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December 14, 2016 23:50 ET
Perseus Mining Limited Provides Update on Activities
PERTH, WESTERN AUSTRALIA--(Marketwired - Dec. 15, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Perseus Mining Limited (TSX:PRU) (ASX:PRU) wishes to provide an update on recent events associated with its West African gold production and project development activities.
EXECUTIVE SUMMARY
The capital investment programme that Perseus has undertaken at the Edikan Gold Mine in Ghana ("Edikan") during the last two years is now largely complete.
Notwithstanding recent improvements in mill and crusher performance, the shortfall of gold production due to the extended plant shutdown in October 2016 and lower than expected head grades, has not been recovered and gold production from Edikan for the December 2016 Half Year is now expected to be between 70 -80,000 ounces and all in site cost ("AISC") for the period are now expected to be between US$1,550 to US$1,650 per ounce.
Work on the Yaouré Gold Project ("Yaouré") definitive Feasibility Study ("DFS") currently remains on track for completion in mid-2017. Discussions with landowners have been constructive to date and a mutually satisfactory solution is expected to be reached in time for Mineral Resource confirmation drilling to start by the end of December 2016.
Snowden Mining Industry Consultants Pty Ltd ("Snowden") has completed a re-estimate of the Sissingué Gold Project ("Sissingué") Mineral Resource and maiden Mineral Resource estimates for the Bélé mineral deposits that are located within trucking distance of Sissingué.
The re-estimated Measured and Indicated Mineral Resource at Sissingué contains approximately 180,000 ounces or 20% less gold than previously estimated as a result of discounting a quantity of reverse circulation ("RC") drill results due to drill hole contamination.
Depending on the conversion rate of Bélé's Inferred Mineral Resource into Measured and Indicated categories, the combined Measured and Indicated Mineral Resource for Sissingué and Bélé may be very similar to the original Sissingué estimate of 880,000 ounces of gold.
Pending confirmation of the total Sissingué plus Bélé Measured and Indicated Mineral Resource, Perseus intends to reduce the level of project debt finance sought to finance the construction of Sissingué and increase the proportion of development funding from cash flow and cash reserves.
Perseus has implemented a plan to align Sissingué project development expenditure more closely with available funding capacity and as a result, the projected date of production of first gold from Sissingué has been moved back approximately 4 months from October 2017 to the end of February 2018.
EDIKAN GOLD MINE, GHANA
Completion of Capital Works
The capital investment programme that Perseus has undertaken at Edikan during the last two years, that has been a major factor in elevating the mine's AISC during this period, is now largely complete. Since 1 October 2016:
Construction of housing and the relocation into the new dwellings of families displaced by the opening up of the Fetish, Chirawewa and Esuajah North open pits has been completed. In total, 186 new houses and 12 institutional structures has been constructed at a cost of approximately US$30 million. A ceremony to formally hand over the new housing estate will take place in January 2017.
Development of the Esuajah North open pit has been advanced and fresh ore is now being mined from the pit. Blasting of fresh ore commenced on 26 November, and in coming months ore will be drawn from four pits on the Edikan licence area including Fobinso, Fetish, Chirawewa and Esuajah North. With the opening up of these work areas, the amount of investment required in waste stripping will materially reduce in coming months.
A US$9.0 million programme of capital works aimed at upgrading Edikan's crushing and milling circuits to increase availability and reduce maintenance costs and time has been completed. As frequently occurs when remedial works are started, the scope of work required was expanded to address unforeseen issues that emerged while the remedial works were being undertaken. This increase in scope led to the mill being shut down for 6 days longer than the originally scheduled 9 day shut-down period. Following the completion of the works, the mill run time has significantly improved and for the month of December to date, run time in excess of 94% has been achieved which compares very favourably with run time recorded in prior periods and well in excess of run time assumptions built into the Edikan life of mine plan.
Production Guidance
Notwithstanding improvements in mill and crusher performance since the completion of the remedial works in October 2016, the shortfall of gold production due to the extended shutdown has not been recovered in December 2016 to date and as a result of this, combined with lower than forecast head grade of processed ore, gold production from Edikan in the December 2016 quarter will be lower than expected. As a consequence, production for the December 2016 Half Year will be below previous guidance of 80,000 to 100,000 ounces, and is now expected to be between 70,000 and 80,000 ounces. Production guidance for the June 2017 Half Year of 125-145,000 ounces of gold remains unchanged at this time. As a result of the expected reduction in gold production, it is anticipated that Edikan's AISC (which includes production costs plus royalties plus all sustaining and development capital costs) for the December Half Year will increase on a per ounce basis and may fall outside of the cost guidance range. The AISC for the December 2016 Half Year is now forecast to be between US$1,550 to US$1,650 per ounce.
YAOURÉ GOLD PROJECT
Definitive Feasibility Study
Work on the Yaouré DFS currently remains on track for completion in mid-2017, but achievement of this target is contingent on the timely completion of a 42,000 metre Mineral Resource definition drilling programme, the commencement of which has been delayed pending agreement of compensation arrangements for landowners who will be potentially impacted by the proposed development.
Discussions with landowners have been constructive to date with a specially constituted Landowner Compensation Committee, comprising representatives of landowners, the Company and the government in place. It is expected that a mutually satisfactory solution will be reached in time for drilling to commence prior to the end of December 2016.
Extension to Exploration Permits 168 and 397
The terms of Exploration Permits 168 and 397, the two tenements in which the Yaouré gold deposits are located, have been extended for a period of two years from 1 December 2016. It is expected that within this two year period, Perseus will complete a DFS for Yaouré, negotiate a Mining Convention and will have applied for and been granted an Exploitation Permit for the development of Yao.........
http://www.marketwired.com/press-re...ides-update-on-activities-tsx-pru-2183413.htm
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