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Press release from CNW Group

Ghana Exploration Update Significant Drill Intercepts

Wednesday, November 30, 2011

Ghana Exploration Update Significant Drill Intercepts22:56 EST Wednesday, November 30, 2011NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPERTH, Western Australia, Dec. 1, 2011 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX: PRU) (ASX: PRU) is pleased to provide an exploration update from its Edikan Gold Mine ("EGM") in Ghana, West Africa.Highlights Infill and deeper drilling at Fetish returned significant results, including:EFDD083-70.78m at 1.7g/t Au from 93.8m, ended in mineralisation.EFDD084-29m at 1.1g/t from 234m, 12m at 1.5g/t from 284m and 23m at 2.3g/t Au from 274mEFDD107-30m at 1.0g/t from 297mand 18m at 4.5g/t Au from 383m.EFDD086-25m at 2.2g/t from 237m and 23m at 2.3g/t Au from 274m. EFRDD027-6m at 3.4g/t from 333m, 52m at 1.4g/t from 407m and 8m at 2.8g/t Au from 535m.Infill drilling at Esuajah North returned significant results, including:ENDD037 -31m at 1.4g/t from 33m, 12m at 2.9g/t from 74m, 53.8m at 1.5g/t Au from 108m, ended in mineralisation.ENDD057 -51m at 1.9g/t from 28m and 15m at 1.4g/t Au from 96mENDD058 -12m at 1.2g/t from 34m, 23m at 1.1g/t from 66m and 40m at 2.9g/t Au from 136m.ENDD034 -57m at 1.0g/t from 73m, 15m at 1.5g/t from 138m, 29m at 1.6g/t from 169m and 21m at 2.3g/t Au from 219m.ENDD072 -12m at 1.5g/t from 79m, 39m at 4.1g/t from 105m, 43m at 1.0g/t Au from 181m.Exploration drilling at Chirawewa and Bokitsi returned significant results, including:CHRDD006-7.8m at 21.2g/t from 106m including 4m at 39.7g/t Au from 108m, with assays still pending below 113.8m.CHRC138-10m at 15.6g/t from 50m,including 2m at 65.7g/t Au from 54m.CHRC131-40m at 3.1g/t from 46m, including 2m at 35.4g/t Au from 76m.CHRC140-16m at 4.3g/t from 26m, and 16m at 1.0g/t Au from 74m, ended in mineralisation.BKDD002-22.7m at 4.9g/t Aufrom 60.8m.BKDD005-17.4m at 4.8g/t Au from 98.6m.BKRDD039-9m at 5.3g/t Aufrom 112m.Perseus Managing Director, Mark Calderwood's Comments"The recent drilling intercepts from Fetish, Bokitsi and Chirawewa are the final results to be included in the 2011 Edikan Gold Mine resource upgrade which we are planning to release before the end of 2011.  The significant backlog of assays results and ongoing drilling will be included in subsequent resource upgrades.Seven drill rigs are currently active in Ghana, including five rigs on continuing resource/reserve drilling plus one RC rig evaluating exploration targets at EGM, and another testing targets on other Perseus tenements in the district." "The Esuajah North resource upgrade will be released prior to the 2012 reserve estimation upgrade in the first half of calendar year 2012."Edikan Gold Mine, GhanaPerseus is continuing to infill and extend resources at the Edikan Gold Mine with a view to undertaking reserve upgrades at regular intervals.  Apart from ongoing drilling of identified targets, the Company has completed half of a 400 line km gradient induced polarization survey plus 300 line km of infill soil sampling, which are expected to identify further drill targets.  Early results from the gradient induced polarization program have highlighted several strong resistivity anomalies with coincident Au in soil anomalism.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 recently became a producer at its Edikan Gold Mine in Ghana.  The Company plans to produce at the initial rate of about 220,000 ounces of gold in the next 12 months and to increase this to about 280,000 ounces per annum in year two.  Details of the project and mine plan are set out in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.Perseus is now also planning the development of its Sissingue Gold Project, part of the 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 annum gold producer during 2013.  