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PERSEUS MINING LIMITED — Interim / Quarterly Report 2009
Oct 29, 2009
46513_rns_2009-10-29_8ec5a70d-0b2f-48d4-a6cb-0ea51716f231.pdf
Interim / Quarterly Report
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QUARTERLY REPORT
30 October 2009
Exchanges :
ASX : PRU
Börse Frankfurt: P4Q
Issued Shares : 303.4M
Unlisted
Options : 11.4M
Cash at bank (Sept 09) $61M
Reserves:
Ghana
2.1Moz
Resources:
Ghana
4Moz
Ivory Coast
1Moz
SEPTEMBER 2009 QUARTERLY ACTIVITY REPORT
Highlights
Ayanfuri - Ghana
Significant progress has been made on the pre-development stage for the Ayanfuri Gold Project, including:
-
Fixed lump sum tender prices received for process plant engineering contract - three of the four prices were within the DFS estimate.
-
Perseus awarded Lump Sum Contract to a JV between South African companies DRA and Group Five for construction of Ayanfuri process facility. The tender price is lower than the feasibility estimate and the indicated construction timeline provides potential for early completion.
-
The Company has committed to immediate funding of design and equipment expenditure and expects to provide access to site in Q1 2010.
-
Indicative financing term sheets received and negotiations have commenced.
-
Mining Licence renewal application and Draft EIS presented to Ghanaian Government Authorities.
-
Recruitment of key personnel has commenced.
Exploration and resource drilling is continuing with three rigs currently on site. Highlights for the September quarter include:
-
Deeper drilling below existing pits confirms continuation of mineralisation below the limit of existing resource estimates.
-
High grade results were encountered over significant widths at Fobinso. Results for one deeper hole included 127m at 3.1g/t Au, including 37m at 6.8g/t Au.
Tengrela - Ivory Coast
A total of 9,643m of RC and diamond drilling and 10,062m of RAB drilling was completed on the Sissingue prospect and its extensions. Highlights for the quarter were:
-
High grade intercepts including 20m at 65.5g/t, 14m at 28.7g/t, 15m at 15.1g/t and 32.8m at 4.9g/t Au
-
RAB drilling discovered further mineralisation along strike to the north of Sissingue.
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Corporate
The Company has also expanded the Board of Directors with the appointment of two non-executive directors:
T. Sean Harvey - Based in Toronto, Canada, Mr. Harvey will use his extensive experience in the investment banking and resource sectors to assist the Company as it seeks to broaden global market awareness in North America. For the last 10 years Sean has been a senior officer or director of various TSX listed mining companies including current directorships of Andina Minerals Inc., Moto Goldmines Limited and previous directorships with Orvana Minerals Inc., TXV Gold Inc. and Atlantico Gold.
Michael Bohm - An experienced mining professional with extensive international corporate, project and operational management experience. A graduate of the WA School of Mines, Michael has worked as a mining engineer, mine manager, project manager and project director and has been directly involved in a number of project developments in the gold, nickel and diamond sectors. Michael has sat on the boards of ASX, TSX and AIM-listed companies, including previous directorships at Ashton Mining of Canada (TSX) and Sally Malay Mining Limited (ASX), and is currently the Managing Director of AIM-listed Herencia Resources plc.
In October Perseus announced a $58.5 million capital raising at $1.50 per share which was heavily sought after by leading Australian and international institutions. The $35.1 million Canadian portion of this raising is subject to Perseus listing on the Toronto Stock Exchange (“TSX”) within three months. The TSX listing will assist in expanding the Company’s shareholder base and provide added exposure to leading institutional resource investors.
Program for the December Quarter
During the December Quarter Perseus plans to:
At Ayanfuri
-
Complete the Environmental Impact Statement public hearing for Ayanfuri Gold Project.
-
Nominate a lead financier.
-
Continue infill and extensional drilling.
At Tengrela
-
Continue exploration resource drilling at Sissingue.
-
Commence detailed metallurgy for the Sissingue deposit.
-
Carry out follow up drilling of regional targets.
Overview
Perseus is an advanced West African gold explorer with its two most advanced projects at different stages of evaluation and development:
Ayanfuri – Part of the Central Ashanti Gold Project, Ayanfuri comprises a group of large gold deposits with reserves and resources totalling more than 5M ounces located in the central Ashanti gold belt in Ghana. The Ayanfuri feasibility study for Phase 1 development has been completed, confirming robust economics for the project, which is now at the pre-development stage.
