Perseus Mining Limited (ASX Code: PRU) has forged a reputation as one of the world's most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus has identified significant deposits in Ghana, and Ivory Coast and demonstrated a credible track record of resource growth.
The company's Central Ashanti Gold Project (formerly referred to as the Ayanfuri Gold Project) has reserves of 2.1 million ounces of gold and additional 1.03Moz Measured and Indicated and gold resources and 2.1Moz Inferred gold reserves.
Perseus Mining (ASX:PRU) has announced the following highlights from a Scoping Study for the Sissingue gold deposit on the Tengrela Project (Perseus: 80%) in northern Ivory Coast:
In the first four years, the study indicates 514,000 ounces per annum at a cash cost of US$396 per ounce. A total of 838,000 ounces of gold production over 8.3 years at cash cost of US$452 per ounce. Capital cost estimate of US$89 million with a payback period of 17 months. EBITDA is estimated at US$315 million, including US$221 million in the first four years.
The Sissingue gold deposit at Tengrela has only been partially resource drilled, the scoping study demonstrates that even at this early stage the project has potential to deliver strong cash returns and complements the Company’s larger and more advanced Ayanfuri project in neighboring Ghana.
Perseus Managing Director Mark Calderwood said, “we are highly encouraged with the results of the study - it paves the way for feasibility studies to advance concurrently with ongoing extensional drilling."
“We have only resource drilled 1km of the 5.6km strike at Sissingue and most of the resource is contained within pit shells used in the study. Drilling is already extending zones of high grade ore beyond the resource with the bottom of hole intercept of 18m at 10.1g/t from 62m, reported in the December quarterly report.”
“During 2009 we will be in a position to update the market on both the feasibility and drilling activities. Our target is to take the Sissingue resource past 2 million ounces.”
“Tengrela is Perseus’s second most important project and given the robust economics of the larger, more advanced Ayanfuri project, we have potential to develop Tengrela from cash flow.”