Details of the project are set out within "Technical Report - Tengrela Gold Project, Ivory Coast" dated December 22, 2010."Perseus will continue its strategy of rapidly increasing its resource and reserve base during the ramp-up of the Edikan Gold Mine and development of the Sissingue Gold Project.Table 1: CAGP, Ghana, Recent Infill and Extensional Drilling           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tABRDD439AF Gap2620013901420.4180-64338378401.3AFRDD094Fobinso2754014181376.7180-68246267211.1       332349171.3EFDD083Fetish31445220164.5890-4793.8164.5870.781.7      incl.15616049.0      incl.159160121.5EFDD084Fetish35145263365.5270-5219820462.7       234263291.1       284296121.5       303326232.3      incl.323324116.9EFDD086Fetish35105340345270-56237262252.2      incl.237239211.6       258259119.1       274297232.3      incl.278279119.7EFDD087Fetish34805400290270-55259270113.0      incl.264265114.4EFDD089Fetish36105140455270-55304336321.0       435451161.2EFDD105Fetish35105300335.63270-56274330561.5      incl.317318118.6EFDD106Fetish36505300505.3270-57375387121.0       463489261.2EFDD107Fetish35535260431.48270-58297327301.0       383401184.5      incl.386387125.6      and392393135.6EFDD118Fetish36405140501.48270-58337353162.9      incl.341342122.2       420475551.5      incl.420421110.2EFDD122Fetish35755160488.64270-72336404681.0       419453341.3EFRDD027Fetish35995200636.6270-6033333963.4      incl.338339114.6       407459521.4      incl.434435110.7      and437438110.8       53554382.8      incl.535536111.2EFRDD031Fetish35285340366270-5628228642.7       304323192.3       33634373.1      incl.339340114.2EFRDD040Fetish3081506081270-544456.112.13.9      incl.53.755.11.411.1EFRDD042Fetish30825060139.2270-85128132411.1ENDD034Esuajah N.2310714025790-5573130571.0       138153151.5       169198291.6       219240212.3      incl.229231218.8           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tENDD036Esuajah N.2150730035990-55211248371.0       25426171.9       27328291.6       296332361.4      incl.300301112.7ENDD037Esuajah N.23907140161.5890-553364311.4       7486122.9      incl.7475126.9       108161.8*53.81.5      incl.133134118.8ENDD039Esuajah N.2350710118590-55112133211.4       143174311.0ENDD042Esuajah N.23097380173.6890-55323428.0       7792151.1       142167251.1       28929128.0ENDD043Esuajah N.2130720041290-55305316111.2       338373351.0       378390121.0       398408101.1ENDD045Esuajah N.23707220119.5390-555069191.0       84106221.1ENDD049Esuajah N.2160712039990-55302329271.9      incl.310311131.6       374392181.1ENDD051Esuajah N.22607340248.5390-557284121.0       109120112.4      incl.118119110.2       164180161.7      incl.172173112.8ENDD054Esuajah N.2270718027588-56179180183.0       186207211.7      incl.202203112.1       22022442.6ENDD055Esuajah N.2264726024290-55211233222.5      incl.230231115.4ENDD057Esuajah N.2390710013490-552879511.9      incl.3132121.5      and7071123.9       96111151.4ENDD058Esuajah N.2350714021290-563446121.2       6689231.1       136176402.9      incl.148150215.4ENDD060Esuajah N.243071399990-551040301.6       5364111.9ENDD062Esuajah N.22507220287.4890-5714014661.9       153164111.4       171172110.1       189201123.9      incl.190191129.2       255279241.0           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tENDD064Esuajah N.2330722018690-553055251.4      incl.4041113.1       8597121.0ENDD065Esuajah N.2355730011090-556575103.7      incl.687248.1ENDD067Esuajah N.21907380273.290-56165178131.5       18319072.1       244246264.5ENDD072Esuajah N.2310719923490-557991121.5       105144394.1      incl.1051061126.0       181224431.0ENDD080Esuajah N.2395717013090-5411.5219.51.2       4763161.1                  114130*161.3ENRC001Esuajah N.2343734012590-55202771.9       3169381.1ENRC011Esuajah N.239572608590-551636201.3       5175242.6      incl.6364128.5ENRC005Esuajah N.2356726013590-553343101.3       6377141.0       84118341.1ENRDD011Esuajah