Press release from CNW Group
Perseus Mining Limited - Commissioning Update Edikan Gold Mine, Ghana
Monday, December 05, 2011
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Dec. 5, 2011 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) is pleased to provide an update on commissioning at its Edikan Gold Mine (EGM) in Ghana.
Total tonnage milled increased by 33% and recovered gold increased by 51% during November 2011. Key commissioning statistics for the month were:
|Mill throughput||-||394,710 dry tonnes; October 296,690 dry tonnes|
|Operating hours||-||593 hours; October 528 hours*|
|Gravity recovery||-||20.9%; October 25.9%|
|Overall calculated recovery||-||80.8%; October 79.5%|
|Gold recovered||-||13,663 ounces; October 9,035 ounces*|
|Volume mined||-||1,234,916 Bcm; October 851,000 Bcm|
|Ore mined||-||555,433t at 0.90g/t Au; October 523,177t at 1.12g/t Au.|
* The previously reported operating hours were 528 and gold recovered 8,230 ounces
Plant throughput rates averaged 666 dry tonnes per hour ("dtph") in November, which was a 19% increase from 562dtph in October and is approaching nameplate of 685dtph (5.5mtpa at 92% availability) throughput for the last two weeks of November was above nameplate at 727dtph. Average mill operating hours for the month increased from 17.6 to 19.8 hours per day. Primary crushing rates for the month averaged 799tph, including an average of 854tph for the last two weeks of November.
Gold recoveries continued to improve despite an increased proportion of oxide ore, which has a lower projected recovery rate, and the gravity circuit having a low availability due to issues with ancillary equipment in this circuit.
Mining volumes increased significantly from about 851,000 Bank cubic metres ("Bcm") in October to 1,234,916 Bcm in November due to less rain-related down time and the commissioning of a second larger Liebherr 250 tonne excavator by the mining contractor AMS.
Mark Calderwood, Managing Director's Comments
"Commissioning progressed well in November, with increases in the key areas of mining rates, throughput, operating hours, grade and recovery."
"In general, consumption rates of key reagents are in line with expectations, with cyanide consumption lower than design rates."
About Perseus Mining Limited
Perseus 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 has joined gold producer ranks 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 first 12 months of commercial production and to increase this to about 280,000 ounces per annum in the following year.
Perseus is also planning the development of its Sissingué Gold Project in Côte d'Ivoire, with production targeted for 2013. Sissingué has the potential to become a significant contributor to the Company's goal to develop into a 400,000-ounce per year gold producer in 2013.
Perseus is pursuing its strategy of rapidly increasing its resource and reserve base at the Edikan Gold mine and Tengrela.
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 firstname.lastname@example.org
Nathan Ryan at telephone +61 420 582 887 or email email@example.com
Rebecca Greco at telephone +1 416 822 6483 or email firstname.lastname@example.org (Toronto)