Proactiveinvestors United Kingdom Perseus Mining Ltd https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Perseus Mining Ltd RSS feed en Mon, 20 May 2019 14:42:40 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Are investors missing the potential of Perseus Mining? ]]> https://www.proactiveinvestors.co.uk/companies/news/167933/are-investors-missing-the-potential-of-perseus-mining-167933.html Tue, 25 Oct 2016 14:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/167933/are-investors-missing-the-potential-of-perseus-mining-167933.html <![CDATA[News - Perseus Mining hits two transformation milestones ]]> https://www.proactiveinvestors.co.uk/companies/news/150040/perseus-mining-hits-two-transformation-milestones-150040.html West African gold producer Perseus Mining Limited (TSX:PRU, ASX:PRU) has reached two major milestones with the credit approval of project debt facility and the appointment of a chief operating officer.

The group said it was now “on the path to implementing its strategy of transforming Perseus into a multi-jurisdictional, multi-mine producer of in excess of 500,000 ounces of gold per year by 2021.”

Perseus has received full credit committee approval of a US$60mln project debt facility by Macquarie Bank Limited and BNP Paribas, the prospective lenders to Sissingué.

Ahead of the expansion of its operating activities in Ghana and Sissingué by the end of 2017 - and the prospect of a third mine at Yaouré within several years - the group has appointed Chris Woodall to the role of Chief Operating Officer.

Woodall most recently held the positions of Senior Vice President Operations for Goldcorp Inc and before that the role of Global Director Mining for Barrick Gold Corporation.

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Mon, 05 Sep 2016 15:19:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/150040/perseus-mining-hits-two-transformation-milestones-150040.html
<![CDATA[News - Perseus Mining Ltd to reveal change in production guidance ]]> https://www.proactiveinvestors.co.uk/companies/news/160787/perseus-mining-ltd-to-reveal-change-in-production-guidance-68332.html West African focussed gold-producer Perseus Mining Ltd (ASX:PRU) will in coming days provide details regarding a change in production guidance.

The ASX has granted the company a trading halt to prepare.

The halt will remain in place until the opening of trade on Monday 2nd May 2016, or earlier if an announcement is made to the market.

 

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Thu, 28 Apr 2016 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160787/perseus-mining-ltd-to-reveal-change-in-production-guidance-68332.html
<![CDATA[News - Perseus Mining to raise about A$30M to boost gold production, balance sheet ]]> https://www.proactiveinvestors.co.uk/companies/news/160786/perseus-mining-to-raise-about-a30m-to-boost-gold-production-balance-sheet-52888.html Perseus Mining (ASX/TSE:PRU) is conducting an institutional placement to raise about A$30 million.

The proceeds of the capital raising will be used to accelerate productivity improvements to increase gold production at Edikan Gold Mine in Ghana, working capital and bolster the balance sheet.

UBS is the lead manager while GMP is acting as the co-manager with the price of the placement to be determined by book build.

About $A7.5 million will be used for upgrading the efficiency of the Edikan Gold Mine processing plant, while another $7.5 million will be to gain access to the Eastern pits at the same mine.

The rest of the funds are to be used for working capital and shore up the balance sheet. The company had a total of cash and bullion of about $28 million as at 31 December 2013.

Promisingly, all-in-cash-costs for Perseus are trending lower toward life of mine forecast of US$937 an ounce.



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Mon, 17 Feb 2014 15:30:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/160786/perseus-mining-to-raise-about-a30m-to-boost-gold-production-balance-sheet-52888.html
<![CDATA[News - Perseus Mining is a gold producer on the move ]]> https://www.proactiveinvestors.co.uk/companies/news/160785/perseus-mining-is-a-gold-producer-on-the-move-46890.html Perseus Mining's (ASX: PRU) shares have been on a tear over the last few trading days, hitting $0.91 intra-day today, which is a 60% gain since the closing price just last Wednesday.

Perseus said it is not aware of any information that has not been released to the market which may explain the sudden investor interest.

Driving interest in the stock is a rising gold price, with the yellow metal up around 8% over the past fortnight.

Perseus produced 104,744 gold ounces in the first half of 2013, with total all-in site cash costs of US$1,256/oz.

The company has forecasts costs to be reduced, with guidance for FY2014 set at 190,000 to 210,000 ounces of gold at total all-in site cash cost of US$1,000 to US$1,200/oz.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 19 Aug 2013 15:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160785/perseus-mining-is-a-gold-producer-on-the-move-46890.html
<![CDATA[News - Perseus Mining gets review from Canadian broker ]]> https://www.proactiveinvestors.co.uk/companies/news/160784/perseus-mining-gets-review-from-canadian-broker-46116.html Dual listed Perseus Mining (ASX/TSX: PRU) has received a review from Jennings Capital which opined that the low cost structure of its Edikan Mill, formerly referred to as the Central Ashanti Gold Project in Ghana is a good platform for growth.

The cost savings are due to low power and reduced grinding expenses, which set Edikan's processing cost in calendar 2012 at $9.58 per tonne. Even though costs soared to $13.86 per tonne in the first half of this year, Jennings believes that Perseus has taken care of the operational issues that caused the spike.

