors.com/companies/news/215164/perseus-mining-results-reflect-golden-times-for-company-in-west-africa-215164.html Perseus Mining Limited (ASX:PRU) is, in most respects, in the best-ever condition financially and operationally, according to its managing director, “and is very well positioned to continue the strong growth that has been underway for some time”.

Commenting on the company’s half-year report, Jeff Quartermaine said the strong financial results were a direct result of continuing strong production and cost performance at the two operating mines in Ghana and in Côte d’Ivoire.

There were 140,555 ounces of gold produced in the six months to December 31, 2018, which was 30% higher than in the corresponding period of 2017.

The weighted average all-in site cost, including the costs of production, royalties and sustaining capital, was US$999 per ounce, a 10% reduction on the same period in 2017.

READ: Perseus Mining meets quarterly guidance for gold production, Yaouré mine development ongoing

In the six months, Perseus recorded a net profit after tax of $10.4 million or 1.0 cents per share, compared to a net loss after tax of $13.9 million in the six months to December 31, 2017.

Revenue and sales up

Among the factors for this were:

- A 69% increase in revenue to $281.6 million, resulting from 59% higher gold sales of 165,066 ounces at a 3% lower weighted average gold sales price of US$1,236 per ounce.

- 72% increase in the cost of sales due to the inclusion of costs from the Sissingué mine which reached commercial production on March 31, 2018.

- Earnings before interest, tax, depreciation and amortisation (EBITDA) of $87 million, an increase of $55.9 million, or 80% more.

- Depreciation and amortisation expenses of $78.2 million, an 86% increase, due to higher rates of mining and processing and higher deferred waste amortisation at Edikan, and the inclusion of the full development cost of Sissingué within the capital base.

- A foreign exchange gain of $16.4 million, compared to a loss of $3.3 million in the prior corresponding period, mainly due to devaluation of the Australian dollar against the US dollar and revaluation of an intercompany loan.

- An income tax benefit of $4.9 million.

Cash and bullion in hand of $92 million

At December 31, 2018, Perseus had total cash and bullion on hand valued at $92 million, $46.7 million more than on December 31, 2017.

Net assets at the close of 2018 were $736.5 million, or 71 cents per share, after accounting for cash and bullion on hand as well as interest-bearing liabilities of $68.7 million.

Perseus’ unchanged production and cost guidance for the 2019 financial year.

The company’s financial performance is expected to continue to improve on the back of continuing solid gold production and an improving cost structure.

This is due to the contribution of the relatively low-cost Sissingué mine and a reducing cost base combined with continued strong production at Edikan mine reflecting the impact of an updated life of mine plan.

READ: Perseus Mining awards engineering and supply contract for Yaouré Gold Project

Quartermaine added: “In the coming six months, we expect to commence development of our third operating mine, Yaouré.

“When this mine comes online in early 2021, annual production levels should be in the order of 500,000 ounces of gold at an AISC heading to approximately US$800 per ounce.

“Subject to the gold price at that time, this production and cost performance should enable Perseus to generate material amounts of free cash flow and record significantly greater profits.”

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Mon, 25 Feb 2019 10:15:00 -0500 https://ca.proactiveinvestors.com/companies/news/215164/perseus-mining-results-reflect-golden-times-for-company-in-west-africa-215164.html
<![CDATA[Media files - Perseus Mining 'well on the way' to funding third gold mine in West Africa ]]> https://ca.proactiveinvestors.com/companies/stocktube/11932/perseus-mining--well-on-the-way--to-funding-third-gold-mine-in-west-africa-11932.html Tue, 22 Jan 2019 10:30:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11932/perseus-mining--well-on-the-way--to-funding-third-gold-mine-in-west-africa-11932.html <![CDATA[News - Perseus Mining meets quarterly guidance for gold production, Yaouré mine development ongoing ]]> https://ca.proactiveinvestors.com/companies/news/213009/perseus-mining-meets-quarterly-guidance-for-gold-production-yaour-mine-development-ongoing-213009.html Perseus Mining Limited (ASX:PRU) has met quarterly guidance for gold production at its Edikan and Sissingué mines in West Africa.

The company is also advancing development of its Yaouré Gold Project in Cote d’Ivoire with construction expected to start in the March quarter 2019 and first gold scheduled in late 2020.

Cashflow from operations during the December quarter amounted to $18.8 million and Perseus had $92 million cash and bullion on hand at the end of 2018.

Bank debt was reduced during the quarter by US$3.9 million to US$48.5 million, leaving the company in a net position of $23.3 million.  

 

Quarterly production comprised 68,078 ounces of gold at an average all-in sustaining cost (AISC) of $1,052.

Production at Edikan in Ghana was 50,141 ounces at an AISC of $1,151 while the remaining 17,937 ounces came from Sissingué at an AISC of $776.

Gold sales for the quarter totalled 66,705 ounces at an average sales price of $1,250 an ounce.

Total production for the December 2018 half year and full 2018 calendar year of 140,555 and 288,463 ounces, respectively, was in line with market guidance.

The AISC achieved over the calendar year was $994 an ounce, within the guidance of $950-$1,100.

Monthly balance of cash and bullion and interest-bearing liabilities

  READ: Perseus Mining awards engineering and supply contract for Yaouré Gold Project

Both gold mines experienced heavier-than-usual rainfall during the quarter which impacted on costs and production compared to previous periods.

Costs at Edikan were affected by Perseus’ decision in August to transition from two mining contractors to just one.

One-off demobilisation costs were recorded in the quarter, but the company expects the revised life-of-mine plan being implemented this month to deliver overall cost reductions.

READ: Perseus Mining auditions project for multi-country mines strategy

While the rain abated at Sissingué early in the quarter, pit access for grade control and mining was progressively restored but not in the sequence originally set out in the mine plan.

This led to a reduction in the head grade of processed ore as lower-grade material was mined instead of inaccessible higher-grade ore from the pit bottom.

Since quarter-end access to all areas of the mine have been restored and production has returned to above budgeted levels.

  READ: Perseus Mining new discovery at Edikan bodes well for mine life extension

Perseus continued development of its Yaouré project during the quarter, with an exploitation permit application advancing through required government approvals.

The company expects the Cote d’Ivoire government to grant the permit soon and has confirmed that a tax exoneration status will apply to the project company.

A front-end engineering and design (FEED) study was completed early in the quarter, estimating a total capital cost of US$264 million for Yaouré, plus-minus 10%.

This figure is within 0.5% of the definitive feasibility study estimate and assumes the process plant will be developed under an engineering, procurement and construction-style contract.

READ: Perseus Mining leveraged to high-grade gold results from West African project

Earlier this month Perseus issued a notice of award for engineering and supply contracts at Yaouré to Lycopodium Limited (ASX:LYL).

The contracts are subject to finalisation of formal contract documentation, full project funding and granting of the exploitation permit.

Lycopodium was contracted by Perseus to develop the Sissingué mine which commissioned in early 2018 and came online ahead of time and on budget.

Preliminary site works at Yaouré will begin in the March quarter managed by Perseus’ in-house development team and funded from existing cash reserves.

Full-scale construction of the mine and associated infrastructure is expected to start shortly after, with first gold anticipated for December 2020.

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Mon, 21 Jan 2019 19:55:00 -0500 https://ca.proactiveinvestors.com/companies/news/213009/perseus-mining-meets-quarterly-guidance-for-gold-production-yaour-mine-development-ongoing-213009.html
<![CDATA[News - Perseus Mining awards engineering and supply contract for Yaouré Gold Project ]]> https://ca.proactiveinvestors.com/companies/news/212278/perseus-mining-awards-engineering-and-supply-contract-for-yaour-gold-project-212278.html Perseus Mining Ltd (ASX:PRU) (TSE:PRU) has awarded the engineering and supply contract for its Yaouré Gold Project in Côte d’Ivoire to Lycopodium Ltd (ASX:LYL).

The award is subject to finalisation of the formal contract documentation, full project funding and receipt by Perseus of its exploitation permit. The contract is valued at about US$95.1 million.

The new contract continues Perseus’ association with Lycopodium, following the successful delivery of the Sissingué Gold Project and completion of the Definitive Feasibility Study (DFS) and Front End Engineering and Design (FEED) for the Yaouré Gold Project.

READ: Perseus Mining completes FEED milestone on Yaouré Gold Project development path

In October 2018, Lycopodium completed the FEED study for the Yaouré Gold Project, which is set to become Perseus’ third operating mine in West Africa.

This work confirmed cost estimates in the October 2017 DFS that demonstrated the quality and strength of Yaouré.

The FEED study focused on progressing the design of the processing plant and infrastructure to enable a detailed capital cost estimate to be prepared to a level of accuracy of plus or minus 10%.

Based on the FEED study, the total capital cost estimate for the development is US$264 million, including a contingency allowance of about 8%, which is within 0.5% of the DFS estimate.

Perseus Mining’s operating and development projects in West Africa

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Thu, 10 Jan 2019 15:39:00 -0500 https://ca.proactiveinvestors.com/companies/news/212278/perseus-mining-awards-engineering-and-supply-contract-for-yaour-gold-project-212278.html
<![CDATA[News - Perseus Mining major shareholder increases interest to more than 6% ]]> https://ca.proactiveinvestors.com/companies/news/212108/perseus-mining-major-shareholder-increases-interest-to-more-than-6-212108.html Perseus Mining Limited (ASX:PRU) major shareholder Australian Super Pty Ltd has increased its holding in the gold producer by more than 10.5 million ordinary shares through on-market trades.

