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Press release from CNW Group

Perseus Mining issues June 2011 Quarterly Reports

Tuesday, August 02, 2011

Perseus Mining issues June 2011 Quarterly Reports06:04 EDT Tuesday, August 02, 2011NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPERTH, Western Australia, Aug. 2, 2011 /CNW/ - Perseus Mining Limited (ASX / TSX: PRU) ("Perseus" or the "Company") advises that its Activity and Cash Flow Reports for the quarter ended June 30, 2011 have been issued under the rules of the Australian Securities Exchange ("ASX"). Highlights of the Activity Report are set out below, and the full text of the reports are available on the Company's website and under the Company's profile at www.sedar.comHighlightsCentral Ashanti Gold Project (Ayanfuri), GhanaCommissioning of the Central Ashanti Gold Project ("CAGP") plant in Ghana is progressing well.The crusher has been commissioned, including with hard rock.The entire plant has been run on water.Practical completion (plant ready to receive ore into the SAG Mill) was achieved on 20 July and the first ore processed on 21 July.Final commissioning will commence when approval to discharge tailings is obtained from the EPAPerseus drilled 48,417m on the Central Ashanti Gold Project ("CAGP") during the June quarter, which was the third consecutive quarterly record for the Company on this project. Results from recent deeper drilling at CAGP confirm continuity of mineralisation at depth and will be reflected in planned resource upgrades.The CAGP resource and reserve upgrades planned for later in 2011 will include a number of new deposits, outside the existing reserve areas, which have been drilled during the past 12 months.  Drilling of these deposits is continuing, with seven rigs on site.Tengrela Gold Project - Côte d'IvoireIn late May, the Company relaunched its exploration programme in Côte d'Ivoire after a six-month hiatus.  Five drill rigs are currently operating at Tengrela.  A total of 7,445m of drilling was completed during the Quarter.In November 2010 the Company announced details of its Feasibility Study for the Sissingue deposit, which forms part of the Company's Tengrela Gold Project ("TGP"). The Feasibility Study confirmed robust project economics of the TGP. Tenders for the TGP SAG Mill have been evaluated and the preferred supplier identified. Engineering tender documentation has been prepared and will be submitted for pricing in the September quarter.  Baseline studies for the Environmental Impact Statement (EIS) were completed in June and preparation of the final EIS documentation is well advanced.CorporateThe US$85 million bank debt facility for the CAGP was drawn down in June.Program for the September 2011 Quarter Plans and targets for the September 2011 quarter are:At CAGP Commissioning of the process facility.Ramp-up of production.Continued active exploration.At TGP Award TGP engineering design.Lodge first draft of the environmental impact statement.Continue exploration at Sissingue and other projects.Mark CalderwoodManaging DirectorThe 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 May 30, 2011 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:, Website: