B2Gold Corp. press release
Perseus Mining Limited - RESOURCE UPGRADE - Edikan Gold Mine, Ghana
TSX - Toronto Stock Exchange · Gold · Canada
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Dec. 22, 2011 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU)("Perseus") is pleased to release an updated resource estimate for the Edikan Gold Mine ("EGM") in Ghana, West Africa.
Highlights
954,000oz increase in Measured and Indicated ("M&I") mineral resources at EGM M&I mineral resources at EGM now 143.9Mt, containing5.3Moz of gold Perseus's total M&I mineral resources increased to 184.5Mt containing6.7Moz of gold Perseus's total Inferred mineral resources increased 76,000oz to 76.9Mt containing 2.3Moz of gold. A maiden Resource estimate has been declared for the Bokitsi deposit Drilling is continuing on deposits the subject of the upgrade, assays results for 50 holes pending Revised reserve estimate based on the new resource models expected to be completed in March 2012. Perseus's current Reserve base stands at 3.9Moz of gold. Esuajah North resource upgrade will be completed in March 2012 following completion of a large drilling program. Further resource upgrades at EGM planned for 2012 Upcoming resource upgrade at Company's Côte d'Ivoire projects planned for June Quarter 2012
Mark Calderwood, Managing Director's Comments
"We achieved another significant increase in Measured and Indicated resources at EGM even though assay results from 50 drill holes within the current resource upgrade areas are pending. The historic high conversion rate for Inferred resources augurs well for future upgrades to Measured and Indicated resources."
"The Esuajah North resource upgrade will be completed in March 2012 following completion of a large drilling program. Thirteen holes remain to be drilled and assays for an additional 52 holes are pending."
"The Company continues its excellent track record of growing its Measured & Indicated resources organically at an average rate of 1.4Moz per annum over the past four years, and strong upside potential remains."
"The Company plans to ramp up exploration drilling on a number of new targets at EGM and elsewhere in Ghana and Côte d'Ivoire during 2012."
EGM Resource Estimate
Drilling on the Fetish deposit during the past two years has grown the deposit, with significant potential remaining to further expand the resource. Measured and Indicated resources at Fetish have increased 62% to 29.4Mt at 1.0g/t Au for 972,000 ounces, while Inferred resources reduced by 31% to 7.5Mt at 1.0g/t Au for 248,000 ounces. Results for 15 drill holes are still pending and drilling at Fetish will continue into 2012.
Infill drilling at Chirawewa enabled an initial Indicated resource estimate and an increase in total resources. A more comprehensive drill-out of Chirawewa will be undertaken after the deposit is dewatered to allow better access to the pit floor. This drilling, proposed for 2012, is in addition to results currently pending for 14 drill holes. Initial Indicated resources at Chirawewa are 4.5Mt at 1.1g/t Au for 167,000 ounces and Inferred resources increased 22% to 8.7Mt at 0.9g/t Au for 249,000 ounces.
Limited additional exploration drilling and grade control drilling on the Abnabna-Fobinso deposit during 2011 significantly improved the understanding of mineralisation controls of the resource model and resulted in an increase in resources notwithstanding the 2.6Mt of ore mined to 30 November 2011. Measured and Indicated resources at Abnabna-Fobinso increased 8% to 72.6Mt at 1.1g/t Au for 2,515,000 ounces, while Inferred resources increased 109% to 11.1Mt at 1.0g/t Au for 362,000 ounces. Subsequent to the resource cut-off date, a 42-hole drill program has commenced at Abnabna-Fobinso targeting conversion of Inferred resources within or near the base of the current pit design. To date 15 holes have been completed and results are pending.
The Bokitsi deposit is a new addition to the resource inventory. Indicated resources at Bokitsi total 2.6Mt at 2.5g/t Au containing 212,000 ounces of gold and Inferred resources are 1.6Mt at 1.7g/t Au containing 89,000 ounces of gold. Results are pending for an additional six drill holes.
The resource estimates are tabled below and notes to the estimates are contained in Appendix 1.
Reserve Estimate EGM
In the new year the Company will undertake new pit designs at Abnabna-Fobinso, Fetish, Bokitsi and the yet to be remodelled, Esuajah North resource. Pit designs and a reserve estimate for Chirawewa will be delayed until later in the year, following the planned extensive drill programs.
Mark Calderwood Managing Director
About Perseus Mining Limited
Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa's most successful gold explorers, focused on under-explored gold belts in the region. Perseus recently became a producer at its Edikan Gold Mine in Ghana, and plans to produce at the rate of about 220,000 ounces of gold in the next 12 months, increasing to about 280,000 ounces per annum in 2013. Details of the project and latest published mine plan are set out in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.
Perseus is also planning the development of its Sissingué Gold Mine, part of the Tengrela Gold Project in Côte d'Ivoire, with first production targeted for 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 400,000 ounce per annum gold producer during 2013. Details of the Tengrela project are set out within "Technical Report - Tengrela Gold Project, Côte d'Ivoire" dated December 22, 2010."
