B2Gold Corp. press release
Perseus Mining Limited - RESOURCE-RESERVE UPGRADE - Ghana Gold Projects
TSX - Toronto Stock Exchange · Gold · Canada
Dec. 22, 2010 (Canada NewsWire Group) --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, Dec. 23 /CNW/ - Perseus Mining Limited (ASX/TSX: PRU) ("Perseus") is pleased to release updated resource estimates for the Central Ashanti Gold Project ("CAGP") and the Grumesa Gold Project, in Ghana and a reserve upgrade for the CAGP.
Highlights
1.4Moz (42%) increase in Measured and Indicated ("M&I") mineral resources in Ghana. Total M&I mineral resources at CAGP now 118Mt containing4.3Moz of gold (38% increase) including reserves of 87Mt containing3.3Moz of gold (1.2Moz or 54% increase) Total M&I mineral resources for all projects now totals 159Mt containing5.7Moz of gold Total reserves for all projects now totals 97Mt containing3.9Moz of gold Total Inferred mineral resources for all projects now 73Mt containing2.2Moz of gold Only one new deposit at CAGP bought into reserve, additional Resource and Reserve upgrades scheduled for 2011 will incorporate results from current drilling programs on multiple deposits
Mark Calderwood, Managing Director's Comments
_"Most of the increase in overall mineral resources at the CAGP is attributable to extensions at depth and along or across strike at Abnabna-Fobinso and Esuajah South. Importantly, conversion of Inferred mineral resources to Measured and Indicated status from infill drilling remains high at approximately 100%. This is a positive reflection of the overall predictability of these gold deposits."_
_"The 1.2Moz added to ore reserves at Abnabna-Fobinso and Esuajah South this year is unlikely to be the last upgrade for these deposits as the Company continues to drill and evaluate both deeper open pit and bulk underground mining options."_
_"The planned 2011 round of resource and reserve upgrades will be focussed on a number of other deposits drilled over the past 12 months. Drilling of these deposits is continuing, with nine rigs currently working on the CAGP."_
_"It now appears that five separate zones at the CAGP each contain, or are likely to contain, more than 1Moz of gold resources - Abnabna, AF Gap, Esuajah South, Esuajah North and Fetish. In addition, there are a number of significant but underexplored other contenders for inclusion in this list."_
_"The Company has an excellent track record of growing its M&I Resources organically at an average rate of 1.6Moz per annum over the past three years and reserves at about 2.0Moz per annum over the past two years."_
CAGP Resource Estimate
Extensive drilling on the Abnabna-Fobinso and the Esuajah South deposits during the past 18 months has enabled the re-estimation of mineral resources for those deposits. The resource estimates are tabled below and notes to the estimates are contained in Appendix 1.
The most significant change in the resources at Abnabna-Fobinso has been the increase in Measured mineral resources from 20.0Mt at 1.3g/t Au in the 2009 estimate to 42.9Mt at 1.2g/t (a 91% increase in contained gold). Inferred mineral resources have decreased from 16.3Mt at 1.0g/t to 4.6Mt at 1.2g/t and Indicated mineral resources are approximately the same at 23.3Mt at 0.9g/t Au, compared to 20.3Mt at 1.1g/t Au in the 2009 estimate.
The Esuajah South deposit changed significantly, from 6.9Mt at 1.7g/t Au Indicated resources to 14.5Mt at 1.8g/t Au Measured and Indicated mineral resources containing 818,000 ounces (60% Measured), representing a 117% increase in contained gold. Inferred mineral resources decreased by 91,000 ounces from 5.6Mt at 1.8g/t Au to 5.3Mt at 1.3g/t Au. Significantly, most of the increase in resources is attributable to the granite body being wider at depth than previously expected, resulting in an average of 2,000 ounces of contained gold per vertical metre to -220mRL (360m vertical). Below that depth the resource is constrained by lack of drill data.
Reserve Estimate CAGP
New pit designs have been completed for the Abnabna-Fobinso deposits and an initial pit design was completed for the Esuajah South deposit. The limits of the pit designs were nominally based on US$1,000 gold price optimisation shells. The Whittle optimisation inputs were based on the 2009 feasibility study up dated to reflect changes in mill-expected throughput rates, operating costs, the mining contract and the Government royalty of 5%. Reserves are reported at a 0.4g/t Au (previously 0.5g/t Au) cut-off for Abnabna-Fobinso and 0.5g/t Au for Esuajah South. Details of the reserve estimates are contained in Table 1 and 8 and Appendix 3.
Grumesa Resource Estimate
Further infill drilling was undertaken on the Kayeya gold deposit on the Grumesa Gold Project during 2008 resulting in a new mineral resource estimate being completed in December 2010.
