05:42:42 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Perseus Mining Ltd
Symbol PRU
Shares Issued 1,034,775,424
Close 2018-07-04 C$ 0.42
Market Cap C$ 434,605,678
Recent Sedar Documents

Perseus produces 83,881 oz Au in three months

2018-07-04 18:39 ET - News Release

Mr. Jeff Quartermaine reports

PERSEUS MINING DELIVERS RECORD GOLD PRODUCTION IN JUNE 2018 QUARTER

In the period to June 30, 2018, Perseus Mining Ltd. produced a record quantity of gold from its two West African mines, and in the process has emphatically demonstrated the success of its plan to transform from a single-mine producer into a successful multimine, West African-focused explorer, developer and gold producer.

Highlights:

  • Record June, 2018, quarter gold production of 83,881 ounces, up 31 per cent on the March, 2018, quarter;
  • Record June, 2018, half-year gold production of 147,908 ounces of gold, comfortably within the previously announced production guidance range of 140,000 to 160,000 ounces of gold and 37 per cent more than in the December, 2017, half year;
  • Record annual gold production for fiscal 2018 of 255,916 ounces, 45 per cent more than in fiscal 2017 and well within previously announced production guidance range of 250,000 to 285,000 ounces of gold.

Perseus's quarterly gold production of 83,881 ounces includes 57,861 ounces from the Edikan gold mine in Ghana (the second-best quarter in the mine's 6.5-year history of commercial production) and 26,020 ounces of gold from the recently commissioned Sissingue gold mine in Cote d'Ivoire. Perseus's total production for the June, 2018, quarter was 31 per cent more than in the March, 2018, quarter and 63 per cent more than in the corresponding quarter in 2017.

On a half-year basis, Perseus produced 147,908 ounces of gold, comfortably within its previously announced production guidance range of 140,000 to 160,000 ounces of gold. This total, which includes 112,843 ounces from Edikan and 35,425 ounces from Sissingue, represents an increase of 37 per cent relative to the December, 2017, half-year gold production of 108,008 ounces and is 48 per cent more than in the June half year in 2017.

Combining the two half years of production, Perseus's annual gold production for the financial year ended June 30, 2018, was 255,916 ounces, an improvement of 45 per cent relative to the previous financial year and the best annual production in the company's history, by a significant margin.

Perseus plans to publish its full June, 2018, quarter report, including all-in site costs and year-end cash balances, on July 13, 2018.

Perseus's chief executive officer and managing director, Jeff Quartermaine, said: "Over the last 18 months, Perseus has been steadily improving its production performance at Edikan, and with our second mine, Sissingue, successfully coming on stream earlier this year, we have been able to move our production to another level, allowing us to achieve a number of production records and strong operating cash flows this quarter. This strong performance is important for Perseus in the context of our next development, the Yaoure gold mine, which we plan to start developing later this year. Based on current market conditions, it is expected that Yaoure will be financed from internally generated cash reserves and debt that is in the process of being arranged."

© 2024 Canjex Publishing Ltd. All rights reserved.