Modern Mining

Perseus Mining, listed on the ASX and TSX, reports that the development and commissioning of its second gold mine, Sissingué, in Côte d’Ivoire, is nearing completion with the introduction of crushed ore to the mill and the CIL plant on Saturday 13th January 2018. First gold is expected to be produced at Sissingué ahead of schedule, prior to the end of January 2018, and the ramp up to full scale commercial production is expected to be achieved by 31 March 2018.

The estimated capital cost of the full development of the Sissingué mine and infrastructure, excluding early works but including operational readiness initiatives, was US$107 million and on current estimates this budget will not be exceeded.

Based on the updated life of mine plan for Sissingué published in March 2017, estimated gold production totals 358 000 ounces over the life of mine including approximately 80 000 ounces per annum for the first 3,25 years and approximately 70 000 ounces per annum over the full five-year life of mine. Forecast average weighted all-in site costs, including all direct production costs, royalties, waste stripping costs and sustaining capital expenditure, are estimated at approximately US$625 per ounce in the first 3,25 years of production and approximately US$630 per ounce over the full mine life.

Significant potential exists to increase Sissingué’s currently delineated mineral resources, ore reserves and mine life. Exploration programmes targeting mineralisation located within trucking distance of the mine have been developed and are scheduled to be implemented once the mine is generating positive cash flows.

Comments Jeff Quartermaine, MD and CEO of Perseus: “The introduction of crushed ore to the mill at Sissingué on Saturday was an important milestone in the journey towards bringing our second operating gold mine into production. We are looking forward very much to starting gold production later in January 2018 and to seeing Sissingué ramp up to full scale production and positive cash flow by the end of the March quarter.

“At that point, Perseus will be transformed from a single mine, single country business to a multi-mine, multi-jurisdiction operation and we will be well on the way to achieving our goal of producing in excess of 500 000 ounces of gold per year from late 2021 from our three West African operations, namely Edikan, Sissingué and Yaouré.”

Contact Modern Mining

Title: Editor
Name: Arthur Tassell
Email: mining@crown.co.za
Phone: +27 11 622-4770
Fax: +27 11 615-6108

Title: Advertising Manager
Name: Bennie Venter
Email: benniev@crown.co.za
Phone: +27 11 622-4770
Fax: +27 11 615-6108

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