A summary of the resources is tabled below and notes to the estimates are contained in Appendix 2.
The large, low-grade Kayeya gold deposit is amenable to low cost heap leach processing and the Company has applied for a Mining Lease with the aim of developing a modest satellite heap leach operation. Considerable potential exists for further resources, given that the upper 45m of the deposit as currently defined contains more than 12,000 ounces of gold per vertical metre and there is limited drilling below 45m. In addition, about a third of the deposit's 3sq km footprint remains under-explored.
| Table 1: CAGP, Mineral Reserve Estimate Summary | | | | | | | | | | | | Deposit | Proven Reserves(1) | ProbableReserves(1) | Proven & Probable Reserves | W:O Ratio(2) | | | | | | | | Ore Mt | Au g/t | Au ,000 oz | Ore Mt | Au g/t | Au ,000oz | Ore Mt | Au g/t | Au ,000 oz | | | | Abnabna-Fobinso | 40.2 | 1.2 | 1,541 | 12.3 | 0.9 | 345 | 52.5 | 1.1 | 1,885 | 2.5 | | Esuajah South | 7.5 | 1.8 | 433 | 1.3 | 1.8 | 75 | 8.8 | 1.8 | 508 | 7.6 | | Esuajah North | | | | 11.9 | 1.0 | 390 | 11.9 | 1.0 | 390 | 1.2 | | Fetish | | | | 13.7 | 1.1 | 490 | 13.7 | 1.1 | 490 | 2.5 | | Total | 47.7 | 1.3 | 1,974 | 39.2 | 1.0 | 1,300 | 86.9 | 1.2 | 3,273 | 2.8 |
Notes
1. 0.4g/t Au cut-off applied to Abnabna-Fobinso and 0.5g/t Au cut-off applied to other deposits.
2. Inferred mineral resources totalling 3.2Mt at 1.1g/t Au is considered as waste.
Mark Calderwood Managing Director
About Perseus Mining Limited
Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of the West Africa's most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a producer by the third quarter of 2011 at its Central Ashanti Gold Project in Ghana. The Company plans to produce at the initial rate of 220,000 ounces of gold in year 1 in Ghana and plans to increase this to 300,000 ounces per annum by 2013.
Perseus is now also working on development of its Tengrela Gold Project in Côte d'Ivoire, with production targeted for late 2012. Tengrela has the potential to become a significant contributor in the Company's goal to develop into a 400,000 ounce per year gold producer by 2013.
With an average of 25,000m of drilling planned each month across its projects, Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development of the CAGP and Tengrela.
In addition to its projects in Ghana and Côte d'Ivoire, Perseus retains a 25 per cent stake in Manas Resources Limited (ASX: MSR) which it spun off in 2008 as a focused Kyrgyz Republic gold explorer and developer. Perseus also has a 19.9% stake in, as well as a strategic alliance with, Burey Gold Limited (ASX: BYR), a listed exploration company focussed on Guinea, West Africa.
_The information in this report that relates to the Abnabna-Fobinso, Esuajah South and Kayeya mineral resources is based on information compiled by Mr Aaron Green, who is a Member of The Australian Institute of Geoscientists. Mr Green is a full-time employee of Runge Limited. Mr Green has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Green consents to the inclusion in this report of the matters based on his information in the form and context in which it appears._
_The information in this report that relates to the Abnabna-Fobinso and Esuajah South ore reserves is based on information compiled by Mr Chris Marissen, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Marissen is a Mining Engineer and a full-time employee of the Company. Mr Marissen has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Marissen consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. _
_The information in this report that relates to exploration results and historic resources 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'") and to qualify as a "Qualified Person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). _
_Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. For a description of Perseus' data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated November 30, 2009 and the technical report entitled ''Technical Report - Tengrela Gold Project, Côte d'Ivoire'' dated September 02, 2010 in relation to the Central Ashanti Gold Project and the Tengrela Gold Project respectively._
_Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information includes but is not limited to information with respect to future exploration and drilling, procurement of financing, procurement of necessary regulatory approvals, the development of mines at the Central Ashanti Gold Project and Tengrela. _
_Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, , changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws._
| Table 2: CAGP, Abnabna-Fobinso, Measured and Indicated Mineral Resources (>0.8g/t Au(1)) | | | | | | | | | | | Deposit | Measured Resources | Indicated Resources | Total Measured and Indicated Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | 1.1 | 1.4 | 48,000 | 0.4 | 1.4 | 18,000 | 1.5 | 1.4 | 66,000 | | Transition | 0.8 | 1.4 | 36,000 | 0.3 | 1.4 | 16,000 | 1.1 | 1.4 | 51,000 | | Primary | 26.7 | 1.5 | 1,280,000 | 7.8 | 1.3 | 325,000 | 34.5 | 1.4 | 1,604,000 | | Total(2) | 28.6 | 1.5 | 1,364,000 | 8.6 | 1.3 | 358,000 | 37.2 | 1.4 | 1,722,000 |
