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Press release from CNW Group

Perseus Mining issues March 2011 Quarterly Reports

Friday, April 29, 2011

Perseus Mining issues March 2011 Quarterly Reports06:14 EDT Friday, April 29, 2011NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPERTH, Western Australia, April 29 /CNW/ - Perseus Mining Limited (ASX: PRU) (TSX: PRU) ("Perseus" or the "Company") advises that its Activity and Cash Flow Reports for the quarter ended March 31, 2011 have been issued today. Highlights of the Activity Report are set out below, and the full text of the reports are available on the Company's website www.perseusmining.com and under the Company's profile at www.sedar.comHighlightsCentral Ashanti Gold Project (Ayanfuri) - GhanaThe Central Ashanti Gold Project ("CAGP") development in Ghana is on schedule for completion in Q3 2011.The process plant mechanical installation and steelwork are progressing well. Piping and electrical installation is well advanced.Mining commenced in February and to date 700,000 BCM of waste and ore has been mined.The 161kv transmission line and switch yard are nearing completion, with power expected to be available to the plant in May.Earthworks have been completed on all but one of the tailings and water storage embankments.At the end of March overall development progress was nominally estimated to be 75%, with the lump sum turn key ("LSTK") plant works about 90% complete.Perseus drilled a record 47,322m on the Central Ashanti Gold Project ("CAGP") during the March quarter, including 22,131m in March alone.The planned 2011 resource and reserve upgrades for the CAGP will include a number of other deposits, outside the existing reserve areas, drilled over the past 12 months.  Drilling of these deposits is continuing, with eight rigs on site.Tengrela Gold Project - Côte d'IvoireThe 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 rigs operating in Ghana.In the December quarter the Company announced details of its Feasibility Study for the Sissingue deposit, which forms part of the Company's Tengrela Gold Project ("TGP") in Côte d'Ivoire. The Feasibility Study confirmed robust project economics of the TGP.During the March Quarter the tenders for the SAG mill were received, with the price and fabrication timeline within expectation.  Engineering design, procurement and construction tender documentation is currently being drafted and preparation of the draft environmental impact statement (EIS) is progressing, notwithstanding some delays to the public consultation process, during the quarter.CorporateThe final documents for the US$85 million bank debt facility for the CAGP were executed in April and first drawdown of funds is planned for end of May.Program for the June 2011 Quarter Plans and targets for the June 2011 quarter are:At CAGP Complete the HV power supply and energise parts of the process facility.Commence crushing ore.Commence final stage of installation of services and automated control to the remainder of the process facility.Complete the main FTSF embankment and plastic lining to the cyanide tailings storage facility.Increase stockpiled ore to in excess of 200,000 tonnes.Continued active exploration.At TGP Release tenders for TGP engineering design.Complete first draft of the environmental impact statement.Resume exploration.Mark CalderwoodManaging DirectorApril 29, 2011The 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, Côte d'Ivoire'' dated December 22, 2010 in relation to 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.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