Perseus to Move Forward with Development of Sissingue Gold Mine

Perseus Mining Ltd. (TSX:PRU,ASX:PRU) announced the results of a revised feasibility study for its Sissingue gold mine, which is located in Cote d’Ivoire. According to the company, overall the new study confirms that the mine is “both technically feasible and economically robust.” Perseus has thus decided to move forward with its development.

Highlights of the revised study include:

• Revised Measured and Indicated Mineral Resource of 880,000ozs gold
• Proved and Probable Ore Reserve of 429,000oz of gold (using US$1,200 gold price pit design)
• Production of 385,000oz of gold during a 5.25 year mine life, at an average of approximately 75,000oz per year for the first 5 years
• Average all-in sustaining costs (AISC) of US$632/oz over the life of mine
• Start-up capital cost of US$106 million including contingency
• Project funding to be a mix of existing cash and modest amount of third party debt
• Targeting start of construction in September 2015 Quarter and first gold pour within fourteen months. 
• Internal Rate of Return (IRR) of 27% (real) at a gold price of US$1,200/oz

Perseus was also in the news yesterday when it released an updated life-of-mine plan for its Ghana-based Edikan gold mine. The mine has successfully gone through its ramp-up phase.

Click here to read the full Perseus Mining Ltd. (TSX:PRU,ASX:PRU) press release.