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Tengrela – is an underexplored project with a current initial 1.0 million ounce open-ended gold resource on one of a number of prospects and significant upside potential. A preliminary economic scoping study was completed in February 2009 and resource drilling will continue throughout 2009.
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Ghana
Ayanfuri Gold Project Development
Engineering Tender
The eight-week long tender process for the ‘Lump Sum’ construction of the 5.5mtpa Ayanfuri process facility ended on 29 September 2009. Four conforming tenders were received, three of which were competitively priced and within the Definitive Feasibility Study (“DFS”) estimate of US$148M.
Perseus has subsequently issued a letter of intent to a Joint Venture (“JV”) between DRA Mineral Projects (Pty) Ltd (“DRA”) and Group Five Projects (Pty) Ltd, agents for Group Five Construction (Pty) Ltd (Group Five) on a Lump Sum turnkey basis.
The JV was selected as the combined strength of DRA and Group Five provides extensive relevant experience to the project. DRA are a well established and respected South African based design engineering group with more than 200 professional engineers, while Group Five employs over 12,000 people and has extensive gold process plant construction experience in Africa and more particularly in Ghana. The combined experience will provide a strong team dedicated to achieving the project milestones.
The successful tender included a process facility design identical to the DFS, at a cost less than the US$88M allocated to it in the DFS.
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The relatively low cost for the 5.5Mtpa process facility at Ayanfuri is achievable mainly due to the coarse grind size (P80 of 212 micron), small CIL circuit and quick construction time. The award provides for fine tuning of the capital costs before project documentation signing, at which stage the quantum of the potential saving to the DFS estimate can be advised.
The Company has agreed to fund up to US$30M for immediate expenditure requirements related to initial design, long lead items and site construction commencement.
Project Financing
Nine financial institutions submitted indicative terms sheets for funding participation in the project. Perseus’s financial adviser, Noah’s Rule, has confirmed an excellent level of competition amongst the financiers and the process of ‘short listing’ has commenced. The selection of the lead financier is scheduled to occur by the end of November 2009.
In August Perseus took an initial step in the execution of its Ayanfuri Project finance strategy by purchasing gold put options (“Puts”) maturing over 2012 and 2013 for US$9.1 million. The Puts are over 100,000 ounces, representing approximately 22% of planned production in that period, enabling the Company to sell those ounces at US$850/oz should the prevailing price be less, or at prevailing spot prices if they are higher, thus providing a cost effective method of underpinning Perseus’s project financing objectives whilst maintaining maximum flexibility and upside.
The purchase of the put options has significantly reduced the requirement for committed hedging (forward sales) to support the proposed debt. As a result, the Company expects committed hedging, if applied, will not exceed 10% of reserves.
Approvals
The draft Environmental Impact Statement has been submitted to the Ghanaian EPA and a request for a mining lease extension incorporating the DFS mine plan has been submitted to the Minerals Commission.
The Government approval process is progressing and the Company expects to be able to provide access to site for the JV in Q1 2010.
Management Additions
The Company is in the process of assembling its team for the construction and mining operation. During the last 3 months the Company has recruited a Principal Metallurgist and an Accra based Commercial Manager for the project.
Exploration
6,846m of RC and diamond drilling was completed at Ayanfuri and Grumesa during the September Quarter. A number of deeper drill holes have been completed to test below the limits of previous resource estimates.
Results to date at Ayanfuri have confirmed the continuation of gold mineralisation of generally similar tenor, except for the Fobinso deposit, where high grade gold mineralisation was encountered over a substantial width. Core hole FBDD041, the first deeper hole at Fobinso, returned 127m at 3.1g/t Au
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from 125m, including 37m at 6.8g/t Au from 126m. The true widths of the intercepts are about 110m and 32m respectively. Holes 40m on either side of core hole FBDD041 also encountered significant but weaker gold mineralisation. The high grade shoot is associated with strong quartz veining in a flexure zone within the granite host rock. Although apparently limited in strike length by drilling to date, this new high grade shoot is open at depth.
The current pit design at Fobinso is to about 100m vertical depth, however mineralisation intercepted in FBDD041 extends from 10m to 120m below that pit design.