N.2149714041490-55277299221.1      incl.290291110.7       312329171.0       34235192.0      incl.345346111.0       373408351.5      incl.401402125.6ENRDD014Esuajah N.2192730031190-55207234271.7      incl.227229213.9ENRDD024Esuajah N.24287160132270-613366332.5      incl.535859.4ENRDD025Esuajah N.2415717012590-553856181.0       6080201.8      incl.6061116.6ENRDD035Esuajah N.2335724018090-602036161.5       5970111.6       7993141.6Notes 1)     Most 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, 2011.9)   The true width of intercepts from recent drilling at Fetish ranges from 55-85% of the intercept width.10)  The true width of intercepts from recent drilling at Esuajah North ranges from 70-95% of the intercept width.11)   # denotes intervals previously released.Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana           HoleDepositEastNorthDepthAzm.Incl.FromToWidthAu  (m)(m)(m)(°)(°)(m)(m)(m)g/tBKRDD027Bokitsi S.28404400145270-6012913344.3      incl.131132114.3BKRDD032Bokitsi S.28444040132270-55127128115.9BKRDD038Bokitsi S.2754416075270-5047.5524.53.5BKRDD039Bokitsi S.28304680150270-5511212195.3BKDD002Bokitsi28004220120.53270-5560.883.5322.734.9      incl.69.5371.53210.4BKDD004Bokitsi28254260117.08270-55101.48110.4893.3BKDD005Bokitsi28204300144.58270-5598.611617.44.8CHDD028Chirawewa S.38404000131.58270-55120121160.0CHRC131Chirawewa41204400100270-554686403.1      incl.7678235.4      and8284211.3CHRC132Chirawewa40404400100270-55485242.8CHRC138Chirawewa423047008590-4850601015.6      incl.5456265.7CHRC140Chirawewa4109436090270-552642164.3      incl.2628222.6       7490*161.0CHRDD001Chirawewa4070444015390-5010110544.6      incl.103104115.8CHRDD002Chirawewa4031444020190-50107128211.0       14615372.0CHRDD006Chirawewa S.38194040130270-55106113.87.821.2      incl.108112439.7Notes1)     All CHRC holes are RC holes.2)     All BKRDD, CHDD holes are core holes.3)     RC holes were sampled at 1m intervals and composited to 2m or 4m 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 along the Bokitsi zone is about 90-99% of the intercept width.  The true width of intercepts from the Chirawewa zones range from 79 to 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 measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.11)     CHRDD006 - assays are still pending below 113.8m.The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Kevin Thomson, who is a Member of Association of Professional Geoscientists of Ontario (a Recognised Overseas Professional Organisation ('ROPO') included in a list promulgated by the ASX from time to time) .  Mr Thomson is a full-time employee of the Company.  Mr Thomson 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 Thomson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mr Thomson verified the data disclosed, including sampling, analytical and test data underlying the information contained herein. For a description of Perseus' data verification process, quality assurance program and quality control measure applied, the type of  analytical or testing procedures utilized, sample size, name and location of testing laboratories, 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 any known environmental, political, legal, title, or other risks that could materially affect the potential development of the mineral resources or reserves, 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 Edikan Gold Mine (formerly 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 the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, that the Edikan Gold Mine will achieve commercial production without material delay, development of a mine at Tengrela, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, 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 are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. 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: 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)