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PERSEUS MINING LIMITED — Capital/Financing Update 2012
Jul 8, 2012
46513_rns_2012-07-08_e55a5718-4132-4b98-b63f-e6086a0e26b3.pdf
Capital/Financing Update
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NEWS RELEASE
9 July 2012
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Exploration Update Ghana, Côte d’Ivoire Significant Intercepts from Multiple Deposits
Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an exploration update from its Edikan Gold Mine (EGM) in Ghana and Tengrela Gold Project (TGP) in Côte d’Ivoire, West Africa.
| Edikan Gold Mine (EGM) Highlights | ||
|---|---|---|
| Deeper drilling at the Esuajah South, Fetish, AF Gap and Fobinso deposits, included: | ||
| AKRDD253 | - | 81.6m at 2.0g/tAu from 300.4m. |
| AKRDD256 | - | 130.3m at 1.6g/tfrom 263m including 28m at 2.8g/t Au from 349m. |
| AKRDD257 | - | 93m at 1.7g/tAu from 190m. |
| EFDD137 | - | 34.5m at 1.9g/tfrom 278.9m and 7.3m at 1.5g/t Au from 329.4m. |
| EFDD140 | - | 9m at 5.4g/tfrom 146m,57.5m at 1.0g/tfrom 371.5m,43.0m at 1.0g/t from439m and |
| 24m at 1.7g/tAu from 505m. | ||
| ABRDD452 | - | 50m at 1.0g/tfrom 355m and25m at 3.0g/tAu from 420m. |
| AFRDD097 | - | 73m at 2.1g/t from 137m and26m at 2.8g/tfrom 215m. |
| Extensional drilling on the Chirawewa deposit, included: | ||
| CHRC307 | - | 26m at 1.4g/tfrom 16m and40m at 1.9g/tAu from 50m to the end of the hole. |
| CHRC311 | - | 2m at 14.2g/tfrom 10m and22m at 3.1g/tAu from 30m. |
| Core drilling at the Dadieso deposit included: | ||
| DDD003 | - | 12.1m at 12.4g/tfrom 31.4m including 1.3m at 101.3g/t Au from 39.1m. |
| DDD009 | - | 10.5m at 4.0g/tfrom 83.3m and 1.5m at 6.7g/t Au from 105.8m. |
| Tengrela Gold Project (TGP) Highlights | ||
|---|---|---|
| Deeper | drilling on | the Sissingué gold deposit included: |
| SD198 | - | 4m at 21.1g/t from 154m, 1m at 18.4g/t from 211m, and 15.5m at 1.4g/t Au from |
| 226.5m. | ||
| SD200 | - | 0.75m at 14.3g/tfrom 166m and3m at 18.4g/tAu from 275m. |
| SD201 | - | 47m at 2.0g/tfrom 95m, 15m at 1.7g/t from 147m and38.8m at 2.2g/tAu from 171.2m. |
| SD208 | - | 7.5m at 4.6g/tfrom 212.5m and27.6m at 2.1g/tAu from 239m. |
| SD205 | - | 5m at 16.5g/tfrom 89m including 1m at 75.3g/t Au from 91m. |
Exploration drilling at Podio, included 20m at 1.6g/t Au from 54m.
Perseus Managing Director, Mark Calderwood’s Comments
“Exploration at EGM is now at a point where, for the most part, it is well ahead of mine and infrastructure design, allowing time for a holistic review of structural controls and target generation.”
“Exploration in Côte d’Ivoire has for some time been hampered by assay turn-around and licence renewals; however both areas are expected to improve during the September quarter.”
Perseus Mining Limited ABN 27 106 808 986 30 Ledgar Road, Balcatta, Western Australia 6021 PO Box 717 Balcatta WA 6914 Telephone: (618) 9240 6344 Facsimile: (618) 9240 2406 Email address: [email protected] Website: www.perseusmining.com
Edikan Gold Mine, Ghana
The Company completed 13,447 meters of drilling at the Edikan Gold Mine and adjoining licenses during the June Quarter. Drilling activity has been reduced to two multi-purpose rigs as the focus shifted from principally resource/reserve drilling to a larger component of near-mine and district exploration drilling. This will improve assay turn-around times and free up resources for a major review comprising integrated interpretation of geochemical, geological and recent geophysical data.
