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Press release from CNW Group

WEST AFRICAN EXPLORATION UPDATE

Tuesday, December 07, 2010

WEST AFRICAN EXPLORATION UPDATE01:33 EST Tuesday, December 07, 2010NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESDrilling Delivers More Strong ResultsPERTH, Western Australia, Dec. 7 /CNW/ - Perseus Mining Limited (ASX / TSX: PRU) ("Perseus" or the "Company") is pleased to provide a drilling update on the Company's gold projects in Ghana and Côte d'Ivoire, West Africa.Perseus is continuing active and systematic infill and exploration drill programs on its Central Ashanti Gold Project ("CAGP") in Ghana and the Tengrela Gold Project in Côte d'Ivoire, to test a number of targets and to facilitate several resource and reserve upgrades during the next 12 months. Details are provided below.Highlights Exceptional infill and extensional drill intercepts at Esuajah South deposit, Central Ashanti Gold Project (CAGP), Ghana, included:    Hole ESDD006     - 39m at 6.5g/t Au from 301m and 16m at 3.7g/t Au from 240m    Hole ESDD007 - 111m at 2.0g/t Au from 140m    Hole ESDD008       - 151m at 2.8g/t Au from 136m    Hole ESDD010  - 78m at 2.1g/t Au from 216m and 13m at 3.7g/t Au from 306m    Hole ESDD011 - 68m at 3.3g/t Au from 167m    Hole AKRDD247- 58m at 4.0g/t Au from 239m    Hole AKRDD249 - 101.9m at 2.6g/t Au from 262m to the end of the hole      Infill resource drilling results from the Fetish deposit, CAGP in Ghana, included:    EFDD040         - 13m at 13.3g/t Au from 187m    EFDD062         - 10m at 7.6g/t Au from 178m             Significant intercepts from exploration drilling at CAGP, Ghana, included:    Chirawewa         - hole CHDD006 - intercepted multiple zones including 31m at 3.0g/t Au from 105m, 10m at 2.0g/t Au from 142m, 4m at 9.5g/t Au from 159m and 1m at 30.8g/t Au from 288m    Bokitsi SE     - hole BKRC24       - 8m at 11.8g/t Au from 68m          - hole BKRDD007  - 12m at 5.4g/t Au from 84m Au and 12m at 2.7g/t Au from 120m          - hole BKRDD009   - 12m at 5.0g/t Au from 124m              Continued strong infill drill results from Sissingue, part of the Tengrela Gold Project in Côte d'Ivoire, included:    Hole SD129    - 65.8m at 4.0g/t Au from 26.2m    Hole SGC024     - 20m at 8.5g/t Au from 48m to the end of the hole.    Hole SGC027        - 22m at 5.1g/t Au from 18m to the end of the hole.    Hole SGC021    - 7m at 13.1g/t Au from 21m and 6m at 10.7g/t Au from 34m.    Hole SGC029    - 9m at 9.8g/t Au from 56m to the end of the hole.    Hole SGC020     - 14m at 5.9g/t Au from 7m.Perseus Managing Director, Mark Calderwood's said:"The latest results continue the trend of significant mineralised widths at the CAGP and will be the final ones included in the updated resource and reserve estimates for the Esuajah South and the Abnabna-Fobinso deposits in Ghana.  The intercepts from Sissingue, are also excellent.""The Company has passed the 250,000m of drilling targeted for 2010 and has increased the number of priority drill targets."Esuajah South, Central Ashanti Gold Project, GhanaThe current phase of drilling at Esuajah South has been completed and resource modelling will be undertaken as a precursor to the commencement of pit design work and reserve estimation in December.   The drill results highlight the potential for a significant increase to the 2009 Indicated mineral resource estimate of 6.9Mt at 1.7g/t Au containing 377,000 ounces of gold.The Esuajah South granite body gradually increases in average width from less than 30m at surface to more than 80m from 400m depth. This wide, higher grade, granite has excellent potential for combined open pit and bulk underground mining. Abnabna-Fobinso, Central Ashanti Gold Project, GhanaDeep drilling is currently testing downward extensions to known gold mineralised shoots.  