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Press release from CNW Group

Exploration Update - Drilling Recommences in Côte d'Ivoire; Significant Drill Results in Ghana

Monday, June 13, 2011

Exploration Update - Drilling Recommences in Côte d'Ivoire; Significant Drill Results in Ghana22:16 EDT Monday, June 13, 2011/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/PERTH, Western Australia, June 14, 2011 /CNW/ - Perseus Mining Limited (ASX/TSX: PRU) ("Perseus" or the "Company") is pleased to provide an update on exploration activity, with highlights as follows:Drilling has recommenced at the Tengrela Gold Project, Côte d'Ivoire with 1,962m completed to the end of May.Perseus drilled 35,240m on the Central Ashanti Gold Project ("CAGP"), Ghana, during April - May.Significant results from deeper drilling at CAGP confirm continuity of mineralisation at depth and will be reflected in future resource upgrades:    Fobinso - 28m at 2.7g/t Au in FBDD124    Esuajah South   - 15m at 3.7g/t and 90m at 1.9g/t Au in ESDD037     -21m at 3.0g/t and 24m at 2.3g/t Au in ESDD038    - 38m at 1.9g/t, 21m at 1.9g/t and 44m at 1.0g/t Au in ESDD039    - 34m at 2.7g/t Au in ESDD042    Esuajah North - 16m at 1.2g/t, 10m at 2.0g/t, 13m at 1.3g/t, 23m at 1.9g/t and 36m at 3.0g/t  Au in ENRDD003    - 39m at 2.1g/t Au in ENRDD001    - 1m at 15.2g/t, 14m at 3.6g/t and 17m at 1.8g/t Au in ENRDD005    Fetish  - 1m at 50.0g/t, 10m at 2.3g/t, 12m at 1.0g/t, 12m at 1.4g/t and 6m at 3.9g/t Au in EFRDD010    - 28m at 2.7g/t and 16m at 1.1g/tAu in EFRDD012    - 17m at 2.4g/t and 1.2m at 50.0g/tAu at bottom of hole in EFDD074Significant intercepts from exploration drilling at the CAGP included:    Chirawewa South - 18m at 3.4g/t Au in CHRC067    Bokitsi South   - 13m at 4.3g/t in BKRDD017    - 9m at 12.9g/t in BKRDD020Perseus Managing Director, Mark Calderwood's Comments"It's good to be drilling in Côte d'Ivoire again after a six month absence. The drilling contractors will build up to six rigs over the next few months, with the commissioning of two new rigs.""In addition, we continue to obtain encouraging results from step out and exploration drilling on at least six prospects at CAGP.""Drilling at the CAGP is currently focused on growing our gold reserves from 3.3Moz to 4Moz to allow the option of further increasing production rates.""12,000 drill samples now awaiting assay, a 50% increase from the end of March."Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an exploration update on the Company's West African gold projects.CAGP, GhanaPerseus is continuing active and systematic infill and exploration drill programs on the CAGP in Ghana, drilling 35,240m in April and May. Significant extensional and infill drilling intercepts were encountered on the Fetish, Esuajah North, Esuajah South and Fobinso deposits.  Exploration drilling at Chirawewa South and Bokitsi South continues to return strong results, including 9m at 12.9g/t Au and 13m at 4.3g/t Au from deeper drilling at Bokitsi South.Tengrela Gold Project, Côte d'IvoireDrilling recommenced at Tengrela on May 25, with one core and one multi-purpose rig at the Sissingue deposit and a RAB rig operating at the Kakalogo North prospect. In the first week of operation 1,962 metres were drilled.A new multi-purpose rig will be commissioned soon, facilitating drilling at Podio, Kanakono, Wora and other prospects. The air core rig, once operating, will commence more sterilisation drilling over the proposed Sissingue gold plant site and tailings storage facility areas, and, as soon as authorisation is granted, the rig will move to test the prospective Kanadi anomaly on the Mbengue property. The second multi-purpose rig will shortly be shipped to Côte d'Ivoire by the contractor, taking the number of rigs on site to six.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 about 220,000 ounces of gold in year 1 and to increase this to about 280,000 ounces per annum in year 2.Perseus is now also planning the development of its Tengrela Gold Project in Côte d'Ivoire, with production targeted for 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 400,000 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.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 May 30, 2011 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.CAGP, Ghana, Infill and Extensional DrillingExplanatory Notes 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 hanging wall 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 May 30, 2011.8) The true width of intercepts from recent drilling at Fobinso ranges from 70-80% of the intercept width.9)   The true width of intercepts from recent drilling at Fetish ranges from 55-75% of the intercept width.10)  The true width of intercepts from recent drilling at Esuajah South and North ranges from 60-75% of the intercept widthRecent Anomalous Exploration Intercepts, CAGP, GhanaExplanatory Notes1)     All CHRC and BKRC are RC holes.2)    All 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)     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 South, is currently unknown.  The true width of intercepts along the Bokitsi zone is about 80-95% 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 May 30, 2011.For further information: To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com Nathan Ryan at telephone +61 3 9622 2159 or email nathan.ryan@nwrcommunications.com.au (media) Rebecca Greco at telephone +1 416 822 6483 or email fighouse@yahoo.com (Toronto)