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PERSEUS MINING LIMITED Interim / Quarterly Report 2009
46513_rns_2009-04-29_d64f036b-cfe8-4a1d-8c4c-5243644ac9bc.pdf
Interim / Quarterly Report
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QUARTERLY REPORT
30 April 2009
Exchanges:
ASX : PRU
Börse Frankfurt: P4Q Highlights
Issued Shares: 206.5M
Unlisted Options: 12.2M
Cash at bank (Mar 09) $10.7M
Resources:
Ghana
6.1Moz
Ivory Coast
1.0Moz
Feasibility Next updates
Ghana Q2 2009
MARCH 2009 QUARTERLY ACTIVITY REPORT
Ayanfuri - Ghana
The Definitive Feasibility Study ("DFS") work is on track for completion in July 2009. Key advances to the end of March included:
- Completion of metallurgical test-work required for design criteria, including confirmation of amenability of oxides to the Gravity flotation-CIL (GFIL) process method, which removes the requirement for an oxide heap leach circuit.
- Throughput rate for design criteria set at 4.5Mtpa for primary ore.
- Total Ayanfuri indicated and inferred gold resource increased to 5.3 million ounces.
- Completion of pit optimizations with results indicating reserve potential in excess of 3.5million ounces of gold.
- Completion of preliminary pit and waste dump designs and scheduling to enable mining contractor pricing of Stage 1 in-pit resources of about 2 million ounces.
- Major capital items priced, with no material variation to previous total estimate.
- Larger resource highlights the potential to expand operations at an early stage of production.
Tengrela - Ivory Coast
A scoping study for the partially drilled Sissingue gold deposit on the Tengrela Project highlighted the development potential for the Company's second project. The study results based on a gold price of US$850/oz were:
- 514,000oz produced for first 4 years at a cash cost of US$396/oz;
- 838,000oz of gold production over 8.3 years at cash cost of US$452/oz;
- A capital cost estimate of US$89M, with a payback of 17 months;
- IRR of 57% and a NPV of US$130M using a 10% discount; and
- Estimated EBITDA of US$315M, including US$221M in the first four years.
Program for the June Quarter
During the June Quarter Perseus plans to:
Ayanfuri
- Complete final stage of DFS compilation including detailed cash-flow modelling
- Declare initial measured resources
Tengrela
- Step up resource drilling at Sissingue
- Complete detailed target review utilizing 2008 ground and airborne geophysics and comprehensive geochemical database
Overview
Perseus is an advanced West African gold explorer undertaking feasibility studies on its two most advanced projects:
- Ayanfuri comprises a group of large gold deposits with resources totalling +5M ounces located in the central Ashanti gold belt in Ghana. The Ayanfuri DFS (Central Ashanti Gold Project) is at an advanced stage, with a final production decision expected later in 2009.
- Tengrela is an underexplored project with a current initial 1.0M ounce open-ended gold resource and significant upside potential. A preliminary economic scoping study was completed in February 2009 and resource drilling will continue throughout 2009.
| Detailed Feasibility | Nominal | Target | Comment |
|---|---|---|---|
| Section | % Completed | % Completed | |
| 31 March 2009 | 30 June 2009 | ||
| Geology - resources | 80% | 100% | awaiting results of infill drilling |
| Geology - documentation | 80% | 100% | awaiting calculation |
| of Measured resources | |||
| Mining - geotechnical | 95% | 100% | |
| Mining - reserve estimate | 50% | 90% | awaiting pit designs and scheduling |
| Mining - cost estimate | 25% | 80% | contractor submissions |
| Mining - documentation | 25% | 90% | |
| Metallurgy - composite test-work | 80% | 100% | |
| Metallurgy - variability test-work | 25% | 80% | |
| Process - design Criteria | 95% | 100% | |
| Process - design | 85% | 100% | |
| Process - operating cost estimate | 75% | 100% | |
| Process - capital Cost estimate | 50% | 100% | major items prices already |
| Process - documentation | 20% | 80% | |
| Environmental - base line | 35% | 100% | |
| Environmental - draft EIS | 25% | 90% | |
| Infrastructure - engineering | 50% | 100% | |
| Infrastructure - cost estimation | 50% | 90% | |
| Cash-flow modelling | 20% | 75% | |
| Full documentation | 90% | expected during July 2009 |
Table 1: Summary of Feasibility Progress – Ayanfuri Gold Project
Ayanfuri Gold Project (Ghana)
Feasibility Study
Work on the various stages of the Ayanfuri DFS is progressing on schedule for its planned completion in July 2009.
