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PERSEUS MINING LIMITED — Interim / Quarterly Report 2007
Jul 30, 2007
46513_rns_2007-07-30_c648af2f-2581-4c75-810f-7ee0216b1292.pdf
Interim / Quarterly Report
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JUNE 2007 QUARTERLY ACTIVITY REPORT
Highlights
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260% resource increase at the Ayanfuri project in Ghana from 0.61Moz to 2.19Moz of gold.
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Total resources in Ghana now 3.0Moz; total Perseus resource base increased to 3.6Moz of gold.
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28,400m of drilling completed between April 24 and July 17 2007, including 8,800m of diamond core drilling.
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Significant high grade drill intercepts at the Tengrela project in Ivory Coast including: 8m at 113.8g/t and 4m at 175g/t Au on separate sub-zones, highlighting the potential of the Sissingue East zone.
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New zone discovered at Ayanfuri, with intercepts including 110m at 3.8g/t, 99m at 3.3g/t, 70m at 7.8g/t, 78m at 3.3g/t, 66m at 3.2g/t and 102m at 2.6g/t.
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Deeper drilling on Ayanfuri project intercepted high grade mineralisation with significant potential for open pit and underground resources, including 5m at 125.4g/t, 48m at 6.9g/t, 20m at 8.1g/t Au and 4m at 13.1g/t Au.
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Early success in regional exploration on 3,800sq km Southern Kyrgyz projects with the discovery of two potentially significant prospects.
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$11.5M raised from placement of 10 million shares at $1.15 each to institutional investors in July. The funds were raised to allow the Company to ramp up exploration and feasibility activities.
September 2007 Quarter Program
During the September 2007 Quarter Perseus proposes to:
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Complete pre-feasibility and reserve estimate for the southern Kayeya deposit on the Grumesa Gold Project in August;
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Complete Ayanfuri sizing study in September;
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Complete a resource estimate for the newly discovered AF-Gap prospect on the Ayanfuri gold project in August;
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Complete detailed airborne electromagnetic survey over Ayanfuri; and
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Further increase number of rigs working in Ghana, Ivory Coast and the Kyrgyz Republic.
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
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Overview
Active exploration on Perseus’s key projects in West Africa and the Kyrgyz Republic continues to enhance those projects. During the June quarter the Company was successful in increasing its resource base by 1.6Moz to 3.6Moz and at the same time made several potentially important discoveries.
The Grumesa heap leach pre-feasibility is nearing completion and a sizing study to determine the optimum CIL throughput for Perseus’s Ayanfuri project is progressing.
Ayanfuri Gold Project (Ghana)
129 RC and diamond holes were completed during the last three months at Ayanfuri for a total of 10,955.5m of RC and 7,101.5m of diamond core. Selected results are tabled below .
Perseus is currently undertaking extensive RC and diamond drilling to gain an understanding of the resource potential (within economic limits) of seven of the largest known gold deposits at Ayanfuri. Resource estimates were released for six deposits.
Drilling is also now extending into previously untested areas along strike from known deposits. Early success was achieved with the discovery of the high grade AF-Gap deposit and extensions to the Fetish and Chirawewa West deposits. An initial resource estimate for AF-Gap is expected to be completed in late August, subject to laboratory assay turn around times.
Gold mineralisation at Ayanfuri occurs within a series of granitoid stocks intruded along a major deformation zone, and to a lesser extent within the enclosing sheared meta-sediments. A number of shallow open cut mines were developed on the outcropping granitoid stocks towards the end of mining operations in 2001, but their depth potential was not tested at the time due to the low prevailing gold price.
A detailed airborne electromagnetic survey covering 21sq km will be flown in the September quarter to test for more granite intrusives, the host of most of the gold mineralisation at Ayanfuri.
The Ayanfuri Mine licences incorporate the Ayanfuri mine, which produced 306,400 ounces of gold from multiple open pits and an oxide ore heap leaching circuit between 1994 and 2001.
Feasibility studies are being conducted for a CIL plant operation at Ayanfuri and the Company is currently undertaking a sizing study to determine the optimum mill size for the expected large tonnages.
Current announced gold resources for the Ayanfuri project are 376,100 ounces Indicated and 1,812,800 ounces Inferred from 7 of the 19 previously mined deposits (see Table below). Low-grade resources currently total an additional 18.2Mt at 0.74g/t containing 436,000 ounces of gold.
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Mineral Resources (Gold) - Ayanfuri Gold Project
| Deposit | Indicated | Indicated | Inferred | Inferred | Inferred | |
|---|---|---|---|---|---|---|
| Tonnes | g/t Au |
Ounces Au |
Tonnes | g/t Au |
Ounces Au |
|
| EsuajahNorth(1, 5) | 5,381,000 | 1.2 | 205,900 | 8,160,000 | 1.3 | 327,800 |
| EsuajahSouth(1, 4) | 2,932,000 | 1.5 | 141,700 | 4,990,000 | 2.4 | 385,800 |
| Abnabna-Fobinso(1,6) | 10,940,000 | 1.4 | 502,800 | |||
| Ataasi(2) | 340,000 | 2.6 | 28,500 | 200,000 | 2.8 | 18,000 |
| Chirawewa(2) | 1,200,000 | 1.6 | 65,000 | |||
| Dadieso(3,7) | 2,720,000 | 1.8 | 153,400 | |||
| Fetish(1,8) | 7,594,000 | 1.5 | 360,000 | |||
| Totals | 8,953,000 | **1.4 ** | 376,100 | 35,804,000 | 1.6 | 1,812,800 |
Notes
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1 Resource Evaluations May 2007 Estimate based on Perseus, Cluff and AGC drill data
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2 Perseus Mining May 2006 Estimate based on Cluff and AGC drill data
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3 Perseus Mining June 2007 Estimate based on Perseus and AGC drill data
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4 Excludes low grade mineralisation of 4.4Mt at 1.0g/t Au
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5 Excludes low grade mineralisation of 7.3Mt at 0.6g/t Au
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6 Excludes low grade mineralisation of 1.3Mt at 0.7g/t Au
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7 Excludes low grade mineralisation of 1.1Mt at 0.9g/t Au
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8 Excludes low grade mineralisation of 4.1Mt at 0.7g/t Au
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9 Rounding applied to totals
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Tengrela Gold Project (Ivory Coast)
The 885sq km Tengrela project is located immediately south of Resolute Mining Limited’s 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 (3Moz).