Notes
1. Reported at 0.8g/t cut-off above -100mRL and 1.2g/t below -100mRL). 2. Rounding applied to totals.
| Table 3: CAGP, Abnabna-Fobinso, Measured and Indicated Mineral Resources (>0.4g/t Au(1)) | | | | | | | | | | | Deposit | Measured Resources | Indicated Resources | Total Measured and Indicated Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | 1.8 | 1.1 | 62,000 | 1.1 | 0.9 | 32,000 | 2.9 | 1.0 | 93,000 | | Transition | 1.1 | 1.2 | 42,000 | 0.7 | 1.0 | 22,000 | 1.8 | 1.1 | 64,000 | | Primary | 40.0 | 1.2 | 1,551,000 | 21.4 | 0.9 | 616,000 | 61.5 | 1.1 | 2,167,000 | | Total(2) | 42.9 | 1.2 | 1,655,000 | 23.3 | 0.9 | 669,000 | 66.2 | 1.1 | 2,324,000 |
Notes
1. Reported at 0.4g/t cut-off above -100mRL and 0.8g/t below -100mRL). 2. Rounding applied to totals.
| Table 4: CAGP, Abnabna-Fobinso, Inferred Mineral Resources | | | | | | | | | | | Deposit | >0.8g/t Au(1) | 0.4g/t-0.8g/t Au(2) | Total Inferred Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | 0.08 | 1.2 | 3,000 | 0.03 | 0.7 | 600 | 0.1 | 1.1 | 4,000 | | Transition | 0.02 | 1.3 | 900 | 0.02 | 0.6 | 400 | 0.04 | 1.0 | 1,000 | | Primary | 1.9 | 1.6 | 92,000 | 2.6 | 0.9 | 75,000 | 4.4 | 1.2 | 168,000 | | Total(3) | 2.0 | 1.5 | 96,000 | 2.6 | 0.9 | 76,000 | 4.6 | 1.2 | 173,000 |
Notes
1. Reported at 0.8g/t cut-off above -100mRL and 1.2g/t below -100mRL). 2. Reported at 0.4-0.8g/t cut-off above -100mRL and 0.8-1.2g/t below -100mRL). 3. Rounding applied to totals.
| Table 5: CAGP, Esuajah South, Measured and Indicated Mineral Resources (>0.8g/t Au(1)) | | | | | | | | | | | Deposit | Measured Resources | Indicated Resources | Total Measured and Indicated Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | 0.05 | 1.9 | 3,000 | 0.01 | 1.2 | 300 | 0.05 | 1.8 | 3,000 | | Transition | 0.15 | 2.3 | 11,000 | 0.05 | 2.3 | 4,000 | 0.2 | 2.3 | 15,000 | | Primary | 6.8 | 2.0 | 439,000 | 4.8 | 1.9 | 289,000 | 11.7 | 1.9 | 728,000 | | Total(2) | 7.0 | 2.0 | 453,000 | 4.9 | 1.9 | 293,000 | 11.9 | 1.9 | 746,000 |
Notes
1. Reported at 0.8g/t cut-off above -100mRL and 1.2g/t below -100mRL) 2. Rounding applied to totals
| Table 6: CAGP, Esuajah South, Measured and Indicated Mineral Resources (>0.4g/t Au(1)) | | | | | | | | | | | Deposit | Measured Resources | Indicated Resources | Total Measured and Indicated Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | 0.05 | 1.9 | 3,000 | 0.01 | 0.9 | 400 | 0.06 | 1.7 | 3,000 | | Transition | 0.15 | 2.3 | 11,000 | 0.06 | 2.1 | 4,000 | 0.2 | 2.2 | 15,000 | | Primary | 8.1 | 1.8 | 471,000 | 6.1 | 1.7 | 330,000 | 14.2 | 1.8 | 800,000 | | Total(2) | 8.3 | 1.8 | 485,000 | 6.2 | 1.7 | 334,000 | 14.5 | 1.8 | 818,000 |