Resource modelling has been completed based on drilling to the end of September and pit design work is currently underway with the aim of releasing an updated reserve estimate. Exploration Drilling, Central Ashanti Gold Project, GhanaA number of anomalous to significant gold intercepts were recorded outside resource areas, including:Chirawewa  - Hole CHDD006  intercepted new zones of mineralisation west of the main Chirawewa deposit.  Significant gold intercepts in the hole included 31m at 3.0g/t Au from 105m, 10m at 2.0g/t Au from 142m and 4m at 9.5g/t Au from 159m.  The same hole also intercepted 1m at 30.8g/t Au from 288m within the main Chirawewa zone.  Please refer to Table 2.Bokitsi SE - The Bokitsi South area continues to produce significant drill intercepts, including BKRC24 - 8m at 11.8g/t Au from 68m, BKRDD007 - 12m at 5.4g/t Au from 84m Au and 12m at 2.7g/t Au from120m, and BKRDD009 - 12m at 5.0g/t Au from 124m, refer Table 2.The Chirawewa South, Besem Gap, Esuajah NE and Mampong prospects also returned notable intercepts. These are contained in Table 2 below.Sissingue, Tengrela Gold Project, Côte d'IvoireDrilling has slowed during October and November as a function of rig availability and a break for the presidential election process.   Drill results for the period, however, continue to underpin the quality of the project, with intercepts such as 65.8m at 4.0g/t,20m at 8.5g/t, 22m at 5.1g/t, 7m at 13.1g/t and 9m at 9.8g/t Au.  Table 3 contains details of the intercepts.Mark CalderwoodManaging DirectorAbout Perseus Mining LimitedPerseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of the West Africa's most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a producer by the third quarter of 2011 at its Central Ashanti Gold Project in Ghana.  The Company plans to produce at the initial rate of 220,000 ounces of gold in year 1 in Ghana and plans to increase this to 300,000 ounces per annum by 2013.Perseus is now also working on development of its Tengrela Gold Project in Côte d'Ivoire, with production targeted for late 2012. Tengrela has the potential to become a significant contributor in the Company's goal to develop into a 400,000 ounce per year gold producer by 2013.With 25,000m of drilling planned each month across its projects, Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development of the CAGP and Tengrela. In addition to its projects in Ghana and Côte d'Ivoire, Perseus retains a 28 per cent stake in Manas Resources Limited (ASX: MSR) which it spun off in 2008 as a focused Kyrgyz Republic gold explorer and developer. Perseus also has a 19.9% stake in, as well as a strategic alliance with, Burey Gold Limited (ASX: BYR), a listed exploration company focussed on Guinea, West Africa.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's 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 September 02, 2010 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 development of a mine 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.Table 1: CAGP, Ghana, Infill and Extensional Drilling                      Hole Deposit East North Depth Azm. Incl. From To Width Au    (m) (m) (m) (°) (°) (m) (m) (m) g/tAKRDD247 Esuajah S. 1805 6320 309.3 90 -58 239 297 58 4.0            incl. 269 270 1 39.1            and 288 295 7 12.2AKRDD248 Esuajah S. 1845 6140 282.4 90 -74 185 236 51 2.0              244 261 17 1.4              269 274 5 2.2AKRDD249 Esuajah S. 1804 6140 363.3 90 -74 225 238 13 1.7              262 363.9* 101.9 2.6            incl. 270 271 1 89.8AKRDD250 Esuajah S. 1860 6340 240.3 