As a result, Jennings, which initiated coverage with a C$0.90 target and a "hold" rating on the stock, sees processing costs more in line with last year's rate, with a prediction of $10 per tonne for the rest of the year.  Current share price is C$0.53.

Overall, Jennings said Perseus is "hitting its stride" while still in the early stages of production at Edikan. The mill is two years into an 11-year shelf life, during which gold production is expected to be, on average, 207,000 ounces per year.

Jennings predicts the company's cash cost for next year will be $1,071 per ounce.

Jennings also said Perseus is highly leveraged to gold prices, so much so that for every 10 per cent rise in bullion, it will raise its stock target price 25 per cent.

What also makes Perseus compelling is its development project in Côte d’Ivoire, Jennings said, which could nearly double the company's production profile to 411,000 ounces when it starts up in 2019.

Aside from organic growth, Jennings adds the possibility that Perseus could make an all-share  acquisition, once "Edikan’s production and cost consistency is demonstrated and market valuation responds." Targets include PMI Gold's (CVE:PMV) Obotan project and Asanko Gold's (TSE:AKG) Esaase project.

Perseus has dealt with three primary setbacks, including crusher problems, a decision on the Sissingué Gold Project and low metal prices.

The junior miner is postponing development at Sissingué to avoid raising equity funds to finance the project while gold prices remain low. Instead, the company prefers to use cash flow from Edikan and an existing $100 million loan. Stripping out Sissingué from Jennings' valuation would raise its target price $0.18.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 30 Jul 2013 08:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160784/perseus-mining-gets-review-from-canadian-broker-46116.html
<![CDATA[News - Jennings puts $0.90 target on Perseus Mining after it solves mill cost issues ]]> https://www.proactiveinvestors.co.uk/companies/news/96546/jennings-puts-090-target-on-perseus-mining-after-it-solves-mill-cost-issues-46579.html The low cost structure of Perseus Mining's (TSE:PRU) Edikan Mill is a good platform for growth, according to Jennings Capital. 

The cost savings are due to low power and reduced grinding expenses, which set Edikan's processing cost in calendar 2012 at $9.58 per tonne. Even though costs soared to $13.86 per tonne in the first half of this year, Jennings believes that Perseus has taken care of the operational issues that caused the spike.

As a result, Jennings, which initiated coverage with a 90 cent target and a "hold" rating on the stock, sees processing costs more in line with last year's rate, with a prediction of $10 per tonne for the rest of the year. 

Overall, Jennings said Perseus is "hitting its stride" while still in the early stages of production at Edikan. The mill is two years into an 11-year shelf life, during which gold production is expected to be, on average, 207,000 ounces per year. Jennings predicts the company's cash cost for next year will be $1,071 per ounce.

Jennings also said Perseus is highly leveraged to gold prices, so much so that for every 10 per cent rise in bullion, it will raise its stock target price 25 per cent.

What also makes Perseus compelling is its development project in Côte d’Ivoire, Jennings said, which could nearly double the company's production profile to 411,000 ounces when it starts up in 2019. 

Aside from organic growth, Jennings adds the possibility that Perseus could make an all-share  acquisition, once "Edikan’s production and cost consistency is demonstrated and market valuation responds." Targets include PMI Gold's (CVE:PMV) Obotan project and Asanko Gold's (TSE:AKG) Esaase project. 

Perseus has dealt with three primary setbacks, including crusher problems, a decision on the Sissingué Gold Project and low metal prices.

The junior miner is postponing development at Sissingué to avoid raising equity funds to finance the project while gold prices remain low. Instead, the company prefers to use cash flow from Edikan and an existing $100 million loan. Stripping out Sissingué from Jennings' valuation would raise its target price 18 cents. 

From Friday's close, Jennings' target price would give investors a 55 per cent premium. The stock fell three cents on Monday to 55 cents. 

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Mon, 29 Jul 2013 12:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/96546/jennings-puts-090-target-on-perseus-mining-after-it-solves-mill-cost-issues-46579.html
<![CDATA[News - Perseus Mining pours 104,329 gold ounces in six months at Edikan ]]> https://www.proactiveinvestors.co.uk/companies/news/160783/perseus-mining-pours-104329-gold-ounces-in-six-months-at-edikan-45154.html Perseus Mining (ASX: PRU, TSX: PRU) has missed production guidance by a whisker at its Edikan Gold Mine in Ghana, with the company pouring 104,329 gold ounces for the first half of 2013, compared to the production guidance range of 105,000 to 125,000 ounces.

Last month in an update the company said that the predicted all-in cash cost for the Half Year ending 30 June 2013 is likely to exceed the forecast of US$1,100 per ounce.

For the full financial year of 2013, Perseus produced 208,029 ounces.

Perseus said that following record production in the March 2013 quarter, the June 2013 quarter began slowly as the company sought to identify the optimum balance between throughput rate and gold recovery.

By the end of June 2013, production was closing in on targets.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China. 

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Wed, 03 Jul 2013 14:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160783/perseus-mining-pours-104329-gold-ounces-in-six-months-at-edikan-45154.html
<![CDATA[News - Perseus shares drop as Q2 production misses guidance on “mechanical challenges” ]]> https://www.proactiveinvestors.co.uk/companies/news/92519/perseus-shares-drop-as-q2-production-misses-guidance-on-mechanical-challenges--39640.html  

Perseus Mining (TSE:PRU) (ASX:PRU) saw its shares fall over nine per cent Monday, after it reported second quarter production that came in well below its already revised guidance.