The transaction increases Australian Super’s interest in Perseus to 6.08% and is worth $4.22 million at today’s share price of 40 cents.

READ: Perseus Mining auditions project for multi-country mines strategy

Perseus is continuing to advance its strategy of becoming a producer with multiple operating gold mines in multiple jurisdictions.

The company has two operating mines in West Africa - Edikan and Sissingué - with a third, Yaouré, on the near-term horizon.

Drilling at Edikan in November uncovered a substantial mineralised granite body, with assays of 26 metres at 1.11 g/t gold and 13.7 metres at 2.32 g/t from one diamond drill hole.

Based on results returned to date, the discovery exhibits similarities to both the 475,000-ounce Esuajah North and 391,000-ounce Esuajah South deposits.

 

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Tue, 08 Jan 2019 01:58:00 -0500 https://ca.proactiveinvestors.com/companies/news/212108/perseus-mining-major-shareholder-increases-interest-to-more-than-6-212108.html
<![CDATA[News - Perseus Mining auditions project for multi-country mines strategy ]]> https://ca.proactiveinvestors.com/companies/news/209874/perseus-mining-auditions-project-for-multi-country-mines-strategy-209874.html Perseus Mining Limited (ASX:PRU) continues to advance its strategy of becoming a producer operating multiple gold mines in a number of jurisdictions.

The company has two operating mines in West Africa - Edikan and Sissingué - with a third, Yaouré, on the near-term horizon.

The company’s managing director and CEO Jeff Quartermaine acknowledged the progress Perseus had made with the strategy, when speaking to investors at the company’s annual general meeting last Friday.

READ: Perseus Mining new discovery at Edikan bodes well for mine life extension

Quartermaine said in an address shared with the market: “With the successful commissioning of our Sissingué gold mine in the March quarter of 2018, we took a major step forward in pursuit of this goal, and we are now well on track to implement our strategy in full.

“Not only have we increased the number of operating mines in our asset portfolio but with the commissioning of Sissingué and the material improvement in performance at Edikan, we have also significantly improved our ability to generate free cash flow at current gold prices.”

Western Australian company Perseus noted in its recent 2017-18 annual report that it had successfully developed and operated gold mines in multiple West African geopolitical settings, crediting its success on its focus on growth, efficiency all corporate responsibility, underpinned by its skilled, experienced team.

Perseus has forecast 2018-19 financial year production of between 260,000 and 300,000 ounces at average all-in sustaining costs (AISC) of about $925 to $1050 an ounce.

The company’s 2017-18 annual production was a record 255,916 ounces, as it finished June 30, 2018, with $89.8 million cash and bullion on hand

Production for the September 2018 quarter was 72,477 ounces at an AISC of US$950 an ounce, putting cash and bullion on hand at $93.8 million by quarter-end.

Income-earner Edikan Gold Mine

Edikan Gold Project in Ghana was Perseus’ first mine, opening in February 2011 and pouring first gold in August 2011.

Commercial production was achieved at the West African mine in January 2012.

Edikan mine achieved a strong positive operating margin of $13.8 million in the 2017-18 financial year.

The economically-attractive project has an attractive US$950 an ounce all-in sustaining cost and US$264 million after-tax cash flow.

Edikan’s net present value at a 10% discount rate (NPV10) is US$233 million, with a US$1,200 an ounce gold price.

Global gold prices closed the week at the US$1,222 an ounce mark.

 

Quartermaine said on Friday, “In Ghana, we are focused on following up geophysical targets located at depth between the currently known Esuajah north and south deposits.

“Some exciting preliminary results have recently been returned which materially enhance the prospect of further discoveries of gold at depth, leading to a possible extension of the currently expected life of Edikan.

“In fact, we announced (last) week that drilling on the Esuajah Gap prospect between Esuajah North and Esuajah South deposits has confirmed the existence of a significant mineralised granite body.”

A diagram of a granite body at the Esuajah Gap prospect at Edikan Gold Mine in Côte d’Ivoire

In June 2018, the project’s measured and indicated resources were 84.9 million tonnes grading 1.10 g/t gold for 3.025 million ounces.

There’s potential to extend the mine life beyond the current six years from the latest drilling efforts and near-mine exploration.

Revenue up-and-comer Sissingué Gold Mine

Subiaco-based Perseus’ second gold mine is Sissingué in Côte d’Ivoire.

The West African mine’s plant was commissioned in January 2018 and commercial production began on April 1, 2018.

Sissingué operations achieved a strong positive operating margin of $13.9 million in the 2017-18 financial year.

The mine is approved to run until August 2022 and has a conventional open pit.

Summary statistics for Sissingué Gold Mine in Côte d’Ivoire

The project’s mineral resources sit at 10 million tonnes grading 1.8 g/t gold for 558,000 ounces.

Ore reserves are 5.8 million tonnes gold grading 2.1 g/t for 38,000 ounces.

The mine’s plant can process 1.8 million tonnes a year oxide ore and 1 million tonnes fresh ore.

Prospective mine Yaouré Gold Project

Perseus is hoping to open a third mine, at the Yaouré Gold Project in Côte d’Ivoire, after independent consultant Lycopodium Minerals Pty Ltd completed front-end engineering design (FEED) work in October 2018.

READ: Perseus Mining completes FEED milestone on Yaouré Gold Project development path

Lycopodium’s Yaouré mine and infrastructure design work built on a late-2017 definitive feasibility study (DFS) and confirmed a development cost estimate of US$264 million.

The contractor has also completed a value engineering assessment (VEA) for the project.

Perseus’ two mines in West Africa, Edikan and Sissingué, and high-priority potential next mine, Yaouré, in Côte d’Ivoire

Perseus MD Quartermaine spoke to Proactive Investor’s Stocktube video channel last month, saying the company was talking with a banking group about options for Yaouré.

Quartermaine said, “(The) third mine … is a very important addition to our portfolio, and we’re moving along very steadily.

“We’re talking with a banking group, we’ve got a number of offers on the table at the present time

“We certainly hope that by the end of this year, we’ll be in a position to take a proposal to our board, recommending that we move into full-scale development early next year.”

Quartermaine has outlined the next steps for Yaouré project in Côte d’Ivoire.

These include receiving a milestone mine-exploitation permit and putting together a funding package before moving to what the company hopes is full-scale development next year in 2019.

Perseus is also hoping to progress a scoping study for underground mining at Yaouré project into a preliminary feasibility stage in the “not too distant future.”

Perseus’ latest mineral resource estimate for Yaouré, in Côte d’Ivoire, from November 2017

Indicated resources at the Yaouré project sat at 43.1 million tonnes grading 1.39 g/t gold for 1.93 million ounces on November 3, 2017.

Inferred resources were 46 million tonnes grading 1 g/t for 1.5 million ounces.

Changed financial performance

Quartermaine used his address at the company’s AGM last week to highlight newcomer Sissingué was making a contribution to the company’s bottom line.

Sissingué is now contributing 25% of the company’s gold production ounces and 56% of the group’s notional cash flow.

Perseus has had seven consecutive quarters of “strong operating performance,” he said, with the June 2018 quarter being a highlight with 83,881 ounces of gold produced at a weighted average all-in site cost of US$913 per ounce.

Plant at Edikan mine in Ghana

Quartermaine said on Friday, “Our development team in Côte d’Ivoire did a great job in getting Sissingué into production ahead of schedule and on budget, and our operating team has continued the excellent work by rapidly ramping up the operation and comfortably exceeding targets in the first full quarter of commercial operations.

“Since then and notwithstanding a very wet West African wet season, Sissingué continues to perform very well relative to our targets.

“Not only is the mine proving to be a reliable, low-cost gold producer that is generating a significant proportion of our monthly cash flow, but Sissingué’s successful development and commissioning has greatly improved our confidence to deliver a similar result when our third mine, Yaouré, moves into development in early 2019.”

Perseus is working to improve workplace culture at sites such as Edikan

Manas farm-out

Perseus also holds the M’bengué project in northern Côte d’Ivoire through its subsidiary Occidental Gold SARL.

Manas Resources Limited (ASX:MSR) is farming into a 70% stake in the project 90 kilometres southeast of Perseus Mining’s Sissingué mine, by sole-funding exploration.

A drill rig on-site at Manas' project in Côte d’Ivoire

The farm-out partner has improved the parties’ understanding of the geological setting and mineralisation style at M’bengué after drilling at four prospects.

Manas’ 13-hole, 1,312-metre maiden drilling campaign took in the Turaco, Madala, La Vieux and Burkinabe prospects.

Among the best intersections from the Turaco prospect were: 1 metre grading 14.8 g/t from 87 metres; 9 metres grading 5.05 g/t from 60 metres; and 21 metres grading 2.11 g/t from 7 metres.

Madala prospect had 7 metres at 7.54 g/t from 46 metres and La Vieux prospect’s best result was 1 metre at 12.6 g/t from 9 metres, while Burkinabe prospect’s stand-out was 1 metre at 4.14 g/t from 12 metres.

People first

Perseus’ execution of its strategies to become a multi-mine multi-jurisdictional gold producer is being executed by its committed teams in Ghana, Cote d’Ivoire and Australia.