During the quarter Perseus drilled 63 RC holes for 5,061.5m and 78 RAB holes for 3,543m on its 80% owned Tengrela gold project in northern Ivory Coast.
The Sissingue prospect is the first of nine regionally significant soil anomalies identified by Perseus subjected to RC Drilling. Perseus is conducting the first phase of a 50,000m RC drilling program planned for Tengrela.
RC drilling completed during the quarter tested a number of targets over a 3.9km strike of the 7km long Sissingue anomaly. Multiple mineralised intercepts were recorded, highlighting the potential of four areas:
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Sissingue prospect – Eastern zone: Due to drilling difficulties only eight holes were drilled on the main portion of the Eastern zone. Four of the eight holes intercepted significant mineralisation, while assay results are yet to be received for three holes. Gold intercepts from two separate mineralised sub-zones included 8m at 113.8 g/t Au and 16m at 44.2 g/t Au. Higher grade zones within these intervals included 2m at 438g/t and 4m at 175g/t Au respectively. Other intercepts in the same drill holes included 24m at 4.3 g/t and 10m at 2.6 g/t Au.
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Sissingue prospect – Eastern zone (south eastern extension): Eight low priority RC drill holes were drilled in an attempt to extend the eastern zone to the south east. Four holes intercepted significant mineralisation including 12m at 2.0g/t and 22m at 1.1g/t Au, extending the Eastern zone south by 80m and further east by up to 150m.
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Sissingue prospect – South zone: Two RC drill holes were drilled 750m and 950m along strike to the south of eastern zone. One of these holes had multiple intercepts including 12m at 2.2g/t Au highlighting the potential to extend the eastern zone.
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Sissingue prospect – Northern extension: Eleven RC drill holes were drilled on four traverses over a strike distance of 1.7km of the central northern portion of the Sissingue anomaly. One hole intercepted 18m at 1.3g/t and another intercepted 18m at 1.1g/t Au.
The size of the Sissingue – Eastern zone, the style of mineralisation, the presence of multiple zones of gold mineralisation and the fact that this is just a small portion of one of the nine regional gold anomalies to be tested by Perseus highlights the potential of the Tengrela gold project.
Reconnaissance RAB drilling has intercepted a new area of significant mineralisation 700m east of the Eastern zone. One hole into a second order section of the soil anomaly intercepted 8m at 1.6g/t and an open ended 10m at 1.1g/t Au.
Perseus has a net 80% interest in the Tengrela project, with 10% held by a local partner and 10% reserved for the Government at the mining stage.
The geology of the northern portion of the Syama–Boundiali greenstone belt has many similarities to the better-explored Ashanti gold belt in neighbouring Ghana, where Birimian volcaniclastics dominate over competent volcanics, with the development of inner belt basins filled with Tarkwaian epiclastics.
The Company’s RAB rig has to date completed more than 500 drill holes over 12km of strike length on three of nine significant soil anomalies identified on 75km strike of the Syama gold belt within the Tengrela permits. During 2007 the RAB rig will continue to undertake a combination of wide-spaced reconnaissance drilling of untested soil anomalies and infill drilling of areas containing significant intercepts to firm up RC drill targets.
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Previous extensive systematic exploration on the Tengrela project, including airborne geophysics and 22,500 geochemical samples, identified a series of soil anomalies over a strike length of 75km, mostly along the Syama shear. The nine main soil anomalies at Tengrela are comparable to other significant soil anomalies in the region (Syama group, Tabakoroni, Tioro, Morila) and are prime targets for follow-up exploration. The total area of these anomalies is over 40sq km, requiring staged follow-up. Importantly, the Morila-Tongon region has historically had an extremely high conversion rate of significant soil anomalies to gold discoveries.
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Grumesa Gold Project (Ghana)
The Grumesa pre-feasibility is now scheduled for completion in late August and the full feasibility is expected to be completed at the end of 2007 after delays in appointing a project manager and mechanical engineering consultants. Those positions have been filled and a maintenance superintendent experienced with the Perseus’s heap leach plant recruited to begin refurbishing it in November 2007.