Results for recent deeper Ayanfuri holes are contained in Table 1.
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Mining Licences - Ayanfuri Gold Project, Ghana
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Tengrela Gold Project (Ivory Coast)
A total of 9,643m of RC and diamond drilling and 10,062m of RAB drilling were completed at the Sissingue prospect in the September Quarter. The less than expected drill progress is currently being addressed with the addition of further rigs.
Further significant RC and diamond drill results for the September quarter included:
SRC 637 - open ended 68m at 21.3g/t Au from 10m including 20m at 65.5g/t Au from 58m; SRC 674 - 14m at 28.7g/t Au from 48m including 8m at 49.4g/t Au from 48m; SD 073 - 86m at 3.2g/t Au from 85m; SD 074 - 14.3m at 2.0g/t Au from 52m and 32.8m at 4.9g/t Au from 73m; SD 075 - 15m at 15.1g/t Au from 102m including 1m at 217.3g/t Au from 110m; SRC 638 - 78m at 1.7g/t Au from surface to the end of the hole; SD 076 - 13.5m at 3.8g/t Au from 45.7m, assays pending from 100m; SRC652 - 20m at 3.5g/t Au from 52m; SRC650 - 8m at 1.8g/t Au from 14m and 16m at 3.2g/t Au from 40m; SRC667 - 16m at 3.6g/t Au from 14m, and SRC676 - open ended 2m at 34.4g/t Au from 68m and 24m at 1.6g/t from 28m.
Drill hole SRC637 was sited 15m from previously announced SRC046, which intercepted 4m at 175g/t plus 24m at 4.3g/t Au, and 95m from SRC044 which intercepted 8m at 113.8g/t Au. Mineralisation intercepted in SRC637 and SRC046 is likely to be the same zone, whilst mineralisation intercepted in SRC044 is probably a separate zone. Significant intercepts from other recent holes are set out in Table 2.
RAB drilling 4.5 km along strike to the north of the previous northern limit of the Sissingue zone intercepted significant mineralisation, including 16m at 1.1g/t and 4m at 10.3g/t Au. Additional drilling will be undertaken between Sissingue and the recent discovery to test potential below transported cover.
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Central Sissingue Prospect – Tengrela Project, Ivory Coast
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Mark Calderwood Managing Director 30 October 2009
To discuss any aspect of this announcement, please contact Robert Williams at telephone +61 2 9332 4448 or email [email protected] or Mark Calderwood at telephone +61 8 9240 6344 or email [email protected]
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.
Statements regarding the Company’s plans with respect to its mineral properties are forward-looking statements. There can be no assurance that the plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to convert Inferred resources to Indicated resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.
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Table 1: Summary of Recent Deeper Drilling – Ayanfuri Gold Project Ghana