Perseus will continue its strategy of rapidly increasing its resource and reserve base during the ramp-up of the Edikan Gold Mine and development of the Sissingué Gold Project.
_The information in this report that relates to the 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 exploration results, is based on information compiled by Mr Kevin Thomson, who is a Member of Association of Professional Geoscientists of Ontario (a Recognised Overseas Professional Organisation ('ROPO') included in a list promulgated by the ASX from time to time) . Mr Thomson is a full-time employee of the Company. Mr Thomson 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 Thomson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. _
_Mr Thomson verified the data disclosed, including sampling, analytical and test data underlying the information contained herein. For a description of Perseus' data verification process, quality assurance program and quality control measure applied, the type of analytical or testing procedures utilized, sample size, name and location of testing laboratories, 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 any known environmental, political, legal, title, or other risks that could materially affect the potential development of the mineral resources or reserves, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011 and the technical report entitled ''Technical Report - Tengrela Gold Project, Côte d'Ivoire'' dated December 22, 2010 in relation to the Edikan Gold Mine (formerly 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 the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, that the Edikan Gold Mine will achieve commercial production without material delay, development of a mine at Tengrela, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, 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 are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. _
_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 1: EGM, 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 | 0.6 | 1.5 | 26,000 | 0.4 | 1.4 | 18,000 | 1.0 | 1.4 | 44,000 | | Transition | 0.5 | 1.5 | 24,000 | 0.3 | 1.4 | 15,000 | 0.8 | 1.5 | 39,000 | | Primary | 28.6 | 1.5 | 1,373,000 | 8.4 | 1.3 | 349,000 | 37.0 | 1.5 | 1,722,000 | | Total(2) | 29.6 | 1.5 | 1,423,000 | 9.1 | 1.3 | 382,000 | 37.8 | 1.5 | 1,805,000 |
Notes 1 Reported at 0.8g/t cut-off above -100mRL and 1.2g/t below -100mRL. 2 Rounding applied to totals. 3 Excludes ROM ore stockpiles
Table 2: EGM, 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 | 0.9 | 1.1 | 34,000 | 0.9 | 1.0 | 27,000 | 1.8 | 1.0 | 60,000 | | Transition | 0.8 | 1.2 | 30,000 | 0.6 | 1.0 | 21,000 | 1.4 | 1.1 | 51,000 | | Primary | 47.7 | 1.2 | 1,786,000 | 21.7 | 0.9 | 618,000 | 69.3 | 1.1 | 2,404,000 | | Total(2) | 49.4 | 1.2 | 1,850,000 | 23.2 | 0.9 | 666,000 | 72.6 | 1.1 | 2,515,000 |
Notes 1 Reported at 0.4g/t cut-off above -100mRL and 0.8g/t below -100mRL. 2 Rounding applied to totals. 3 Excludes ROM ore stockpiles
Table 3: EGM, 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 | 0.04 | 1.3 | 2,000 | 0.03 | 0.7 | 800 | 0.08 | 1.0 | 3,000 | | Transition | 0.03 | 1.2 | 1,000 | 0.02 | 0.6 | 300 | 0.05 | 1.0 | 2,000 | | Primary | 3.0 | 1.3 | 124,000 | 8.0 | 0.9 | 228,000 | 11.0 | 1.0 | 358,000 | | Total(3) | 3.1 | 1.3 | 127,000 | 8.0 | 0.9 | 229,000 | 11.1 | 1.0 | 362,000 |
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 4: EGM, Fetish, Measured and Indicated Mineral Resources (>0.8g/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 | 0.01 | 1.1 | 200 | 0.1 | 1.1 | 4,000 | 0.1 | 1.1 | 4,000 | | Transition | 0.05 | 1.0 | 2,000 | 0.6 | 1.4 | 27,000 | 0.7 | 1.4 | 29,000 | | Primary | 4.3 | 1.2 | 167,000 | 11.3 | 1.4 | 518,000 | 15.6 | 1.4 | 685,000 | | Total(1) | 4.4 | 1.2 | 481,000 | 12.0 | 1.4 | 549,000 | 16.4 | 1.4 | 718,000 |
Notes 1 Rounding applied to totals.
Table 5: EGM, Fetish, Measured and Indicated Mineral Resources (>0.4g/t Au)
| | | | | | | | | | | | Deposit | Measured Resources | Indicated Resources | Total Measured and IndicatedResources | | | | | | | | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | Tonnes Mt | Au g/t | Au Ounces | | | Oxide | 0.01 | 0.9 | 300 | 0.2 | 0.9 | 6,000 | 0.2 | 0.9 | 6,000 | | Transition | 0.1 | 0.8 | 3,000 | 1.0 | 1.1 | 35,000 | 1.1 | 1.1 | 37,000 | | Primary | 8.7 | 0.9 | 252,000 | 19.4 | 1.1 | 677,000 | 28.1 | 1.0 | 929,000 | | Total(1) | 8.8 | 0.9 | 255,000 | 20.6 | 1.1 | 717,000 | 29.4 | 1.0 | 972,000 |
Notes 1 Rounding applied to totals.