Tolubay (Kyrgyz Republic)
1,679.5m of diamond drilling was completed during the quarter at the Obdilla prospect within the Tolubay licence area. As presently defined, the Obdilla prospect extends for some 2km in strike and hosts Carlin style gold mineralisation. An independently estimated Inferred resource of 10.4Mt grading 1.9 g/t gold was based on 24 diamond drillholes covering the easternmost 400m of the mineralized zone. During the quarter, a total of 7 diamond holes were collared at the prospect. Fractured ground conditions resulted in the abandonment of one drillhole and delays in completing two others. Assays are pending for two holes and one hole is currently in progress. Limited drilling completed to date indicates that that the 400m strike between the current resource and 251,200E contains fragmented gold mineralization while west of 251,100E the mineralisation in surface sampling strengthens again.
A ground EM survey was completed over the Tolubay licence area during the quarter after a similar survey over the main part of the Obdilla prospect last year successfully located the sulphide rich mineralisation which potentially hosts gold on the deposit. The recent survey tested Obdilla and the neighbouring Chatyrman, Sart-Istagan and Tolubay prospects to a depth of about 300m. Final results and documentation are expected shortly, but preliminary results have identified a number of polarisable conductors in several areas.
Two additional drilling rigs from another contractor recently increased the number of rigs on site to four and has resulted in a distinct improvement in recovery and drilling rate. The Company has plans to increase the number of rigs working on multiple targets on the Tolubay and Isfairamsai licences.
South Kyrgyz Gold Project – Regional
Perseus holds a number of exploration licences in Southern Kyrgyzstan surrounding and along strike of the Obdilla discovery. These licences contain similar stratigraphy and thrust structures to that hosting gold mineralization at Obdilla.
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Field programs were carried out on most of the licences during the quarter. Of particular note are the following:
Isfairamsai
The Isfairamsai licence lies immediately south of the Tolubay licence and has substantial outcrop of Tolubai Suite rocks, and Pyrkaff limestone, a similar setting to that hosting the Obdilla deposit.
Perseus has now completed stream sediment sampling over the licence area. A total of 242 samples were taken along the principal drainage lines – particularly targeting the areas of Tolubai Suite rocks. Assays show a number of significant anomalous sites, with clusters along drainage tracts proximal to both Tolubai Suite rocks and Devonian lithologies. The highest assay was 208 ppb gold and 46 samples (19%) assayed greater or equal to 10 ppb gold. This is a strongly anomalous population and is comparable to stream sediments originally encountered in the Obdilla area (Tolubay Licence).
The most prospective site identified to date is the Shambesai prospect, located in the far west of the licence. This prospect is situated 7km south of Obdilla on the same lithological contact where it is exposed at surface by thrusting. Stratigraphy, alteration and degree of brecciation at Shambesai is similar to Obdilla but the topography at Shambesai is relatively subdued and is more accessible for drilling. A spot rock chip on initial reconnaissance returned 3.76 g/t gold in brecciated tuffaceous siltstone. A single trench was then dug across the most exposed stratigraphy – this returned 11m at 3.70g/t gold (open-ended) . These results, together with the similarities to the Obdilla prospect, are highly encouraging. A soil sampling program has recently been completed over the prospect, and results are awaited. The initial trenching and soils program will be followed up with more extensive trenching and early drilling.
Aksu
Four prospective areas were previously identified based on Perseus stream sediment sampling, historic Soviet exploration and interpretation of Soviet airborne EM and other geophysical surveys. During the quarter soil sampling was conducted over these areas. Significant gold in soil anomalies were identified at the Mamaksai prospect, where extensive Soviet trenching for mercury mineralization was conducted. There appears to be extensive outcrops of prospective Tolubai Suite type rocks at Mamaksai. A program of infill soil sampling and trenching is planned for the September quarter.
Djingilsai
At the Kurbanbulak prospect, resampling of parts of old Soviet costeans produced a best assay of 3m at 5.83 g/t gold.
At Ulugtau, there is a large area of Tolubai Suite rocks including jasperoids, with extensive Soviet trenching. A soil sampling program was completed over the prospect during the quarter and results are awaited.
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Savoyardy (Kyrgyz Republic)
On 24 May 2007, Perseus announced that it had entered into a joint venture agreement with ASX listed Kentor Gold Limited (“Kentor”) over the Savoyardy Gold Project. Kentor can earn a 70% interest by incurring exploration expenditure of at least US$6 million over a 5 year period to 31 March 2012, and is required to spend at least US$500,000 by 31 March 2008, inclusive of 1,000 metres of drilling, before it can withdraw from the JV.
Perseus has joint ventured the Savoyardy project to allow it to focus on its large Southern Kyrgyz projects that total 3,800 sq km and its more advanced projects in Ghana and Ivory Coast in West Africa.
The Savoyardy Gold Project covers a northeast trending belt of sedimentary rocks which form part of the Southern Tien Shan thrust/fold complex. Gold mineralisation is known to occur over at least a 12km strike, and is exposed in Soviet-era costeans and adits at the Savoyardy prospect where Perseus has previously obtained channel samples including 7m at 12.9g/t, 2m at 38.9g/t and 31m at 1.7g/t Au.
Kentor plans to commence exploration in the September quarter with the construction of the final part of the access tracks and a 1,000m drilling program initially targeting the main mineralized zone as exposed in the Soviet costeans and adits.
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Mark Calderwood Managing Director
31 July 2007
The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a 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’. 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.
