Mr. Mark Calderwood reports
PERSEUS MINING LIMITED - RESOURCE UPGRADE - EDIKAN GOLD MINE, GHANA
Perseus Mining Ltd. has released an updated resource estimate for the
Edikan gold mine (EGM) in Ghana, West Africa.
Highlights
- 954,000-ounce increase in measured and indicated (M&I) mineral resources at EGM;
- M&I mineral resources at EGM now 143.9 million tonnes, containing 5.3 million ounces of gold;
- Perseus's total M&I mineral resources increased to 184.5 million tonnes containing 6.7 million ounces of gold;
- Perseus's total inferred mineral resources increased 76,000 ounces to 76.9 million tonnes containing 2.3 million ounces of gold;
- A maiden resource estimate declared for the Bokitsi deposit;
- Drilling continuing on deposits the subject of the upgrade, assay
results for 50 holes pending;
- Revised reserve estimate based on the new resource models expected to be
completed in March, 2012;
- Perseus's current reserve base at 3.9 million ounces of gold;
- Esuajah North resource upgrade will be completed in March, 2012, following
completion of a large drilling program;
- Further resource upgrades at EGM planned for 2012;
- Upcoming resource upgrade at company's Cote d'Ivoire projects planned
for June quarter 2012.
Mark Calderwood, managing director, comments:
"We achieved another significant increase in measured and indicated
resources at EGM even though assay results from 50 drill holes within
the current resource upgrade areas are pending. The historic high
conversion rate for inferred resources augurs well for future upgrades
to measured and indicated resources.
"The Esuajah North resource upgrade will be completed in March, 2012,
following completion of a large drilling program. Thirteen holes
remain to be drilled and assays for an additional 52 holes are
pending.
"The company continues its excellent track record of growing its
measured and indicated resources organically at an average rate of 1.4 million ounces
per annum over the past four years, and strong upside potential
remains.
"The company plans to ramp up exploration drilling on a number of new
targets at EGM and elsewhere in Ghana and Cote d'Ivoire during 2012."
EGM resource estimate
Drilling on the Fetish deposit during the past two years has grown the
deposit, with significant potential remaining to further expand the
resource. Measured and indicated resources at Fetish have increased 62 per cent
to 29.4 million tonnes at one gram per tonne (g/t) gold (Au) for 972,000 ounces, while inferred resources
reduced by 31 per cent to 7.5 million tonnes at one g/t Au for 248,000 ounces. Results for
15 drill holes are still pending and drilling at Fetish will continue
into 2012.
Infill drilling at Chirawewa enabled an initial indicated resource
estimate and an increase in total resources. A more comprehensive
drill out of Chirawewa will be undertaken after the deposit is
dewatered to allow better access to the pit floor. This drilling,
proposed for 2012, is in addition to results currently pending for 14
drill holes. Initial indicated resources at Chirawewa are 4.5 million tonnes at
1.1 g/t Au for 167,000 ounces and inferred resources increased 22 per cent to
8.7 million tonnes at 0.9 g/t Au for 249,000 ounces.
Limited additional exploration drilling and grade control drilling on
the Abnabna-Fobinso deposit during 2011 significantly improved the
understanding of mineralization controls of the resource model and
resulted in an increase in resources notwithstanding the 2.6 million tonnes of ore
mined to Nov. 30, 2011. Measured and indicated resources at
Abnabna-Fobinso increased 8 per cent to 72.6 million tonnes at 1.1 g/t Au for 2,515,000
ounces, while inferred resources increased 109 per cent to 11.1 million tonnes at ones g/t Au
for 362,000 ounces. Subsequent to the resource cut-off date, a 42-hole
drill program has commenced at Abnabna-Fobinso targeting conversion of
inferred resources within or near the base of the current pit design.
To date 15 holes have been completed and results are pending.
The Bokitsi deposit is a new addition to the resource inventory.
Indicated resources at Bokitsi total 2.6 million tonnes at 2.5 g/t Au containing
212,000 ounces of gold and inferred resources are 1.6 million tonnes at 1.7 g/t Au
containing 89,000 ounces of gold. Results are pending for an
additional six drill holes.
The resource estimates are shown in the associated tables.
In the new year the company will undertake new pit designs at
Abnabna-Fobinso, Fetish, Bokitsi and the yet-to-be-remodelled Esuajah
North resource. Pit designs and a reserve estimate for Chirawewa will
be delayed until later in the year, following the planned extensive
drill programs.
EGM, ABNABNA-FOBINSO, MEASURED AND INDICATED MINERAL RESOURCES
(Greater than 0.8 g/t Au (1))
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.6 1.5 26,000 0.4 1.4 18,000 1.0 1.4 44,000
Transition 0.5 1.5 24,000 0.3 1.4 15,000 0.8 1.5 39,000
Primary 28.6 1.5 1,373,000 8.4 1.3 349,000 37.0 1.5 1,722,000
Total (2) 29.6 1.5 1,423,000 9.1 1.3 382,000 37.8 1.5 1,805,000
Notes
(1) Reported at 0.8 g/t cut-off above minus 100 mRL and 1.2 g/t below
minus 100 mRL.