Re-logging of diamond drill core and RC cuttings from a number of deposits as part of the review will provide a better understanding of geological and structural controls.
Perseus is planning to provide a Reserve update for Edikan later in July.
Significant recent drill intercepts from Edikan include:
Deeper drilling at the Esuajah South and Esuajah North deposits:
- AKRDD253 - 81.6m at 2.0g/t Au from 300.4m. AKRDD256 - 130.3m at 1.6g/t from 263m including 28m at 2.8g/t Au from 349m. AKRDD257 - 93m at 1.7g/t Au from 190m. ENRDD045 - 14.5m at 2.3g/t from 146m and 107m at 1.0g/t Au from 212.7m.
Deeper drilling and infill drilling the Fetish deposit:
EFDD137 - 34.5m at 1.9g/t from 278.9m and 7.3m at 1.5g/t Au from 329.4m. EFDD138 - 33m at 1.8g/t Au from 348m. EFDD139 - 9m at 6.3g/t Au from 92m. EFDD140 - 9m at 5.4g/t from 146m and 57.5m at 1.0g/t from 371.5m, 43.0m at 1.0g/t from 439m and 24m at 1.7g/t Au from 505m.
Deeper drilling on the AF Gap and Fobinso deposits:
- ABRDD452 - 14m at 1.0g/t from 325m, 50m at 1.0g/t from 355m and 25m at 3.0g/t Au from 420m including 14m at 4.3g/t Au from 429m.
AFRDD097 - 73m at 2.1g/t from 137m, 26m at 2.8g/t from 215m and 13m at 1.0g/t Au from 268m. FBDD140 - 41m at 1.8g/t Au from 286m.
Extensional drilling on the Chirawewa deposit:
- CHRC307 - 26m at 1.4g/t from 16m and 40m at 1.9g/t Au from 50m to the end of the hole. CHRC311 - 2m at 14.2g/t from 10m and 22m at 3.1g/t Au from 30m.
Diamond drilling on the Dadieso deposit:
- DDD003 - 12.1m at 12.4g/t from 31.4m including 1.3m at 101.3g/t Au from 39.1m. DDD009 - 10.5m at 4.0g/t from 83.3m and 1.5m at 6.7g/t Au from 105.8m.
Table 1 below contains details of intercepts.
2
Production Update – Edikan Gold Mine, Ghana
The Company’s June 2012 Quarterly report incorporating production statistics and costs for the Edikan Gold Mine will be released on 18 July.
Tengrela Gold Project, Côte d’Ivoire
The Company completed 49,578m of drilling on various prospects at the Tengrela Gold Project during the June Quarter. Assay turn around has been poor and the Company has recently dispatched samples to Ghana rather than Mali. Laboratory capacity in Côte d’Ivoire should improve when Intertek restarts its preparation laboratory shortly.
The next reserve and resource increase for Tengrela is expected to be completed December 2012 quarter.
Several anomalous exploration intercepts were recorded from the limited number of holes where results were received, including:
Deeper drilling on the Sissingué gold deposit, including:
| SD198 | - | 4m at 21.1g/t from 154m, 1m at 18.4g/t from 211m, 7m at 2.0g/t from 217m and |
|---|---|---|
| 15.5m at 1.4g/tAu from 226.5m. | ||
| SD200 | - | 0.75m at 14.3g/tfrom 166m, 8m at 1.8g/t from 240m, 10m at 1.4g/t from 262m and |
| 3m at 18.4g/tAu from 275m. | ||
| SD201 | - | 47m at 2.0g/t from 95m, 15m at 1.7g/t from 147m and 38.8m at 2.2g/t Au from |
| 171.2m. | ||
| SD208 | - | 4m at 2.5g/t from 186m, 7.5m at 4.6g/t from 212.5m, 27.6m at 2.1g/t from 239m |
| and 4.6m at 3.6g/t Au from 276.5m. | ||
| SD209 | - | 4.1m at 3.9g/t from 81.9m, 12.2m at 1.6g/t from 167.8m, 3.8m at 2.7g/t from |
| 214.9m, 20.4m at 1.5g/t from 229.7m, 16.3m at 1.3g/t from 254.8m and 0.5m at | ||
| 35.4g/t Au from 363.5m | ||
| SD205 | - | 5m at 16.5g/tfrom 89m including 1m at 75.3g/t Au from 91m. |
Exploration drilling at Podio, including:
| PLC192 | - | 20m at 1.6g/tAu from 54m. |
|---|---|---|
| PLC194 | - | 10m at 1.7g/tAu from 32m. |
| PLC208 | - | 6m at 3.6g/tAu from 64m. |
Tables 2 and 3 below contain details of intercepts.