| Hole Deposit East North Depth |
Azm. | Incl. | From To Width |
Au | ||
|---|---|---|---|---|---|---|
| (m) (m) (m) |
(°) | (°) | (m) (m) (m) |
g/t | ||
| ADD151 Fetish 3520 5160 601 |
270 | -75 | 258 430 172 |
1 | ||
| incl | 277 288 11 |
4.6 | ||||
| incl | 277 278 1 |
22 | ||||
| 553 564 11 |
2.3 | |||||
| 587 598 11 |
1.9 | |||||
| AKRDD231 Esuajah S 1750 6240 591.4 |
90 | -82 | 386 406 20 |
1.4 | ||
| 431 447 16 |
1.1 | |||||
| 454 470 16 |
1 | |||||
| 485 497 12 |
1.4 | |||||
| 524 549 25 |
1.7 | |||||
| 560 575 15 |
1.1 | |||||
| AKRDD233 Esuajah N 2210 7280 510.5 |
90 | -80 | 331 348 17 |
1.0 | ||
| 405 451 46 |
1.6 | |||||
| incl | 437 447 10 |
4.2 | ||||
| incl | 437 439 2 |
15.2 | ||||
| ABDD108 AF-Gap 26440 13980 359 |
180 | -60 | 259 300 41 |
1.1 | ||
| 306 335 29 |
1.0 | |||||
| 343 349 6 |
1.0 | |||||
| ABRDD384 AF-Ga 26400 13946 3663 |
180 | -60 | 1948 345 1502 |
16 | ||
p . |
. . |
. | ||||
| incl. | 264 280 16 |
4.3 | ||||
| and | 316 334 18 |
3.8 | ||||
| ABRDD385 AF-Gap 26360 13959 432 |
180 | -57 | 224 234 10 |
0.8 | ||
| 239 243 4 |
1.4 | |||||
| 250 263 13 |
0.8 | |||||
| 287 295 8 |
1.1 | |||||
| 304 308 4 |
1.9 | |||||
| 337 388 51 |
1.3 | |||||
| ABRDD386 Abnabna 26030 13819 393.1 |
180 | -60 | 199 216 17 |
0.9 | ||
| 228 283 55 |
1.7 | |||||
| incl. | 279 280 1 |
18.2 | ||||
| 289 322 33 |
1.4 | |||||
| 335 341 6 |
1.3 | |||||
| 363 378 15 |
1.6 | |||||
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Table 1 (continued) Summary of Recent Deeper Drilling – Ayanfuri Gold Project, Ghana
| Hole Deposit East North Depth Azm. Incl. |
From To Width |
Au | ||
|---|---|---|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) |
g/t | ||
| ABRDD387 AF-Gap 26050 13800 396.2 180 -67 |
174 195 21 |
1.4 | ||
| 237 275 38 |
1.1 | |||
| 208 218 10 |
1.1 | |||
| 227 231 4 |
2.0 | |||
| 247 359 112 |
1.3 | |||
| incl. | 255 256 1 |
65.2 | ||
| ABRDD388 Abnabna 25970 13780 330.2 180 -65 |
194 223 29 |
1.4 | ||
| incl. | 222 223 1 |
17.2 | ||
| 237 299 62 |
1.2 | |||
| incl. | 297 298 1 |
12.5 | ||
| 306 320 14 |
0.9 | |||
| ABRDD389 Abnabna 25990 13855 387.2 179 -55 |
248 252 4 |
1.2 | ||
| 265 271 6 |
1.2 | |||
| 276 302 26 |
1.3 | |||
| incl. | 301 302 1 |
12.8 | ||
| 309 327 18 |
1.0 | |||
| 337 354 17 |
0.8 | |||
| FBDD041 Fobinso 27380 14070 270.5 179 -60 |
125 252 127 |
3.1 | ||
| incl | 127 164 37 |
68 | ||
| . | . | |||
| incl. | 128 131 3 |
11.1 | ||
| and | 141 150 9 |
12.5 | ||
| and | 160 164 4 |
12.0 | ||
| FBDD042 Fobinso 27420 14080 260 180 -60 |
138 149 11 |
0.9 | ||
| 192 228 36 |
1.4 | |||
| incl. | 208 217 9 |
3.1 | ||
| incl. | 215 216 1 |
15.9 | ||
| 246 249 3 |
2.4 | |||
| FBDD043 Fobinso 27340 14070 274 180 -60 |
153 166 13 |
1.0 | ||
| 172 181 9 |
1.1 | |||
| 187 195 8 |
1.0 |
Notes
- All mineralised intervals were sampled using diamond drill core sampled at 1m sample intervals and analysed using fire assay.