The definition metallurgical testwork is near completion, the Process Design criteria have been fixed and the process flowsheets finalised. Variability and minor optimisation test-work is continuing and is expected to be substantially completed by 30 June 2009.
Engineering design-work is well advanced, allowing for equipment selection and pricing to be advanced. All major equipment items have been priced. The proposed plant layout has a very small footprint for the throughput, with the efficiencies reflected in both capital and operating costs.
The major infrastructure items have been identified and scopes of work completed. The existing infrastructure at the old Ayanfuri mine site will be refurbished to provide a timely start to mine development.
The capital costing exercise, which aims to produce an estimate accurate to ± 15%, is well advanced and has not identified any major variations to the previously announced prefeasibility study figures.
Additional resource estimation work was completed in February and March (see Exploration below). The revised models, created as part of the detailed feasibility study ("DFS") process, highlight the potential for Ayanfuri to be a significant long-life gold mine.
Pit optimisations were undertaken on seven deposits at a range of gold prices, using updated cost inputs and a variety of scenarios which included and excluded the current inferred resources. Resultant in-pit gold resources increased substantially over those used for the prefeasibility study (see Tables 5 and 6).
Total gold resources contained within optimised pit shells ("optimised resources") range from 3.4 million ounces using a US$750 per ounce gold price to 4.0 Moz (based on US$950/oz). This compares to about 1.9 million ounces of gold in the previously announced prefeasibility study.
Given the potential long project life at the planned initial processing rate of 4.5Mtpa, it has been decided to base the DFS on three of the larger deposits, Abnabna-AF Gap-Fobinso, Esuajah North and Fetish, rather than the seven deposits for which the optimised pit shells have been modelled. This will provide a mine life of in excess of ten years from the three deposits and the other smaller resources will be incorporated in a later upgrade. Only Measured and Indicated resources will be modelled in the DFS.
By limiting the DFS in this way, regulatory approvals and the design process will be streamlined and capital costs will be kept at manageable levels.
Based on optimised resources to date, the Company is targeting reserves of 3.5Moz by the time production commences, with further additions over time based on the significant exploration potential.
These additional resources will be the catalyst for the mine expansion study to commence after the DFS is completed.
The mining section of the DFS is expected to be completed in June 2009. Pit and waste dump design and mine scheduling are in progress and a number of mining contracting companies have been invited to present formal price estimates.
Exploration
Two resource upgrades were announced for Ayanfuri during the Quarter, the first on 9 February and the second on 19 March 2009.
Total indicated resources at Abnabna-Fobinso, Fetish, Esuajah North and Esuajah South increased 83% from 1.72 million ounces to 3.15 million ounces of contained gold, principally as a result of extensive infill drilling undertaken during 2008.
Total resources increased from 3.93Moz to 5.28Moz, representing a 34% increase. Exploration potential remains significant. The updated gold resources for Ayanfuri are set out in Tables 3 and 4.
Limited infill drilling of portion of the AF-Gap deposit commenced during the quarter and was completed in April 2009. The close-spaced infill drilling (10m x 15m) was undertaken at the request of independent consultants, Runge Limited, to enable geostatistical analysis to be completed as a prerequisite for the re-classification of a portion of Indicated resources to Measured status. Eleven holes were completed for 843m during the quarter. Drill results included open intercepts of 27m at 7.8g/t, 45m at 5.0g/t, 52m at 3.9g/t, 54m at 3.3g/t, 53m at 3.0g/t and 49m at 3.1g/t Au. (see Table 7).
Further soil sampling was undertaken as part of a review of the tailings dam and waste dump sites. A total of 800 samples were collected and assayed. No significant targets were indentified outside the known prospective corridors.
Soil sampling to extend the modern soil sample coverage over the remainder of the property not covered in 2008 will continue. The new soil geochemical data, geological and regolith mapping, ground geophysical surveys and historic trenching and exploration drilling data will be used to rank a long list of targets beyond the currently known deposits for drill testing.
Tengrela Gold Project (Ivory Coast)
The 885sq km Tengrela gold project in Ivory Coast 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 (4.3Moz).
Scoping Study
On 9 February the Company released details of a scoping study for the Sissingue gold deposit on the Tengrela Project.
While the Sissingue gold deposit has only been partially resource drilled, the scoping study demonstrated that even at this early stage the project has potential to deliver strong cash returns and complement the Company's larger and more advanced Ayanfuri project in neighboring Ghana.
The scoping study was based on the following:
- ¾ Metallurgical testwork conducted on global composites prepared for each of the oxide, transitional and primary ore zones from the Sissingue deposit. Metallurgical recovery of 95% for both the oxide and primary ore zones was applied based on results to date.