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Table 1: Most Significant Intercepts, June Quarter 2007 Within Limits of Existing Resources, Ayanfuri Gold Project
| Hole | North (m) |
East (m) |
Depth (m) |
Incl. **(˚) ** |
Azm. **(˚) ** |
From (m) To (m) Width (m) Au g/t |
Location |
|---|---|---|---|---|---|---|---|
| ABDD008 | 13720 |
25930 | 251.8 | -70 | 180 incl. incl. and |
86 96 10 1.2 108 183 75 3.0 126 146 20 8.1 136 138 2 29.3 145 146 1 69.8 |
Abnabna |
| ABDD009 | 13704 |
25970 | 227.8 | -63 | 90 incl. and |
103 185 82 1.2 126 143 17 1.7 159 175 16 1.9 |
Abnabna |
| ABDD012 | 13691 |
25853 | 184.7 | -60 | 180 incl. and and and and and and |
78 181 103 1.5 78 80 3 10.5 87 94 7 2.8 110 112 2 5.6 125 126 1 25.3 167 168 1 8.3 172 173 1 8.5 180 181 1 7.1 |
Abnabna |
| ADD014 | 6200 | 2060 | 401.1 | -65 | 270 incl. and incl. and and |
125 401.1 276.1 1.6 178 186 8 2.3 199 295 96 2.7 208 210 2 16.1 253 270 17 5.7 343 345 2 9.9 354 364 10 2.4 364 399 35 0.5 399 401.1 2.1* 1.4 |
Esuajah South |
| ADD015 | 6280 | 2066 | 334.1 | -50 | 268 incl. incl. and and |
82.1 107 24.9 1.5 93 97 4 4.5 107 147 40 0.4 147 217 70 1.3 147 159 12 1.7 182 185 3 3.3 207 210 3 7.1 |
Esuajah South |
| ADD016 | 6280 | 2066 | 388.9 | -63 268 incl. and and and and incl. high grade and and |
102 388.9 285.9 2.3 131 141 10 2.9 185 227 42 2.2 249 297 48 6.9 306 309 3 7.0 371 382 11 5.1 249 255 6 17.8 270 279 9 11.9 292 297 5 14.3* |
Esuajah South | |
| ADD023 | 5200 | 3375 | 260.3 | -50 270 Incl. and |
183 231 48 2.5 183 196 13 4.4 225 231 6 6.3 |
Fetish | |
| ADD027 | 6280 | 1867 | 230 | -60 90 Incl. |
96 216 120 1.3 111 127 16 3.6 |
Esuajah South | |
| ADD028 | 6200 | 1875 | 230.1 | -65 90 |
93 110 17 1.0 128 136 8 1.2 146 168 22 1.1 208 209 1 102.9 |
Esuajah South |
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Table 1: Most Significant Intercepts, June Quarter 2007 (continued) Within Limits of Existing Resources, Ayanfuri Gold Project
| Hole | North (m) |
East (m) |
Depth (m) |
Incl. **(˚) ** |
Azm. **(˚) ** |
From (m) To (m) Width (m) Au g/t |
Location |
|---|---|---|---|---|---|---|---|
| ADD032 | 6140 | 2033 | 300.1 | -62 | 270 Incl. |
131 296 165 2.2 177 273 96 3.0 |
Esuajah South |
| AKRC064 | 5160 | 3390 | 170 | -70 | 270 | 0 170# 170 0.7 |
Fetish |
| AKRC065 | 5200 | 3410 | 150 | -62 | 270 | 0 150# 150 1.0 16 102 86 1.3 |
Fetish |
| AKRC066 | 5200 | 3380 | 150 | -62 | 270 | 0 150# 150 0.6 |
Fetish |
- denotes ended in mineralisation
denotes entire drill hole
only holes with intercepts above 100 gram metres included
Table 2: Significant RC Drill intercepts, AF-Gap Prospect, Ayanfuri Gold Project, Ghana
| Hole | North (m) |
East (m) |
Depth (m) |
Incl. **(˚) ** |
Azm. **(˚) ** |
From (m) To (m) Width (m) Au g/t |
|---|---|---|---|---|---|---|
| ABRC048 | 13640 | 26200 | 100 | -50 | 360 incl. |
8 28 20 1.2 16 20 4 3.6 68 82 14 0.6 98 100* 2 1.5 |
| ABRC060 | 13780 | 26260 | 132 | -50 | 180 | 66 132 66 0.6 |
| ABRC061 | 13740 | 26260 | 102 | -50 | 180 incl. |
16 102* 86 2.2 16 74 58 2.7 |
| ABRC062 | 13700 | 26260 | 100 | -50 | 180 | 16 100* 86 1.7 |
| ABRC063 | 13660 | 26260 | 100 | -50 | 180 | 12 40 28 1.8 |
| ABRC049 | 13690 | 26300 | 107 | -50 | 360 incl. |
8 107* 99 3.3 8 74 66 4.0 |
| ABRC056 | 13680 | 26300 | 99 | -50 | 180 | 8 12 4 1.7 |
| ABRC057 | 13720 | 26300 | 100 | -50 | 180 incl. |
16 94 78 3.3 24 62 38 5.9 |
| ABRC058 | 13760 | 26300 | 150 | -50 | 180 incl. |
0 20 20# 1.1 40 142 102 2.6 52 114 62 3.3 |
| ABRC059 | 13800 | 26300 | 178 | -50 | 180 incl. |
68 178* 110 3.8 88 172 86 4.4 |
| ABRC064 | 13690 | 26340 | 100 | -50 | 180 | 16 20 4 1.3 |
| ABRC065 | 13730 | 26340 | 60 | -50 | 180 | 12 46 34 1.9 |
| ABRC066 | 13770 | 26340 | 100 | -50 | 180 | 20 100 80 2.3 |
| ABRC067 | 13810 | 26340 | 100 | -50 | 180 incl. |
70 100 30 3.0 80 100 20 3.6 |
| ABRC029 | 13750 | 26400 | 59 | -50 | 360 incl. |
16 49 33 1.3 28 34 6 3.6 50 56 6 2.5 |