After a review process the Ivorian Government has commenced renewing existing licences. This will progress to the conversion of Reconnaissance licences to exploration permits and then consideration of new licence applications. The Company has lodged a number of Reconnaissance licence conversion applications including those covering several significant targets that have been awaiting drilling for up to two years.
The Company is also progressing its exploitation permit application for the proposed Sissingué development. Further details on the progress of the Sissingué Gold Project will be included in the June 2012 Quarterly report.
Mark Calderwood Managing Director
3
To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone +61 8 6144 1700 or email [email protected] Nathan Ryan at telephone +61 3 9622 2159 or email [email protected] (media) Rebecca Greco at telephone +1 416 822 6483 or email [email protected] (Toronto)
About Perseus Mining Limited
Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa’s most successful gold explorers focused on under-explored gold belts in West Africa. In August 2011 Perseus became a producer at its Edikan Gold Mine (previously known as the Central Ashanti Gold Project) in Ghana. Details of the project and mine plan are set out in the technical report entitled “Technical Report – Central Ashanti Gold Project, Ghana” dated May 30, 2011.
Perseus is now also planning the development of its Sissingué Gold Project, part of the Tengrela Gold Project in Côte d’Ivoire, with production targeted for 2013. Tengrela has the potential to become a significant contributor to the Company’s goal to develop into a 400,000-ounce per annum gold producer during 2014. Details of the project are set out within “Technical Report – Tengrela Gold Project, Ivory Coast” dated December 22, 2010.
Perseus will continue its strategy of rapidly increasing its resource and reserve base during the ramp-up of the Edikan Gold Mine and development of the Sissingué Gold Project.
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Figure 1: Edikan Gold Mine mining leases
4
Table 1: EGM, Ghana, Recent Infill and Extensional Drilling
| Hole Deposit East North Depth Azm. Incl. |
From To Width Au |
|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) g/t |
| ABDD203 AF Gap 26,180 13,885 371 178 -57 |
290 292 2.0 6.7 |
| 312 346 34.0 1.0 |
|
| ABDD204 AF Gap 26,280 13,887 372 180 -65 |
215 236 21.0 1.1 |
| 244 260 16.0 2.0 |
|
| incl. | 257 258 1.0 16.1 |
| 314 315 1.0 14.0 |
|
| ABRDD452 AF Gap 26,160 13,882 447 180 -69 |
325 339 14.0 1.0 |
| 355 405 50.0 1.0 |
|
| 420 445 25.0 3.0 |
|
| incl. | 429 443 14.0 4.3 |
| incl. | 429 431 2.0 21.3 |
| CHRC307 Chirawewa 4,110 4,380 90 270 -55 |
16 42 26.0 1.4 |
| 50 90* 40.0 1.9 |
|
| CHRC311 Chirawewa 4,040 4,440 70 270 -55 |
10 12 2.0 14.2 |
| 30 52 22.0 3.1 |
|
| incl. | 46 48 2.0 20.5 |
| DDD003 Dadieso -300 -9,300 101.9 267 -50 |
31.4 43.5 12.1 12.4 |
| incl. | 39.1 40.4 1.3 101.3 |
| DDD009 Dadieso -180 -9,220 200.3 267 -50 |