Citing mechanical challenges that held back production growth at its Edikan gold mine in Ghana, the company posted gold production of 51,090 ounces, below its guidance of 58,500 to 61,750 ounces, which was revised down from 65,000 to 70,000 ounces in late November.

Shares moved 9.72 per cent lower as at about 10:40 a.m. ET, trading at $1.95.

In July last year, the company provided initial gold production guidance in the range of 65,000 to 70,000 ounces for the second quarter, while combined guidance for the first half of 2013 was forecast in the range of 120,000 to 130,000 ounces - down from its previous production forecast of 135,000 to 145,000 ounces, due to changes in the mine plan and the resulting reduction in feed grade from 1.59 g/t to 1.42 g/t. 

The company also announced that for the second half of 2013, it expects gold production in the range of 125,000 to 135,000 ounces. 

Production cost for the second quarter of US$588 per ounce was two per cent higher than its expectation of $575 per ounce, and 24 per cent higher than the “abnormally low” first quarter production cost of $475 per ounce.

Perseus said that total ore and waste movements was nine per cent above its expectations, while a head grade of 1.39 grams per tonne (g/t) was six per cent below target and total plant recovery of 84.2 per cent was four per cent below target.

At its Sissingué gold project on the Ivory Coast, the company noted that a full-scale development decision remained on hold during the quarter, pending clarification of the fiscal regime applicable to the project.

The Ivorian government granted the Mbengué, Napié and Mahale Exploration licences to a subsidiary company of Perseus on December 19, 2012.

Also in the second quarter, the company said it completed 10,792 metres of drilling in Ghana and 24,564 metres in the Ivory Coast and returned “significant drill intercepts from multiple prospects”.

Perseus said it had an available cash balance of $39.7 million at the end of the quarter, and had on hand 11,785 ounces of bullion valued at $18.9 million.

The company also has $100 million in a revolving line of credit available for drawdown and had its hedging commitment reduced to 216,000 ounces at a weighted average price of $1,373 per ounce.

Perseus Mining is focused on under-explored gold belts in West Africa.  

 

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Mon, 21 Jan 2013 10:41:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/92519/perseus-shares-drop-as-q2-production-misses-guidance-on-mechanical-challenges--39640.html
<![CDATA[News - Perseus Mining identifies significant gold in West Africa ]]> https://www.proactiveinvestors.co.uk/companies/news/74163/perseus-mining-identifies-significant-gold-in-west-africa-8978.html Perseus Mining (ASX/TSX:PRU) has identified some potentially significant discoveries at the Tengrela Gold Project in Côte D’Ivoire.

At Podio, RC drilling highlights include:

- 8m at 30.0g/t;
- 4m at 13.0g/t; and
- 2m at 21.0g/t.

At Sissingue East, reconnaissance drilling highlights include:

- 5m at 18.5g/t Au at the bottom of a 77m deep hole, 650m east of the main zone.

At Papara, RAB drilling highlights include:

- 12m at 5.0g/t Au in RAB drilling.

Mark Calderwood, managing director, said, “The company has managed to complete 50,000m of drilling over the past two months, taking our total in the past seven months to 176,000m.”

“The assay flow from our increased exploration efforts is paying dividends, with several new potentially significant discoveries to add to two discoveries made last quarter.”

“The company is now in a position to step up drilling to enable timely follow-up drilling of the large number of deposits and prospects identified to date.”

Deeper core drilling Sissingue highlights include:

- Hole SD112: 72.8m at 3.2g/t, 23.7m at 3.2g/t and 19.5m at 1.5g/t Au; and
- Hole SD113: 51m at 4.1g/t and 13m at 2.4g/t Au.

Perseus is continuing active and systematic infill and exploration drill programs on the Central Ashanti Gold Project in Ghana and the Tengrela Gold Project in Côte D’Ivoire, to test a number of targets and to facilitate a number of resource and reserve upgrades during the next 12 months.

A total of 28,162m and 22,411m of drilling was undertaken in August and September respectively

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Wed, 06 Oct 2010 13:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/74163/perseus-mining-identifies-significant-gold-in-west-africa-8978.html
<![CDATA[News - Perseus Mining identifies significant gold in West Africa, inc. 8m at 30.0g/t ]]> https://www.proactiveinvestors.co.uk/companies/news/160782/perseus-mining-identifies-significant-gold-in-west-africa-inc-8m-at-300gt-10562.html Perseus Mining (ASX/TSX: PRU) has identified some potentially significant discoveries at the Tengrela Gold Project in Côte D’Ivoire.

At Podio, RC drilling highlights include:

- 8m at 30.0g/t;
- 4m at 13.0g/t; and
- 2m at 21.0g/t.

At Sissingue East, reconnaissance drilling highlights include:

- 5m at 18.5g/t Au at the bottom of a 77m deep hole, 650m east of the main zone.

At Papara, RAB drilling highlights include:

- 12m at 5.0g/t Au in RAB drilling.

Mark Calderwood, managing director, said, “The company has managed to complete 50,000m of drilling over the past two months, taking our total in the past seven months to 176,000m.”

