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Press release from CNW Group


Wednesday, April 06, 2011

GHANA EXPLORATION UPDATE21:55 EDT Wednesday, April 06, 2011Continued Positive Drill Results from Ghana/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/PERTH, Western Australia, April 6 /CNW/ - Perseus Mining Limited (ASX: PRU) (TSX: PRU) ("Perseus" or the "Company") is pleased to provide an update on exploration activity, with highlights as follows:Perseus drilled a record 47,322m on the Central Ashanti Gold Project ("CAGP") during the March quarter, including 22,131m in March alone.Significant results from recent deeper drilling CAGP confirm continuity of mineralisation at depth and will be reflected in planned resource upgrades:        AF-Gap    - 53m at 2.2g/t Au from 205m.        Fobinso    - 52m at 1.9g/t Au from 257m and 81m at 1.8g/t Au from 186m.        Fetish       - 10m at 5.1g/t Au from 190m and 19m at 3.3g/t Au from 292m.        Fetish        - EFDD063 intercepted 28m at 2.8g/t, 11m at 1.4g/t and 17m at 1.8g/t Au between 295 and 419m down hole.Anomalous intercepts from exploration drilling at the CAGP included:        Chirawewa - 2.33m at 17.5g/t Au, intercepted in the bottom of hole CHDD017, from 205.5m.        Chirawewa South - 8m at 5.3g/t from 72m.        Esuajah WD - 4m at 6.8g/t from surface.Perseus Managing Director, Mark Calderwood's commented:"The Company is well ahead of schedule in its quest to complete 150,000m of drilling in Ghana this year, having completed 47,322m in the first three months. Over 13,500m of this drilling was carried out to sterilize waste dump sites.  We expect the slow turnaround for assays to improve during the next couple of months.""Drilling at the CAGP is currently focused on growing our gold reserves from 3.3Moz to 4Moz to allow the option of increasing production rates."  "The Company is finalising plans to relaunch its exploration effort in Côte d'Ivoire after a five-month hiatus.  Five drill rigs are available for an early start at Tengrela, in addition to the eight rigs operating in Ghana." Central Ashanti Gold Project ("CAGP"), Ghana, West Africa. Perseus is continuing active and systematic infill and exploration drill programs on the CAGP in Ghana. It is also finalising plans to recommence drilling at 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.Drilling in Ghana steadily increased from 8,022m in January to a record 22,131m in March, to achieve a record at 47,322m in the March quarter, albeit 13,531m of this was sterilization drilling for waste dump and infrastructure purposes.Assay turnaround has been slow, with about 8,130 samples currently in the laboratory representing about 12,400m of drilling.Abnabna-Fobinso, CAGPTesting depth extensions to known gold mineralised shoots returned significant results, including 53m at 2.2g/t Au from 205m at AF-Gap, 52m at 1.9g/t Au from 257m and 81m at 1.8g/t Au from 186m at Fobinso (see Table 1).  These results highlight the continued depth potential of the Abnabna-Fobinso zone that to date has Measured and Indicated resources of 66.2Mt at 1.1g/t Au containing 2.32Moz of gold, of which 81% is currently in Reserve category.Fetish, CAGPDrilling at Fetish returned a number of significant intercepts at depth, including 10m at 5.1g/t Au from 190m, 19m at 3.3g/t Au from 292m and 28m at 2.8g/t, 11m at 1.4g/t and 17m at 1.8g/t Au in a single hole between 295 and 419m (see Table 1).     The substantial level of drilling undertaken at Fetish since the last resource estimate in February 2009 will facilitate a planned upgrade of the current estimate, which comprises Indicated resources of 17.4Mt at 1.1g/t for 597koz and Inferred resources of 8mt at 1.4g/t containing 360koz of gold.Exploration Drilling, CAGPA number of anomalous gold intercepts were recorded outside the main resource areas, including:Chirawewa - Core hole CHDD017 intercepted 2.33m at 17.5g/t at the end of the hole which was abandoned at 207.83m.  The Company plans to redrill a hole to test the extent of the high grade mineralisation.Chirawewa South - 8m at 5.3 g/t from 72m.Esuajah South Extension - 1m at 48.8g/t was intercepted from 38m, on a section 20m south of existing drilling at Esuajah South.Esuajah East - 4m at 6.8g/t and 4m at 3.6g/t Au were intercepted in wide-spaced drilling in a new area east of Esuajah North.Sissingue, Tengrela Gold Project, Côte d'IvoireThere has been no drilling on the Company's Ivorian tenements since October 2010 due to the unstable political and security environment inCôte d'Ivoire.  The Company has five drill rigs available to remobilise as soon as the security situation in the country permits. Mark CalderwoodManaging DirectorAbout Perseus Mining LimitedPerseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of 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 (CAGP) in Ghana.  