Notes
1. Reported at 0.4g/t cut-off above -100mRL and 0.8g/t below -100mRL). 2. Rounding applied to totals.
| Table 7: CAGP, Esuajah South, Inferred Mineral Resources | | | | | | | | | | | Deposit | >0.8g/t Au(1) | 0.4g/t-0.8g/t Au(2) | Total Measured and Indicated Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Primary | 2.7 | 1.7 | 146,000 | 2.6 | 0.9 | 79,000 | 5.3 | 1.3 | 224,000 | | Total(3) | 2.7 | 1.7 | 146,000 | 2.6 | 0.9 | 79,000 | 5.3 | 1.3 | 224,000 |
Notes
1. Reported at 0.8g/t cut-off above -100mRL and 1.2g/t below -100mRL) 2. Reported at 0.4-0.8g/t cut-off above -100mRL and 0.8-1.2g/t below -100mRL) 3. Rounding applied to totals
| Table 8: CAGP, Reserves | | | | | | | | | | | | | Deposit | Proven | Probable | Total Reserve | Inferred Resource | Total Rock | Strip Ratio | | | | | | | | Qty (Mt) | Gold (g/t) | Qty (Mt) | Gold (g/t) | Qty (Mt) | Gold (g/t) | Cont. Gold (Moz) | Qty (Mt) | Gold (g/t) | Qty (Mt) | (t/t) | | Abnabna/AF Gap | 40.2 | 1.2 | 12.3 | 0.9 | 52.5 | 1.1 | 1.9 | 0.5 | 0.9 | 182.5 | 2.5 | | Esuajah South | 7.5 | 1.8 | 1.3 | 1.8 | 8.8 | 1.8 | 0.5 | 0.3 | 0.9 | 75.2 | 7.6 | | Fetish | - | - | 13.7 | 1.1 | 13.7 | 1.1 | 0.5 | 2.0 | 1.3 | 48.0 | 2.5 | | Esuajah North | - | - | 11.9 | 1.0 | 11.9 | 1.0 | 0.4 | 0.4 | 0.7 | 25.9 | 1.2 | | Total | 47.7 | 1.3 | 39.2 | 1.0 | 86.9 | 1.2 | 3.3 | 3.2 | 1.1 | 331.6 | 2.8 |
Notes
1. 0.4g/t Au cut-off applied to Abnabna-Fobinso and 0.5g/t Au cut-off applied to other deposits. 2. Inferred mineral resources totalling 3.2Mt at 1.1g/t Au is considered as waste.
| Table 9: Grumesa Gold Project, Kayeya Indicated Mineral Resources (>0.6g/t Au) | | | | | | | | | | | Deposit | Measured Resources | Indicated Resources | Total Measured and Indicated Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | | | | 1.8 | 0.9 | 53,000 | 1.8 | 0.9 | 53,000 | | Transition | | | | 1.2 | 0.9 | 35,000 | 1.2 | 0.9 | 35,000 | | Primary | | | | 5.9 | 0.9 | 164,000 | 5.9 | 0.9 | 164,000 | | Total(1) | | | | 8.9 | 0.9 | 252,000 | 8.9 | 0.9 | 252,000 |
Notes
1. Rounding applied to totals.
| Table 10: Grumesa Gold Project, Kayeya Indicated Mineral Resources (>0.4g/t Au(1)) | | | | | | | | | | | Deposit | Measured Resources | Indicated Resources | Total Measured and Indicated Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | | | | 7.4 | 0.5 | 121,000 | 7.4 | 0.5 | 121,000 | | Transition | | | | 5.2 | 0.5 | 82,000 | 5.2 | 0.5 | 82,000 | | Primary | | | | 12.5 | 0.7 | 268,000 | 12.5 | 0.7 | 268,000 | | Total(2) | | | | 25.1 | 0.6 | 471,000 | 25.1 | 0.6 | 471,000 |
Notes
1. Primary reported above a 0.4g/t Au cut-off, oxide/transition report above a 0.2g/t Au cut-off. 2. Rounding applied to totals.
| Table 11: Grumesa Gold Project, Kayeya Inferred Mineral Resources | | | | | | | | | | | Deposit | >0.6g/t Au | 0.4g/t-0.6g/t Au(1) | Total Inferred Resources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | 0.5 | 0.8 | 14,000 | 6.0 | 0.3 | 67,000 | 6.6 | 0.4 | 81,000 | | Transition | 0.3 | 0.7 | 6,000 | 2.7 | 0.4 | 31,000 | 2.9 | 0.4 | 38,000 | | Primary | 2.1 | 0.8 | 54,000 | 4.8 | 0.5 | 74,000 | 6.9 | 0.6 | 128,000 | | Total(2) | 2.9 | 0.8 | 74,000 | 13.5 | 0.4 | 173,000 | 16.4 | 0.5 | 247,000 |