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Perseus Mining Updates Mineral Resources & Ore Reserves

PERTH, Western Australia, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) wishes to update estimates of the Mineral Resources and Mineral Reserves at each of its West African operations. An executive summary is provided below. Full details of the resource and reserve updates are included in the Company’s market release dated August 28, 2019 which is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.

Mineral Resources1,2

Project Measured Resources
Indicated Resources
M & I Resources
Inferred Resources
Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz
Edikan 35.1 1.17 1,326 42.4 1.03 1,405 77.5 1.10 2,730 6.1 1.22 237
Sissingué3 6.4 1.7 347 2.0 2.0 130 8.4 1.8 477 0.4 1.7 19
Yaouré - - - 47.9 1.37 2.110 47.9 1.37 2.110 46 1.1 1,694
Total 41.5 1.25 1,673 92.4 1.23 3,644 133.9 1.24 5,317 52.5 1.2 1,950

Notes:

  1. Refer to notes to individual tables of Mineral Resources for each project presented below.
  2. Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
  3. Includes combined Mineral Resources from both the Sissingué and Fimbiasso deposits

 Mineral Reserves¹

Project Proved
Probable
Proved and Probable
Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz
Edikan² 16.0 1.02 525 21.4 1.26 865 37.4 1.16 1,390
Sissingué Gold Mine² 3.4 2.1 237 1.2 2.3 144 4.6 2.2 321
Yaouré Gold Project² - - - 27.3 1.78 1,560 27.3 1.78 1,560
Total 19.4 1.22 762 49.8 1.57 2,509 69.3 1.47 3,271

Notes:

  1. Refer to Notes to individual tables of Mineral Reserves in respect of each project presented below.
  2. The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) and 90% of Yaouré Gold Project (YGP) after allowing for Government equity at mining stage.
Perseus’s Managing Director and CEO, Jeff Quartermaine, commented as follows:

“In the last twelve months, our Mineral Resource modelling at both Edikan and Sissingué has been proven to be robust with close reconciliation between contained metal forecast by our block models and the metal we actually recover from processing of the ore at both mines.  In striving for continuous improvement, we have updated our resource models based on the outcomes of our stringent reconciliation processes, in order to provide the best possible forecast of future ounce production. The demonstrated predictive reliability of our Mineral Resource and Mineral Reserve models continues to provide a sound basis on which to plan our future. 

In this latest estimate, we have included an update of the Yaouré open pit Mineral Resources based on additional drilling information and updated the associated Mineral Reserve based on the outcome of the FEED Study.  As a result, there are small increases in both the Mineral Resource and Ore Reserve estimates and, more importantly, there is a higher level of confidence in forecast production and costs.  In addition, an initial estimate of the underground Mineral Resource at Yaouré has been completed, with follow up work to increase the resource further now being implemented.

Jeffrey Quartermaine
Chief Executive Officer and Managing Director
August 28, 2019

To discuss any aspect of this announcement, please contact:

Managing Director: Jeff Quartermaine at telephone +61 8 6144 1700 or email
jeff.quartermaine@perseusmining.com;
General Manager BD & IR: Andrew Grove at telephone +61 8 6144 1700 or email
andrew.grove@perseusmining.com
Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email
nathan.ryan@nwrcommunications.com.au (Melbourne)


Competent Person Statement:

Mr Gary Brabham, FAusIMM, MAIG, has compiled and reviewed the consolidated information in this report concerning the Mineral Resources at the Edikan Gold Mine, the Sissingué Gold Mine and the Yaouré Gold Project.  Mr Brabham is Group Geologist for Perseus Mining Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI43-101.  Mr Brabham consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has approved the inclusion of technical and scientific information in this report.

The 2019 re-estimate of Esuajah North open pit Mineral Resources at Edikan was undertaken by Mr Nicolas Johnson MAIG, of MPR Geological Consultants Pty Ltd.  Mr Johnson has sufficient experience, that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person, as defined in the JORC Code 2012 and a Qualified Person as defined in NI43-101.  Mr Johnson has no economic, financial or pecuniary interest in the company and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

Mr Paul Thompson, who is a Fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Perseus Mining Limited has compiled and reviewed the consolidated information on the Ore Reserves of the Esuajah North deposit at the Edikan Gold Mine in this report. Mr Thompson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI43-101 and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has approved the inclusion of technical and scientific information in this report.

The information in this report that relates to Mineral Resources and Ore Reserves for the Edikan deposits (other than the Esuajah North deposit) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018.  This report includes an update for mining depletion as at 30 June 2019.  The Company confirms that it is not aware of any information that would, in any other respect, result in a material change to the estimate of Mineral Resources previously released. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply.

The information in this report that relates to Mineral Resources and Ore Reserves for the Sissingué deposit was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Resources, Reserves and Life of Mine Plan at Sissingué” released on 29 October 2018.  This report includes an update for mining depletion as at 30 June 2019.  The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

In respect of the Fimbiasso East and West deposits, previously Bélé East and West respectively, the Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in market announcements dated 20 February 2017 and 31 March 2017 respectively continue to apply with the exception that the reported resources are now constrained to a US$1,800/oz pit shell as advised in a market announcement dated 29 August 2018.  The Company confirms that it is not aware of any information that would, in any other respect, result in a material change to the estimate of Mineral Resources previously released. 

The information in this report that relates to Open Pit and Heap Leach Mineral Resources at Yaouré is based on Information compiled by Mr Jonathon Abbott MAIG, of MPR Geological Consultants Pty Ltd.  Mr Abbott has sufficient experience, that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI43-101.  Mr Abbott consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

The information in this report that relates to Underground Mineral Resources at Yaouré was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré” released on 5 November 2018.  This report includes an adjustment to exclude material lying within the US$1,800/oz pit shell that constrains the Open Pit Mineral Resources.  The Company confirms that it is not aware of any information that would, in any other respect, result in a material change to the estimate of Mineral Resources previously released. 

Mr Paul Thompson, who is a Fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Perseus Mining Limited has compiled and reviewed the consolidated information on the Ore Reserves of the Yaouré Gold Project in this report. Mr Thompson has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he has undertaken to qualify as a Competent Person as defined in the JORC Code 2012 and a Qualified Person as defined in NI43-101 and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has approved the inclusion of technical and scientific information in this report.

The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply. 

Caution Regarding Forward Looking Information:
This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable.  Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms.   Readers should not place undue reliance on forward-looking information.  Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.