Quartermaine credited the company’s improved performance this year to its people.

The MD said, “I sincerely thank each and every one of our employees for their efforts.

“I expect that 2018 will be judged as a watershed year for Perseus.

“We moved beyond the challenges of prior years and established the platform for delivering future success and long-awaited returns for our very patient and supportive shareholders, for many years to come.”

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Sun, 25 Nov 2018 21:15:00 -0500 https://ca.proactiveinvestors.com/companies/news/209874/perseus-mining-auditions-project-for-multi-country-mines-strategy-209874.html
<![CDATA[News - Perseus Mining new discovery at Edikan bodes well for mine life extension ]]> https://ca.proactiveinvestors.com/companies/news/209509/perseus-mining-new-discovery-at-edikan-bodes-well-for-mine-life-extension-209509.html Perseus Mining Ltd (ASX:PRU) has discovered a significant mineralised granite body at its Edikan Gold Mine tenements in Ghana.

The body was uncovered by drilling on the Esuajah Gap prospect between the Esuajah North and Esuajah South deposits.

Diamond drilling results include 26 metres at 1.11 g/t gold and 13.7 metres at 2.32 g/t gold from one hole.

Based on results returned to date, the Esuajah Gap discovery exhibits similarities to both the 475,000-ounce gold Esuajah North and 391,000-ounce gold Esuajah South deposits.

READ: Perseus Mining leveraged to high-grade gold results from West African project

Perseus’s managing director Jeff Quartermaine said: “We have become increasingly encouraged by the results from our recent Edikan exploration program that has been aimed at extending the current six-year mine life at Edikan.

“We now have sufficient data to delineate a cross section of the Esuajah Gap mineralisation that has revealed encouraging similarities to the Esuajah North and South ore bodies that flank the prospect.

“The proximity of the Esuajah Gap discovery to the Esuajah South ore body, that contains 391,000 ounces of gold in open pit Proved and Probable Reserves that are not part of Edikan’s current Life of Mine Plan, opens up the possibility of a future joint development of the two deposits and a material extension to the life of mine.”

Increasing project value by extending mine life

Exploration activities aim to extend the remaining six-year mine life by identifying additional JORC resources that can be processed through Edikan’s gold processing facility.

Recent exploration drilling has identified significant granite-hosted gold mineralisation extending over 200 metres of strike length at the Esuajah Gap prospect.

The prospect is situated 250 metres southwest of the operating Esuajah North pit.

Results highlight Edikan’s exploration potential

The Esuajah Gap discovery resulted from a conceptual targeting exercise over the mine area.

Importantly, it highlights the potential for further discoveries and is encouraging for the prospects of extending the mine life at Edikan.

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Tue, 20 Nov 2018 09:45:00 -0500 https://ca.proactiveinvestors.com/companies/news/209509/perseus-mining-new-discovery-at-edikan-bodes-well-for-mine-life-extension-209509.html
<![CDATA[News - Perseus Mining leveraged to high-grade gold results from West African project ]]> https://ca.proactiveinvestors.com/companies/news/209135/perseus-mining-leveraged-to-high-grade-gold-results-from-west-african-project-209135.html Perseus Mining Limited (ASX:PRU) is leveraged to high-grade gold results returned by Manas Resources Limited (ASX:MSR) from the M’bengué project in northern Côte d’Ivoire, West Africa.

Results from the maiden drilling program of 13 holes for 1,312 metres have confirmed the presence of “significant” gold mineralisation, often over substantial widths.

They have also been “highly successful” in providing a greater understanding of the geological setting and mineralisation style at M’bengué.

Manas earning 70%

Manas is earning a 70% interest in the project from Perseus subsidiary Occidental Gold SARL by sole-funding exploration.

At Turaco prospect seven holes were drilled for 772 metres with best results of 1 metre at 14.8 g/t from 87 metres, 9 metres at 5.05 g/t from 60 metres and 21 metres at 2.11 g/t from 7 metres.

Madala prospect returned an intercept of 7 metres at 7.54 g/t from 46 metres, La Vieux prospect’s best result was 1 metre at 12.6 g/t from 9 metres and Burkinabe prospect best was 1 metre at 4.14 g/t from 12 metres.

READ: Perseus Mining achieves strong cash flow from gold sales in West Africa

Manas chairman Alan Campbell said: “Based on the very limited amount of diamond drilling undertaken, the results are encouraging as all four prospects drilled returned anomalous to significant intercepts with only one hole failing to intercept +1 g/t gold mineralisation.”

READ: Perseus Mining exploration increases gold reserves at Sissingué mine

M’bengué is about 6 kilometres north of Randgold Resources Limited’s (LON:RRS) Tongon mine and 90 kilometres southeast of Perseus Mining’s Sissingué mine.

The permit covers an area of just under 400 square kilometres over the highly prospective Senoufo greenstone belt.

READ: Perseus Mining new scoping study supports Yaouré going underground as well

Campbell added: “These results support the company’s view that the M’bengué licence has the potential to host a significant gold deposit.

“The presence of multiple intercepts from a limited amount of shallow drilling into widely spaced targets within proximity of the world-class Tongon gold mine is noteworthy.

“In addition to the encouraging diamond drilling results, we have also identified several new targets for further exploration.”

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Wed, 14 Nov 2018 10:36:00 -0500 https://ca.proactiveinvestors.com/companies/news/209135/perseus-mining-leveraged-to-high-grade-gold-results-from-west-african-project-209135.html
<![CDATA[News - Perseus Mining new scoping study supports Yaouré going underground as well ]]> https://ca.proactiveinvestors.com/companies/news/208454/perseus-mining-new-scoping-study-supports-yaour-going-underground-as-well-208454.html Perseus Mining Ltd (ASX:PRU) has received the results of a scoping study for a potential underground mining operation at the Yaouré Gold Project in central Côte d’Ivoire.

The scoping study builds on the pre-existing definitive feasibility study (DFS) released in November 2017 for an 8.5-year open pit gold mining operation at Yaouré.

A preliminary JORC resource of 595,000 ounces of gold grading 6.2 g/t gold has been estimated for a potential underground mining operation at Yaouré.

Notably, the resource remains open along strike and at depth.

READ: Perseus Mining completes FEED milestone on Yaouré Gold Project development path

Persesus’s managing director Jeff Quartermaine said: “The results of the Yaouré underground mining scoping study announced today highlight one further avenue for Perseus to expand its already technically feasible and financially attractive, Yaouré Gold Project.

“When this potential is combined with the existing Mineral Resources and Ore Reserves that are scheduled to be mined using open cut mining methods, the Yaouré Gold Project, which on current estimates is expected to start producing gold from open pit operations in December 2020, should form a major portion of Perseus’s business in Côte d’Ivoire for many years to come.”

No known impediments to future underground development

The scoping study indicates that the underground JORC resource is amenable to extraction using mechanised underground room and pillar mining methods.

The study shows that underground access from Yaouré’s proposed open pit combined with the selected mining method significantly reduces the capital development requirements.

There are no known impediments to future underground development and further resource drilling and technical studies are now required.

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Mon, 05 Nov 2018 11:02:00 -0500 https://ca.proactiveinvestors.com/companies/news/208454/perseus-mining-new-scoping-study-supports-yaour-going-underground-as-well-208454.html
<![CDATA[News - Perseus Mining exploration increases gold reserves at Sissingué mine ]]> https://ca.proactiveinvestors.com/companies/news/207972/perseus-mining-exploration-increases-gold-reserves-at-sissingu-mine-207972.html Perseus Mining Limited’s (ASX:PRU) (TSE:PRU) exploration has not only replaced ore processed since the Sissingué Gold Project in Côte d’Ivoire was commissioned earlier this year but has modestly increased the inventory.

Life of mine ore reserves at 31 August 2018 totalled 380,000 ounces, a 9% increase compared to reserves as at 30 June 2018.

Annual production is estimated at 78,000 ounces for the remaining 4.6 years of mine life including 86,000 ounces annually for the next three years.

READ: Perseus Mining achieves strong cash flow from gold sales in West Africa

Perseus managing director Jeff Quartermaine said, “Going forward we expect that this pattern will be repeated with incremental increases in mineral resources and ore reserves.

“This is expected to be achieved through the drill out of satellite deposits resulting in an extension of Sissingué’s mine life well beyond the originally envisaged five-year period.”

Measured and indicated resources total 7.7 million tonnes, grading 1.7 g/t gold and containing 423,000 ounces at a cut-off grade of 0.6 g/t.

Inferred resources total 100,000 tonnes, grading 0.9 g/t and containing 3,000 ounces at a cut-off grade of 0.6 g/t.

Resources for the Sissingué deposit have been independently estimated by MPR Geological Consultants Pty Ltd and reported outside the 31 August 2018 mining surface.

Resources and reserves for the neighbouring deposits of Fimbiasso East and West have not been updated.

READ: Perseus Mining boosts gold production by 45%, lowers costs by 22% in FY18

Including these deposits, estimated measured and indicated resources total 9.6 million tonnes at 1.8 g/t and containing 538,000 ounces and inferred resources total 400,000 tonnes at 1.7 g/t for 20,000 ounces.

Ongoing exploration

Recent exploration drilling on the Sissingué mining lease and nearby Fimbiasso exploration licence, all within trucking distance of the processing facility, have potential to further increase the mine life.

