Perseus Updates Life-of-Mine Plan for Edikan Gold Mine

Perseus Mining Ltd. (TSX:PRU,ASX:PRU) released an updated life-of-mine plan for its Ghana-based Edikan gold mine, noting that it indicates that the mine has successfully gone through its ramp up phase.

Highlights include:

• Independently estimated Proved and Probable Ore Reserves for the EGM total 61.6 Mt of ore grading 1.2 g/t of gold and containing approximately 2.35 Mozs of gold as at 1 February 2015.
• The revised LOMP involves mining and processing of ore from seven optimised open pits designed using US$1,200/oz pit shells and input costs based on actual operating experience and recently contracted supply agreements.
• For the period from FY2016 to FY2023 inclusive, average gold production of 240,000 ounces/year at an average all-in site cash1 cost of US$937/ounce.
• Current FY2015 production and cost guidance of 200-210kozs of gold at an all-in site cash cost of US$1,075-1,125/ounce remains unchanged by the updated LOMP.

Jeff Quartermaine, managing director at Perseus, commented:

The updated Life of Mine Plan clearly demonstrates that Edikan is an economically robust operation that has successfully come through an extended ramp up phase. Based on this updated plan, the future prospects of Edikan, and therefore Perseus, are both very positive.

Over the past twelve months we have demonstrated that by focussing on achieving incremental improvements to both the technical and commercial aspects of our operation, we can consistently deliver credible results.

The external environment in which we operate can be unpredictable and challenging at times, however, based on recent performance, we are very confident that we have a highly professional site team that is adaptable and more than capable of rising to these challenges when they occur.

We are very much looking forward to consistently delivering to this plan and in the process creating material value for our shareholders.

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