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– Table 2: Significant RC and Diamond Drill Intercepts Sissingue Prospect, Ivory Coast
| Hole East North Depth Azm. Incl. |
From To Width Au |
||
|---|---|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) g/t |
||
| SRC600 806560 1154440 80 270 -55 |
50 80* 30 1.2 |
||
| SRC601 806525 1154580 50 270 -55 |
36 50* 14 1.9 |
||
| SRC612 806260 1154800 80 270 -55 |
40 48 8 2.1 |
||
| SRC614 806260 1155000 72 270 -55 |
4 16 12 1.0 |
||
| SRC615 806220 1155000 30 270 -55 |
10 20 10 2.1 |
||
| SRC621 806100 1154560 80 270 -55 |
8 32 24 1.7 |
||
| incl. | 28 30 2 12.4 |
||
| 76 78 2 34.7 |
|||
| SRC636 806636 1154320 54 90 -60 |
30 54 24 1.8 |
||
| incl. | 52 _54 _2 15.6* |
||
| SRC637 806606 1154320 80(3) 90 -60 |
10 78 68 21.3* |
||
| incl. | 24 26 2 28.9 |
||
| and | 58 78 20 65.5 |
||
| incl. | 60 74 14 82.9 |
||
| incl. | 60 62 2 137.7 |
||
| and | 70 74 4 122.7 |
||
| SRC638 806640 1154295 78 270 -55 |
0 78 78 1.7 |
||
| incl. | 60 62 2 17.3 |
||
| SRC641 806660 1154340 70 270 -55 |
18 20 2 6.8 |
||
| 32 54 22 1.1 |
|||
| SRC642 806620 1154340 80 270 -55 |
6 40 34 1.1 |
||
| SRC643 806680 1154300 66 270 -55 |
44 52 8 1.6 |
||
| SRC644 806720 1154300 74 270 -55 |
54 64 10 1.4 |
||
| SRC645 806760 1154300 72 270 -55 |
4 14 10 1.1 |
||
| SRC646 806715 1154320 66 90 -60 |
62 66* 4 3.8 |
||
| SRC648 806380 1154320 78 270 -55 |
60 78* 18 2.1 |
||
| SRC649 806645 1154240 45 90 -50 |
20 28 8 2.6 |
||
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– Table 2 (cont): Significant RC and Diamond Drill Intercepts Sissingue Prospect, Ivory Coast
| Hole East North Depth Azm. Incl. |
From To Width Au |
||
|---|---|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) g/t |
||
| SRC650 806680 1154200 63 270 -50 |
14 22 8 1.8 |
||
| 40 56 16 3.2 |
|||
| SRC651 806775 1154003 35 270 -55 |
10 20 10 1.1 |
||
| SRC652 806820 1154000 80 270 -55 |
52 72 20 3.5 |
||
| incl. | 52 54 2 15.6 |
||
| SRC653 806805 1153960 35 270 -55 |
14 28 14 1.0 |
||
| SRC665 806720 1154120 80 270 -60 |
18 30 12 2.0 |
||
| SRC667 806642 1154123 90 270 -60 |
14 30 16 3.6 |
||
| incl. | 14 16 2 21.4 |
||
| SRC669 806442 1154200 80 270 -50 |
32 52 20 2.0 |
||
| SRC674 806875 1154080 90 270 -55 |
48 62 14 28.7 |
||
| incl. | 48 56 8 49.4 |
||
| incl. | 50 52 2 171.1 |
||
| SRC675 806805 1154160 80 270 -55 |
36 38 2 6.0 |
||
| SRC676 806117 1154120 70 270 -50 |
28 52 24 1.6 |
||
| 68 70 2 34.4* |
|||
| SRC677 807080 1153880 68 270 -55 |
30 50 20 1.0 |
||
| SRC682 807360 1153200 80 270 -55 |
50 60 10 2.5 |
||
| SRC683 807340 1153230 80 270 -55 |
50 56 6 2.7 |
||
| SRC686 807340 1153360 87 270 -55 |
30 32 2 7.4 |
||
| SD073 806540 1154120 230.1 90 -52 |
85 171 86 3.2 |
||
| incl. | 85 86 1 23.7 |
||
| and | 107 108 1 35.1 |
||
| and | 129 135 6 8.7 |
||
| and | 169 170 1 10.4 |
||
| SD074 806595 1154120 137.1 90 -51 |
31.5 37.5 6 1.7 |
||
| 52 66.3 14.3 2.0 |
|||
| 73 105.8 32.8 4.9 |
|||
| incl | 79 81 2 36.7 |
||
| and | 94 95 1 10.7 |
||
| and | 103 105.8 2.8 13.3 |
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– Table 2 (cont): Significant RC and Diamond Drill Intercepts Sissingue Prospect, Ivory Coast
| Hole East |
North Depth Azm. Incl. |
From | To Width Au |
||
|---|---|---|---|---|---|
| (m) | (m) (m) (°) (°) |
(m) | (m) (m) g/t |
||
| SD075 806865 |
1154000 137.1 270 -57 |
102 | 117 15 15.1 |
||
| incl | 110 | 111 1 217.3 |
|||
| SD076 806565 |
1154240 200.1 90 -52 |
45.7 | 59.2 13.5 3.8 |
||
| incl | 51.6 | 54 2.4 10.7 |
|||
| 73 | 81 8 1.3 |
||||
| 100 | 200 assays pending |
||||
| SD076 806565 |
1154240 200.1 90 -52 |
110 | 131 21 2.4 |
||
| incl. | 117 | 121 4 7.5 |
|||
| incl. | 120 | 121 1 15.7 |
|||
| SD077 806600 |
1154320 119.2 90 -62 |
13.4 | 17.9 4.5 1.4 |
||
| 27 | 30 3 2.4 |
||||
| 43.6 | 81 37.4 2.3 |
||||
| incl. | 48.1 | 57.2 9.1 4.6 |
|||
| 108 | 110 2 8.5 |
||||
| incl. | 109 | 110 1 12.8 |
|||
| SRCOX001 806580 |
1154400 68.7 90 -60 |
68 | 68.7 0.7 21.8 |
||
| SRCOX002 806620 |
1154200 699 90 60 |
0 | 92 92 09 |
||
. - |
. . . |
||||
| 28.2 | 43.6 15.4 2.7 |
||||
| incl. | 33.7 | 34.7 1 18.4 |
|||
| 52 | 53.9 1.9 17.8 |
||||
| 60 | 62 2 11.3 |
Notes:
-
RC results are fire assays of 2m composite samples; diamond results are fire assays from 1m samples.
