Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has extended the production timeline of the Sissingué Gold Project in Côte d’Ivoire out to March 2026 after completing an updated life of mine plan (LOMP) for the mine and its satellite deposits Fimbiasso and Bagoé.
Sissingué has routinely exceeded production expectations since it began operating and is currently forecast to produce an average 72,000 ounces a year at an all-in site cost (ASIC) of US$1,261 per ounce.
The mineral resource at the project is estimated at 7.2 million tonnes, grading 1.7 g/t for 394,000 ounces of gold as of December 31, 2021.
JORC-compliant proved and probable ore reserves total 5 million tonnes of ore at 1.8 g/t, containing 282,000 ounces of gold with ore drawn from pits at the Sissingué, Fimbiasso and Bagoé deposits.
Extended life provides material benefits
“The Sissingué Gold Mine has been an important part of Perseus’ geopolitically diversified asset portfolio since commencing commercial production in 2018 with an estimated 4.5-year mine life.” Perseus Mining managing director and CEO Jeff Quartermaine said.
“Since then, the mine has consistently produced gold in excess of forecasts and importantly, generated significant amounts of free cashflow.
“This updated LOMP incorporates the processing of ore from satellite deposits at Fimbiasso and Bagoé as well as the Sissingué Gold Mine, and results in the life of the Sissingué operation being extended out till at least March 2026 which enables Perseus to continue generating material benefits for all of our stakeholders, including the residents of our host communities at Fimbiasso and Bagoé.”
The key parameters incorporated into the Sissingué LOMP include:
About Perseus Mining
Perseus Mining operates three gold mines in West Africa, with its third mine, Yaouré, pouring its first gold in December 2020. Annual gold production is targeted to increase to more than 500,000 ounces per year by 2022.
In the June quarter, the company recorded production of 102,788 ounces, up 16% on the March 2021 quarter and up 50% on the December 2020 quarter with all three operating mines - Edikan in Ghana and Sissingué and Yaouré in Côte d’Ivoire - performing strongly.
Half-year gold production stood at 191,246 ounces and FY2021 gold production was 328,632 ounces, with both numbers exceeding the top end of their respective production guidance ranges while quarterly gold sales increased 23% to 106,899 ounces at an average realised gold price of US$1,652 per ounce, 1.5% more than the prior quarter.