| ABRC050 | 13751 | 26401 | 71 | -50 | 360 incl. |
16 70 54 1.4 48 60 12 3.3 |
| ABRC068 | 13830 | 26400 | 100 | -50 | 180 incl. |
44 100 56 1.1 62 72 10 2.0 |
| ABRC076 | 13750 | 26400 | 100 | -50 | 180 incl. |
8 74 66 3.2 70 72 2 71.0 |
| ABRC077 | 13790 | 26400 | 100 | -50 | 180 incl. and |
0 100^ 100 1.1 70 80 10 2.4 90 94 4 7.5 |
| ABRC078 | 13800 | 26440 | 78 | -50 | 180 | 48 56 8 1.6 66 74 8 1.3 |
| ABRC079 | 13840 | 26440 | 90 | -50 | 180 incl. |
28 32 4 1.6 52 82 30 7.8 72 74 2 103.6 |
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Table 2: Significant RC Drill intercepts, AF-Gap Prospect, Ayanfuri Gold Project, Ghana (Continued)
| Hole | North (m) |
East (m) |
Depth (m) |
Incl. **(˚) ** |
Azm. **(˚) ** |
From (m) To (m) Width (m) Au g/t |
|---|---|---|---|---|---|---|
| ABRC085 | 13760 | 26440 | 141 | -50 | 180 | 118 141* 23 1.8 |
| ABRC082 | 13850 | 26515 | 84 | -50 | 180 | 66 82 16 0.9 |
| ABRC083 | 13876 | 26515 | 84 | -50 | 180 | 70 78 8 1.5 |
| ABRC084 | 13830 | 26620 | 102 | -50 | 180 incl. and |
6 102^ 96 1.4 66 84 18 2.2 92 102* 10 3.6 |
| ABRC073 | 13850 | 26660 | 30 | -50 | 180 | 28 30* 2 3.7 |
| ABRC074 | 13810 | 26660 | 100 | -50 | 180 | 60 80 20 1.8 |
| ABRC072 | 13880 | 26700 | 100 | -50 | 180 incl. |
20 98 78 1.2 74 90 16 2.2 |
| ABRC081 | 13920 | 26700 | 100 | -50 | 180 | 68 76 8 1.8 |
| ABRC089 | 13820 | 26740 | 102 | -50 | 180 | 12 16 4 10.1 68 82 14 1.0 |
| ABRC026 | 13860 | 26740 | 80 | -55 | 180 Incl. |
10 80* 70 0.5 24 28 4 2.0 |
| ABRC090 | 13900 | 26740 | 126 | -50 | 180 Incl. |
50 104 54 2.3 50 72 22 4.3 |
| ABRC025 | 13890 | 26780 | 120 | -60 | 180 | 40 52 12 0.8 114 120* 6 3.4 |
| ABRC088 | 13810 | 26780 | 66 | -50 | 180 | 60 66* 6 0.9 |
| AFRC021 | 13830 | 26840 | 102 | -50 | 180 | 82 88 6 3.2 |
| AFRC023 | 13880 | 26880 | 102 | -50 | 180 | 72 76 4 3.2 |
| AFRC024 | 13840 | 26880 | 102 | -50 | 180 | 12 28 16 1.5 |
| ABRC027 | 13870 | 26920 | 41 | -50 | 180 | 4 28 24 1.7 |
| ABRC028 | 13868 | 26920 | 24 | -50 | 180 | 8 20 12 1.6 |
| Incl. | 12 18 6 2.4 |
|||||
| AFRC026 | 13800 | 26920 | 102 | -50 | 180 | 60 62 2 2.4 |
| AFRC028 | 13878 | 26920 | 108 | -50 | 180 | 8 20 12 1.2 |
| AFRC029 | 13919 | 26920 | 102 | -50 | 180 | 40 76 36 1.0 |
- denotes ended in mineralisation
denotes intercept in waste dump
^ denotes entire drill hole sampled
Table 3: Drill Intercepts, Chirawewa Main Zone, Ayanfuri Gold Project
| Hole | North (m) |
East (m) |
Depth (m) |
Incl. **(˚) ** |
Azm. **(˚) ** |
From (m) To (m) Width (m) Au g/t |
|---|---|---|---|---|---|---|
| AKRC079 | 4632 | 4260 | 138 | -45 | 270 incl. and and |
60 62 2 1.8 74 76 2 1.6 104 136 24 1.4 112 114 4 3.0 120 128 8 1.8 134 136 2 4.2 |
| ADD024 | 4560 | 4290 | 247.9 | -50 | 270 incl. incl. and |
47.2 48.8 1.6 2.0 56.4 77 20.6 0.5 88 100 12 1.1 99.1 100 0.9 7.6 129 133 4 13.1 129 130 1 37.6 131 132 1 11.5 168 169 1 1.7 200 201 1 2.1 |
14
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\ASX Quarterly Report June 2007.doc
Table 3: Drill Intercepts, Chirawewa Main Zone, Ayanfuri Gold Project (Continued)
| Hole | North (m) |
East (m) |
Depth (m) |
Incl. **(˚) ** |
Azm. **(˚) ** |
From (m) To (m) Width (m) Au g/t |
|---|---|---|---|---|---|---|
| ADD025 | 4590 | 4280 | 208.8 | -48 | 270 incl. and |
22.9 37 14.1 0.5 61 62 1 1.6 97 147 50 0.7 147 152 5 125.4 147 148 1 605.0 151 152 1 20.8 |
| 196 200 4 1.1 |
Table 4: Results of Full Assays March Quarter Drilling - Tengrela Gold Project, Ivory Coast
| Hole | North (m) |
East (m) |
Depth (m) |
Azm. **(˚) ** |
Incl. **(˚) ** |
From (m) To (m) Width (m) Au g/t# |
Au g/t^ |
|---|---|---|---|---|---|---|---|
| SRC006 | 1153920 | 806784 | 80 | 90 | -60 | 59 61 2 6.9 |
7.0 |
| SRC007 | 1154074 | 806740 | 80 | 90 | -60 | 22 24 2 8.3 |
8.4 |
| SRC008 | 1154081 | 806778 | 80 | 90 | -60 | 50 52 2 2.1 |
2.1 |
| SRC009 | 1154197 | 806070 | 96 | 90 | -60 incl. and |
24 96 72 0.4 30 36 6 1.1 54 58 4 1.5 |
0.6 1.2 1.6 |
