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PERSEUS MINING LIMITED - ASX: PRU
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Description
Perseus Mining Limited (ASX/TSX Code: PRU) has forged a reputation as one of the world's most successful gold explorers. Focused on under-explored gold belts in West Africa, we are on track to become a producer during 2011.
Our Central Ashanti Gold Project (formerly referred to as the Ayanfuri Gold Project) has Reserves of 3.3 million ounces (Moz) of gold, plus 4.3Moz Measured and Indicated gold resources and 1.7 Inferred gold resources. A further 0.66Moz of Reserves, 1.4Moz of Indicated gold resources and 0.52Moz Inferred gold resources are held on our other West African projects (Grumesa and Tengrela).
We are on schedule to start production from the Central Ashanti Gold Project in the 3rd Quarter of 2011 and are targeting production at Tengrela, in the Ivory Coast, by end of 2012.
Central Ashanti Gold Project (Ayanfuri)
Perseus has 650sq km of tenements centred on the Ashanti Gold Belt some 25-65km from the 60-million-ounce Obuasi gold deposit, including two mining leases (MLs) that are the focus of initial production for the CAGP.
After acquiring the tenure in mid 2006, we have increased gold resources from less than 1Moz to 4.7Moz of Measured and Indicated resources, 1.9Moz of Inferred resources and 3.3Moz of Reserves by December 2010.
The project has significant upside for further resource growth. With up to seven drill rigs operating on the CAGP during 2011 Perseus aims add 500,000 ounces of reserves each year for the foreseeable future as well as make at least one new discovery each year.
A detailed feasibility study completed in July 2009 estimated:
* initial proven and probable gold reserves of 2.13 million ounces;
* production averaging 220,000oz p.a. in the first four years;
* cash costs (including government royalties) of about US$500 per ounce.
Grumesa
The Grumesa licence (39sq km) is located on the eastern side of the Central Ashanti Gold Project (CAGP). Considerable potential exists for further resources, given that the upper 45m of the deposit as currently defined contains more than 12,000 ounces of gold per vertical metre and there is limited drilling below 45m. With 471,000oz in indicated gold resources and 247,000oz inferred gold resources the low grade Kayeya project can be developed as a low capital cost but higher operating cost per ounce satellite producer to the larger CAGP operation in the Ayanfuri area some 35km to the west. Perseus has applied for a mining lease at Grumesa.
Tengrela Gold Project
The 876sq km Tengrela Gold Project is located in Ivory Coast on the border with Mali, 30km south south west from the Syama gold mine (6.5 Moz) along the Syama shear. The project lies 150km south south east of the Morila gold mine (7Moz) and 65km WNW of Tongon deposit.
While Tengrela is not as advanced as the Company’s CAGP project in Ghana, drill results have highlighted the significant potential of the project. Tengrela has recorded spectacular results such as 6m at 476g/t, 6m at 429g/t, 22m at 72.1g/t and 8m at 65.7g/t Au. Mineralisation remains open to the north, south and at depth. In August 2010 an updated resource estimate increased the Indicated resources at Tengrela to 0.9Moz while Inferred resources now total 0.3Moz. The resource estimate was taken at Sissingue, one of a number of gold anomalies at Tengrela. Gold Reserves at Tengrela stand at 0.66Moz. We are targeting a significant increase in the resources at Tengrela during 2011 and beyond. We have up to five drill rigs operating with the aim of completing 200,000m of drilling this year. We have made significant discoveries at Tengrela with the Kanakono prospect recording high-grade results of 2m @ 13.3g/t Au and 16m @ 15.2g/t Au. The Podio and Sissingue East prospects were also significant discoveries.
Mine For
gold
Location of operation(s)
Cote d'Ivoire, Ghana
Address
30 Ledgar Road
BALCATTA, WA, AUSTRALIA
Phone
(08) 9240 6344
Website
Last Updated
21/02/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