83.3 93.8 10.5 4.0 |
| incl. | 83.3 83.9 0.6 12.5 |
| 105.8 107.3 1.5 6.7 |
|
| DDD010 Dadieso -180 -9,360 134.2 267 -50 |
38.3 60.5 22.2 1.0 |
| 81 98 17.0 1.7 |
|
| AKRDD253 Esuajah S. 1,754 6,220 426 90 -70 |
300.4 382 81.6 2.0 |
| incl. | 331 332.8 1.2 22.5 |
| and | 351 351.8 0.8 12.0 |
| AKRDD254 Esuajah S. 1,770 6,100 330.8 90 -70 |
287.6 325.9 38.3 1.7 |
| incl. | 292 293.3 1.3 13.0 |
| and | 323 324.0 1.0 10.3 |
| AKRDD256 Esuajah S. 1,760 6,160 426 90 -70 |
263 393.3 130.3 1.6 |
| incl. | 349 377 28.0 2.8 |
| incl. | 360.9 361.9 1.0 15.1 |
| AKRDD257 Esuajah S. 1,820 6,160 321 90 -70 |
190 283 93.0 1.7 |
| ENRDD040 Esuajah N. 2,187 7,120 396 180 -61 |
261.1 268.1 7.0 1.2 |
| 290.1 300.1 10.0 1.0 |
|
| 307.1 322.1 15.0 1.1 |
|
| 334.1 358.1 24.0 1.1 |
|
| incl. | 342.1 343.1 1.0 8.4 |
| 382.1 390.1 8.0 1.0 |
|
| ENRDD042 Esuajah N. 2,171 7,260 378 90 -63 |
278.3 284.3 6.0 1.8 |
| incl. | 278.3 279.3 1.0 8.3 |
| 290.3 310.3 20.0 1.0 |
|
| 323.3 335.3 12.0 1.4 |
|
| incl. | 332.3 333.3 1.0 8.3 |
| 356.33 362.3 6.0 1.0 |
|
| ENRDD043 Esuajah N. 2,085 7,160 498 90 -60 |
375.0 384.0 9.0 1.1 |
| 392.0 404.0 12.0 1.4 |
|
| 419.0 431.0 12.0 1.2 |
|
| incl. | 427.0 428.0 1.0 5.0 |
| 443.0 461.0 18.0 1.0 |
|
| 466.0 486.0 20.0 1.3 |
|
| ENRDD045 Esuajah N. 2,217 7,320 327 89 -59 |
146.0 153.0 7.0 1.5 |
| 187.0 201.5 14.5 2.3 |
|
| incl. | 195.5 197.0 1.5 16.8 |
| 212.7 319.7 107.0 1.0 |
|
| incl. | 275.0 277.0 2.0 17.4 |
| ENRDD046 Esuajah N. 2,110 7,220 483 89 -61 |
433.0 479.2 46.2 1.1 |
5
Table 1 (Continued): EGM, Ghana, Recent Infill and Extensional Drilling
| Hole Deposit East North Depth Azm. Incl. |
From To Width Au |
|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) g/t |
| ENRDD047 Esuajah N. 2,126 7,260 424 89 -63 |
332.0 349 17.0 1.9 |
| incl. | 346 346.7 0.2 25.1 |
| 381 408 27.0 2.4 |
|
| incl. | 403 404 1.0 45.3 |
| EFDD136 Fetish 3,440 5,500 308 270 -60 |
244 282 38.0 1.3 |
| 288 295 7.0 1.8 |
|
| EFDD137 Fetish 3,508 5,400 338 269 -60 |
278.9 313.4 34.5 1.9 |
| incl. | 278.9 281 2.1 11.8 |
| 329.4 336.7 7.3 1.5 |
|
| EFDD138 Fetish 3,629 5,260 500 267 -57 |
348 381 33.0 1.8 |
| incl. | 379 380 1.0 22.0 |
| EFRDD051 Fetish 3,585 5,200 504 270 -62 |
365 413 48.0 1.0 |
| 488 495 7.0 2.3 |
|
| EFDD139 Fetish 3,123 5,101 116 270 -61 |
92.0 101.0 9.0 6.3 |
| incl. | 92.0 93.0 1.0 15.8 |
| and | 99.0 101.0 2.0 12.6 |
| EFDD140 Fetish 3,647 5,180 534.6 268 -59 |
356.0 365.0 9.0 5.4 |
| incl. | 357.4 359.0 1.6 16.4 |
| incl. | 361.0 362.5 1.5 9.5 |
| 371.5 429.0 57.5 1.0 |
|
| 439.0 482.0 43.0 1.0 |
|
| incl. | 443.0 444.0 1.0 11.7 |
| 505.0 529.0 24.0 1.7 |
|
| AFRDD097 Fobinso 27,480 14,131 339 180 -61 |
137 210 73.0 2.1 |
| incl. | 165 166 1.0 13.6 |
| and | 199 200 1.0 33.5 |
| and | 204 205 1.0 11.0 |
| 215 241 26.0 2.8 |
|
| incl. | 219 220 1.0 42.4 |
| 268 281 13.0 1.0 |
|
| AFRDD101 Fobinso 27,500 14,120 279 180 -47 |
100 112 12.0 1.2 |
| 151 156 5.0 2.3 |
|
| 163 164 1.0 15.0 |
|
| 203 209 6.0 1.7 |
|
| 250 268 18.0 1.8 |
|
