Press release from CNW Group
Perseus Mining Limited - Exploration Update - Significant Drill Intercepts
Monday, January 16, 2012
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Jan. 16, 2012 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) is pleased to provide an exploration update from its West African gold projects.
Infill and deeper drilling at Fetish at the Edikan Gold Mine ("EGM") in Ghana returned significant results, including:
|EFDD110||-||24m at 9.0g/t from 141m and 18m at 1.2g/t Au from 216m.|
|EFDD111||-||20.8m at 1.4g/t from 27.7m, 24m at 1.5g/t from 72m, 12m at 1.2g/t from 178m and 34m at 4.0g/t Au from 211m.|
|EFDD124||-||5m at 26.2g/t from 118m, 14m at 1.4g/t from 427m and 29m at 2.2g/t Au from 448m.|
|EFDD119||-||1m at 27.9g/t from 158m, 9m at 4.0g/t from 178m, 11m at 2.4g/t from 294m, 13m at 1.8g/t from 331m, 1m at 10.1g/t, 1m at 62.0g/t Au from 372m.|
|EFRDD104||-||1.5m at 14.3g/t from 49.5m, 16m at 2.3g/t from 70m, 13m at 2.7g/t from 99m and 8m at 6.9g/t Au from 320m.|
Other intercepts at Fetish included 1m at 211g/t Au from 121m in EFRDD033 and 16m at 4.0g/t Au from 77m in EFRDD034
Infill drilling and deeper drilling at Esuajah North at EGM returned significant results, including:
|ENDD082||-||1m at 11.7g/t from 73m, 6m at 1.8g/t from 107m, 3m at 66.7g/t Au from 128m, 7m at 2.1g/t 143m and 19m at 3.7g/t Au from 158m.|
|ENDD071||-||38m at 1.3g/t from 28m, 6m at 1.7g/t from 86m, 16m at 5.7g/t from 119m, 18m at 1.0g/t from 145m and 16.8m at 1.1g/t Au from 206m, ended in mineralisation.|
|ENDD095||-||20m at 4.2g/t from 35m, 12m at 1.8g/t from 59m and 13m at 6.2g/t Au from 82m.|
|ENDD096||-||13.5m at 1.4g/t from 50.5m, 14m at 1.2g/t from 73m and 68m at 2.1g/t Au from 137m.|
|ENDD076||-||9m at 1.8g/t from 40m, 20m at 4.5g/t from 62m, 16m at 1.1g/t from 96m and 8m at 1.8g/t Au from 143m.|
|ENRDD033||-||13m at 1.7g/t from 238m, 4m at 18.4g/t from 264m, 6m at 7.0g/t from 281m, 42m at 1.5g/t from 295m, 25m at 1.8g/t from 343m and 10m at 2.7g/t Au from 374m.|
Other intercepts at Esuajah North included 9m at 5.6g/t Au in ENDD084, 33m at 2.0g/t Au in ENRC012, 18m at 3.0g/t Au in ENRDD032 and 50m at 1.8g/t Au in ENDD077
Infill drilling at Chirawewa and Bokitsi at EGM returned significant results, including:
|CHDD032||-||16m at 4.8g/t from 76.3m, 10.5m at 1.9g/t from 56.5m, 7m at 5.7g/t from 176m, 14m at 1.9g/t from 189m and 8.5m at 5.5g/t Au from 211.5m.|
|BKDD041||-||5m at 27.1g/t Au from 74m including 2m at 64g/t from 75m.|
|BKDD042||-||11m at 7.6g/t Au from 82m.|
Refer to Table 1 for details of the intercepts
Perseus Managing Director, Mark Calderwood's Comments
"An impressive set of results highlighting the potential at Edikan for not only large tonnage but areas of high grade".
"With samples for 632 drill holes still pending we will be in for a steady flow of results during 2012."
"2012 should be a busy year for Resource and Reserve estimates, starting with the planned March upgrade to Edikan Resources and Reserves followed by a Resource upgrade at our Côte d'Ivoire project planned for June."
Edikan Gold Mine, Ghana
The Company completed 11,809m of drilling on the Edikan Gold Mine and Dunkwa licence during December. While there has been an improvement on assay turnaround times, there are still assays pending for 5,620 samples from 145 drill holes. A large number of significant drill hole intercepts have been reported since the cut off date for the resource estimate announced on December 22 2011. These are contained in Tables 1 and 2 below. Holes which were not included in the recent resource estimate will be included in future estimates starting with Esuajah North in March 2012.
Tengrela Gold Project, Côte d'Ivoire
The Company completed 16,758m of drilling on various prospects on the Tengrela Gold Project during December. However, assay turnaround was poor, and currently assays are pending for 15,673 samples from 487 drill holes. From the limited number of holes where results were received several anomalous exploration intercepts were recorded, including 16m at 2.1g/t from 44m and 4m at 5.5g/t Au from surface in the proposed waste dump and ROM pad area, and 8m at 4.0g/t from 40m at Kanakono. Details are included in Table 3.
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 recently became a producer at its Edikan Gold Mine in Ghana. 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
|1)||Most holes were core drilled through the mineralised zone.|
|2)||Core holes sampled at 1m intervals or less to geological contacts.|
|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 measures are 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 65-85% of the intercept width.|
|10)||The true width of intercepts from recent drilling at Esuajah North ranges from 70-95% of the intercept width.|
The true width of intercepts from recent drilling at Bokitsi South
extension ranges from 80-97% of the intercept
|12)||The true width of intercepts from recent drilling at Chirawewa ranges from 55-60% of the intercept width.|
|13)||The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 70-98% of the intercept width.|
Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana
|1)||All holes are RC holes.|
|2)||RC holes were sampled at 1m intervals and composited to 2m or 4m intervals.|
|3)||Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.|
|4)||High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.|
|5)||RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana.|
|6)||Only holes with combined intercepts of greater than 10 gram metres are included.|
|7)||True widths of intercepts from the exploration holes are currently unknown.|
|8)||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.|
Table 3: Tengrela Gold Project, Côte d'Ivoire, Exploration Drilling
|1)||SAC holes are Aircore holes, SRB and KRB holes are RAB holes and KRC holes are RC holes|
|2)||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 - Tengrela Gold Project, Côte d'Ivoire" dated December 22, 2010.|
|3)||Drill samples were assayed by 50g fire assays by ALS Mali SARL, (a division of ALS Minerals), in Bamako, Mali.|
|4)||Only exploration holes with combined intercepts of greater than 10 gram metres are included.|
|5)||True widths of intercepts from the exploration holes are currently unknown.|
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, continuing commercial production at the Edikan Gold Mine without any major disruption, 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.
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