- ¾ A two-stage crush and single stage SAG mill with a gravity-CIL circuit. The indicative capital cost estimate was prepared by consultants Mintrex to an accuracy level of ±35% and was based on new equipment without any allowance for escalation costs or contingency. The capital cost estimate was US$89.3M.
- ¾ Operating costs have been determined on the basis of a treatment rate of 2.0Mtpa for primary ore and 2.4Mtpa for oxide ore. The process costs have been derived from first principles, metallurgical testwork and typical values from other operations operating within the Ivory Coast on similar ore types.
- ¾ A staged mining schedule based upon the defined resources for the Sissingue deposit. Mining costs applied were considered conservative with waste costs averaging US$2.38 per tonne and ore mining costs averaging US$5.02 per tonne, resulting in a total cost per tone of ore of US$11.10 per tonne of ore.
- ¾ The economic assessment was prepared with capital costs and operating costs in sufficient detail to be considered a scoping study and allows for assumed Ivorian fiscal environment (royalties) and tax incentives. The income tax estimation assumes a five year tax holiday, based on the tax holiday granted to other gold project in recent times.
Following is a summary of the economic assessment of the project:
| Gold price | $750/oz | $850/oz | $950/oz(1) |
|---|---|---|---|
| 'base case' | |||
| Ore processed tonnes @ g/t Au | [email protected]/t & | [email protected]/t & | 14.6Mt @1.75g/t & |
| LG [email protected]/t | LG [email protected]/t | LG [email protected]/t | |
| Strip Ratio (excludes LG)(2) | 3.4:1 | 3.4:1 | 3.4:1 |
| Capital Cost | $89.3M | $89.3M | $89.3M |
| Mining Costs (includes LG)(2) | $11.1/t ore $230/oz | $11.1/t ore $230/oz | $11.1/t ore $230/oz |
| Process Recovery | 95% CIL | 95% CIL | 95% CIL |
| Processing Costs | $8.3/t, $170/oz | $8.3/t, $170/oz | $8.3/t, $170/oz |
| G&A Costs (includes LG)(2) | $2.5/t ore, $52/oz | $2.5/t ore, $52/oz | $10/t ore, $52/oz |
| Cash Operating Cost/oz | $452/oz | $452/oz | $452/oz |
| Payback period | 1 yrs 9 months | 1 year 5 months | 1 year 2 months |
| Tax paid | $6.6M | $14.7M | $23.2M |
| Royalties paid | $19.9M | $21.5M | $24.0M |
| Free cash (before capital, | |||
| interest and tax) | $233.2M | $314.6M | $395.8M |
| Free cash after capital and tax | |||
| (interest costs not included) | $137.3M | $210.5M | $283.2M |
| IRR | 40% | 57% | 75% |
Table 2: Sissingue Economic Assessment in US Dollars
-
- Each of the US$750, US$850 and US$950 gold price scenarios are based on mining pits optimized at a gold price of US$850.
-
- LG is low grade ore 0.4g/t 0.8g/t Au
Exploration
Resource drilling resumed at Sissingue in February. Progress has been slow, with most of March lost due to a rig breakdown, but full double-shift production of up to 500m per day is now being achieved.
During the quarter 22 RC holes were completed totalling 1,727m in the northern portion of the Sissingue prospect. No notable intercepts were made and the Company is planning to mobilise additional rigs to accelerate testing of the very large Sissingue anomaly.
RAB drilling resumed in March at the Zanikan prospect, 18km south of Sissingue, and Podio NE, located 47km SSW of Sissingue. A total of 22 holes were completed for 1,093m during the quarter and all assay results are pending.
Mahale Permit (Ivory Coast)
The 839sq km Mahale reconnaissance permit in Ivory Coast is located 10-20km to the west of the Perseus's Tengrela gold project. Mahale covers a greenstone inlier which hosts abundant orpailleurs (artisanal miners). A program of reconnaissance lag geochemistry sampling was completed on the permit during the quarter. A total of 601 wide-spaced lag geochemical samples were taken and results have been received for about half of the samples. These preliminary results have indentified anomalies ranging from 100ppb up to 1,120ppb Au, comparable in size to lag anomalies which originally identified the main prospects at Tengrela.
Mbengue Reconnaissance Permit (Ivory Coast)
The 1,000sq km Mbengue reconnaissance permit in Ivory Coast is located immediately to the west of the Randgold Resources' 4.3Moz Tongon gold project. The Company has commenced follow up soil sampling to test previously identified modest Lag sample anomalies.