| incl. | 250 251 1.0 14.9 |
| AFRDD102 Fobinso 27,520 14,240 432 180 -69 |
296 314 18.0 2.4 |
| incl. | 296 298 2.0 14.2 |
| AFRDD103 Fobinso 27,500 14,240 435 180 -64 |
273 275 2.0 5.7 |
| 314 325 11.0 1.6 |
|
| 380 416 36.0 1.2 |
|
| FBDD139 Fobinso 27,220 14,195 343 180 -51 |
281 285 4.0 2.9 |
| 301 309 8.0 2.8 |
|
| incl. | 301 302 1.0 13.4 |
| FBDD140 Fobinso 27,180 14,195 344 180 -56 |
286.00 327.0 41.0 1.8 |
| incl. | 289.50 290.5 1.0 7.9 |
| incl. | 298.50 299.5 1.0 7.4 |
| incl. | 312.50 313.5 1.0 11.3 |
Notes
-
1) Most holes were core drilled through the mineralised zone.
-
2) Core holes sampled at 1m intervals or less to geological contacts.
-
3) Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.
-
4) High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
-
5) Only holes with combined intercepts of greater than 40 gram metres included.
-
6) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled “Technical Report – Central Ashanti Gold Project, Ghana” dated May 30, 2011.
6
-
7) The true width of intercepts from recent drilling at Fetish ranges from 65-85% of the intercept width.
-
10) The true width of intercepts from recent drilling at Esuajah North & South ranges from 50-90% of the intercept width.
-
12) The true width of intercepts from recent drilling at Chirawewa ranges from 70-80% of the intercept width.
-
13) The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 70-90% of the intercept width.
Table 2: TGP, Côte d’Ivoire, Recent Infill and Extensional Drilling
| Hole Deposit East North Depth Azm. Incl. |
From To Width Au |
|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) g/t |
| SD198 Sissingue 806,723 1,154,280 288 270 -55 |
154 158 4.0 21.1 |
| incl. | 156 157 1.0 78.9 |
| 211 212 1.0 18.4 |
|
| 217 224 7.0 2.0 |
|
| 226.5 242 15.5 1.4 |
|
| SD199 Sissingué 806,410 1,154,240 375 90 -50 |
237 246 9.0 1.3 |
| 250 258 8.0 1.5 |
|
| 262 268.1 6.1 3.4 |
|
| SD200 Sissingué 806,425 1,154,100 247.7 90 -50 |
166 166.8 0.8 14.3 |
| 240 248 8.0 1.8 |
|
| 262 272 10.0 1.4 |
|
| 275 278 3.0 18.4 |
|
| SD201 Sissingué 806,515 1,154,120 219 90 -50 |
95 142 47.0 2.0 |
| incl. | 117 118 1.0 22.0 |
| 147 162 15.0 1.7 |
|
| 171.2 210 38.8 2.2 |
|
| incl. | 191 192 1.0 15.9 |
| SD205 Sissingué 806,750 1,154,620 251.7 270 -50 |
89 94 5.0 16.5 |
| incl. | 91 92 1.0 75.3 |
| SD209 Sissingué 806,750 1,154,280 389.7 270 -50 |
167.8 180 12.2 1.6 |
| 207 218.8 11.8 1.7 |
|
| 229.7 250 20.4 1.5 |
|
| 254.8 271 16.3 1.3 |
|
| 363.5 364 0.5 35.4 |
|
| 371 378 7.0 1.1 |
|
| SD210 Sissingué 806,460 1,154,360 312 90 -50 |
170 177 7.0 2.1 |
| 187 194 7.0 2.3 |
|
| incl. | 90 191 1.0 11.3 |
| 207 212 5.0 5.7 |
|
| incl. | 208.9 211 2.1 10.6 |
| 231 240.5 9.5 2.2 |
|
| SD208 Sissingué 806,430 1,154,380 297 90 -50 |
186 190 4.0 2.5 |
| 212.5 220 7.5 4.6 |
|
| incl. | 218.0 219.0 1.0 26.2 |
| 239.0 266.6 27.6 2.1 |
|
| incl. | 255.5 256.7 1.2 8.7 |
| 276.5 281.1 4.6 3.6 |
|
| incl. | 277.2 277.6 0.4 24.5 |
| SD209 Sissingué 806,750 1,154,280 389.7 270 -50 |
81.9 86 4.1 3.9 |