90 -60 186 195 9 3.1            incl. 191 192 1 17.2              208 227 19 3.2            incl. 216 217 1 12.2AKRDD251 Esuajah S. 1800 6260 363.3 90 -67 231 247 16 1.9              259 288 29 1.7              304 315 11 5.7            incl. 304 306 2 16.6              331 353 22 4.2            incl. 331 334 3 18.2ESDD001 Esuajah S. 1829 6180 256 90 -63 165 181 16 2.7            incl. 179 180 1 10.6              190 245 55 2.1ESDD002 Esuajah S. 1828 6180 307 90 -73 202 251 49 2.1              260 285 25 1.7            incl. 279 280 1 14.9              177 200 23 1.9ESDD004 Esuajah S. 1830 6201 301 90 -70 191 267 76 1.8            incl. 200 202 2 10.5ESDD005 Esuajah S. 1785 6220 351 90 -66 249 262 13 1.8              286 290 4 5.4            incl. 287 288 1 15.0              296 340 44 1.3ESDD006 Esuajah S. 1789 6300 310 90 -57 240 256 16 3.7            incl. 242 243 1 33.7              262 301 39 6.5            incl. 262 263 1 22.9            and 272 273 1 12.8            and 283 284 1 11.6            and 289 294 5 17.3            and 299 301 2 13.2ESDD007 Esuajah S. 1839 6260 274 90 -60 140 251 111 2.0            incl. 202 203 1 24.2            and 213 214 1 12.1ESDD008 Esuajah S. 1837 6260 301 90 -68 136 287 151 2.8            incl. 259 260 1 29.9            and 276 278 2 26.8ESDD009 Esuajah S. 1784 6220 374 90 -71 249 261 12 2.9              272 298 26 2.5            incl. 292 293 1 11.0              311 364 53 1.8ESDD010 Esuajah S. 1800 6238 332 90 -65 216 294 78 2.1            incl. 262 263 1 10.9            and 285 286 1 17.8              306 319 13 3.7            incl. 306 307 1 10.0            and 311 312 1 10.9Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)                      Hole Deposit East North Depth Azm. Incl. From To Width Au    (m) (m) (m) (°) (°) (m) (m) (m) g/t  ESDD011 Esuajah S. 1829 6220 254 90 -58 153 159     6 1.8              167 235 68 3.3            incl. 210 211 1 25.4            and 228 232 4 11.6ESDD018 Esuajah S. 1879 6100 165 90 -70 135 150 15 3.5            incl. 145 146 1 12.8ESDD019 Esuajah S. 1752 6300 396 90 -65 294 308 14 2.3              336 352 16 2.4              359 379 20 3.0            incl. 368 369 1 17.2ESDD020 Esuajah S. 1762 6260 404 90 -71 273 290 17 2.8            incl. 275 277 2 13.9              316 336 20 1.2              350 385 35 2.0            incl. 360 361 1 11.1ESDD021 Esuajah S. 1793 6180 350 90 -72 243 298 55 1.9            incl. 244 245 1 41.3ESDD024 Esuajah S. 1790 6320 341 90 -63 274 292 18 4.0            incl. 286 289 3 20.0              296 300 4 7.4            incl. 298 299 1 16.2ESDD025 Esuajah S. 1723 6280 406 90 -67 290 296 6 4.1            incl. 294 295 1 16.5              301 307 6 1.9              335 346 11 1.1              378 403 25 1.8            incl. 379 380 1 17.8ESDD026 Esuajah S. 1767 6320 395 90 -66 318 335 17 3.9            incl. 319 320 1 13.3            and 328 329 1 16.2              353 364 11 1.0ESDD027 Esuajah S. 1727 6320 449 90 -66 372 377 5 5.0            incl. 372 373 1 17.8              383 403 20 2.3            incl. 402 403 1 10.1ESDD014 Esuajah S. 1780 6299 368 90 -64 270 302 32 2.4              339 360 21 3.0            incl. 344 345 1 23.3            and 357 358 1 13.9ESDD015 Esuajah S. 1812 6120 299 90 -71 221 243 22 1.3              262 271 9 1.6              280 284 4 9.1            incl. 281 282 1 25.2EFDD034 Fetish 3447 5260 322.6 270 -55 112 118 6 9.9            incl. 112 113 1 16.4            and 116 117 1 35.4              154 162 8 1.9              184 194 10 1.2              210 224 14 1.1              235 243 8 3.8            incl. 242 243 1 20.5              250 256 6 3.4            incl. 254 255 1 11.2              275 288 13 