“The assay flow from our increased exploration efforts is paying dividends, with several new potentially significant discoveries to add to two discoveries made last quarter.”

“The company is now in a position to step up drilling to enable timely follow-up drilling of the large number of deposits and prospects identified to date.”

Deeper core drilling Sissingue highlights include:

- Hole SD112: 72.8m at 3.2g/t, 23.7m at 3.2g/t and 19.5m at 1.5g/t Au; and
- Hole SD113: 51m at 4.1g/t and 13m at 2.4g/t Au.

Perseus is continuing active and systematic infill and exploration drill programs on the Central Ashanti Gold Project in Ghana and the Tengrela Gold Project in Côte D’Ivoire, to test a number of targets and to facilitate a number of resource and reserve upgrades during the next 12 months.

A total of 28,162m and 22,411m of drilling was undertaken in August and September respectively.

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Wed, 06 Oct 2010 07:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160782/perseus-mining-identifies-significant-gold-in-west-africa-inc-8m-at-300gt-10562.html
<![CDATA[News - Perseus Mining encouraged by high grade gold discovery at Tengrela ]]> https://www.proactiveinvestors.co.uk/companies/news/160781/perseus-mining-encouraged-by-high-grade-gold-discovery-at-tengrela-7618.html Perseus Mining (ASX,TSX: PRU), a gold explorer focused on West Africa, has reported the discovery of a new gold prospect at the company’s Tengrela Project in Ivory Coast.

The company said first pass RC drilling at the Kanakono prospect located 10km south of the Sissingue gold deposit has returned significant results.

The RC drilling was following up anomalous RAB drilling results dating back to January 2006 which included intercepts of 4m at 42.6g/t Au and 25m at 3.2g/t Au.

Results included hole KRC041 - 2m at 13.3g/t Au and hole KRC042 - 16m at 15.2 g/t Au.

Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana.

Perseus said it is too early to estimate the true width of intercepted mineralisation in KRC041 and KRC042 at Kanakono but the apparent (on section) true width of intercepts is about 60% of the intercept width.

Mark Calderwood, managing director, said “having completed the current phase of resource drilling at Sissingue we are now starting to assess the other Tengrela prospects previously identified by soil sampling and RAB drilling.”

“It is encouraging to get these latest results only 10 kms from the proposed Sissingue plant site – this has the potential to further enhance the Sissingue project economics.”

“We will have two RC rigs testing at least four other high priority targets over the next few months on the 876sq km Tengrela licences,” he added.

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Thu, 03 Jun 2010 05:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160781/perseus-mining-encouraged-by-high-grade-gold-discovery-at-tengrela-7618.html
<![CDATA[News - Perseus Mining encounters high grade gold under South Botiksi Extension pit ]]> https://www.proactiveinvestors.co.uk/companies/news/72911/perseus-mining-encounters-high-grade-gold-under-south-botiksi-extension-pit-5861.html Perseus Mining (ASX/TSX: PRU) has updated exploration activities at the company’s Central Ashanti Gold Project (CAGP) in Ghana with  high grade gold mineralisation encountered.

Drilling along the Botiksi shear zone particularly below the shallow South Botiksi Extension (SBE) pit, previously mined prior to 2001, intercepted gold.

Drill holes NBRC009 and NBRC011 are located in the 1.5km long previously undrilled portion of the shear zone between the SBE and the Nkonya North pits.

Highlights include: 12m @ 6.3 g/t Au from 76m; 22m @ 4.8 g/t Au from 72m; and 24m @ 5.0 from 66m.

Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana. The true width of intercepts from the current program at the SBE deposit is about 80% of the intercept width.

Mark Calderwood, managing director, commented “the SBE pit was one of 25 shallow pits that were mined on the CAGP mining leases between 1994 and 2001. Perseus has drill tested below 15 pits, leaving a further 10 pits to be tested.”

“In the last two years drilling at CAGP has essentially been focused on infilling and extending the existing resources – the move of one rig to exploration areas has returned early results.”

“We are aiming to complete the next significant resource upgrade for the CAGP in Q3 this year,” said Calderwood.

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Tue, 11 May 2010 12:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/72911/perseus-mining-encounters-high-grade-gold-under-south-botiksi-extension-pit-5861.html
<![CDATA[News - Perseus Mining raises CDN$91 million, may raise further AU$42 million from Australian investors ]]> https://www.proactiveinvestors.co.uk/companies/news/72831/perseus-mining-raises-cdn91-million-may-raise-further-au42-million-from-australian-investors-5714.html Perseus Mining (TSX: PRU, ASX:PRU) has completed its previously announced offering of 50.6 million ordinary shares on a "bought deal" basis, at a price of CDN$1.80 per share for gross proceeds of CDN$91 million.


Cormark Securities was the lead underwriter in a syndicate that included Clarus Securities, BMO Nesbitt Burns, CIBC World Markets and Dundee Securities.


Subject to shareholder approval, the Perseus Mining also intends to complete a private placement, outside of Canada, principally in Australia, of up to 15 million ordinary shares on a best efforts basis at a price of AU$1.94 per share for gross proceeds to of up to AU$29 million.


The Company also intends to undertake a share purchase plan under which the Company will offer a maximum of 7 millios shares to shareholders of the Company in Australia and New Zealand at a price of A$1.94 per share for gross proceeds of up to AU$13.58 million.