Forecast average weighted all in sustaining costs (AISC) are estimated at about US$739 per ounce in the first three years of production and US$756 per ounce over the current life of mine.

These include direct production costs, royalties, waste stripping costs and sustaining capital expenditure

Total sustaining capital cost estimate of US$21 million is included in the estimated AISC.

READ: Perseus Mining completes FEED milestone on Yaouré Gold Project development path

The life of mine plan forecasts strong positive after-tax cash flow totalling around US$165 million.

This assumes a flat spot gold price of US$1,200 per ounce for unhedged ounces over the life of the mine starting from 1 July 2018 and assuming existing designated hedges for 64,000 ounces at a weighted average price of US$1,300 per ounce.

As well as Sissingué, the company has the operating Edikan mine in Ghana and is on the development path at the Yaouré project, also in Côte d’Ivoire.

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Mon, 29 Oct 2018 09:52:00 -0400 https://ca.proactiveinvestors.com/companies/news/207972/perseus-mining-exploration-increases-gold-reserves-at-sissingu-mine-207972.html
<![CDATA[News - Perseus Mining achieves strong cash flow from gold sales in West Africa ]]> https://ca.proactiveinvestors.com/companies/news/207338/perseus-mining-achieves-strong-cash-flow-from-gold-sales-in-west-africa-207338.html Perseus Mining Limited (ASX:PRU) (TSE:PRU) has produced 72,477 ounces of gold in the September 2018 quarter at an AISC (all-in sustaining cost) of US$ 950 per ounce from its projects in West Africa.

Perseus’s quarterly gold production of 72,477 ounces included 54,595 ounces from the Edikan gold mine in Ghana and 17,882 ounces of gold from the Sissingué gold mine in Côte d’Ivoire.

Gold production from Edikan was in line with expectations while production from Sissingué was slightly lower than planned, due mainly to the impact of an unusually damp wet season at the mine site that temporarily disrupted the mining and processing schedules during the quarter.

Consolidated production and sales summary

Importantly, Perseus is on track to achieve guided production and costs for the December 2018 half year.

The company achieved strong cash flow generation with net cash increasing by $16.5 million during the quarter to end at $21.3 million.

Monthly balance of cash and bullion and interest-bearing liabilities

Perseus has also strengthened its balance sheet with $93.8 million in cash and bullion as at September 30, 2018.

Quarterly gold production and all-in site costs

Based on actual operating performance from both Edikan and Sissingué during the September 2018 quarter, Perseus is trending towards meeting guidance for the December 2018 half year delivering production at the top end of production guidance range and costs that are at the lower end of cost guidance range.

 

Perseus recently completed engineering and design studies that confirm cost estimates for the Yaouré Gold Project, which is set to become its third operating mine in West Africa.

A value engineering assessment (VEA) and the front-end engineering and design (FEED) study has been completed by independent consultant Lycopodium Minerals Pty Ltd for the project in Côte d’Ivoire.

This work confirmed cost estimates in the October 2017 definitive feasibility study (DFS) that demonstrated the quality and strength of Yaouré.

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Thu, 18 Oct 2018 16:36:00 -0400 https://ca.proactiveinvestors.com/companies/news/207338/perseus-mining-achieves-strong-cash-flow-from-gold-sales-in-west-africa-207338.html
<![CDATA[Media files - Perseus Mining 'can now very confidently move forward with funding' Yaouré Gold Project ]]> https://ca.proactiveinvestors.com/companies/stocktube/10810/perseus-mining-can-now-very-confidently-move-forward-with-funding-yaour-gold-project-10810.html Thu, 11 Oct 2018 15:46:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10810/perseus-mining-can-now-very-confidently-move-forward-with-funding-yaour-gold-project-10810.html <![CDATA[News - Perseus Mining completes FEED milestone on Yaouré Gold Project development path ]]> https://ca.proactiveinvestors.com/companies/news/206838/perseus-mining-completes-feed-milestone-on-yaour-gold-project-development-path-206838.html Perseus Mining Limited (ASX:PRU) (TSE:PRU) has completed engineering and design studies that confirm cost estimates for the Yaouré Gold Project, which is set to become its third operating mine in West Africa.

A value engineering assessment (VEA) and the front-end engineering and design (FEED) study has been completed by independent consultant Lycopodium Minerals Pty Ltd for the project in Côte d’Ivoire.

This work confirmed cost estimates in the October 2017 definitive feasibility study (DFS) that demonstrated the quality and strength of Yaouré.

READ: Perseus Mining boosts gold production by 45%, lowers costs by 22% in FY18

Managing director Jeff Quartermaine said, “The completion of the FEED study is an important milestone on the path to delivering Yaouré, our third gold mine.

“The study was completed on schedule and on budget and has delivered a satisfactory outcome with the capital cost less than 0.5% greater than the cost originally estimated in the Yaouré DFS.”

Perseus Mining’s operating and development projects in West Africa.

Studies completed on budget

These studies were started by Lycopodium in June 2018 and work was completed on time and on budget on October 6.

Lycopodium is well qualified to undertake the studies having played a critical role in the successful engineering, procurement and construction of several high-profile West African gold mines in the last three years.

This includes Perseus’s Sissingué Gold Mine, also in Côte d’Ivoire, that was developed and commissioned earlier this year.

READ: Perseus Mining farm-in partner has drill spinning at Côte d’Ivoire gold project

Lycopodium's VEA scope included evaluation of opportunities to improve plant design and optimise the estimated capital expenditure.

The FEED study focused on progressing the design of the processing plant and infrastructure to enable a detailed capital cost estimate to be prepared to a level of accuracy of plus or minus 10%.

Based on the FEED study, the total capital cost estimate for the development is US$264 million, including a contingency allowance of about 8%, which is within 0.5% of the DFS estimate.

FEED capital cost estimate breakdown.

The FEED study assumes that the process plant is developed under an engineering, procurement and construction (EPC) contract.

Moving to finance plan

Quartermaine said, “With this estimate now in hand we can confidently advance the implementation of our finance plan.

“This involves deployment of a debt funding package to complement a combination of existing cash reserves and expected future cash flow from our two existing operations, both of which are performing in line with internal expectations and contributing to a steady build in net cash reserves.”

Planned infrastucture layout for the Yaouré Gold Project.

First gold expected in December 2020

Based on current plans, first gold is expected to be produced at Yaouré in December 2020.

During the 2018 financial year, Perseus produced 255,916 ounces of gold, an increase of 45% on the previous financial year.

READ: Perseus Mining drill results look to extend gold mining life

Sustaining capital average cost was lowered by 22% to US$1,039 per ounce with royalties also lower.

The increased production resulted in 36.5% higher revenue to $378.1 million.

Perseus is producing from Sissingué as well as from Edikan in Ghana.

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Thu, 11 Oct 2018 11:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/206838/perseus-mining-completes-feed-milestone-on-yaour-gold-project-development-path-206838.html
<![CDATA[News - Perseus Mining farm-in partner has drill spinning at Côte d’Ivoire gold project ]]> https://ca.proactiveinvestors.com/companies/news/204574/perseus-mining-farm-in-partner-has-drill-spinning-at-cte-divoire-gold-project-204574.html Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) farm-in partner Manas Resources Ltd (ASX:MSR) has started a 1,000-metre drilling program at Mbengué Gold Project in Côte d’Ivoire, West Africa.

The short program of diamond drilling is designed to validate the results of previous drilling.

It is also intended to provide a higher level of confidence in the geological and structural interpretation of mineralisation at K1 prospect and its surrounds, where multiple vein orientations have been mapped.

READ: Perseus Mining’s farm-in partner prepares to drill for gold in Côte d’Ivoire

Manas is earning a 70% interest in the project, which is held by a subsidiary of Perseus, through sole-funding exploration.

Perseus has previously undertaken several geochemical and exploration drilling campaigns over the Mbengué permit.

Previous percussion drilling work produced a number of notable intersections, including 28 metres at 8.14 g/t gold and 27 metres at 3.71 g/t; 58 metres at 1.48 g/t; and 6 metres at 6.04 g/t.

These results are from the K1 prospect, about 10 kilometres north of the Tongon gold mine operated by Randgold Resources Limited (LON:RRS).

READ: Perseus Mining boosts gold production by 45%, lowers costs by 22% in FY18

Subsequently, Manas conducted an independent review of the drilling database to validate the data for JORC Code 2012-compliance.

This review identified additional drill intercepts and two minor discrepancies in previously released information which have been adjusted.

Program expected to take four weeks

Manas expects to complete the drill program within four weeks, weather permitting, with samples planned to be sent progressively to the laboratory.

Mbengué is within the highly prospective Birimian greenstone belt of Côte d’Ivoire.

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Tue, 11 Sep 2018 09:24:00 -0400 https://ca.proactiveinvestors.com/companies/news/204574/perseus-mining-farm-in-partner-has-drill-spinning-at-cte-divoire-gold-project-204574.html
<![CDATA[News - Perseus Mining boosts gold production by 45%, lowers costs by 22% in FY18 ]]> https://ca.proactiveinvestors.com/companies/news/203737/perseus-mining-boosts-gold-production-by-45-lowers-costs-by-22-in-fy18-203737.html Perseus Mining Ltd (ASX:PRU) has revealed it produced 255,916 ounces of gold in FY18, up 45% on FY17 and lowered its royalties and sustaining capital average cost by 22% to US$1,039 per ounce.

