Exploration Update Drilling Recommences in Côte d Ivoire Significant Drill Results in Ghana

Transcription

1 14 June 2011 NEWS RELEASE Exploration Update Drilling Recommences in Côte d Ivoire Significant Drill Results in Ghana Highlights Drilling has recommenced at the Tengrela Gold Project, Côte d Ivoire with 1,962m completed to the end of May. Perseus drilled 35,240m on the Central Ashanti Gold Project ( CAGP ), Ghana, during April May. Significant results from deeper drilling at CAGP confirm continuity of mineralisation at depth and will be reflected in future resource upgrades: Fobinso - 28m at 2.7g/t Au in FBDD124 Esuajah South - 15m at 3.7g/t and 90m at 1.9g/t Au in ESDD037-21m at 3.0g/t and 24m at 2.3g/t Au in ESDD038-38m at 1.9g/t, 21m at 1.9g/t and 44m at 1.0g/t Au in ESDD039-34m at 2.7g/t Au in ESDD042 Esuajah North - 16m at 1.2g/t, 10m at 2.0g/t, 13m at 1.3g/t, 23m at 1.9g/t and 36m at 3.0g/t Au in ENRDD003-39m at 2.1g/t Au in ENRDD001-1m at 15.2g/t, 14m at 3.6g/t and 17m at 1.8g/t Au in ENRDD005 Fetish - 1m at 50.0g/t, 10m at 2.3g/t, 12m at 1.0g/t, 12m at 1.4g/t and 6m at 3.9g/t Au in EFRDD010-28m at 2.7g/t and 16m at 1.1g/t Au in EFRDD012-17m at 2.4g/t and 1.2m at 50.0g/t Au at bottom of hole in EFDD074 Significant intercepts from exploration drilling at the CAGP included: Chirawewa South Bokitsi South - 18m at 3.4g/t Au in CHRC067-13m at 4.3g/t in BKRDD017-9m at 12.9g/t in BKRDD020 Perseus Managing Director, Mark Calderwood s Comments It s good to be drilling in Côte d Ivoire again after a six month absence. The drilling contractors will build up to six rigs over the next few months, with the commissioning of two new rigs. In addition, we continue to obtain encouraging results from step out and exploration drilling on at least ` six prospects at CAGP. Drilling at the CAGP is currently focused on growing our gold reserves from 3.3Moz to 4Moz to allow the option of further increasing production rates. 12,000 drill samples now awaiting assay, a 50% increase from the end of March. Perseus Mining Limited ABN Ledgar Road, Balcatta, Western Australia 6021 PO Box 717 Balcatta WA 6914 Telephone: (618) Facsimile: (618) address: info@perseusmining.com Website: 1

2 Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an exploration update on the Company s West African gold projects. CAGP, Ghana Perseus is continuing active and systematic infill and exploration drill programs on the CAGP in Ghana, drilling 35,240m in April and May. Significant extensional and infill drilling intercepts were encountered on the Fetish, Esuajah North, Esuajah South and Fobinso deposits. Exploration drilling at Chirawewa South and Bokitsi South continues to return strong results, including 9m at 12.9g/t Au and 13m at 4.3g/t Au from deeper drilling at Bokitsi South. Tables 1 and 2 contain details of recent significant intercepts. Tengrela Gold Project, Côte d Ivoire Drilling recommenced at Tengrela on May 25, with one core and one multi-purpose rig at the Sissingue deposit and a RAB rig operating at the Kakalogo North prospect. In the first week of operation 1,962 metres were drilled. A new multi-purpose rig will be commissioned soon, facilitating drilling at Podio, Kanakono, Wora and other prospects. The air core rig, once operating, will commence more sterilisation drilling over the proposed Sissingue gold plant site and tailings storage facility areas, and, as soon as authorisation is granted, the rig will move to test the prospective Kanadi anomaly on the Mbengue property. The second multi-purpose rig will shortly be shipped to Côte d Ivoire by the contractor, taking the number of rigs on site to six. Mark Calderwood Managing Director To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone or calderwoodm@perseusmining.com Nathan Ryan at telephone or nathan.ryan@nwrcommunications.com.au (media) Rebecca Greco at telephone or fighouse@yahoo.com (Toronto) 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 is on track to become a producer by the third quarter of 2011 at its Central Ashanti Gold Project (CAGP) in Ghana. The Company plans to produce at the initial rate of about 220,000 ounces of gold in year 1 and to increase this to about 280,000 ounces per annum in year 2. Perseus is now also planning the development of its Tengrela Gold Project in Côte d Ivoire, with production targeted for Tengrela has the potential to become a significant contributor to the Company s goal to develop into a 400,000 ounce per year gold producer by Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development of the CAGP and Tengrela. 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 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 Standards of Disclosure for Mineral Projects ( NI ). 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 2