-
Intercepts of greater than 10 gram metres are reported.
-
Only 78m of 80m hole were assayed due to the loss of the final sample, the last 2m of the hole has subsequently been resampled and assays are pending.
-
- denotes open ended intercept
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- Table 3: Anomalous RAB Drill intercepts Sissingue
| Hole East North Depth Azm. Incl. |
From To Width Au |
||
|---|---|---|---|
| (m) (m) (m) (°) (°) |
(m) (m) (m) g/t |
||
| SRB752 803699 1161000 45 270 -60 |
20 36 16 1.1 |
||
| SRB753 803679 1161000 35 270 -60 |
4 8 4 10.3 |
||
| SRB873 807517 1155000 53 270 -60 |
8 12 4 1.6 |
||
Note: RAB results are fire assays from 4m composite samples.
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Table 4: Mineral Reserves (Gold) - Perseus Mining Limited Projects
| Deposit | Proven | Proven | Probable | Probable | Probable | Total | Total | ||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes | g/t | Ounces | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces | |
| (million) | Au |
Au | (million) | Au |
Au | (million) | Au |
Au | |
| Ayanfuri >0.5g/t(1) |
18.4 | 1.4 | 828,000 | 37.2 | 1.1 | 1,313,000 | 55.5 | 1.2 | 2,141,000 |
| Notes |
1) Last updated on 30 July 2009
Table 5: Mineral Resources (Gold) - Perseus Mining Limited Projects (excluding reserves)
| Deposit | Measured & Indicated | Measured & Indicated | Measured & Indicated | Inferred | Inferred | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes (million) |
g/t Au |
Ounces Au |
Tonnes (million) |
g/t Au |
Ounces Au |
Tonnes (million) |
g/t Au |
Ounces Au |
|||
| Ayanfuri >0.8g/t(1) |
15.8 | 1.5 | 764,000 | 30.2 | 1.5 | 1,441,000 | 46.0 | 1.5 | 2,205,000 | ||
| Ayanfuri 0.4g/t- 0.8g/t(1) |
14.1 | 0.6 | 267,000 | 31.9 | 0.7 | 691,000 | 46.0 | 0.6 | 958,000 | ||
| Tengrela(2) >1.0g/t |
6.0 | 2.0 | 379,000 | 9.6 | 1.9 | 591,000 | 15.7 | 1.9 | 970,000 | ||
| Grumesa Sth>0.4 / 0.6g/t(3) |
7.1 | 0.9 | 195,000 | 1.9 | 0.8 | 46,000 | 9.0 | 0.8 | 241,000 | ||
| Grumesa Nth>0.4g/t(4) |
21.4 | 0.8 | 573,000 | 21.4 | 0.8 | 573,000 | |||||
| Totals>0.8g/t | 28.9 | 1.4 | 1,338,000 | 41.7 | 1.5 | 2,078,000 | 70.7 | 1.5 | 3,416,000 | ||
| Totals >0.4g/t | 43.0 | **1.2 ** | 1,605,000 | 95.0 | **1.1 ** | 3,342,000 | **138.1 ** | **1.1 ** | 4,947,000 | ||
| Notes |
1) Last updated on 30 July 2009
2) Maiden resource announced on 27 November 2008
3) Last updated on 30 April 2007
4) Last updated on 29 September 2006 5) The Company holds 90% of Ayanfuri, 90% of Grumesa and 80% of Tengrela after allowing for Government equity at mining stage
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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 |
Quarter ended (“current quarter”) |
| 27 106 808 986 | 30 September 2009 |
Consolidated statement of cash flows
| 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 Net Operating Cash Flows |
Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| - (3,402) - - (651) - 401 (8) - - |
- (3,402) - - (651) - 401 (8) - - |
|
| (3,660) | (3,660) | |
| 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 to other entities 1.11 Loans repaid by other entities 1.12 Other - Purchase of gold put options 1.12 Other Net investing cash flows 1.13 Total operating and investing cash flows (carried forward) |
- (833) (118) - - 1 - 41 (10,889) - |
- (833) (118) - - 1 - 41 (10,889) - |
| (11,798) | (11,798) | |
| (15,458) | (15,458) |
16
Appendix 5B Mining exploration entity quarterly report