The proceeds will be used to fund on-going exploration and development of the Company's West African gold properties and for general working capital purposes.


Perseus added its TSX listing to its ASX listing in the first quarter of 2010 to take advantage of strong demand from North American investors for gold explorers and producers with assets in West Africa.


Focused on under-explored gold belts in West Africa, Perseus has identified significant deposits in Ghana and the Ivory Coast.

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Tue, 04 May 2010 14:32:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/72831/perseus-mining-raises-cdn91-million-may-raise-further-au42-million-from-australian-investors-5714.html
<![CDATA[News - Perseus Mining to raise A$79.2 mln for African gold properties ]]> https://www.proactiveinvestors.co.uk/companies/news/72648/perseus-mining-to-raise-a792-mln-for-african-gold-properties-5288.html Perseus Mining (ASX, TSX: PRU) has entered into an agreement with Cormark Securities Inc. on behalf of a syndicate of underwriters consisting of Cormark Securities Inc., Clarus Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., and Dundee Securities Corporation (collectively, the Underwriters).

The Underwriters have agreed to buy and sell to the public 44 million ordinary shares of the company at a price of CAD$1.80 per ordinary share, for gross proceeds to the company of CAD$79.2 million.

The Underwriters will also have the option, exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 6,600,000 ordinary shares of the company.

In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering will be CAD$91,080,000. Closing of the Offering is expected to occur on or about 29 April, 2010 and is subject to regulatory approval including that of the Toronto Stock Exchange.

The net proceeds of the share issues will be used to fund on-going exploration and development of the company’s West African gold properties and for general corporate purposes.

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Mon, 12 Apr 2010 12:28:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/72648/perseus-mining-to-raise-a792-mln-for-african-gold-properties-5288.html
<![CDATA[News - Perseus Mining hits more high-grade gold at Tengrela Project ]]> https://www.proactiveinvestors.co.uk/companies/news/160780/perseus-mining-hits-more-high-grade-gold-at-tengrela-project-6283.html Perseus Mining (ASX,TSX: PRU) has updated exploration activities at the company’s Tengrela Gold Project in the Ivory Coast, West Africa.

Recent significant drill intercepts from resource drilling at the Sissingue prospect included:

- RC hole SLC228 - 8m at 325g/t Au from 96m including 2m at 1,216g/t Au from 98m, followed by 36m at 3.1g/t Au from 104m to the end of the hole;

- RC hole SLC226 - 110m at 4.0g/t Au from 18m to the end of hole including 16m at 11.3g/t Au from 28m;

- RC hole SLC224 - 84m at 3.6g/t Au from 16m to the end of hole including 2m at 73.4g/t Au from 30m.

Drill samples were assayed by 50g fire assays by Intertek Minerals Limited in Ghana.

Drill hole SLC228 was drilled 20m across strike from previously announced drill hole SLC014, which intercepted 71m at 9.0g/t Au including 10m at 27g/t Au and 36m at 8.7g/t Au.

Perseus Managing Director, Mark Calderwood commented “more impressive drill intercepts from the core of the Sissingue deposit confirm the robust tenure of this high grade zone.”

“These latest results are some of the last before the cut-off for resource and reserve modelling for 2010, but drilling will continue at Sissingue and at a number of exploration targets defined by the more than 1,500 RAB drill holes drilled to date outside Sissingue.”

“Perseus is working towards completing the Sissingue feasibility study later this year and to delineate potential new resources on the 60km strike of the Syama-Boundali greenstone belt within the Tengrela licences,” he added.

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Thu, 08 Apr 2010 06:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160780/perseus-mining-hits-more-high-grade-gold-at-tengrela-project-6283.html
<![CDATA[News - Perseus Mining continues fine form at Central Ashanti Gold Project ]]> https://www.proactiveinvestors.co.uk/companies/news/72455/perseus-mining-continues-fine-form-at-central-ashanti-gold-project--4882.html West African-focussed Perseus Mining (ASX/TSX: PRU) received assay results from drilling at the company’s flagship Central Ashanti Gold Project (CAGP), formerly known as Ayanfuri, in Ghana and the Tengrela Gold Project in the Ivory Coast.

At Tengrela, best results included from Core hole SD088 - 26.4m at 7.4g/t Au from 83m, including 11m at 14.4g/t Au from 90m and RC hole SLC157 - 26m at 9.7g/t Au from 84m to the end of the hole including 2m at 112.2g/t Au from 104m.

While at CAGP, results included Core hole FBDD060 - 22m at 6.4g/t Au from 191m including 1m at 112.9g/t Au from 200m; and Core hole ABDD147 - 75m at 1.6g/t Au from 274m.

Drill samples were assayed by 50g fire assays by Transworld Laboratories Ghana Limited, a part of the Intertek Genalysis group.

Drilling for the past six months was predominantly focused on infill and extensional resource drilling on CAGP’s western group of deposits, Abnabna, AF-Gap and Fobinso, and infill drilling on Tengrela Gold Project’s Sissingue deposit.

A$689 million-capped Perseus is moving owards production within 18 months.  At the same time it seeks to grow the Company’s current Proven and Probable reserves of 55.5Mt at 1.2g/t Au containing 2.1Moz of gold and Measured & Indicated resources of 49.2Mt at 1.2g/t Au containing 1.9Moz of gold.