(2) Rounding applied to totals.
(3) Excludes ROM (run-of-mine) ore stockpiles
EGM, ABNABNA-FOBINSO, MEASURED AND INDICATED MINERAL RESOURCES
(Greater than 0.4 g/t Au (1))
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.9 1.1 34,000 0.9 1.0 27,000 1.8 1.0 60,000
Transition 0.8 1.2 30,000 0.6 1.0 21,000 1.4 1.1 51,000
Primary 47.7 1.2 1,786,000 21.7 0.9 618,000 69.3 1.1 2,404,000
Total (2) 49.4 1.2 1,850,000 23.2 0.9 666,000 72.6 1.1 2,515,000
Notes
(1) Reported at 0.4 g/t cut-off above minus 100 mRL and 0.8 g/t below minus 100 mRL.
(2) Rounding applied to totals.
(3) Excludes ROM ore stockpiles.
EGM, ABNABNA-FOBINSO, INFERRED MINERAL RESOURCES
Deposit Greater than 0.8 g/t Au (1) 0.4 g/t to 0.8 g/t Au (2) Total inferred resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.04 1.3 2,000 0.03 0.7 800 0.08 1.0 3,000
Transition 0.03 1.2 1,000 0.02 0.6 300 0.05 1.0 2,000
Primary 3.0 1.3 124,000 8.0 0.9 228,000 11.0 1.0 358,000
Total (3) 3.1 1.3 127,000 8.0 0.9 229,000 11.1 1.0 362,000
Notes
(1) Reported at 0.8 g/t cut-off above minus 100 mRL and 1.2 g/t below minus 100 mRL.
(2) Reported at 0.4 to 0.8 g/t cut-off above minus 100 mRL and 0.8 to 1.2 g/t below
minus 100 mRL.
(3) Rounding applied to totals.
EGM, FETISH, MEASURED AND INDICATED MINERAL RESOURCES
(Greater than 0.8 g/t Au)
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.01 1.1 200 0.1 1.1 4,000 0.1 1.1 4,000
Transition 0.05 1.0 2,000 0.6 1.4 27,000 0.7 1.4 29,000
Primary 4.3 1.2 167,000 11.3 1.4 518,000 15.6 1.4 685,000
Total (1) 4.4 1.2 481,000 12.0 1.4 549,000 16.4 1.4 718,000
Notes
(1) Rounding applied to totals.
EGM, FETISH, MEASURED AND INDICATED MINERAL RESOURCES
(Greater 0.4 g/t Au)
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.01 0.9 300 0.2 0.9 6,000 0.2 0.9 6,000
Transition 0.1 0.8 3,000 1.0 1.1 35,000 1.1 1.1 37,000
Primary 8.7 0.9 252,000 19.4 1.1 677,000 28.1 1.0 929,000
Total (1) 8.8 0.9 255,000 20.6 1.1 717,000 29.4 1.0 972,000
Notes
(1) Rounding applied to totals.
EGM, FETISH, INFERRED MINERAL RESOURCES
Deposit Greater than 0.8 g/t Au (1) 0.4 g/t to 0.8 g/t Au (2) Total inferred resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.03 1.8 2,000 0.03 1.8 2,000
Transition 0.1 2.2 8,000 0.1 2.2 8,000
Primary 5.1 1.2 194,000 2.2 0.6 45,000 7.3 1.0 238,000
Total (1) 5.3 1.2 204,000 2.2 0.6 45,000 7.5 1.0 248,000
Notes
(1) Rounding applied to totals.
EGM, CHIRAWEWA, MEASURED AND INDICATED MINERAL RESOURCES
(Greater than 0.8 g/t Au)
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.03 1.0 800 0.03 1.0 800
Transition 0.7 1.3 32,000 0.7 1.3 32,000
Primary 2.2 1.5 105,000 2.2 1.5 105,000
Total (1) 3.0 1.4 137,000 3.0 1.4 137,000
Notes
(1) Rounding applied to totals.
EGM, CHIRAWEWA, MEASURED AND INDICATED MINERAL RESOURCES
(Greater than 0.4 g/t Au)
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.03 0.9 900 0.03 0.9 900
Transition 1.1 1.1 38,000 1.1 1.1 38,000
Primary 3.4 1.2 128,000 3.4 1.2 128,000
Total (1) 4.5 1.1 167,000 4.5 1.1 167,000
Notes
(1) Rounding applied to totals.
