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Perseus Mining to commence construction of 5 million ounce Ayanfuri Gold Project in 2010

Published: 03:25 08 Oct 2009 BST

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Perseus Mining (ASX: PRU) has completed an eight-week long tender process for the construction of a 5.5 million tonne per annum process plant for its flagship Ayanfuri gold project in the West African nation of Ghana.

Perseus managing director Mark Calderwood said four tenders were received, three of which were priced within the company’s Definitive Feasibility Study’s estimate of $US148 million, with the preferred contractor expected to be selected by the end of November. 

“We are pleased with the progress being made in advancing the 5 million oz Ayanfuri gold project towards construction in Q1 next year and ultimately production by Q3 2011,” he said.

“It is encouraging to see the robustness of the Definitive Feasibility Study capital cost assumptions confirmed through the competitive pricing offered by the bidding engineers.”

Mr Calderwood said a financier for the project is also expected to be selected in November. Indicative financing term sheets have been received from nine financial institutions and negotiations have commenced.

Because of the company’s recent purchase of put options, it expects committed hedging, if applied, will total less than 10 % of current reserves.

“Lending institutions also appear eager to finance large, robust, low risk, gold projects such as Ayanfuri and understand the company’s objective of minimising committed forward gold sales,” Mr Calderwood said.

The draft Environmental Impact Statement has been submitted to the Ghanaian Environmental Protection Agency. Definitive Feasibility Study documentation has been submitted to the Minerals Commission for review with a request for a mining lease extension.

Perseus is in the process of assembling its management team for the construction and mining operation. It has recruited Paul Criddle as its in-house Senior Metallurgist. In addition to working on design, construction and commissioning for Ayanfuri, Mr Criddle will also work on Perseus’ Tengrela Definitive Feasibility Study and Ayanfuri’s stage two development plans.

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