| SRC010 | 1154200 | 806099 | 95 | 90 | -60 | 32 38 6 3.0 |
3.4 |
| SRC011 | 1154203 | 806271 | 100 | 90 | -60 incl. |
50 52 2 2.8 90 100 10 0.8 96 100* 4 1.2 |
3.5 1.1 1.5 |
| SRC012 | 1154199 | 806298 | 82 | 90 | -60 incl. and |
12 28 16 4.0 12 14 2 22.1 24 28 4 4.0 |
5.3 29.9 5.3 |
| SRC014 | 1154200 | 806619 | 86 | 90 | -60 incl. and and |
22 86 64 2.3 22 48 26 2.3 54 68 14 5.3 80 86 6 3.5 |
3.1 2.5 7.5 5.1 |
| SRC015 | 1154157 | 806619 | 100 | 90 | -60 incl. and |
55 100 45 0.7 70 80 10 1.2 98 100 2 1.3 |
0.8 1.4 1.5 |
| SRC016 | 1154162 | 806657 | 96 | 90 | -60 incl. |
78 94 16 3.4 82 92 10 4.7 |
4.9 6.7 |
| SRC018 | 1154160 | 806740 | 99 | 90 | -60 incl. |
66 72 6 1.6 82 96 14 2.6 90 94 4 4.2 |
2.3 4.2 10.9 |
| SRC019 | 1154400 | 806625 | 54 | 90 | -60 | 6 20 14 1.6 40 48 8 2.6 |
1.9 3.0 |
| SRC020 | 1154400 | 806674 | 96 | 90 | -60 incl. |
14 30 16 1.0 66 92 26 1.6 78 88 10 2.7 |
1.2 2.0 3.0 |
| SRC021 | 1154400 | 806585 | 48 | 90 | -60 incl. and |
20 48* 28 1.3 30 40 10 2.2 42 44 2 4.0 |
1.5 2.7 4.4 |
| SRC002A | 1153997 | 806547 | 80 | 90 | -60 | 18 32 14 1.8 |
2.7 |
| SRC019B | 1154405 | 806625 | 100 | 90 | -60 | 12 14 2 3.1 40 42 2 2.2 |
3.6 2.7 |
| SRC021A | 1154403 | 806584 | 72 | 90 | -60 incl. incl. |
20 36 16 1.0 20 28 8 2.1 44 64 20 1.0 44 48 4 1.9 60 64 4 2.6 |
1.5 2.5 1.3 2.3 3.1 |
15
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\ASX Quarterly Report June 2007.doc
Table 4: Results of Full Assays March Quarter Drilling - Tengrela Gold Project, Ivory Coast (Continued)
| Hole | North (m) |
East (m) |
Depth (m) |
Azm. **(˚) ** |
Incl. **(˚) ** |
From (m) To (m) Width (m) Au g/t# |
Au g/t^ |
|---|---|---|---|---|---|---|---|
| SRC024 | 1154600 | 806020 | 80 | 90 | -60 | 36 38 2 1.6 52 54 2 1.4 |
1.8 1.7 |
| SRC025 | 1154600 | 806630 | 68 | 90 | -60 incl. |
20 32 12 1.0 24 30 6 1.5 40 56 16 0.4 64 68* 4 0.8 |
1.2 1.7 0.4 0.9 |
| SRC025a | 1154598 | 806628 | 74 | 90 | -60 | 6 12 6 0.7 26 30 4 2.1 54 58 4 0.6 68 72 4 0.9 |
0.7 2.3 0.7 0.9 |
| SRC026 | 1154600 | 806330 | 80 | 90 | -60 | 12 14 2 1.1 |
1.3 |
| 56 60 4 1.5 |
1.7 |
- denotes ended in mineralisation Assay sample intervals typically 2m
denotes bottle roll recovered grade only ^ denotes full calculated grade based on fire assay results of bottle roll tails
Table 5: Summary of June Quarter RC Drilling - Tengrela Gold Project, Ivory Coast
| Hole | North (m) |
East (m) |
Depth (m) |
Azm. **(˚) ** |
Incl. **(˚) ** |
From (m) To (m) Width (m) Au g/t# |
|---|---|---|---|---|---|---|
| SRC027 | 1154800 | 806103 | 84 | 90 | -60 | 58 60 2 3.3 |
| SRC030 | 1155300 | 806120 | 100 | 90 | -60 | 58 76 18 1.1 |
| SRC033A | 1155600 | 806001 | 80 | 90 | -60 incl. |
54 72 18 1.3 54 62 8 2.1 |
| SRC037 | 1153198 | 807284 | 90 | 90 | -60 incl. |
22 24 2 1.3 38 40 2 1.1 72 84 12 2.2 74 80 6 3.6 |
| SRC040 | 1153840 | 806821 | 84 | 90 | -60 incl. |
10 30 20 0.7 14 20 6 1.3 |
| SRC043 | 1154320 | 806740 | 82 | 90 | -60 incl. |
0 12 12 1.1 8 12 4 1.7 66 70 4 0.8 |
| SRC044 | 1154319 | 806700 | 90 | 90 | -60 incl |
24 32 8 113.8 24 26 2 438 80 90* 10 2.6 |
| SRC046 | 1154319 | 806620 | 86.5 | 90 | -60 incl. incl. |
12 36 24 4.3 18 20 2 39.1 50 66 16 44.2 58 62 4 175 |
| SRC047 | 1153920 | 806935 | 88 | 90 | -60 incl. |
64 86 22 1.1 64 66 2 3.6 |
| SRC049 | 1153920 | 806860 | 86 | 90 | -60 | 20 24 4 1.2 |
| SRC050 | 1153923 | 806820 | 84 | 90 | -60 incl. |
56 68 12 2.0 60 64 4 3.6 |
| SRC055 | 1153920 | 806160 | 80 | 90 | -60 | 60 62 2 2.9 |
| SRC062 | 1154080 | 806080 | 80 | 90 | -60 | 76 80* 4 1.4 |
| SRC071 | 1154200 | 806040 | 84 | 90 | -60 | 22 28 6 1.1 |
16
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\ASX Quarterly Report June 2007.doc
Table 5: Summary of June Quarter RC Drilling - Tengrela Gold Project, Ivory Coast (Continued)
| Hole | North (m) |
East (m) |
Depth (m) |
Azm. **(˚) ** |
Incl. **(˚) ** |
From (m) To (m) Width (m) Au g/t# |
|---|---|---|---|---|---|---|