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Fri, 19 Mar 2010 08:21:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/72455/perseus-mining-continues-fine-form-at-central-ashanti-gold-project--4882.html
<![CDATA[News - Perseus Mining takes strategic stake in Burey Gold ]]> https://www.proactiveinvestors.co.uk/companies/news/160779/perseus-mining-takes-strategic-stake-in-burey-gold-5357.html Perseus Mining (ASX/TSX: PRU) has announced that it has entered into an agreement to take a 19.9% stake in and enter into a strategic alliance with Australian-listed Burey Gold Ltd (ASX: BYR), an exploration company with a focus in Guinea, West Africa.

Perseus will initially subscribe for 10.4m shares in Burey at a cost of $418,700, with 10.4m attaching options. Subsequently and, subject to Burey receiving the necessary regulatory approvals, Perseus will subscribe for a further 24.3m shares at a cost of $973,300 with 24.3m attaching options.

Mark Calderwood, Perseus Mining's Managing Director, commented, “Guinea covers a significant part of one of the most prospective gold regions in West Africa. Burey has several prospective projects and the ‘in country’ experience required to enhance and grow the portfolio. In addition to the cash investment Perseus will provide high level personnel support and a sounding board for technical initiatives."

Guinea is currently the fourth largest gold producer in Africa (23.4mt in 2008).

Burey has several projects with gold and gold, uranium and copper mineralisation, these include:

At the Balatindi project (part of the Kerouane group), Burey and previous explorers have identified a primary Au, U, Cu mineral occurrence which Burey believes is of IOCG affinity.

The Mansounia project contains a low grade, near surface laterite/saprolite gold deposit with indications of higher grade source zones.

The last round of RC drilling completed at Mansounia in 2008 included intercepts of 67m at 2.03g/t, 53m at 1.07g/t and 39m at 1.11g/t Au at a new prospect called Intermediate Creek.

Limited diamond drilling below the main laterite/saprolite profile included intercepts of 7m at 4.17g/t and 13m at 3.00g/t Au.

Burey has a geological team with extensive experience in Guinea and neighbouring countries in West Africa and Burey is well positioned to take advantage of the improving political stability in Guinea.

For Perseus the investment allows exposure to the prospectivity of Guinea without distracting the Company’s exploration management and the agreement gives Perseus the first right of refusal in relation to the sale or farm-out of Burey’s mineral interests in West Africa. The investment will enable Burey to step up plans for drilling, regional exploration and project acquisition.

 

 

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Wed, 03 Mar 2010 06:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/160779/perseus-mining-takes-strategic-stake-in-burey-gold-5357.html
<![CDATA[News - Perseus Mining shares spike 23c after high-grade results uncovered from Sissingue prospect ]]> https://www.proactiveinvestors.co.uk/companies/news/160778/perseus-mining-shares-spike-23c-after-high-grade-results-uncovered-from-sissingue-prospect-3305.html Shares in Australian-listed gold explorer Perseus Mining (ASX: PRU) have shot up 23c after the company announced further high grade drill intercepts from the Sissingue prospect at its Tengrela Gold Project in Ivory Coast.

The high-grade intercepts, which include include 66m at 5.0g/t, 63m at 5.1g/t, 38m at 6.6g/t and 78m at 3.2g/t Au, saw the share price jump 23c, or 14.4%, to $1.83, following the announcement.

Mark Calderwood, managing director of Perseus Mining, said Sissingue was an exciting deposit with impressive high grade mineralisation which historically had never been mined below a few metres.

“Given current gold price there is a compelling case to fast track the Definitive Feasibility Study for the Sissingue deposit," Mr Calderwood said.

"Consequently, Perseus could become a two mine gold producer within three years, with Ayanfuri on track for first gold pour in Q3 2011.”

The significant high grade intercepts have now been made intermittently over a strike length of 960m.

Perseus is working to further increase drilling production rates on the Tengrela Gold Project and has commenced a Definitive Feasibility Study.

The 885sq km Tengrela Gold Project is located immediately south of the 6.8Moz Syama and Finkalo projects, along the same structural/stratigraphic corridor within the Syama-Boundiali greenstone belt.

The project lies 150km SSE of the Morila gold mine (7Moz) and 65km WNW of the Tongon deposit (4.3Moz).

The Sissingue prospect has a strike length of at least 5km and is up to 800m wide.

Mr Calderwood said the company expected to complete an updated resource estimate and detailed technical report in December 2009.

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Mon, 16 Nov 2009 13:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/160778/perseus-mining-shares-spike-23c-after-high-grade-results-uncovered-from-sissingue-prospect-3305.html
<![CDATA[News - Perseus Mining to raise $58.5m for Ayanfuri Gold project ]]> https://www.proactiveinvestors.co.uk/companies/news/160777/perseus-mining-to-raise-585m-for-ayanfuri-gold-project-3013.html Perseus Mining (ASX: PRU) will raise $58.5 million at $1.50 per share via an equity funding package, heavily sought after by leading institutions, to progress the Ayanfuri Gold project to construction phase in 2010.

