Perseus Mining Updates Mineral Resources & Ore Reserves
PERTH, Aug. 28, 2018 - Perseus Mining Ltd. (“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 29, 2018 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 | 37.3 | 1.19 | 1,445 | 47.6 | 1.03 | 1,588 | 84.9 | 1.10 | 3,025 | 6.8 | 1.25 | 267 | |||
| Sissingué3 | 4.2 | 2.0 | 265 | 8.5 | 1.6 | 437 | 12.7 | 1.7 | 701 | 0.9 | 2.0 | 61 | |||
| Yaouré | - | - | - | 43.1 | 1.39 | 1,930 | 43.1 | 1.39 | 1,930 | 46.0 | 1.0 | 1,500 | |||
| Total | 41.5 | 1.28 | 1,710 | 99.2 | 1.24 | 3,955 | 140.7 | 1.25 | 5,656 | 53.7 | 1.1 | 1,830 | |||
Notes:
- Refer to notes to individual tables of Mineral Resources for each project in the full release.
- Measured and Indicated Mineral Resources are inclusive of Mineral Reserves.
- 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 | 18.3 | 1.00 | 587 | 26.4 | 1.15 | 979 | 44.7 | 1.09 | 1,566 | ||
| Sissingué Gold Mine² | 2.9 | 2.3 | 219 | 2.3 | 2.0 | 144 | 5.2 | 2.2 | 363 | ||
| Yaouré Gold Project² | - | - | - | 26.8 | 1.76 | 1,518 | 26.8 | 1.76 | 1,518 | ||
| Total | 21.2 | 1.18 | 807 | 55.4 | 1.48 | 2,641 | 76.6 | 1.40 | 3,447 | ||
Notes:
- Refer to Notes to individual tables of Ore Reserves in respect of each project in the full release.
- 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 metal indicated by grade control data at both mines. The demonstrated predictive reliability of our Mineral Resource models is providing a sound basis on which to plan our future. In this latest Mineral Resource estimate, we have constrained our resource models more tightly than before, using a more conservative gold price without changing the underlying integrity of the models. This resulted in a reduction in reported Mineral Resources across the Group, however, the change has not materially altered our view of what metal is in the ground, nor our view of what amount of metal can be economically extracted as Ore Reserves. This change in reporting is consistent with industry standards and is aimed at continuously improving the transparency and reliability of our reporting as part of our transformation from a single mine company to a multi-mine, multi-jurisdictional operation. The changes to our Ore Reserves that have been reported today largely reflect depletion by mining at Edikan and Sissingué over the last 12 months. The Yaouré Ore Reserve has not changed from that estimated in preparing the Definitive Feasibility Study for the Yaouré Gold Project which is currently on track to become Perseus’s third producing mine in late 2020/2021.” |
Jeffrey Quartermaine
Chief Executive Officer and Managing Director
August 29, 2018
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;
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 of the Edikan Gold Mine. Mr Brabham is the Group Geologist for Perseus Mining Ltd. 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. Mr Paul Thompson, who is a Fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Perseus Mining Ltd. has compiled and reviewed the consolidated information on the Ore Reserves of 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 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 for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 15 December 2016. This report includes an update for depletion as at 30 June 2018 as well as an adjustment of the model constrained to a US$1,800/oz pit shell. The information in this report that relates to Mineral Resources for Fimbiasso was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2017. This report includes an adjustment of the model constrained to a US$1,800/oz pit shell. The information in this report that relates to Ore Reserves for Sissingué and Fimbiasso was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 31 March 2017. This report includes an update for depletion as at 30 June 2018. 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.
The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 3 November 2017. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release 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 — 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.