| 1.13 Total operating and investing cash flows (brought forward) |
(15,458) | (15,458) |
|---|---|---|
| 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 (note below) Net financing cash flows |
20 - - - - (2,538) |
20 - - - - (2,538) |
| (2,518) | (2,518) | |
| 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 |
(17,976) 79,876 (1,274) |
(17,976) 79,876 (1,274) |
| 60,626 | 60,626 |
1.19 – Issue costs relating to capital raising concluded in prior period
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
| Payments to related entities of the entity and associates of the | related entities |
|---|---|
| 1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10 |
Current quarter $A'000 |
| 203 | |
| - |
| 1.25 | Explanation necessaryfor anunderstanding of thetransactions |
|---|---|
| A$’000 Directors fees, consultancy charges and remuneration 152 Accounting, secretarial and occupancy expenses 51 |
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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
On 30 July 2009 Perseus announced the results of the Definitive Feasibility Study for the Ayanfuri Gold Project in Ghana. Consequently, in accordance with the terms of the purchase of the Ayanfuri Gold Project, Perseus Mining Limited issued 2 million shares and 2 million options to the vendor on 13 August 2009 for a total deemed value of $3.14 million.
-
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
| Estimated cash outflows for next quarter | |
|---|---|
| 4.1 Exploration and evaluation 4.2 Development |
$A’000 |
| 6,000 | |
| 17,000 | |
| Total | 23,000 |
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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 the related items in the accounts is as follows. |
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) |
738 | 1,293 |
| 59,888 | 78,581 | |
| - | - | |
| - | - | |
| Total: cash at end of quarter(item 1.22) | 60,626 | 79,876 |
At 30 September 2009, the Company had US$2.258 million (approximately AUD$2.5 million at the date of this report) held in bank deposits which are subject to lien and are provided as collateral for bank guarantees issued to the Ghana EPA in relation to environmental rehabilitation provisions concerning some Ghana mineral permits. These deposit amounts are 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 |
|---|---|---|---|---|
| N/A. | ||||
| N/A. |
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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 Non-cash issue as vendor consideration Exercise of options |
300,487,088 | 300,487,088 | ||
| 2,000,000 30,000 |
2,000,000 30,000 |
92.5 cents 65 cents |
92.5 cents 65 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 |
2,250,000 1,000,000 525,000 3,800,000 1,000,000 600,000 2,640,000 2,000,000 150,000 |
- - - - - - - - - |
Exercise price 40 cents 80 cents 50 cents $1.50 $1.00 $1.00 65 cents 60 cents $1.30 |
Expiry date 30/11/2009 31/12/2009 01/04/2010 31/07/2010 31/12/2010 30/06/2011 23/01/2012 13/08/2011 29/09/2012 |
| 2,000,000 150,000 |
- - |
60 cents $1.30 |
13/08/2011 29/09/2012 |
|
| (30,000) | - | 65 cents | 23/01/2012 | |
| - | - | - | - | |
| 7.11 Debentures (totals only) |
- | - | ||
| 7.12 Unsecured notes (totals only) |
- | - |
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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.
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Sign here: Print name: Mark Calderwood Managing Director
Date: 30 October 2009
21