Mark Calderwood Managing Director
30 April 2009
To discuss any aspect of this announcement, please contact Simon Jemison 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.
| Indicated | Inferred | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Deposit | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces |
| (million) | Au | Au | (million) | Au | Au | (million) | Au | Au | |
| Esuajah | |||||||||
| North(1) | 10.1 | 1.2 | 373,000 | 2.6 | 1.0 | 80,000 | 12.6 | 1.1 | 453,000 |
| Esuajah | |||||||||
| South(3) | 6.0 | 1.9 | 359,000 | 3.9 | 2.1 | 260,000 | 9.9 | 1.9 | 619,000 |
| Fetish(1) | 12.0 | 1.3 | 484,000 | 5.5 | 1.7 | 310,000 | 17.6 | 1.4 | 795,000 |
| Abnabna | |||||||||
| Fobinso(3) | 28.6 | 1.5 | 1,336,000 | 6.4 | 1.3 | 261,000 | 35.0 | 1.4 | 1,597,000 |
| Ataasi(2) | 0.3 | 2.6 | 29,000 | 0.2 | 2.8 | 18,000 | 0.5 | 2.7 | 47,000 |
| Chirawewa(6) | 5.6 | 1.2 | 214,000 | 5.6 | 1.2 | 214,000 | |||
| Mampon(6) | 3.1 | 1.4 | 142,000 | 3.1 | 1.4 | 142,000 | |||
| Dadieso(6) | 2.9 | 1.7 | 156,000 | 2.9 | 1.7 | 156,000 | |||
| Totals | 57.1 | 1.4 | 2,580,000 | 30.2 | 1.5 | 1,441,000 | 87.3 | 1.4 | 4,022,000 |
Table 3: Mineral Resources (Gold) - Ayanfuri Gold Project - High Grade
Table 4: Mineral Resources (Gold) - Ayanfuri Gold Project - Low Grade
| Indicated | Inferred | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Deposit | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces |
| (million) | Au | Au | (million) | Au | Au | (million) | Au | Au | |
| Esuajah | |||||||||
| North(4) | 10.1 | 0.6 | 206,000 | 6.7 | 0.6 | 133,000 | 16.8 | 0.6 | 339,000 |
| Esuajah | |||||||||
| South(5) | 0.9 | 0.6 | 18,000 | 1.7 | 1.0 | 55,000 | 2.6 | 0.8 | 73,000 |
| Fetish(4) | 5.4 | 0.6 | 113,000 | 2.5 | 0.6 | 50,000 | 8.0 | 0.6 | 163,000 |
| Abnabna | |||||||||
| Fobinso(5) | 11.7 | 0.6 | 233,000 | 10.0 | 0.8 | 253,000 | 21.8 | 0.7 | 486,000 |
| Chirawewa(7) | 6.9 | 0.6 | 127,000 | 6.9 | 0.6 | 127,000 | |||
| Mampon(7) | 3.7 | 0.6 | 67,000 | 3.7 | 0.6 | 67,000 | |||
| Dadieso(7) | 0.3 | 0.6 | 6,000 | 0.3 | 0.6 | 6,000 | |||
| Totals | 28.2 | 0.6 | 570,000 | 31.9 | 0.7 | 691,000 | 60.1 | 0.7 | 1,261,000 |
Notes
- 1 Runge Ltd estimate Feb 2009 (Reported at 0.8g/t cutoff )
- 2 Perseus Mining Limited estimate May 2006 Estimate (Reported at 0.8g/t cutoff)
- 3 Runge Ltd estimate Feb 2009 (Reported at 0.8g/t cutoff above -100mRL and 1.2g/t below -100mRL)
4 Runge Ltd estimate Feb 2009 (Reported 0.4-0.8g/t)
- 5 Runge Ltd estimate Feb 2009 (Reported 0.4-0.8g/t above -100mRL and 0.8-1.2g/t below -100mRL)
- 6 Runge Ltd estimate Mar 2009 (Reported at 0.8g/t cutoff )
- 7 Runge Ltd estimate Mar 2009 (Reported 0.4-0.8g/t)
* Rounding applied to totals
| $750 Optimisations | $850 Optimisations | $950 Optimisations | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Waste(Mt) | Resource(Mt) | ContainedGold(,000 oz) | Waste(Mt) | Resource(Mt) | ContainedGold(,000 oz) | Waste(Mt) | Resource(Mt) | ContainedGold(,000 oz) | |