| SRC072 | 1154200 | 806080 | 78 | 90 | -60 | 68 72 4 1.5 |
| SRC073 | 1154200 | 806120 | 54 | 90 | -60 incl. |
16 20 4 10.2 18 20 2 20.0 |
| SRC078 | 1154240 | 806040 | 78 | 90 | -60 | 28 30 2 2.7 |
| SRC084 | 1154400 | 806700 | 63 | 90 | -60 | AP |
| SRC085 | 1154320 | 806540 | 60 | 90 | -60 | AP |
NSI denotes no significant intercepts * denotes ended in mineralisation Samples assayed by 50g fire assay
Table 6: Drilling Summary – Obdilla Prospect – Tolubay Gold Project, Kyrgyz Republic
| Hole | North (m) |
East (m) |
Depth (m) |
Incl. **(˚) ** |
Azm. **(˚) ** |
From (m) To (m) Width (m) Au g/t |
|---|---|---|---|---|---|---|
| ZDDH049 | 4447587 | 251107 | 121.5 | -90 | 360 | NSI abn. |
| ZDDH051 | 4447502 | 251408 | 144.0 | -90 | 360 | Inprogress hole collapse |
| ZDDH052 | 4447444 | 251220 | 328.0 | -90 | 360 | 23 26 3 2.5 71.4 78 6.6 2.3 184 191 7 1.2 207 208 1 1.2 Inprogress hole collapse |
| ZDDH053 | 4447441 | 251555 | 418.5 | -50 | 045 | 62.5 63.3 0.8 1.7 159 170 11.0 1.0 191 194 3.0 1.5 212 418.5 assayspending |
| ZDDH054 | 4447365 | 251200 | 248.0 | -30 | 360 incl. |
76.2 85 8.8 0.7 109 113.3 4.3 2.5 134.8 138.6 3.8 1.4 195 223.3 28.3 1.4 217.5 223.3 5.8 2.8 |
| ZDDH055 | 4447440 | 251200 | 68.0 | -70 | 360 incl. and and |
20 56 36 1.0 20 26 6 1.4 30 34 4 1.4 49 54 5 1.4 |
| ZDDH056 | 4447365 | 251200 | 209 | -50 | 360 | assayspending |
| ZDDH057 | 4447441 | 251555 | 264 | -80 | 360 | Inprogress |
All samples were assayed by fire assay NSI denotes not significant mineralisation Abn. denotes abandoned
17
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\ASX Quarterly Report June 2007.doc
Appendix 5B Mining exploration entity quarterly report
Appendix 5B
Mining exploration entity quarterly report
Name of entity
PERSEUS MINING LIMITED
| ABN 27 106 808 986 Consolidated statement of cash flows |
Quarter ended (“current quarter”) | Quarter ended (“current quarter”) | |
|---|---|---|---|
| 30 June 2007 | |||
| Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) exploration and evaluation (b) development (c) production (d) administration 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other – Deposits held re drilling programs Net Operating Cash Flows |
Current quarter $A’000 |
Year to date (12 months) $A’000 |
|
| - (4,040) - - (239) - 151 - - - |
- (10,378) - - (1,010) - 376 - - 165 |
||
| (4,128) | (10,847) | ||
| Cash flows related to investing activities 1.8 Payment for purchase or renewal of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans repaid to other entities 1.11 Loans repaid by other entities 1.12 Other – Insurance recoveries on fixed assets 1.12 Other - Bank guarantees held Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) |
- - (257) - - - (3) - - (1,201) |
- (600) (361) - 2,709 5 (34) 2 22 (1,201) |
|
| (1,461) | 542 | ||
| (5,589) | (10,305) |
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\Appendix 5B Jun 07 - Perseus.doc
18
Appendix 5B Mining exploration entity quarterly report
| 1.13 Total operating and investing cash flows (brought forward) |
(5,589) | (10,305) |
|---|---|---|
| Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from borrowings 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other – share issue expenses Net financing cash flows |
408 - - - - - |
10,636 - - - - (559) |
| 408 | 10,077 | |
| Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Exchange rate adjustments to item 1.20 1.22 Cash at end of quarter |
(5,181) 10,720 (180) |
(228) 6,000 (413) |
| 5,359 | 5,359 |
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
| 1.23 1.24 |
Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 |
Current quarter $A'000 |
|---|---|---|
| 189 | ||
| - | ||
| 1.25 | Explanation necessaryfor anunderstanding of thetransactions | |
| A$’000 Directors fees, consultancy charges and remuneration 148 Accounting, secretarial and occupancy expenses 41 |
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\Appendix 5B Jun 07 - Perseus.doc