The increased production resulted in 36.5% higher revenue to $378.1 million.

At 30 June 2018, the total value of cash and bullion on hand was $89.8 million, nearly double that which was held at the end of FY17.

READ: Perseus Mining drill results look to extend gold mining life

Perseus’s managing director Jeff Quartermaine said: “We are confident that Perseus is well on track to deliver value to its shareholders.

“The Sissingué mine which came on stream earlier this year will make a significant contribution to the bottom line when it operates for a full twelve months, rather than three months as was the case this year.

“Not to be outdone, the Edikan mine is also performing materially better than it has done in the past and is making a solid contribution to free cash flow.”

Developing third mine in FY19

Perseus is currently producing gold from its Edikan gold mine in Ghana and Sissingué gold mine in Côte d’Ivoire.

Yaouré, also in Côte d’Ivoire, is a development stage project and will become Perseus’s third gold mine when developed.

Quartermaine added: “In the coming financial year, we expect to commence development of our third operating mine, Yaouré and when this mine comes online in early 2021, Perseus’s production levels should be in the order of 500,000 ounces of gold per year.

“Subject to the gold price at that time, this should mean that Perseus will be in a position to generate material amounts of free cash flow and record significant profits.”

A new mine plan to maximise Edikan

Perseus has updated its life of mine plan (LOMP) for Edikan from 1 July 2018, following a re-estimation of Ore Reserves.

Proved and Probable Ore Reserves total 44.7 million tonnes of ore, grading 1.09 g/t gold and containing 1.56 million ounces of gold as at 30 June 2018.

Quartermaine added: “Having successfully brought our second operating mine, Sissingue, on stream earlier this year, we have achieved a level of operational flexibility that has enabled us to think strategically about how we execute our business at Edikan.

“Instead of focusing on satisfying expectations of Edikan that were created in a different market environment, we have designed a mine plan that seeks to maximise the production of profitable ounces rather than maximise ounces of gold produced at this mine.”

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Wed, 29 Aug 2018 08:57:00 -0400 https://ca.proactiveinvestors.com/companies/news/203737/perseus-mining-boosts-gold-production-by-45-lowers-costs-by-22-in-fy18-203737.html
<![CDATA[News - Perseus Mining drill results look to extend gold mining life ]]> https://ca.proactiveinvestors.com/companies/news/202910/perseus-mining-drill-results-look-to-extend-gold-mining-life-202910.html Perseus Mining Ltd (ASX:PRU) (TSE:PRU) has received results from exploration at its Sissingué and Yaouré gold projects in Côte d’Ivoire.

Exploration at Sissingué, Perseus’s second gold mining operation, aims to extend the current five-year mine life by identifying additional JORC resources.

Yaouré is a development stage project and will become Perseus’s third gold mine when developed and drilling will be fed into an updated JORC resource in early October 2018.

Drilling reveals prospects near to Sissingué mine

Recent exploration drilling has identified open-ended gold mineralisation extending over 200 metres of strike length at the Zanikan prospect, south of Sissingué, and over 300 metres of strike length at the Fimbiasso South prospect on the near-by Mahalé exploration licence.

Both prospects are located within trucking distance of the recently commissioned Sissingué processing facility.

Highlights from Zanikan include 61 metres at 1.11 g/t gold from surface which ended in mineralisation.

The best intercept at Fimbiasso South was 15 metres at 1.23 g/t gold from 16 metres which also ended in mineralisation.

READ: Perseus Mining’s farm-in partner prepares to drill for gold in Côte d’Ivoire

Perseus has completed the drilling of targets identified during the Yaouré definitive feasibility study (DFS) as having potential to increase JORC resources and reserves.

Drilling included a mixture of reverse circulation (RC) and diamond drilling across multiple prospects totalling over 15,000 metres.

Assays received to date from various prospects at Yaouré are below.

Perseus’s managing director and CEO Jeff Quartermaine said: “We are certainly encouraged by the recent exploration results at Zanikan and Fimbiasso South and are planning further work to follow these results up as soon as weather permits.

“An increase in the mine life of Sissingué through the addition of further Mineral Resources to the mine’s inventory will materially add to the value of this asset and based on the results achieved to date, this now appears achievable.

“Our drilling at Yaouré has also produced strong results and updating Yaouré’s Mineral Resource and Ore Reserve estimates is our next priority as this should further improve the already attractive economics of developing this outstanding project into our third gold mine and will enhance the project’s appeal to prospective financiers.”

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Wed, 15 Aug 2018 12:50:00 -0400 https://ca.proactiveinvestors.com/companies/news/202910/perseus-mining-drill-results-look-to-extend-gold-mining-life-202910.html
<![CDATA[News - Perseus Mining’s farm-in partner prepares to drill for gold in Côte d’Ivoire ]]> https://ca.proactiveinvestors.com/companies/news/202429/perseus-minings-farm-in-partner-prepares-to-drill-for-gold-in-cte-divoire-202429.html Perseus Mining Limited’s (ASX:PRU) farm-in partner Manas Resources Ltd (ASX:MSR) has conducted a review of drilling data for the Mbengué gold project in Côte d’Ivoire to validate JORC 2012-compliance.

Manas is earning a 70% interest in the Mbengué Permit (held by a 100% subsidiary of Perseus), through sole-funding exploration activity.

Perseus has previously undertaken several geochemical and exploration drilling campaigns over the Mbengué Permit. Significant drill intercepts were reported by Perseus in May 2018.

Additional drill intercepts not previously reported

Subsequently, Manas has conducted an independent review of the drilling database to validate the data for JORC Code 2012-compliance and, in doing so, has identified additional drill intercepts not previously reported, which is considered significant in the context of this project.

The review also identified two minor discrepancies in the previously released information which have now been adjusted.

Drilling activities planned to start this month

Manas is currently undertaking a more detailed technical review of the Mbengué Permit and will provide an update on this during the third quarter of 2018.

The company is well advanced with preparations for its initial farm-in exploration campaign at Mbengué.

This will include a diamond drilling program to validate the results of the previous drilling and give a higher level of confidence in the geological interpretation of the mineralisation.

Drilling activities are planned to commence this month, subject to impact from the progressive onset of the wet season.

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Wed, 08 Aug 2018 12:28:00 -0400 https://ca.proactiveinvestors.com/companies/news/202429/perseus-minings-farm-in-partner-prepares-to-drill-for-gold-in-cte-divoire-202429.html
<![CDATA[News - Perseus Mining joint venture partner drills out more gold in West Africa ]]> https://ca.proactiveinvestors.com/companies/news/202331/perseus-mining-joint-venture-partner-drills-out-more-gold-in-west-africa-202331.html Perseus Mining Ltd’s (ASX:PRU) joint venture partner has received new reverse circulation (RC) drill results from its maiden drilling program at the Napié Project in Côte d’Ivoire.

Mako Gold Ltd (ASX:MKG) is earning up to 75% in the project under a farm-in and joint venture agreement with Perseus.

Results from the Tchaga Prospect produced numerous gold intersections grading up to 4.27 g/t gold and extend the potential for the mineralised gold zone.

RC assays received, diamond assays pending

All assay results have now been received from the 4,171-metre maiden RC program but results from the 609-metre diamond program remain pending.

The results have confirmed significant gold mineralisation from wide-spaced drilling at six of the nine high priority targets in our maiden drilling program.

The wet season will enable Mako to review these positive results and plan the next phase of drilling to focus on targets with the highest chance of making a significant gold discovery.

 

The Napié Project has four prospects - Tchaga, Tchaga East, Gogbala, and Komoro

READ: Perseus Mining has major shareholder increase stake

Perseus recently produced a record 83,881 ounces of gold from its Edikan and Sissingue gold mines in West Africa in the June quarter.

Significantly, this was 31% more than the prior March quarter and resulted in annual production of 255,916 ounces, 45% higher than FY2017.

This was the second quarter of production from the Sissingue gold mine and demonstrates the company’s strategy to diversify into a multi-mine West African gold producer.

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Tue, 07 Aug 2018 12:48:00 -0400 https://ca.proactiveinvestors.com/companies/news/202331/perseus-mining-joint-venture-partner-drills-out-more-gold-in-west-africa-202331.html
<![CDATA[News - Perseus Mining has major shareholder increase stake ]]> https://ca.proactiveinvestors.com/companies/news/202163/perseus-mining-has-major-shareholder-increase-stake-202163.html Perseus Mining Ltd (ASX:PRU) has had substantial shareholder, Van Eck Associates Corporation, increase its holding in the company to 6.01% from 5.01%.

VanEck is a global investment manager based in New York City and runs exchange traded funds (ETFs) including the well-known VanEck Vectors Junior Gold Miners ETF.

The shareholding increase to 6.01% from 5.01% is represented by an increase to 62.22 million shares from 51.84 million shares, an increase of 10.38 million shares.

The majority of the shares owned by Van Eck Associates Corporation are for the VanEck Vectors Junior Gold Miners ETF.

VanEck Vectors Junior Gold Miners ETF

The VanEck Vectors Junior Gold Miners ETF is intended to track the overall performance of small-capitalisation companies that are involved primarily in the mining for gold and/or silver.

Other ASX-listed companies in the ETF that has 71 holdings include Evolution Mining Ltd (ASX:EVN), Northern Star Resources Ltd (ASX:NST) and Regis Resources Ltd (ASX:RRL).