| incl. | 84 85 1.0 13.9 |
| 167.8 180 12.2 1.6 |
|
| 214.9 218.8 3.8 2.7 |
|
| 229.7 250 20.4 1.5 |
|
| 254.8 271 16.3 1.3 |
|
| 363.5 364 0.5 35.4 |
|
| SD210 Sissingué 806,460 1,154,360 312 90 -50 |
170 177 7.0 2.1 |
| 187 194 7.0 2.3 |
|
| incl. | 190 191 1.0 11.3 |
| 207 212 5.0 5.7 |
|
| incl. | 208.9 211 2.1 10.6 |
| 229 246 17.0 1.7 |
7
Notes
-
1) All holes are core holes.
-
2) The type of analytical or testing utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled “Technical Report – Tengrela Gold Project, Cote d’Ivoire” dated December 22, 2010.
-
3) Drill samples were assayed by 50g fire assay by ALS Mali SARL (a division of ALS Minerals) in Bamako, Mali.
-
4) Only exploration holes with combined intercepts of greater than 40 grams metres are included.
-
5) True widths of intercepts from Sissingué range from 60% to 90% of the intercept width.
Table 3: TGP, Côte d’Ivoire, Recent Exploration Drilling
| Hole Deposit East North Depth Azm. Incl. |
From To Width Au |
|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) g/t |
| PLC192 Podio 793,720 1,109,240 80 90 -55 |
54 74 20.0 1.6 |
| incl. | 54 56 2.0 5.4 |
| PLC194 Podio 793,800 1,109,240 80 90 -55 |
32 42 10.0 1.7 |
| incl. | 38 40 2.0 6.7 |
| PLC199 Podio 793,720 1,109,160 80 90 -55 |
16 22 6.0 1.7 |
| PLC208 Podio 793,720 1,108,840 80 90 -55 |
64 70 6.0 3.6 |
| incl. | 68 70 2.0 6.6 |
Notes
-
1) All holes are RC holes.
-
2) The type of analytical or testing utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled “Technical Report – Tengrela Gold Project, Cote d’Ivoire” dated December 22, 2010.
-
3) Drill samples were assayed by 50g fire assay by ALS Mali SARL (a division of ALS Minerals) in Bamako, Mali.
-
4) Only exploration holes with combined intercepts of greater than 10 grams metres are included.
-
5) True widths of intercepts from the exploration holes are currently unknown.
The information in this report that relates to exploration results is based on information compiled by Mr Mark Calderwood, who is a Charted Professional Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-time employee of the Company. Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Perseus’s data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled “Technical Report – Central Ashanti Gold Project, Ghana” dated May 30, 2011 and the technical report entitled “Technical Report – Tengrela Gold Project, Ivory Coast” dated December 22, 2010 in respect of the Edikan Gold Mine (formerly the Central Ashanti Gold Project) and the Tengrela Gold Project, respectively.
Caution Regarding Forward Looking Information : This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine without any major disruption, development of a mine at Tengrela, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes
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that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.
Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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