| Abna-Af-Gap | |||||||||
| Fobinso | 71.46 | 29.48 | 1,229 | 98.56 | 35.61 | 1,426 | 111.31 | 39.01 | 1,519 |
| Esuajah Sth | 31.48 | 5.97 | 328 | 34.39 | 6.32 | 347 | 35.87 | 6.52 | 357 |
| Esuajah Nth | 9.42 | 10.05 | 343 | 15.77 | 13.99 | 444 | 19.86 | 16.59 | 504 |
| Fetish | 26.15 | 14.80 | 542 | 30.34 | 16.94 | 599 | 34.72 | 18.28 | 637 |
| Total | 138.51 | 60.30 | 2,442(1) | 179.06 | 72.86 | 2,817(2) | 175.80 | 80.40 | 3,018(3) |
Table 5: Ayanfuri Optimisation Summary (incorporating Indicated Resources)
Notes
(1) 96% of contained gold from Indicated resources, 4% from Inferred resources
(2) 95% of contained gold from Indicated resources, 5% from Inferred resources
(3) 94% of contained gold from Indicated resources, 6% from Inferred resources
| Table 6: Ayanfuri Optimisation Summary – (Incorporating All Resources) | |
|---|---|
| $750 Optimisations | $850 Optimisations | $950 Optimisations | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Waste(Mt) | Resource(Mt) | ContainedGold(,000 oz) | Waste(Mt) | Resource(Mt) | ContainedGold(,000 oz) | Waste(Mt) | Resource(Mt) | ContainedGold(ounces) | |
| Abna-Af-GapFobinso | 106.42 | 36.44 | 1,476 | 124.25 | 40.98 | 1,604 | 142.17 | 44.75 | 1,709 |
| Esuajah Sth | 52.54 | 7.70 | 472 | 58.41 | 8.14 | 496 | 24.75 | 8.41 | 509 |
| Esuajah Nth | 10.02 | 10.25 | 350 | 18.86 | 14.91 | 472 | 58.28 | 18.16 | 547 |
| Fetish | 49.58 | 19.39 | 802 | 53.59 | 21.25 | 850 | 61.84 | 22.58 | 885 |
| Chirawewa | 5.45 | 4.23 | 151 | 6.38 | 4.83 | 164 | 8.94 | 5.94 | 188 |
| Dadieso | 3.17 | 1.19 | 67 | 3.76 | 1.32 | 73 | 4.56 | 1.47 | 79 |
| Mampon | 5.29 | 1.61 | 64 | 6.77 | 2.00 | 75 | 7.39 | 2.15 | 82 |
| Total | 232.47 | 80.81 | 3,382(1) | 272.02 | 93.43 | 3,733(2) | 307.92 | 103.46 | 3,999(3) |
Notes
(1) 76% of contained gold from Indicated resources, 24% from Inferred resources
(2) 75% of contained gold from Indicated resources, 25% from Inferred resources
(3) 74% of contained gold from Indicated resources, 26% from Inferred resources
Table 7: Summary of Recent Infill Drilling at AF-Gap, Ayanfuri Gold Project
| Hole | Deposit | East | North | Depth | Azm. | Incl. | From | To | Width | Au |
|---|---|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (m) | (°) | (°) | (m) | (m) | (m) | g/t | ||
| ABRC360 | AF Gap | 26330 | 13751 | 74 | 180 | -50 | 20 | 74* | 54 | 3.3 |
| incl. | 48 | 72 | 24 | 5.0 | ||||||
| incl. | 67 | 72 | 5 | 9.9 | ||||||
| ABRC361 | AF Gap | 26350 | 13750 | 75 | 180 | -50 | 29 | 75* | 46 | 3.2 |
| incl. | 71 | 75* | 4 | 18.4 | ||||||
| ABRC362 | AF Gap | 26340 | 13755 | 69 | 180 | -50 | 26 | 69* | 43 | 2.2 |
| incl. | 60 | 61 | 1 | 23.7 | ||||||
| ABRC363 | AF Gap | 26310 | 13735 | 75 | 180 | -50 | 6 | 10 | 4 | 1.2 |
| 22 | 75* | 53 | 3.0 | |||||||
| incl. | 38 | 39 | 1 | 19.2 | ||||||
| and | 47 | 48 | 1 | 10.5 | ||||||
| and | 60 | 67 | 7 | 7.8 | ||||||
| incl. | 60 | 62 | 2 | 15.7 | ||||||
| ABRC364 | AF Gap | 26310 | 13750 | 75 | 180 | -50 | 33 | 75* | 42 | 3.0 |
| incl. | 41 | 53 | 12 | 4.4 | ||||||
| and | 68 | 72 | 4 | 6.2 | ||||||
| ABRC365 | AF Gap | 26310 | 13765 | 79 | 180 | -50 | 44 | 79* | 35 | 2.8 |
| incl. | 63 | 67 | 4 | 5.1 | ||||||
| ABRC366 | AF Gap | 26310 | 13780 | 79 | 180 | -50 | 52 | 79* | 27 | 7.8 |
| incl. | 60 | 61 | 1 | 10.5 | ||||||
| and | 78 | 79* | 1 | 138.9 | ||||||
| ABRC367 | AF Gap | 26310 | 13795 | 78 | 180 | -50 | 11 | 12 | 1 | 2.5 |
| 60 | 78* | 18 | 4.2 | |||||||
| incl. | 60 | 64 | 4 | 16.8 | ||||||
| ABRC368 | AF Gap | 26300 | 13739 | 79 | 180 | -50 | 34 | 79* | 45 | 4.8 |
| incl.incl. | 5560 | 7561 | 201 | 7.236.7 | ||||||
| and | 74 | 75 | 1 | 37.9 | ||||||
| ABRC369 | 52 | 80* | 28 | 4.4 | ||||||
| AF Gap | 26290 | 13765 | 80 | 180 | -50incl. | 59 | 66 | 7 | 8.0 | |
| ABRC370 | AF Gap | 26290 | 13735 | 80 | 180 | -50 | 31 | 80* | 49 | 3.1 |
| incl. | 40 | 47 | 7 | 5.0 | ||||||
| and | 53 | 55 | 2 | 7.3 | ||||||
| and | 58 | 64 | 6 | 5.6 | ||||||
| ABRC371 | AF Gap | 26290 | 13750 | 80 | 180 | -50 | 28 | 80* | 52 | 3.9 |
| incl. | 55 | 62 | 7 | 18.9 | ||||||
| incl. | 55 | 57 | 2 | 41.7 | ||||||
| and | 60 | 62 | 2 | 22.8 | ||||||
| ABRC372 | AF Gap | 26290 | 13780 | 80 | 180 | -50 | 52 | 80 | 28 | 1.5 |
| ABRC374 | AF Gap | 26350 | 13765 | 76 | 180 | -50 | 42 | 80 | 38 | 2.2 |
| ABRC375 | AF Gap | 26350 | 13779 | 69 | 180 | -50 | 8 | 16 | 8 | 2.2 |
| 24 | 69* | 45 | 5.0 | |||||||
| incl. | 55 | 69* | 14 | 12.3 | ||||||
| incl. | 64 | 69* | 5 | 26.3 | ||||||
| and | 66 | 67 | 1 | 88.9 | ||||||
| ABRC376 | AF Gap | 26350 | 13795 | 68 | 180 | -50 | 42 | 68 | 26 | 2.6 |
| ABRC377 | AF Gap | 26350 | 13810 | 75 | 180 | -50 | 57 | 72 | 15 | 1.2 |
* denotes ended in mineralisation
Table 8: Summary of Recent RC Drill Intercepts, Tengrela Gold Project, Ivory Coast
| Hole | Deposit | East | North | Depth | Azm. | Incl. | From | To | Width | Au |
|---|---|---|---|---|---|---|---|---|---|---|
| (m) | (m) | (m) | (°) | (°) | (m) | (m) | (m) | g/t | ||
| SRC390 | Sissingue E | 806420 | 1155120 | 82 | 270 | -55 | 32 | 36 | 4 | 2.2 |
| SRC391 | Sissingue E | 806380 | 1155120 | 82 | 270 | -55 | 76 | 78 | 2 | 1.2 |
| SRC393 | Sissingue E | 806300 | 1155120 | 82 | 270 | -55 | 80 | 82 | 2 | 2.5 |
| SRC394 | Sissingue E | 806180 | 1155120 | 82 | 270 | -55 | 4 | 12 | 8 | 1.5 |
| SRC397 | Sissingue E | 806360 | 1155220 | 78 | 270 | -55 | 44 | 46 | 2 | 3.3 |
| SRC406 | Sissingue E | 806710 | 1154800 | 82 | 270 | -55 | 54 | 60 | 6 | 1.0 |
| 70 | 76 | 6 | 1.2 | |||||||
| SRC407 | Sissingue E | 806670 | 1154800 | 44 | 270 | -55 | 26 | 32 | 6 | 1.4 |
| 36 | 38 | 2 | 1.1 | |||||||
| 42 | 48 | 6 | 1.4 | |||||||
| SRC408 | Sissingue E | 806670 | 1154803 | 81 | 270 | -55 | 28 | 30 | 2 | 1.6 |
| 34 | 46 | 12 | 1.2 | |||||||
| 76 | 80 | 4 | 1.5 | |||||||
| SRC409 | Sissingue E | 806710 | 1154840 | 66 | 270 | -55 | 26 | 28 | 2 | 1.4 |
Intercepts containing one or more assays above 1g/t Au included.