READ: Perseus Mining delivers record gold production

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Fri, 03 Aug 2018 12:35:00 -0400 https://ca.proactiveinvestors.com/companies/news/202163/perseus-mining-has-major-shareholder-increase-stake-202163.html
<![CDATA[Media files - Perseus Mining reveals increasing production and decreasing costs in Quarterly Report ]]> https://ca.proactiveinvestors.com/companies/stocktube/9839/perseus-mining-reveals-increasing-production-and-decreasing-costs-in-quarterly-report-9839.html Fri, 13 Jul 2018 09:33:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/9839/perseus-mining-reveals-increasing-production-and-decreasing-costs-in-quarterly-report-9839.html <![CDATA[Media files - Perseus Mining moving from one mine one country operator to multi mine and jurisdictional business ]]> https://ca.proactiveinvestors.com/companies/stocktube/9253/perseus-mining-moving-from-one-mine-one-country-operator-to-multi-mine-and-jurisdictional-business-9253.html Wed, 09 May 2018 15:50:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/9253/perseus-mining-moving-from-one-mine-one-country-operator-to-multi-mine-and-jurisdictional-business-9253.html <![CDATA[News - Are investors missing the potential of Perseus Mining? ]]> https://ca.proactiveinvestors.com/companies/news/167933/are-investors-missing-the-potential-of-perseus-mining-167933.html Tue, 25 Oct 2016 14:28:00 -0400 https://ca.proactiveinvestors.com/companies/news/167933/are-investors-missing-the-potential-of-perseus-mining-167933.html <![CDATA[News - Perseus Mining hits two transformation milestones ]]> https://ca.proactiveinvestors.com/companies/news/150040/perseus-mining-hits-two-transformation-milestones-150040.html West African gold producer Perseus Mining Limited (TSX:PRU, ASX:PRU) has reached two major milestones with the credit approval of project debt facility and the appointment of a chief operating officer.

The group said it was now “on the path to implementing its strategy of transforming Perseus into a multi-jurisdictional, multi-mine producer of in excess of 500,000 ounces of gold per year by 2021.”

Perseus has received full credit committee approval of a US$60mln project debt facility by Macquarie Bank Limited and BNP Paribas, the prospective lenders to Sissingué.

Ahead of the expansion of its operating activities in Ghana and Sissingué by the end of 2017 - and the prospect of a third mine at Yaouré within several years - the group has appointed Chris Woodall to the role of Chief Operating Officer.

Woodall most recently held the positions of Senior Vice President Operations for Goldcorp Inc and before that the role of Global Director Mining for Barrick Gold Corporation.

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Mon, 05 Sep 2016 15:19:00 -0400 https://ca.proactiveinvestors.com/companies/news/150040/perseus-mining-hits-two-transformation-milestones-150040.html
<![CDATA[News - Perseus Mining Ltd to reveal change in production guidance ]]> https://ca.proactiveinvestors.com/companies/news/160787/perseus-mining-ltd-to-reveal-change-in-production-guidance-68332.html West African focussed gold-producer Perseus Mining Ltd (ASX:PRU) will in coming days provide details regarding a change in production guidance.

The ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Monday 2nd May 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 28 Apr 2016 15:00:00 -0400 https://ca.proactiveinvestors.com/companies/news/160787/perseus-mining-ltd-to-reveal-change-in-production-guidance-68332.html
<![CDATA[News - Perseus Mining to raise about A$30M to boost gold production, balance sheet ]]> https://ca.proactiveinvestors.com/companies/news/160786/perseus-mining-to-raise-about-a30m-to-boost-gold-production-balance-sheet-52888.html Perseus Mining (ASX/TSE:PRU) is conducting an institutional placement to raise about A$30 million.

The proceeds of the capital raising will be used to accelerate productivity improvements to increase gold production at Edikan Gold Mine in Ghana, working capital and bolster the balance sheet.

UBS is the lead manager while GMP is acting as the co-manager with the price of the placement to be determined by book build.

About $A7.5 million will be used for upgrading the efficiency of the Edikan Gold Mine processing plant, while another $7.5 million will be to gain access to the Eastern pits at the same mine.

The rest of the funds are to be used for working capital and shore up the balance sheet. The company had a total of cash and bullion of about $28 million as at 31 December 2013.

Promisingly, all-in-cash-costs for Perseus are trending lower toward life of mine forecast of US$937 an ounce.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 17 Feb 2014 15:30:00 -0500 https://ca.proactiveinvestors.com/companies/news/160786/perseus-mining-to-raise-about-a30m-to-boost-gold-production-balance-sheet-52888.html
<![CDATA[News - Perseus Mining is a gold producer on the move ]]> https://ca.proactiveinvestors.com/companies/news/160785/perseus-mining-is-a-gold-producer-on-the-move-46890.html Perseus Mining's (ASX: PRU) shares have been on a tear over the last few trading days, hitting $0.91 intra-day today, which is a 60% gain since the closing price just last Wednesday.

Perseus said it is not aware of any information that has not been released to the market which may explain the sudden investor interest.

Driving interest in the stock is a rising gold price, with the yellow metal up around 8% over the past fortnight.

Perseus produced 104,744 gold ounces in the first half of 2013, with total all-in site cash costs of US$1,256/oz.

The company has forecasts costs to be reduced, with guidance for FY2014 set at 190,000 to 210,000 ounces of gold at total all-in site cash cost of US$1,000 to US$1,200/oz.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 19 Aug 2013 15:00:00 -0400 https://ca.proactiveinvestors.com/companies/news/160785/perseus-mining-is-a-gold-producer-on-the-move-46890.html
<![CDATA[News - Perseus Mining gets review from Canadian broker ]]> https://ca.proactiveinvestors.com/companies/news/160784/perseus-mining-gets-review-from-canadian-broker-46116.html Dual listed Perseus Mining (ASX/TSX: PRU) has received a review from Jennings Capital which opined that the low cost structure of its Edikan Mill, formerly referred to as the Central Ashanti Gold Project in Ghana is a good platform for growth.

The cost savings are due to low power and reduced grinding expenses, which set Edikan's processing cost in calendar 2012 at $9.58 per tonne. Even though costs soared to $13.86 per tonne in the first half of this year, Jennings believes that Perseus has taken care of the operational issues that caused the spike.

As a result, Jennings, which initiated coverage with a C$0.90 target and a "hold" rating on the stock, sees processing costs more in line with last year's rate, with a prediction of $10 per tonne for the rest of the year.  Current share price is C$0.53.

Overall, Jennings said Perseus is "hitting its stride" while still in the early stages of production at Edikan. The mill is two years into an 11-year shelf life, during which gold production is expected to be, on average, 207,000 ounces per year.

Jennings predicts the company's cash cost for next year will be $1,071 per ounce.

Jennings also said Perseus is highly leveraged to gold prices, so much so that for every 10 per cent rise in bullion, it will raise its stock target price 25 per cent.

What also makes Perseus compelling is its development project in Côte d’Ivoire, Jennings said, which could nearly double the company's production profile to 411,000 ounces when it starts up in 2019.

Aside from organic growth, Jennings adds the possibility that Perseus could make an all-share  acquisition, once "Edikan’s production and cost consistency is demonstrated and market valuation responds." Targets include PMI Gold's (CVE:PMV) Obotan project and Asanko Gold's (TSE:AKG) Esaase project.

Perseus has dealt with three primary setbacks, including crusher problems, a decision on the Sissingué Gold Project and low metal prices.

The junior miner is postponing development at Sissingué to avoid raising equity funds to finance the project while gold prices remain low. Instead, the company prefers to use cash flow from Edikan and an existing $100 million loan. Stripping out Sissingué from Jennings' valuation would raise its target price $0.18.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 30 Jul 2013 08:20:00 -0400 https://ca.proactiveinvestors.com/companies/news/160784/perseus-mining-gets-review-from-canadian-broker-46116.html
<![CDATA[News - Jennings puts $0.90 target on Perseus Mining after it solves mill cost issues ]]> https://ca.proactiveinvestors.com/companies/news/96546/jennings-puts-090-target-on-perseus-mining-after-it-solves-mill-cost-issues-46579.html The low cost structure of Perseus Mining's (TSE:PRU) Edikan Mill is a good platform for growth, according to Jennings Capital. 

The cost savings are due to low power and reduced grinding expenses, which set Edikan's processing cost in calendar 2012 at $9.58 per tonne. Even though costs soared to $13.86 per tonne in the first half of this year, Jennings believes that Perseus has taken care of the operational issues that caused the spike.

As a result, Jennings, which initiated coverage with a 90 cent target and a "hold" rating on the stock, sees processing costs more in line with last year's rate, with a prediction of $10 per tonne for the rest of the year. 

Overall, Jennings said Perseus is "hitting its stride" while still in the early stages of production at Edikan. The mill is two years into an 11-year shelf life, during which gold production is expected to be, on average, 207,000 ounces per year. Jennings predicts the company's cash cost for next year will be $1,071 per ounce.

Jennings also said Perseus is highly leveraged to gold prices, so much so that for every 10 per cent rise in bullion, it will raise its stock target price 25 per cent.

What also makes Perseus compelling is its development project in Côte d’Ivoire, Jennings said, which could nearly double the company's production profile to 411,000 ounces when it starts up in 2019. 

