Press release from CNW Group
Perseus Mining issues March 2010 Quarterly Report
Friday, April 30, 2010
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, April 30 /CNW/ - Perseus Mining Limited (ASX/TSX: PRU) ("Perseus" or the "Company") advises that its activity report for the quarter ended March 31, 2010 has been issued today. Highlights of the report are set out below, and the full text of the report is available on the Company's website www.perseusmining.com and under the Company's profile at www.sedar.com
<< Highlights >>
Central Ashanti Gold Project (Ayanfuri) - Ghana
Progress on the Central Ashanti Gold Project ("CAGP" and previously referred to as the Ayanfuri gold project) in Ghana includes:
<< - Payment of EPA permit fees as a precursor to issue of the environmental permit; - About 80% of items for the process plant have been ordered; - Plant site compensation completed, now awaiting EPA permit to commence clearing; - Banking syndicate credit approved offer for up to US$85M facility received; and - Recruitment of key second-tier personnel management progressing. >>
Exploration and resource drilling is continuing to ramp up, with 22,696m of drilling completed during the quarter. Strong drill intercepts from two drill holes have identified a potentially significant new shoot between the Abnabna and AF-Gap deposits.
Most of the drilling was infill and extensional drilling undertaken on the western deposits (Abnabna, AF-Gap and Fobinso) which occur in a granitic dyke with a dip varying from 50 to 80 degrees to the northwest. Drilling on these deposits is directed to the southeast, and drill hole intercepts generally have true widths of 70% to 90% of drill length, depending upon drill hole inclinations and the dip of mineralisation. Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana.
Tengrela - Ivory Coast
A total of 23,688m of RC and diamond drilling and 6,903m of RAB drilling were completed during the quarter, mostly on the Sissingue prospect. A number of exceptional high grade drill intercepts were made.
The feasibility study for the Sissingue project is progressing well, with results expected in 4th quarter 2010.
Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana. Recent significant drill intercepts on the Sissingue deposit typically have true widths of 60 to 90% of drill length. Locally, drill intercept length may equate to actual true width, depending upon the variable dip of the mineralisation. Mineralisation is structurally complex, such that true thickness may occasionally be better measured as a range. Most recent drilling results at Sissingue have been drilled to the west and mineralisation generally dips to the east, so true thickness is usually significantly greater than 60% of drill length.
<< Mark Calderwood Managing Director April 30, 2010 >>
The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-time employee of the Company. Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Perseus' data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009 and the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated November 30, 2009 in respect of the Central Ashanti Gold Project and the Tengrela Gold Project, respectively.
Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information, includes but is not limited to information with respect to future exploration and drilling, procurement of financing, procurement of necessary regulatory approvals, the development of a mine at the Central Ashanti Gold Project and completion of a definitive feasibility study at Tengrela.
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.
For further information: Perseus Mining Limited, ABN 27 106 808 986, 30 Ledgar Road, Balcatta, Western Australia, 6021, PO Box 717, Balcatta, WA, 6914, Telephone: (618) 9240 6344, Facsimile: (618) 9240 2406, Email address: firstname.lastname@example.org, Website: www.perseusmining.com