The raising comprises two components, a placement of 15.6 million shares at $1.50 per share to institutional investors in Australia, Asia and Europe to raise $23.4 million and a placement of 23.4 million subscription receipts at $1.50 per receipt to institutional investors in North America, to raise $35.1 million.

The two tranche raising was led by Cormark and BGF Equities.  Demand for participation in the placements from institutions was reported to be high.

Funds raised will underpin development of its flagship Ayanfuri Gold project in Ghana, as well as fund exploration activities and provide working capital.

“Ayanfuri remains one of the largest gold deposits being developed by an Australian company today," said managing director Mark Calederwood.

In a statement, he said,"we are increasingly confident of becoming a significant gold producer within 20 months.”

Mark Calderwood said the company was well funded, lead engineers would soon be appointed, Government approvals were underway and project financing discussions well advanced.

"The listing on the TSX will expand our international shareholder base and over time is expected to increase trading volumes.”

Perseus has two Tier 1 gold projects (Ghana and Ivory Coast) with strong potential for growth and near-term production.

The issue of subscription receipts is subject to completion of an agency agreement with the Canadian brokers and a due diligence review, with completion anticipated on or around 5 November 2009.

Proceeds from the issue of the subscription receipts ($35.1m) will be held in escrow, with a requirement that Perseus completes a listing on the Toronto Stock Exchange (TSX) within 90 days.

The subscription receipts will be converted to ordinary shares in the Company on a one for one basis upon TSX listing.

Perseus has no debt other than short-term creditors. Cash at bank at 30 September 2009 was $60 million.  Current issued capital of the company is 303 million shares.

The company said financing discussions are well advanced for the remainder of the capital required for the Ayanfuri project completion.

The construction phase milestone is anticipated for early in 2010.

Exploration activities will be stepped up within Ghana and the Ivory Coast, with an aggressive exploration programme to increase existing 7 million ounce gold resource base, with 7 drill rigs now in operation at Ayanfuri and Tengrela (in the Ivory Coast).

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Mon, 26 Oct 2009 13:35:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/160777/perseus-mining-to-raise-585m-for-ayanfuri-gold-project-3013.html
<![CDATA[News - Perseus Mining shares spike on news of successful drilling program in Ghana ]]> https://www.proactiveinvestors.co.uk/companies/news/160776/perseus-mining-shares-spike-on-news-of-successful-drilling-program-in-ghana-2938.html Shares in West African gold developer Perseus Mining (ASX: PRU) rocketed after the company reported drilling “a number of deep holes” as part of a program at its flagship Ayanfuri Project in Ghana.
 
The Perseus share price spiked at 2.46pm, resulting in a 14.5c, or 9.1 per cent, increase to sit at $1.73.

As part of a long term drilling program at Ayanfuri the holes have been completed to test below the limits of previous resource estimates.

Located in the Ashanti Gold Belt, host to over 100Moz of gold, Perseus' Ayanfuri project and Ghana has reserves and resources of over 6 million ounces of gold.

Perseus managing director Mark Calderwood said it was pleasing to see continued success with extensional drilling on the company’s Ayanfuri gold project.

 “We maintain our commitment to resource growth and currently have a total of seven drill rigs operating at Ayanfuri and Tengrela,” Mr Calderwood said.

“Given our recent successes and the prospectivity of the projects, I am confident that there will be significant increases in resources and reserves in the year ahead.”

Three rigs are currently onsite at Ayanfuri to advance resource and reserve growth.

The first deeper hole at Fobinso returned 127m at 3.1g/t Au from 125m, including 37m at 6.8g/t Au from 126m.

The intercept grades were reasonably consistent, with low “nugget effect”.

 

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Tue, 20 Oct 2009 13:54:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160776/perseus-mining-shares-spike-on-news-of-successful-drilling-program-in-ghana-2938.html
<![CDATA[News - Perseus Mining to commence construction at 5m ounce Ayanfuri gold project in Q1 2010 ]]> https://www.proactiveinvestors.co.uk/companies/news/160775/perseus-mining-to-commence-construction-at-5m-ounce-ayanfuri-gold-project-in-q1-2010-2797.html 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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Thu, 08 Oct 2009 09:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160775/perseus-mining-to-commence-construction-at-5m-ounce-ayanfuri-gold-project-in-q1-2010-2797.html
<![CDATA[News - Perseus Mining director acquires shares ]]> https://www.proactiveinvestors.co.uk/companies/news/160774/perseus-mining-director-acquires-shares-2684.html Newly appointed Perseus Mining (ASX: PRU) Toronto-based director Sean Harvey has acquired shares in the company.

He acquired 100,000 shares in Perseus at $1.30 per share in an on-market purchase in September.

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Mon, 28 Sep 2009 14:36:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160774/perseus-mining-director-acquires-shares-2684.html
<![CDATA[News - Perseus Mining increases gold resources at Ayanfuri to 4 million ounces ]]> https://www.proactiveinvestors.co.uk/companies/news/160773/perseus-mining-increases-gold-resources-at-ayanfuri-to-4-million-ounces-1274.html Perseus Mining Limited (ASX:PRU) has increased in-pit gold resources at the Company’s Ayanfuri project in Ghana.  Gold resources have increased substantially with the completion of new pit shell optimisations taking into account recent resource upgrades and the latest operating cost estimates. The revised models, created as part of the detailed feasibility study (“DFS”) process, highlight the potential for Ayanfuri to be a significant long-life gold mine.