Table 9: Mineral Resources (Gold) - Perseus Mining Limited Projects
| IndicatedInferred | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Deposit | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces | Tonnes | g/t | Ounces |
| (million) | Au | Au | (million) | Au | Au | (million) | Au | Au | |
| Ayanfuri | |||||||||
| >0.8g/t (1) | 57.1 | 1.4 | 2,580,000 | 30.2 | 1.5 | 1,441,000 | 87.3 | 1.4 | 4,022,000 |
| Ayanfuri | |||||||||
| 0.4g/t - 0.8g/t (1) | 28.2 | 0.6 | 570,000 | 31.9 | 0.7 | 691,000 | 60.1 | 0.7 | 1,261,000 |
| 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 | 63.1 | 1.5 | 2,959,000 | 39.8 | 1.6 | 2,032,000 | 103.0 | 1.5 | 4,992,000 |
| Totals >0.4g/t | 98.5 | 1.2 | 3,724,000 | 95.0 | 1.1 | 3,342,000 | 193.5 | 1.1 | 7,067,000 |
Notes
-
Last updated on 19 March 2009
-
Maiden resource announced on 27 November 2008
-
Last updated on 30 April 2007
-
Last updated on 29 September 2006
-
The Company holds 90% of Ayanfuri, 90% of Grumesa and 80% of Tengrela after allowing for Government equity at mining stage
Appendix 5B
Mining exploration entity quarterly report
Name of entity
PERSEUS MINING LIMITED
27 106 808 986 31 March 2009
ABN Quarter ended ("current quarter")
Consolidated statement of cash flows
| Cash flows related to operating activities | Current quarter$A'000 | Year to date(9 months) | |
|---|---|---|---|
| $A'000 | |||
| 1.1 | Receipts from product sales and related debtors | - | - |
| 1.2 | Payments for(a) exploration and evaluation(b) development | (2,811)- | (18,442)- |
| (c) production | - | - | |
| (d) administration | (347) | (1,525) | |
| 1.3 | Dividends received | - | - |
| 1.4 | Interest and other items of a similar nature | ||
| received | 39 | 459 | |
| 1.5 | Interest and other costs of finance paid | (13) | (30) |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Other – | - | - |
| Net Operating Cash Flows | (3,132) | (19,538) | |
| Cash flows related to investing activities | |||
| 1.8 | Payment for purchase or renewal of: | ||
| (a) prospects | (28) | (221) | |
| (b) equity investments | - | - | |
| (c) other fixed assets | (119) | (750) | |
| 1.9 | Proceeds from sale of:(a) prospects | - | - |
| (b) equity investments | - | - | |
| (c) other fixed assets | - | - | |
| 1.10 | Loans to other entities | - | (2) |
| 1.11 | Loans repaid by other entities | - | 769 |
| 1.12 | Other - decrease in cash due to deconsolidation of | ||
| Kyrgyz subsidiaries | - | (143) | |
| 1.12 | Other - Environmental bond deposit | - | (521) |
| Net investing cash flows | (147) | (868) | |
| 1.13 | Total operating and investing cash flows (carriedforward) | (3,279) | (20,406) |
| 1.13 | Total operating and investing cash flows (broughtforward) | (3,279) | (20,406) |
|---|---|---|---|
| 1.141.151.161.171.18 | Cash flows related to financing activitiesProceeds from issues of shares, options, etc.Proceeds from sale of forfeited sharesProceeds from borrowingsRepayment of borrowingsDividends paid | 10,980---- | 11,259---- |
| 1.19 | Other –share issue expenses | (557) | (504) |
| Net financing cash flows | 10,423 | 10,755 | |
| Net increase (decrease) in cash held | 7,144 | (9,651) | |
| 1.201.21 | Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20 | 3,631(78) | 19,2971,051 |
| 1.22 | Cash at end of quarter | 10,697 | 10,697 |
Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities
| Current quarter$A'000 | ||
|---|---|---|
| 1.23 | Aggregate amount of payments to the parties included in item 1.2 | 215 |
| 1.24 | Aggregate amount of loans to the parties included in item 1.10 | - |
1.25 Explanation necessary for an understanding of the transactions A$'000 Directors fees, consultancy charges and remuneration 168 Accounting, secretarial and occupancy expenses 47
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
In relation to the acquisition of its Ayanfuri Project in Ghana, Perseus Mining Limited was required to issue 2,500,000 shares and 2,500,000 options (exercisable at 40 cents on or before 30 November 2009) as part purchase consideration. Following the completion of all formalities, including the necessary regulatory approvals for transfers of mineral permits, the Company has now issued 1,461,554 shares and 2,500,000 options. The purchase consideration has been reduced by 1,038,446 shares in settlement of a $699,393 loan provided by the Company to the vendor of the Ayanfuri assets.