The Company plans to produce at the initial rate of 220,000 ounces of gold in year and plans to increase this to about 300,000 ounces per annum by 2013.Perseus is now also planning the development of its Tengrela Gold Project in Côte d'Ivoire, with production targeted for early 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 450,000 ounce per year gold producer by 2013.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 23.9 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% stake in, as well as a strategic alliance with, Burey Gold Limited (ASX: BYR), a listed exploration company focused 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 December 22, 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           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tABDD197AF Gap2630013915491180-70341352111.64       40541491.26       446456101.07       46346742.71ABRDD429AF Gap2666014042405.3180-65205258532.2      incl.225237124.8      incl.236237129.7       27127872.1ABRDD430AF Gap2660014070561.1180-70359360128.9       433452191.4       468469110.4       481494131.0       534549151.0ABRDD431AF Gap2630013901355180-5824724925.4       257295381.4      incl.260262212.3ABRDD432AF Gap2644013997510.3180-70370393231.7      incl.386387111.2       423435121.1       439452131.0       465497321.2FBDD116Fobinso2750014152341180-60153189361.1       25025667.7      incl.251253220.6FBDD115Fobinso2716014150356179-60257309521.9      incl.258259116.0      and282283110.7      and307308112.6FBDD117Fobinso2748014060254.7180-606375121.0       123124115.9       22923345.2      incl.230231115.2FBDD118Fobinso2748014102278.68180-60179219401.0FBDD121Fobinso2752014165350.5180-65186267811.8      incl.208209137.0       312313111.3EFRDD002Fetish33685180221.8270-47190200105.1      incl.197198137.6EFRDD005Fetish35415100360.1270-55219251321.3      incl.228229110.3       27327525.2       297312151.1       345355102.1      incl.349350111.3EFDD051Fetish35295260338.5270-5725525833.4       292311193.3      incl.293294129.9EFDD063Fetish35705300419270-55295323282.2      incl.308309110.4       328339111.4       385402171.8EFDD066Fetish36005140413270-5027027553.0      incl.271272110.8       287303162.0      incl.290291112.4       333344111.1       361376151.0Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued)           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tEFDD067Fetish35465280410270-55257274171.2       29430283.1      incl.300301113.1       377401241.6EFRDD006Fetish36005120435270-5030530949.2      incl.307308132.8       34135091.6CHDD017Chirawewa40214500207.8390-50205.5207.83*2.3317.2Notes 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)     RC precollar through hangingwall was sampled at 1m intervals and composited to 4m and analysed by 50gm fire assay by ALS Ghana Limited in Ghana.6)   Only holes with combined intercepts of greater than 40 gram metres included.7)  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, 2009.8) The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 50-80% of the intercept width.9)   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           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tCHRC035Chirawewa S.38053920110270-55728085.3CHRC036Chirawewa S.3746391980270-55283681.4MPRDD003Mampong2452013556215.1180-5011011226.7MPRDD006Mampong2400013178185.9180-50133143101.4MPRDD009Mampong2412013180182.7180-5012813353.0MPRDD010Mampong2416013180165.7180-50122123118.8MPRDD012Mampong2372013170180180-5014715692.3ENS034Esuajah East288073609090-600446.8ENS040Esuajah East280074009090-60202443.6FNS067Fetish N.36406700167.590-60202443.9ESDD031Esuajah S.1885608014690-623839148.8ESDD033Esuajah S.1820608028490-7021922672.0CHRC062Chirawewa S.37903800110270-55767826.9CHRC066Chirawewa S.3760400080270-553850121.4MRRC004Mampong252401342560180-50424972.4MRRC007Mampong252201341550180-501024141.1       353726.9MRRC008Mampong252201343570180-503048181.4MRRC009Mampong252201345390180-504862141.0MRRC010Mampong252001340540180-50717101.1MRRC012Mampong251801340530180-50219171.5MRRC013Mampong251801342550180-501224121.0MRRC014Mampong251801344570180-503245131.3Notes1)     All CHRC, MPRC, FNS and ENS holes are RC holes.2)     All MPRDD holes are core holes.3)     RC holes were sampled at 1m intervals and composited to 2m intervals and composited to 4m intervals in known or perceived barren zones.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)     RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana.8)     Only holes with combined intercepts of greater than 10 gram metres are included.9)     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.10)     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. For further information: To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone +61 8 9240 6344 or email Nathan Ryan at telephone +61 3 9622 2159 or email (media) Rebecca Greco at telephone +1 416 822 6483 or email (Toronto)