Total gold resources contained within optimised pit shells (“optimised resources”) range from 3.4 million ounces using a US$750 per ounce gold price to 4.0 Moz (based on US$950/oz). This compares to about 1.9 million ounces of gold in the previously announced prefeasibility study.

Given the magnitude of in-pit resources and significant exploration potential the Company has additional flexibility to either fix the scope of the project as a 4.5 Mtpa (200,000ozpa) long mine life or increase throughput towards 6Mtpa to 8Mtpa (~300,000 ozpa) in the early stages of the project life.

Managing Director Mark Calderwood commented, “There is up to 4Moz of gold within the latest pit optimisations, of which 2Moz will be included in the fast tracked DFS. This leaves considerable upside to increase the initial 4.5mtpa throughput rate of the primary process plant. The ultimate best fit is likely to be about 250,000ozpa to 300,000ozpa with throughput rates of up to 8Mtpa.”

“We are very comfortable with the initial start-up throughput rate of 4.5Mtpa and 12 years production period to cover off project finance modelling and mining approvals.”

“Exploration, which has added resources at the rate of 2Mozpa for Perseus, is currently on hold but I am confident when it resumes it will easily replace ounces mined over an extended period.”

Feasibility Study Progress

The Ayanfuri DFS is expected to be completed in July 2009 and the Company is aiming to fast track the project development to take advantage of the buoyant gold market. Given the long project life at the planned initial processing rate of 4.5Mtpa, it has been decided to base the DFS on three of the larger deposits, Abnabna-AF Gap-Fobinso, Esuajah North and Fetish, rather than the seven deposits for which the optimised pit shells have been modelled. This will provide a mine life of in excess of ten years from the three deposits and the other smaller resources will be incorporated in a later upgrade.

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Tue, 21 Apr 2009 06:45:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/160773/perseus-mining-increases-gold-resources-at-ayanfuri-to-4-million-ounces-1274.html
<![CDATA[News - Further upside for Perseus Mining with second gold project ]]> https://www.proactiveinvestors.co.uk/companies/news/160772/further-upside-for-perseus-mining-with-second-gold-project-0828.html 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.”

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Mon, 09 Feb 2009 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/160772/further-upside-for-perseus-mining-with-second-gold-project-0828.html
<![CDATA[News - Perseus Mining raises $8.5m despite tough times ]]> https://www.proactiveinvestors.co.uk/companies/news/160771/perseus-mining-raises-85m-despite-tough-times-0695.html Perseus Mining (ASX:PRU) has announced that the Company has arranged for the placement of 17 million shares at an issue price of fifty cents each to raise $8.5 million. The proceeds will be used to:

fast track completion of the Ayanfuri gold project feasibility study;recommence drilling to extend the open-ended Sissingue resource at Tengrela and advance
feasibility work on that project; andaugment working capital.

The shares were placed with institutions and sophisticated investors in Australia, Europe and North America.  The company said "the placement highlights the strong interest in the Company and its gold projects in these uncertain times."

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Wed, 21 Jan 2009 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/160771/perseus-mining-raises-85m-despite-tough-times-0695.html
<![CDATA[News - Perseus Mining study improves returns at Ghana Ayanfuri Gold Project ]]> https://www.proactiveinvestors.co.uk/companies/news/160770/perseus-mining-study-improves-returns-at-ghana-ayanfuri-gold-project-0640.html Perseus Mining (ASX:PRU) has announced that improvements to processing methods proposed for the Ayanfuri Gold project in an update to the prefeasibility study have reduced processing costs by 34% by the introduction of a flotation circuit and a coarser grind, reduced capital costs; significantly increased projected cash flows and investment returns and provided an option for earlier production from a lead-in heap leach operation for oxide and a small portion of transition material.

Further reductions in budgeted operating costs are being pursued by ongoing refinement as part of the Definitive Feasibility Study (“DFS”) now scheduled for completion in the second half of 2009.

Highlights of the Revised Projections:

Processing rate of 4.5Mtpa flotation-CIL and up to 1.4Mtpa heap leachAverage gold production of 206,000ozpa for the first 8 years of full production including 493,000ozs in the first two yearsEstimated cash cost of US$268 per oz in year 1 and US$355 per oz average over 10 yearsAverage projected operating cash surplus of US$83Mpa for 10 years, including US$106Mpa for the first two years of full production using a US$850/oz gold price Total gross operating cash surplus (before depreciation and tax but after royalties) of US$836M at a US$850 gold priceThe capital cost estimate is down 23% to US$134M with heap leach production and income to commence after capital expenditure of about US$60M on the heap leach and flotation-CIL circuitsProject payback takes about one year from completion of capital works and the estimated Internal Rate of Return (“IRR”) is 71% from the commencement of heap leachingTotal estimated capital cost is $US134.4m

Resource upgrades are currently being estimated for drilling completed in 2008. The resource upgrade is scheduled to be completed prior to the end of January 2009. Significant increases in Indicated resources are expected, along with overall increases in the total 3.9Moz resource base.

Perseus Mining was trading at 45 cents.

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Mon, 12 Jan 2009 00:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/160770/perseus-mining-study-improves-returns-at-ghana-ayanfuri-gold-project-0640.html