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Press release from CNW Group

Perseus Mining Limited - Exploration Update - Côte d'Ivoire

Monday, March 26, 2012

Perseus Mining Limited - Exploration Update - Côte d'Ivoire23:48 EDT Monday, March 26, 2012/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/PERTH, Western Australia, March 27, 2012 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) is pleased to provide an exploration update from its Tengrela Gold Project in Côte d'Ivoire.Highlights Infill drilling on the Sissingué deposit returned significant results, including:SD194     - 58m at 3.1g/t Au from 85m.SD196     - 42m at 1.7g/t from 75m, 8.6m at 1.0g/t from 121m and 8m at 1.8g/t Au from 137m.SD197     - 22.5m at 2.7g/t Au from 52.5m.SD191     - 10m at 4.9g/t Au from 173m.SD192     - 2.2m at 26.7g/t Au from 83m.Exploration drilling at Tengrela returned significant results from multiple prospects, including:SAC232   - Sissingué East 4m at 33.5g/t Aufrom 72m.PDD004   - Podio  1.7m at 5.1g/t from 101m, 13m at 2.4g/t from 115m and 8m at 3.6g/t Au from 162m.PLC099   - Podio 14m at 5.9g/t Au from 60m.ZAC033   - Zing 4m at 10.0g/t Aufrom 24m.SRB1496   - Sissingué North 4m at 10.0g/t Au from 8m.KAC202   - Kanakono 19m at 2.0g/t Au from 40m to end of hole.Refer to Tables 1 to 2 for details of the intercepts.Perseus Managing Director, Mark Calderwood's Comments"2012 should be the first year for the Company where exploration drilling will outpace infill, sterilisation and extensional drilling at both Tengrela in Côte d'Ivoire and the Edikan Mine in Ghana. As a result we anticipate that a number of exploration targets will develop into resources during the next one to two years.""While compiling this release we received a photograph, (see full version of the release on our website), of drill core containing a gold rich quartz stringer on a geological contact recovered from the base of the current proposed Sissingué pit at Tengrela. The core helps to explain some of the very high gold grades recorded at Sissingué and opens up the potential below 100m where only limited drilling has been completed to date."Perseus Managing Director, Mark Calderwood's Comments "2012 should be the first year for the Company where exploration drilling will outpace infill, sterilisation and extensional drilling at both Tengrela in Côte d'Ivoire and the Edikan Mine in Ghana. As a result we anticipate that a number of exploration targets will develop into resources during the next one to two years." "While compiling this release we received a photograph, shown on page 2, of drill core containing a gold rich quartz stringer on a geological contact recovered from the base of the current proposed Sissingué pit at Tengrela. The core helps to explain some of the very high gold grades recorded at Sissingué and opens up the potential below 100m where only limited drilling has been completed to date."Tengrela Gold Project, Côte d'IvoireThe Company completed 15,605m of drilling on various prospects at the Tengrela Gold Project during January and February. While assay turnaround remains poor, from the limited number of holes where results were received several anomalous exploration intercepts were recorded, including 4m at 33.5g/t at Sissingué East, 14m at 5.9g/t and 13m at 2.4g/t at Podio, 4m at 10g/t at Sissingué North and 4m at 10.0g/t from Zing.  There are currently six drill rigs on the Tengrela licenses.Details of the intercepts are included in Tables 1 & 2.Sissingue Project Update The Company has completed the environmental review process for the proposed 1.7Mt per annum Sissingué Gold Project and is awaiting the signed permit from the Minister of Environment.  In addition, the Mining Permit application process is well advanced.  The Company is ready to start awarding 'early works' construction contracts subject to the Government approval process.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.   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 Sissingué 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 Sissingué Gold Project.Table 1: Tengrela Gold Project, Côte d'Ivoire, Sissingué Infill and Extensional Drilling                                 Hole  Deposit  East  North  Depth  Azm.  Incl.    From  To  Width  Au      (m)  (m)  (m)  (°)  (°)    (m)  (m)  (m)  g/tSD191  Sissingué  806640  1154199  299.7  270  -52    173  183  10  4.9                  incl.    180.3  181.3  1  34.7SD192  Sissingué  806746  1154539  282.56  270  -50    83  85.2  2.2  26.7                  incl.    84  85.2  1.2  45.0SD194  Sissingué  806570  1154085  171.7  90  -50    85  143  58  3.1                  incl.    89  90  1  38.0                  and    108  109.1  1.1  14.6                  and    122  124  2  12.3                  and    142  143  1  18.2SD196  Sissingué  806678  1154580  210  270  -55    75  117  42  1.7                       121  129.6  8.6  1.0                       137  145  8  1.8SD197  Sissingué  806709  1154521  162  270  -55    52.5  75  22.5  2.7                  incl.    62  64.5  2.5  17.9Notes1)     All holes are core holes.2)   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 - 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 40 gram metres are included.5)   True widths of intercepts from Sissingué range from 65% to 95% of the intercept width.Table 2: Tengrela Gold Project, Côte d'Ivoire, Exploration Drilling                                 Hole  Deposit  East  North  Depth  Azm.  Incl.    From  To  Width  Au      (m)  (m)  (m)  (°)  (°)    (m)  (m)  (m)  g/tSAC230  Rom pad  807380  1154360  80  270  -55    12  20  8  2.7SAC232  Rom pad  807300  1154360  80  270  -55    72  76  4  33.5SAC250  Rom pad  807450  1154150  80  270  -55    68  72  4  2.2SAC266  Rom pad  807532  1154260  79  270  -55    48  52.0  4  3.3PDD004  Podio  793540  1108160  208.7  90  -50    101  102.7  1.7  5.1                       115  128  13  2.4                  incl.    120  121  1  13.4                       162  170  8  3.6                  incl.    169.7  170  0.3  79.7PLC075  Podio  793460  1107400  80  90  -50    16  26  10  1.1PLC090  Podio  793530  1107640  80  90  -50    38  48  10  1.2PLC099  Podio  793560  1108080  80  90  -50    2  4  2  3.5                       60  74  14  5.9                  incl.    60  66  6  11.6PLC107  Podio  793620  1108400  92  90  -50    78  84  6  2.0PLC121  Podio  793580  1108640  84  90  -50    36  38  2  7.1PLC133  Podio  793720  1109120  80  90  -50    66  68  2  6.0PLC142  Podio  793760  1109280  80  90  -50    38  48  10  2.4PLC165  Podio  793580  1108000  80  90  -50    46  52  6  3.6PLC172  Podio  793580  1107880  80  90  -50    0  14  14  0.8PLC180  Podio  793630  1108240  80  90  -50    6  22  16  1.0ZAC033  Zanguinasso  795516  1112400  62  90  -55    24  28  4  10.0SRB1496  Sissingué Nth  803428  1160800  51  90  -55    8  12  4  10.0KAC202  Kanakono  806982  1145000  64  90  -55    40  59*  19  2.0KAC207  Kanakono  806559  1144600  64  90  -55    16  20  4  5.2Notes1)   SAC, ZAC and KAC holes are Aircore holes, SRB holes are RAB holes and PLC holes are RC holes and PDD holes are core holes.2)    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 - 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 Mark Calderwood, who is a Charted Professional 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 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.  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)