3 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 assumptions and judgments of management regarding future events and results. Such forward-looking information, includes but is not limited to information with respect to future exploration and drilling, procurement of financing, procurement of necessary regulatory approvals, the development of a mine at the Central Ashanti Gold Project, and development of a mine at Tengrela. 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. Figure 1. Deposit Locations, CAGP, Ghana 3

4 Table 1: CAGP, Ghana, Infill and Extensional Drilling Hole Deposit East North Depth Azm. Incl. From To Width Au (m) (m) (m) ( ) ( ) (m) (m) (m) g/t FBDD124 Fobinso 27,160 14, incl FBDD125 Fobinso 27,560 14, FBDD126 Fobinso 27,120 14, FBDD127 Fobinso 27,500 14, incl ESDD037 Esusjah S. 1,750 6, incl incl incl ESDD038 Esusjah S. 1,785 6, incl ESDD039 Esusjah S. 1,704 6, ESDD041 Esuajah S. 1,707 6, incl ESDD042 Esuajah S. 1,689 6, ENRDD001 Esuajah N. 2,205 7, incl ENRDD002 Esuajah N. 2,161 7, incl ENRDD003 Esuajah N. 2,235 7, incl incl incl ENRDD004 Esuajah N. 2,180 7, incl incl ENRDD006 Esuajah N. 2,205 7, incl

5 Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued) Hole Deposit East North Depth Azm. Incl. From To Width Au (m) (m) (m) ( ) ( ) (m) (m) (m) g/t ENRDD007 Esuajah N. 2,215 7, incl ENDD005 Esuajah N. 2,250 7, incl ENDD006 Esuajah N. 2,345 7, ENRDD008 Esuajah N. 2,213 7, EFDD069 Fetish 3,521 5, incl EFRDD009 Fetish 3,559 5, incl incl EFRDD010 Fetish 3,569 5, incl incl EFRDD011 Fetish 3,560 5, incl incl EFDD070 Fetish 3,405 5, incl EFDD074 Fetish 3,329 5, incl EFRDD012 Fetish 3,130 5, incl Notes 1) All holes were core drilled through the mineralised zone. 2) Core holes sampled at 1m intervals. 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, ) The true width of intercepts from recent drilling at Fobinso ranges from 70-80% of the intercept width. 9) The true width of intercepts from recent drilling at Fetish ranges from 55-75% of the intercept width. 10) The true width of intercepts from recent drilling at Esuajah South and North ranges from 60-75% of the intercept width 5

6 Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana Hole Deposit East North Depth Azm. Incl. From To Width Au (m) (m) (m) ( ) ( ) (m) (m) (m) g/t CHRC067 Chira. S. 3,800 4, incl CHRC070 Chira. S. 3,820 4, BKRC026 Ext. 2,470 4, BKRDD015 Ext. 2,800 4, incl BKRDD017 Ext. 2,820 4, incl BKRDD020 Ext. 2,815 4, incl Notes 1) All CHRC and BKRC are RC holes. 2) All BKRDD holes are core holes. 3) RC holes were sampled at 1m intervals and composited to 2m intervals. 4) Core holes were sampled at 1m intervals. 5) Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana. 6) High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana. 7) RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana. 8) Only holes with combined intercepts of greater than 10 gram metres are included. 9) The true width of intercepts from recent drilling at the new Chirawewa South, is currently unknown. The true width of intercepts along the Bokitsi zone is about 80-95% of the intercept width. 10) 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,