Aside from organic growth, Jennings adds the possibility that Perseus could make an all-share  acquisition, once "Edikan’s production and cost consistency is demonstrated and market valuation responds." Targets include PMI Gold's (CVE:PMV) Obotan project and Asanko Gold's (TSE:AKG) Esaase project. 

Perseus has dealt with three primary setbacks, including crusher problems, a decision on the Sissingué Gold Project and low metal prices.

The junior miner is postponing development at Sissingué to avoid raising equity funds to finance the project while gold prices remain low. Instead, the company prefers to use cash flow from Edikan and an existing $100 million loan. Stripping out Sissingué from Jennings' valuation would raise its target price 18 cents. 

From Friday's close, Jennings' target price would give investors a 55 per cent premium. The stock fell three cents on Monday to 55 cents. 

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Mon, 29 Jul 2013 12:42:00 -0400 https://ca.proactiveinvestors.com/companies/news/96546/jennings-puts-090-target-on-perseus-mining-after-it-solves-mill-cost-issues-46579.html
<![CDATA[News - Perseus Mining pours 104,329 gold ounces in six months at Edikan ]]> https://ca.proactiveinvestors.com/companies/news/160783/perseus-mining-pours-104329-gold-ounces-in-six-months-at-edikan-45154.html Perseus Mining (ASX: PRU, TSX: PRU) has missed production guidance by a whisker at its Edikan Gold Mine in Ghana, with the company pouring 104,329 gold ounces for the first half of 2013, compared to the production guidance range of 105,000 to 125,000 ounces.

Last month in an update the company said that the predicted all-in cash cost for the Half Year ending 30 June 2013 is likely to exceed the forecast of US$1,100 per ounce.

For the full financial year of 2013, Perseus produced 208,029 ounces.

Perseus said that following record production in the March 2013 quarter, the June 2013 quarter began slowly as the company sought to identify the optimum balance between throughput rate and gold recovery.

By the end of June 2013, production was closing in on targets.

 

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Wed, 03 Jul 2013 14:20:00 -0400 https://ca.proactiveinvestors.com/companies/news/160783/perseus-mining-pours-104329-gold-ounces-in-six-months-at-edikan-45154.html
<![CDATA[News - Perseus shares drop as Q2 production misses guidance on “mechanical challenges” ]]> https://ca.proactiveinvestors.com/companies/news/92519/perseus-shares-drop-as-q2-production-misses-guidance-on-mechanical-challenges--39640.html  

Perseus Mining (TSE:PRU) (ASX:PRU) saw its shares fall over nine per cent Monday, after it reported second quarter production that came in well below its already revised guidance.

Citing mechanical challenges that held back production growth at its Edikan gold mine in Ghana, the company posted gold production of 51,090 ounces, below its guidance of 58,500 to 61,750 ounces, which was revised down from 65,000 to 70,000 ounces in late November.

Shares moved 9.72 per cent lower as at about 10:40 a.m. ET, trading at $1.95.

In July last year, the company provided initial gold production guidance in the range of 65,000 to 70,000 ounces for the second quarter, while combined guidance for the first half of 2013 was forecast in the range of 120,000 to 130,000 ounces - down from its previous production forecast of 135,000 to 145,000 ounces, due to changes in the mine plan and the resulting reduction in feed grade from 1.59 g/t to 1.42 g/t. 

The company also announced that for the second half of 2013, it expects gold production in the range of 125,000 to 135,000 ounces. 

Production cost for the second quarter of US$588 per ounce was two per cent higher than its expectation of $575 per ounce, and 24 per cent higher than the “abnormally low” first quarter production cost of $475 per ounce.

Perseus said that total ore and waste movements was nine per cent above its expectations, while a head grade of 1.39 grams per tonne (g/t) was six per cent below target and total plant recovery of 84.2 per cent was four per cent below target.

At its Sissingué gold project on the Ivory Coast, the company noted that a full-scale development decision remained on hold during the quarter, pending clarification of the fiscal regime applicable to the project.

The Ivorian government granted the Mbengué, Napié and Mahale Exploration licences to a subsidiary company of Perseus on December 19, 2012.

Also in the second quarter, the company said it completed 10,792 metres of drilling in Ghana and 24,564 metres in the Ivory Coast and returned “significant drill intercepts from multiple prospects”.

Perseus said it had an available cash balance of $39.7 million at the end of the quarter, and had on hand 11,785 ounces of bullion valued at $18.9 million.

The company also has $100 million in a revolving line of credit available for drawdown and had its hedging commitment reduced to 216,000 ounces at a weighted average price of $1,373 per ounce.

Perseus Mining is focused on under-explored gold belts in West Africa.  

 

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Mon, 21 Jan 2013 10:41:00 -0500 https://ca.proactiveinvestors.com/companies/news/92519/perseus-shares-drop-as-q2-production-misses-guidance-on-mechanical-challenges--39640.html
<![CDATA[News - Perseus Mining identifies significant gold in West Africa ]]> https://ca.proactiveinvestors.com/companies/news/74163/perseus-mining-identifies-significant-gold-in-west-africa-8978.html Perseus Mining (ASX/TSX:PRU) has identified some potentially significant discoveries at the Tengrela Gold Project in Côte D’Ivoire.

At Podio, RC drilling highlights include:

- 8m at 30.0g/t;
- 4m at 13.0g/t; and
- 2m at 21.0g/t.

At Sissingue East, reconnaissance drilling highlights include:

- 5m at 18.5g/t Au at the bottom of a 77m deep hole, 650m east of the main zone.

At Papara, RAB drilling highlights include:

- 12m at 5.0g/t Au in RAB drilling.

Mark Calderwood, managing director, said, “The company has managed to complete 50,000m of drilling over the past two months, taking our total in the past seven months to 176,000m.”

“The assay flow from our increased exploration efforts is paying dividends, with several new potentially significant discoveries to add to two discoveries made last quarter.”

“The company is now in a position to step up drilling to enable timely follow-up drilling of the large number of deposits and prospects identified to date.”

Deeper core drilling Sissingue highlights include:

- Hole SD112: 72.8m at 3.2g/t, 23.7m at 3.2g/t and 19.5m at 1.5g/t Au; and
- Hole SD113: 51m at 4.1g/t and 13m at 2.4g/t Au.

Perseus is continuing active and systematic infill and exploration drill programs on the Central Ashanti Gold Project in Ghana and the Tengrela Gold Project in Côte D’Ivoire, to test a number of targets and to facilitate a number of resource and reserve upgrades during the next 12 months.

A total of 28,162m and 22,411m of drilling was undertaken in August and September respectively

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Wed, 06 Oct 2010 13:56:00 -0400 https://ca.proactiveinvestors.com/companies/news/74163/perseus-mining-identifies-significant-gold-in-west-africa-8978.html
<![CDATA[News - Perseus Mining identifies significant gold in West Africa, inc. 8m at 30.0g/t ]]> https://ca.proactiveinvestors.com/companies/news/160782/perseus-mining-identifies-significant-gold-in-west-africa-inc-8m-at-300gt-10562.html Perseus Mining (ASX/TSX: PRU) has identified some potentially significant discoveries at the Tengrela Gold Project in Côte D’Ivoire.

At Podio, RC drilling highlights include:

- 8m at 30.0g/t;
- 4m at 13.0g/t; and
- 2m at 21.0g/t.

At Sissingue East, reconnaissance drilling highlights include:

- 5m at 18.5g/t Au at the bottom of a 77m deep hole, 650m east of the main zone.

At Papara, RAB drilling highlights include:

- 12m at 5.0g/t Au in RAB drilling.

Mark Calderwood, managing director, said, “The company has managed to complete 50,000m of drilling over the past two months, taking our total in the past seven months to 176,000m.”

“The assay flow from our increased exploration efforts is paying dividends, with several new potentially significant discoveries to add to two discoveries made last quarter.”

“The company is now in a position to step up drilling to enable timely follow-up drilling of the large number of deposits and prospects identified to date.”

Deeper core drilling Sissingue highlights include:

- Hole SD112: 72.8m at 3.2g/t, 23.7m at 3.2g/t and 19.5m at 1.5g/t Au; and
- Hole SD113: 51m at 4.1g/t and 13m at 2.4g/t Au.

Perseus is continuing active and systematic infill and exploration drill programs on the Central Ashanti Gold Project in Ghana and the Tengrela Gold Project in Côte D’Ivoire, to test a number of targets and to facilitate a number of resource and reserve upgrades during the next 12 months.

A total of 28,162m and 22,411m of drilling was undertaken in August and September respectively.

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Wed, 06 Oct 2010 07:25:00 -0400 https://ca.proactiveinvestors.com/companies/news/160782/perseus-mining-identifies-significant-gold-in-west-africa-inc-8m-at-300gt-10562.html
<![CDATA[News - Perseus Mining encouraged by high grade gold discovery at Tengrela ]]> https://ca.proactiveinvestors.com/companies/news/160781/perseus-mining-encouraged-by-high-grade-gold-discovery-at-tengrela-7618.html Perseus Mining (ASX,TSX: PRU), a gold explorer focused on West Africa, has reported the discovery of a new gold prospect at the company’s Tengrela Project in Ivory Coast.

The company said first pass RC drilling at the Kanakono prospect located 10km south of the Sissingue gold deposit has returned significant results.