2.0Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)                          Hole Deposit   East North Depth Azm. Incl. From To   Width Au      (m) (m) (m) (°) (°) (m) (m)   (m) g/t  EFDD038 Fetish   3409 5300 263 270 -55 111 126   15 2.3              incl. 119 120   1 11.8                139 155   16 1.2                167 189   22 1.7              incl. 179 180   1 10.7                207 230   23 1.9EFDD039 Fetish   3388 5258 242.17 270 -50 78 86   8 1.5                113 125   12 2.0                188 219   31 1.4EFDD040 Fetish   3410 5340 232 270 -55 117 129   12 1.1                187 200   13 13.3              incl. 196 197   1 157.1EFDD041 Fetish   3400 5380 221 270 -55 159 169   10 1.7                190 202   12 1.5EFDD042 Fetish   3440 5380 266 270 -55 192 222   30 1.5EFDD043 Fetish   3480 5380 296 270 -55 142 144   2 12.3                253 275   22 3.6              incl. 262 263   1 16.9              and 270 271   1 15.4              and 274 275   1 18.1EFDD044 Fetish   3453 5300 283.6 270 -57 167 182   15 1.3                201 209   8 1.3                238 268   30 2.5              incl. 242 243   1 13.1              and 254 255   1 11.5EFDD045 Fetish   3389 5300 228.4 270 -50 94 98   4 2.6                177 192   15 2.2                157 162   5 2.9                229 243   14 2.8              incl. 236 237   1 10.3                252 258   6 3.4EFDD046 Fetish   3410 5258 275.55 270 -55 230 248   18 2.7              incl. 235 236   1 18.5EFDD047 Fetish   3450 5340 274.58 270 -55 144 162   18 1.4                229 245   16 2.5                                       incl. 236 237   1 10.3                252 258   6 3.4EFDD048 Fetish   3493 5300 320.68 270 -55 220 244   24 1.6                263 302   39 1.6              incl. 294 295   1 10.8EFDD049 Fetish   3492 5260 299.27 270 -55 177 178   1 12.4                219 230   11 3.3              incl. 225 226   1 13.9                270 276   6 3.3EFDD050 Fetish   3530 5300 355.59 270 -57 254 280   26 2.1              incl. 279 280   1 30.2                                         284 305   21 1.3                312 349   37 1.5              incl. 329 330   1 10.6EFDD051 Fetish   3529 5260 338.45 270 -57 255 258   3 3.4                292 311   19 3.3              incl. 293 294   1 29.9EFDD052 Fetish   3490 5340 326.34 270 -55 190 209   19 1.0                224 248   24 1.6                263 279   16 1.3EFDD062 Fetish   3370 5420 211 270 -50 178 188   10 7.6              incl. 184 188   4 17.7Notes 1)   All holes were core drilled through the mineralised zone.2)   Core holes sampled at 1m intervals.3)   Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana. 4)   High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana. 5)   Only holes with combined intercepts of greater than 40 gram metres included.6)  The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measuresare consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.7) The true width of intercepts from recent drilling at Esuajah South ranges from 55-80% of the intercept width.8)   The true width of intercepts from recent drilling at Fetish ranges from 75-85% of the intercept width.Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana                      Hole Deposit East North Depth Azm. Incl. From To Width Au    (m) (m) (m) (°) (°) (m) (m) (m) g/tCHDD006 Chirawewa 4005 4480 322 90 -50 105 136 31 3.0              142 152 10 2.0              159 163 4 9.5            incl. 161 162 1 28.0              286 287 1 30.8CHRC006 Chirawewa S 3740 4000 90 270 -55 38 58 20 1.3CHRC007 Chirawewa S 3780 3960 92 270 -55 46 56 10 3.8BKRC024 Bokitsi SE 2776 4360 95 270 -55 68 76 8 11.8BKRDDD007 Bokitsi SE 2850 4280 235 270 -55 84 96 12 5.4            incl. 88 92 4 10.3              120 132 12 2.7BKRDD009 Bokitsi SE 2850 4320 210 270 -55 124 136 12 5.0BGRC007 Besem Gap 1380 7480 120 270 -60  32 40 8 2.9BKRDD013 Bokitsi SE 3064 4960 42 270 -50 36 42 6 3.5ENS006 Esuajah NE 2881 7480 48 90 -60 28 32 4 5.4ENS007 Esuajah NE 2840 7480 80 90 -60 0 4 4 3.3FNS030 Fetish N. 3640 6630 80 90 -60 56 60 4 3.7MPRC076 Mampong 24800 13400 55 180 -50 14 20 6 2.3MPRC090 Mampong 24520 13515 144 180 -50 106 108 2 7.9MPRC119 Mampong 24480 13467 89 180 -50 14 22 8 2.8              52 62 10 2.7MPRC120 Mampong 23840 13134 140 180 -50 94 108 14 1.8MPRC121 Mampong 24000 13138 120 180 -50 82 90 8 1.5Notes1)     All CHRC, MPRC, BGRC and ENS holes are RC holes.2)     All CHDD, BKRDD holes are core holes.3)     RC holes were sampled at 1m intervals and composited to 2m intervals.4)     Core holes were sampled at 1m intervals.5)     Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.6)     High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.7)     Only holes with combined intercepts of greater than 10 gram metres are included.8)     The true width of intercepts from recent drilling at the new Chirawewa, Chirawewa South, Fetish North and Esuajah NE occurrences is currently unknown. The true width of intercepts along the Bokitsi and Mampong zones is about 70% of the intercept width.9)     The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measuresare consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009.Table 3: Significant Intercepts Sissingue Gold Deposit, Côte d'Ivoire                      Hole Deposit East North Depth Azm. Incl. From To Width Au    (m) (m) (m) (°) (°) (m) (m) (m) g/tSD129 Sissingue 806690 1154500 147 272 -56 41.7 49.2 7.5 5.7            incl. 48.7 49.2 0.5 50.0SD130 Sissingue 806670 1154540 201.7 272 -56 27.7 42.7 15 1.5              65.7 76 10.3 1.1              92 103 11 2.5            incl. 94 95 1 10.3SD131 Sissingue 806670 1154560 168.2 277 -56 54.7 103 48.3 1.9            incl. 61 62 1 14.1SD132 Sissingue 806700 1154560 155.2 272 -56 59 60 1 17.2              112 113 1 26.7SD137 Sissingue 806665 1154550 215.7 274 -56 26.2 92 65.8 4.0            incl. 32.2 33.7 1.5 18.1            and 41.2 42.7 1.5 50.0            and 55.15 56.7 1.55 23.4SGC020 Sissingue 806655 1154510 62 270 -55 7 21 14 5.9            incl. 16 17 1 48.4SGC021 Sissingue 806668 1154510 58 270 -55 21 28 7 13.2            incl. 22 23 1 55.9            and 26 27 1 18.2              34 40 6 10.7            incl. 35 36 1 58.4SGC024 Sissingue 806705 1154510 68 270 -55 48 68* 20 8.5            incl. 57 61 4 36.1            incl. 59 60 1 125.9SGC026 Sissingue 806660 1154520 68 270 -55 11 28 17 3.8            incl. 20 21 1 29.1            and 26 27 1 13.0SGC027 Sissingue 806673 1154520 40 270 -55 18 40* 22 5.1            incl. 25 29 4 14.6            and 31 32 1 13.4SGC029 Sissingue 806698 1154520 56 270 -55 47 56* 9 9.8            incl. 53 55 2 35.5Notes1)     SGC holes are reverse circulation drill holes; SD holes are core drill holes.2)     The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measuresare consistent with those described in the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated September 02, 2010.3)    Drill samples were assayed by 50g fire assays by Intertek Minerals Limited, an independent laboratory in Ghana.4)     True width of intercepts from the current program at the Sissingue deposit is about 55-77% of the intercept width.5)    * denotes open ended intercept.6)     Only holes from Sissingue with combined intercepts of greater than 40 gram metres are included.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: info@perseusmining.com, Website: www.perseusmining.com