19
Appendix 5B Mining exploration entity quarterly report
Non-cash financing and investing activities
- 2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
N/A.
- 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
N/A
Financing facilities available
Add notes as necessary for an understanding of the position.
| 3.1 Loan facilities 3.2 Credit standby arrangements |
Amount available $A’000 |
Amount used $A’000 |
|
|---|---|---|---|
| - | - | ||
| - | - |
Estimated cash outflows for next quarter
| 4.1 Exploration and evaluation 4.2 Development |
$A’000 |
|---|---|
| 4,500 | |
| - | |
| Total | 4,500 |
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\Appendix 5B Jun 07 - Perseus.doc
20
Appendix 5B Mining exploration entity quarterly report
Reconciliation of cash
| Reconciliation of cash | ||
|---|---|---|
| Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to therelateditemsin theaccountsisasfollows. |
Current quarter $A’000 |
Previous quarter $A’000 |
| 5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (provide details) |
467 | 391 |
| 4,892 | 10,329 | |
| - | - | |
| - | - | |
| Total: cash at end of quarter(item 1.22) | 5,359 | 10,720 |
At 30 June 2007, the Company had US$1 million (approximately AUD$1.2m) held in a bank deposit which is subject to a lien and is collateral for a bank guarantee that is proposed to be issued to the Ghana EPA in relation to environmental rehabilitation provisions concerning a Ghana mineral permit. This deposit amount is not included in cash balances at the quarter end for the purposes of this cash flow statement.
Changes in interests in mining tenements
| 6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased |
Tenement reference | Nature of interest |
Interest at beginning ofquarter |
Interest at end of quarter |
|---|---|---|---|---|
| None | ||||
| N/A. | - |
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\Appendix 5B Jun 07 - Perseus.doc
21
Appendix 5B Mining exploration entity quarterly report
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
| Total number | Number quoted | Issue price per security (cents) |
Amount paid up persecurity (cents) |
|
|---|---|---|---|---|
| 7.1 Preference +securities (description) 7.2 Changes during quarter |
- | - | - | - |
| - | - | - | - | |
| 7.3 +Ordinary securities 7.4 Changes during quarter Exercise of options Exercise of options Exercise ofoptions |
117,513,166 | 117,513,166 | ||
| 822,216 50,000 410,000 |
822,216 50,000 410,000 |
20 cents 26 cents 50 cents |
20 cents 26 cents 50 cents |
|
| 7.5 +Convertible debt securities (description) 7.6 Changes during quarter |
- | - | - | - |
| - | - | - | - | |
| 7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Cancelled/Expired during quarter |
26,337,784 945,000 400,000 400,000 12,165,000 600,000 150,000 |
22,637,784 - - - - - - |
Exercise price 20 cents 26 cents 45 cents 50 cents 50 cents 50 cents 65 cents |
Expiry date 31/03/2009 01/12/2008 06/06/2009 06/06/2009 29/02/2008 01/04/2010 30/05/2010 |
| 600,000 150,000 |
- - |
50 cents 65 cents |
01/04/2010 30/05/2010 |
|
| (822,216) (50,000) (410,000) |
642,216 - - |
20 cents 26 cents 50 cents |
31/03/2009 01/12/2008 29/02/2008 |
|
| - | - | |||
| 7.11 Debentures (totals only) |
- | - | ||
| 7.12 Unsecured notes (totals only) |
- | - |
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\Appendix 5B Jun 07 - Perseus.doc
22
Appendix 5B Mining exploration entity quarterly report
Compliance statement
-
1 This statement has been prepared under accounting policies, which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
-
2 This statement gives a true and fair view of the matters disclosed.
==> picture [169 x 71] intentionally omitted <==
Sign here: Print name: Mark Calderwood Managing Director
Date: 31 July 2007
F:\PUBLIC\Perseus Mining Limited\Accounts Quarterly\2007\Jun 2007\Appendix 5B Jun 07 - Perseus.doc
23