EGM, CHIRAWEWA, INFERRED MINERAL RESOURCES
Deposit Greater than 0.8 g/t Au (1) 0.4 g/t to 0.8 g/t Au (2) Total inferred resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide 0.01 1.1 300 0.02 0.5 400 0.03 0.7 700
Transition 0.2 1.4 8,000 0.4 0.5 6,000 0.6 0.8 15,000
Primary 3.6 1.3 148,000 4.5 0.6 86,000 8.2 0.9 233,000
Total (1) 3.8 1.3 157,000 4.9 0.6 92,000 8.7 0.9 249,000
Notes
(1) Rounding applied to totals.
EGM, BOTIKSI, MEASURED AND INDICATED MINERAL RESOURCES
(Greater than 0.8 g/t Au)
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide and laterite 0.02 1.7 1,000 0.02 1.7 1,000
Transition 0.3 2.2 23,000 0.3 2.2 23,000
Primary 2.2 2.6 186,000 2.2 2.6 186,000
Total (1) 2.6 2.6 210,000 2.6 2.6 210,000
Notes
(1) Rounding applied to totals.
EGM, BOKITSI, MEASURED AND INDICATED MINERAL RESOURCES
(Greater than 0.4 g/t Au)
Deposit Measured resources Indicated resources Total measured and indicated
resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide and laterite 0.02 1.6 1,000 0.02 1.6 1,000
Transition 0.4 2.0 24,000 0.4 2.0 24,000
Primary 2.2 2.6 186,000 2.2 2.6 186,000
Total (1) 2.6 2.5 212,000 2.6 2.5 212,000
Notes
(1) Rounding applied to totals.
EGM, BOKITSI, INFERRED MINERAL RESOURCES
Deposit Greater than 0.8 g/t Au (1) 0.4 g/t to 0.8 g/t Au (2) Total inferred resources
Tonnes Au Au Tonnes Au Au Tonnes Au Au
(mt) (g/t) (oz) (mt) (g/t) (oz) (mt) (g/t) (oz)
Oxide and laterite 0.02 1.3 800 0.04 0.6 700 0.06 0.8 2,000
Transition 0.3 1.8 17,000 0.3 0.6 5,000 0.6 1.2 22,000
Primary 1.0 2.0 66,000 1.0 2.0 66,000
Total (1) 1.3 2.0 83,000 0.3 0.6 6,000 1.6 1.7 89,000
Notes
(1) Rounding applied to totals.
TOTAL MINERAL RESOURCES (INCLUDING RESERVES)
Deposit (cut-off g/t Au) Measured Indicated Inferred
Tonnes Au g/t Au ounces Tonnes Au g/t Au ounces Tonnes Au g/t Au ounces
(millions) (000) (millions) (000) (million) (000)
EGM -- (previously CAGP)
(1) greater than 0.8 g/t 41.0 1.5 2,057 41.7 1.5 1,944 24.8 1.4 1,095
EGM (1) 0.4 g/t to 0.8 g/t 25.5 0.7 541 35.7 0.6 731 28.8 0.7 663
Grumesa (2) greater than
0.4 (3) 25.1 0.6 471 16.4 0.5 247
Tengrela (4) greater than
1.0 g/t 0.9 3.2 90 9.1 2.5 706 3.3 1.7 171
Tengrela (4) 0.5 to 1.0 g/t 0.04 0.8 1 5.5 0.8 134 3.6 0.7 86
Totals greater than
0.8 g/t (1.0 g/t Tengrela) 41.9 1.6 2,147 50.8 1.6 2,650 28.1 1.4 1,266
Totals greater than
0.4 g/t (0.5 g/t Tengrela) 67.4 1.2 2,689 117.1 1.1 3,986 76.9 0.9 2,262
Notes
(1) Last updated in December, 2011.
(2) Last updated in December 2010.
(3) Primary reported above a 0.4 g/t Au cut-off, oxide/transition
report above a 0.2 g/t Au cut-off.
(4) Last updated in November, 2010.
(5) The company holds 90 per cent of EGM (formally CAGP), 90 per cent of Grumesa and
85 per cent of Tengrela after allowing for government equity at mining stage.
TOTAL MINERAL RESERVES
Deposit Proven Probable Total
Tonnes Au g/t Au ounces Tonnes Au g/t Au ounces Tonnes Au g/t Au ounces
(million) (000) (million) (000) (million) (000)
EGM greater than
0.4 g/t (1,2) 47.7 1.3 1,974 39.2 1.0 1,300 86.9 1.2 3,273
Tengrela greater
than 0.55 g/t (3) 9.7 2.1 657 9.7 2.1 657
Total 47.7 1.3 1,974 48.9 1.3 1,957 96.6 1.3 3,930
Notes
(1) Greater than 0.4 g/t Au cut-off for Abnabna-Fobinso, greater than 0.5 g/t Au cut-off for all
other deposits.
(2) Last updated in December, 2010.
(3) Last updated in November, 2010.
We seek Safe Harbor.
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