The RC drilling was following up anomalous RAB drilling results dating back to January 2006 which included intercepts of 4m at 42.6g/t Au and 25m at 3.2g/t Au.

Results included hole KRC041 - 2m at 13.3g/t Au and hole KRC042 - 16m at 15.2 g/t Au.

Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana.

Perseus said it is too early to estimate the true width of intercepted mineralisation in KRC041 and KRC042 at Kanakono but the apparent (on section) true width of intercepts is about 60% of the intercept width.

Mark Calderwood, managing director, said “having completed the current phase of resource drilling at Sissingue we are now starting to assess the other Tengrela prospects previously identified by soil sampling and RAB drilling.”

“It is encouraging to get these latest results only 10 kms from the proposed Sissingue plant site – this has the potential to further enhance the Sissingue project economics.”

“We will have two RC rigs testing at least four other high priority targets over the next few months on the 876sq km Tengrela licences,” he added.

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Thu, 03 Jun 2010 05:38:00 -0400 https://ca.proactiveinvestors.com/companies/news/160781/perseus-mining-encouraged-by-high-grade-gold-discovery-at-tengrela-7618.html
<![CDATA[News - Perseus Mining encounters high grade gold under South Botiksi Extension pit ]]> https://ca.proactiveinvestors.com/companies/news/72911/perseus-mining-encounters-high-grade-gold-under-south-botiksi-extension-pit-5861.html Perseus Mining (ASX/TSX: PRU) has updated exploration activities at the company’s Central Ashanti Gold Project (CAGP) in Ghana with  high grade gold mineralisation encountered.

Drilling along the Botiksi shear zone particularly below the shallow South Botiksi Extension (SBE) pit, previously mined prior to 2001, intercepted gold.

Drill holes NBRC009 and NBRC011 are located in the 1.5km long previously undrilled portion of the shear zone between the SBE and the Nkonya North pits.

Highlights include: 12m @ 6.3 g/t Au from 76m; 22m @ 4.8 g/t Au from 72m; and 24m @ 5.0 from 66m.

Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana. The true width of intercepts from the current program at the SBE deposit is about 80% of the intercept width.

Mark Calderwood, managing director, commented “the SBE pit was one of 25 shallow pits that were mined on the CAGP mining leases between 1994 and 2001. Perseus has drill tested below 15 pits, leaving a further 10 pits to be tested.”

“In the last two years drilling at CAGP has essentially been focused on infilling and extending the existing resources – the move of one rig to exploration areas has returned early results.”

“We are aiming to complete the next significant resource upgrade for the CAGP in Q3 this year,” said Calderwood.

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Tue, 11 May 2010 12:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/72911/perseus-mining-encounters-high-grade-gold-under-south-botiksi-extension-pit-5861.html
<![CDATA[News - Perseus Mining raises CDN$91 million, may raise further AU$42 million from Australian investors ]]> https://ca.proactiveinvestors.com/companies/news/72831/perseus-mining-raises-cdn91-million-may-raise-further-au42-million-from-australian-investors-5714.html Perseus Mining (TSX: PRU, ASX:PRU) has completed its previously announced offering of 50.6 million ordinary shares on a "bought deal" basis, at a price of CDN$1.80 per share for gross proceeds of CDN$91 million.


Cormark Securities was the lead underwriter in a syndicate that included Clarus Securities, BMO Nesbitt Burns, CIBC World Markets and Dundee Securities.


Subject to shareholder approval, the Perseus Mining also intends to complete a private placement, outside of Canada, principally in Australia, of up to 15 million ordinary shares on a best efforts basis at a price of AU$1.94 per share for gross proceeds to of up to AU$29 million.


The Company also intends to undertake a share purchase plan under which the Company will offer a maximum of 7 millios shares to shareholders of the Company in Australia and New Zealand at a price of A$1.94 per share for gross proceeds of up to AU$13.58 million.


The proceeds will be used to fund on-going exploration and development of the Company's West African gold properties and for general working capital purposes.


Perseus added its TSX listing to its ASX listing in the first quarter of 2010 to take advantage of strong demand from North American investors for gold explorers and producers with assets in West Africa.


Focused on under-explored gold belts in West Africa, Perseus has identified significant deposits in Ghana and the Ivory Coast.

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Tue, 04 May 2010 14:32:00 -0400 https://ca.proactiveinvestors.com/companies/news/72831/perseus-mining-raises-cdn91-million-may-raise-further-au42-million-from-australian-investors-5714.html
<![CDATA[News - Perseus Mining to raise A$79.2 mln for African gold properties ]]> https://ca.proactiveinvestors.com/companies/news/72648/perseus-mining-to-raise-a792-mln-for-african-gold-properties-5288.html Perseus Mining (ASX, TSX: PRU) has entered into an agreement with Cormark Securities Inc. on behalf of a syndicate of underwriters consisting of Cormark Securities Inc., Clarus Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., and Dundee Securities Corporation (collectively, the Underwriters).

The Underwriters have agreed to buy and sell to the public 44 million ordinary shares of the company at a price of CAD$1.80 per ordinary share, for gross proceeds to the company of CAD$79.2 million.

The Underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 6,600,000 ordinary shares of the company.

In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering will be CAD$91,080,000. Closing of the Offering is expected to occur on or about 29 April, 2010 and is subject to regulatory approval including that of the Toronto Stock Exchange.

The net proceeds of the share issues will be used to fund on-going exploration and development of the company’s West African gold properties and for general corporate purposes.

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Mon, 12 Apr 2010 12:28:00 -0400 https://ca.proactiveinvestors.com/companies/news/72648/perseus-mining-to-raise-a792-mln-for-african-gold-properties-5288.html
<![CDATA[News - Perseus Mining hits more high-grade gold at Tengrela Project ]]> https://ca.proactiveinvestors.com/companies/news/160780/perseus-mining-hits-more-high-grade-gold-at-tengrela-project-6283.html Perseus Mining (ASX,TSX: PRU) has updated exploration activities at the company’s Tengrela Gold Project in the Ivory Coast, West Africa.

Recent significant drill intercepts from resource drilling at the Sissingue prospect included:

- RC hole SLC228 - 8m at 325g/t Au from 96m including 2m at 1,216g/t Au from 98m, followed by 36m at 3.1g/t Au from 104m to the end of the hole;

- RC hole SLC226 - 110m at 4.0g/t Au from 18m to the end of hole including 16m at 11.3g/t Au from 28m;

- RC hole SLC224 - 84m at 3.6g/t Au from 16m to the end of hole including 2m at 73.4g/t Au from 30m.

Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana.

Drill hole SLC228 was drilled 20m across strike from previously announced drill hole SLC014, which intercepted 71m at 9.0g/t Au including 10m at 27g/t Au and 36m at 8.7g/t Au.

Perseus Managing Director, Mark Calderwood commented “more impressive drill intercepts from the core of the Sissingue deposit confirm the robust tenure of this high grade zone.”

“These latest results are some of the last before the cut-off for resource and reserve modelling for 2010, but drilling will continue at Sissingue and at a number of exploration targets defined by the more than 1,500 RAB drill holes drilled to date outside Sissingue.”

“Perseus is working towards completing the Sissingue feasibility study later this year and to delineate potential new resources on the 60km strike of the Syama-Boundali greenstone belt within the Tengrela licences,” he added.

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Thu, 08 Apr 2010 06:02:00 -0400 https://ca.proactiveinvestors.com/companies/news/160780/perseus-mining-hits-more-high-grade-gold-at-tengrela-project-6283.html
<![CDATA[News - Perseus Mining continues fine form at Central Ashanti Gold Project ]]> https://ca.proactiveinvestors.com/companies/news/72455/perseus-mining-continues-fine-form-at-central-ashanti-gold-project--4882.html West African-focussed Perseus Mining (ASX/TSX: PRU) received assay results from drilling at the company’s flagship Central Ashanti Gold Project (CAGP), formerly known as Ayanfuri, in Ghana and the Tengrela Gold Project in the Ivory Coast.

At Tengrela, best results included from Core hole SD088 - 26.4m at 7.4g/t Au from 83m, including 11m at 14.4g/t Au from 90m and RC hole SLC157 - 26m at 9.7g/t Au from 84m to the end of the hole including 2m at 112.2g/t Au from 104m.

While at CAGP, results included Core hole FBDD060 - 22m at 6.4g/t Au from 191m including 1m at 112.9g/t Au from 200m; and Core hole ABDD147 - 75m at 1.6g/t Au from 274m.

Drill samples were assayed by 50g fire assays by Transworld Laboratories Ghana Limited, a part of the Intertek Genalysis group.

Drilling for the past six months was predominantly focused on infill and extensional resource drilling on CAGP’s western group of deposits, Abnabna, AF-Gap and Fobinso, and infill drilling on Tengrela Gold Project’s Sissingue deposit.

A$689 million-capped Perseus is moving owards production within 18 months.  At the same time it seeks to grow the Company’s current Proven and Probable reserves of 55.5Mt at 1.2g/t Au containing 2.1Moz of gold and Measured & Indicated resources of 49.2Mt at 1.2g/t Au containing 1.9Moz of gold.

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Fri, 19 Mar 2010 08:21:00 -0400 https://ca.proactiveinvestors.com/companies/news/72455/perseus-mining-continues-fine-form-at-central-ashanti-gold-project--4882.html