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
N/A.
Financing facilities available
Add notes as necessary for an understanding of the position.
| Amount available$A'000 | Amount used$A'000 | ||
|---|---|---|---|
| 3.1 | Loan facilities | - | - |
| 3.2 | Credit standby arrangements | - | - |
Estimated cash outflows for next quarter
| Total | 4,500 | |
|---|---|---|
| 4.2 | Development | - |
| 4.1 | Exploration and evaluation | 4,500 |
| $A'000 |
Reconciliation of cash
| Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows. | Current quarter$A'000 | Previous quarter$A'000 | |
|---|---|---|---|
| 5.1 | Cash on hand and at bank | 460 | 236 |
| 5.2 | Deposits at call | 10,237 | 3,395 |
| 5.3 | Bank overdraft | - | - |
| 5.4 | Other (provide details) | - | - |
| Total: cash at end of quarter (item 1.22) | 10,697 | 3,631 |
At 31 March 2009, the Company had US$2.258 million (approximately AUD$3.162 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
| Tenement reference | Nature of interest | Interest atbeginningof quarter | Interest atend ofquarter | ||
|---|---|---|---|---|---|
| 6.1 | Interests in miningtenements relinquished,reduced or lapsed | N/A. | |||
| 6.2 | Interests in miningtenements acquired orincreased | N/A. |
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 | Issuepriceper | Amountpaidup | ||
|---|---|---|---|---|---|
| security (cents) | per security (cents) | ||||
| 7.1 | Preference | - | - | - | - |
| +securities | |||||
| 7.2 | (description)Changes during | - | - | - | - |
| quarter | |||||
| 7.3 | +Ordinary | 206,460,989* | 201,709,006* | ||
| securities | |||||
| Changes during | |||||
| 7.4 | quarter | ||||
| Placement issue | 17,000,000 | 17,000,000 | 50 cents | 50 cents | |
| Non-cash issue as | |||||
| vendor | |||||
| consideration | 1,461,554 | 1,461,554 | 67.35cents | 67.35 cents | |
| Exercise of options | 12,505,536 | 12,505,536 | 20 cents | 20 cents | |
| 7.5 | +Convertible debt | - | - | - | - |
| securities | |||||
| (description) | |||||
| 7.6 | Changes during | - | - | - | - |
| 7.7 | quarter | Exercise price | Expiry date | ||
| Options(description and | |||||
| conversion factor | 2,500,000 | - | 40 cents | 30/11/2009 | |
| 1,000,000 | - | 80 cents | 31/12/2009 | ||
| 525,000 | - | 50 cents | 01/04/2010 | ||
| 150,000 | - | 65 cents | 30/05/2010 | ||
| 3,800,000 | - | $1.50 | 31/07/2010 | ||
| 1,000,000 | - | $1.00 | 31/12/2010 | ||
| 600,000 | - | $1.00 | 30/06/2011 | ||
| 2,670,000 | - | 65 cents | 23/01/2012 | ||
| 7.8 | Issued duringquarter | ||||
| 2,670,000 | - | 65 cents | 23/01/2012 | ||
| 2,500,000 | - | 40 cents | 30/11/2009 | ||
| 1,000,000 | - | 80 cents | 31/12/2009 | ||
| 1,000,000 | - | $1.00 | 31/12/2010 | ||
| 7.9 | Exercised during | ||||
| quarter | (12,505,536) | (10,205,536)- | 20 cents | 31/03/2009 | |
| 7.10 | Cancelled/Expired | ||||
| during quarter | (560,000) | - | $1.00 | 12/07/2010 | |
| (400,000) | - | $1.30 | 26/10/2010 | ||
| (780,000) | - | $1.15 | 26/02/2011 | ||
| (150,000) | - | $1.50 | 10/07/2011 | ||
| (160,801) | (160,801) | 20 cents | 31/03/2009 | ||
| 7.11 | Debentures | - | - | ||
| (totals only) | |||||
| 7.12 | Unsecured notes(totals only) | - | - | ||
* The total number of issued shares at 31 March 2009 was 201,709,006 as per the Appendix 3B lodged on that day. However, option exercise monies of $929,242 were received prior to March 31 2009 (and included in the cash inflows for this quarter) for which 4,646,208 shares were allotted in April 2009. A further 105,775 shares were allotted in April 2009 upon receipt of option exercise monies of $21,155 received in March but banked in April. 160,801 options expired unexercised.
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.
Print name: Mark Calderwood Managing Director
Sign here: Date: 30 April 2009