Table 6: EGM, Fetish, 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 | 0.03 | 1.8 | 2,000 | | | | 0.03 | 1.8 | 2,000 | | Transition | 0.1 | 2.2 | 8,000 | | | | 0.1 | 2.2 | 8,000 | | Primary | 5.1 | 1.2 | 194,000 | 2.2 | 0.6 | 45,000 | 7.3 | 1.0 | 238,000 | | Total(1) | 5.3 | 1.2 | 204,000 | 2.2 | 0.6 | 45,000 | 7.5 | 1.0 | 248,000 |
Notes 1 Rounding applied to totals.
Table 7: EGM, Chirawewa, Measured and Indicated Mineral Resources (>0.8g/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 | | | | 0.03 | 1.0 | 800 | 0.03 | 1.0 | 800 | | Transition | | | | 0.7 | 1.3 | 32,000 | 0.7 | 1.3 | 32,000 | | Primary | | | | 2.2 | 1.5 | 105,000 | 2.2 | 1.5 | 105,000 | | Total(1) | | | | 3.0 | 1.4 | 137,000 | 3.0 | 1.4 | 137,000 |
Notes 1 Rounding applied to totals
Table 8: EGM, Chirawewa, Measured and Indicated Mineral Resources (>0.4g/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 | | | | 0.03 | 0.9 | 900 | 0.03 | 0.9 | 900 | | Transition | | | | 1.1 | 1.1 | 38,000 | 1.1 | 1.1 | 38,000 | | Primary | | | | 3.4 | 1.2 | 128,000 | 3.4 | 1.2 | 128,000 | | Total(1) | | | | 4.5 | 1.1 | 167,000 | 4.5 | 1.1 | 167,000 |
Notes 1 Rounding applied to totals.
Table 9: EGM, Chirawewa, 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 | 0.01 | 1.1 | 300 | 0.02 | 0.5 | 400 | 0.03 | 0.7 | 700 | | Transition | 0.2 | 1.4 | 8000 | 0.4 | 0.5 | 6,000 | 0.6 | 0.8 | 15,000 | | Primary | 3.6 | 1.3 | 148,000 | 4.5 | 0.6 | 86,000 | 8.2 | 0.9 | 233,000 | | Total(1) | 3.8 | 1.3 | 157,000 | 4.9 | 0.6 | 92,000 | 8.7 | 0.9 | 249,000 |
Notes 1 Rounding applied to totals
Table 10: EGM, Botiksi, Measured and Indicated Mineral Resources (>0.8g/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 & Laterite | | | | 0.02 | 1.7 | 1,000 | 0.02 | 1.7 | 1,000 | | Transition | | | | 0.3 | 2.2 | 23,000 | 0.3 | 2.2 | 23,000 | | Primary | | | | 2.2 | 2.6 | 186,000 | 2.2 | 2.6 | 186,000 | | Total(1) | | | | 2.6 | 2.6 | 210,000 | 2.6 | 2.6 | 210,000 |
Notes 1 Rounding applied to totals
Table 11: EGM, Bokitsi, Measured and Indicated Mineral Resources (>0.4g/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 & Laterite | | | | 0.02 | 1.6 | 1,000 | 0.02 | 1.6 | 1,000 | | Transition | | | | 0.4 | 2.0 | 24,000 | 0.4 | 2.0 | 24,000 | | Primary | | | | 2.2 | 2.6 | 186,000 | 2.2 | 2.6 | 186,000 | | Total(1) | | | | 2.6 | 2.5 | 212,000 | 2.6 | 2.5 | 212,000 |
Notes 1 Rounding applied to totals.
Table 12: EGM, Bokitsi, 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 & Laterite | 0.02 | 1.3 | 800 | 0.04 | 0.6 | 700 | 0.06 | 0.8 | 2,000 | | Transition | 0.3 | 1.8 | 17,000 | 0.3 | 0.6 | 5,000 | 0.6 | 1.2 | 22,000 | | Primary | 1.0 | 2.0 | 66,000 | | | | 1.0 | 2.0 | 66,000 | | Total(1) | 1.3 | 2.0 | 83,000 | 0.3 | 0.6 | 6,000 | 1.6 | 1.7 | 89,000 |
Notes 1 Rounding applied to totals
Table 13: Total Mineral Resources (Including Reserves)
| Deposit (cut-off g/t Au) | Measured | Indicated | Inferred | | | | | | | | Tonnes (million) | g/t Au | Ounces Au (,000) | Tonnes (million) | g/t Au | Ounces Au (,000) | Tonnes (million) | g/t Au | Ounces Au (,000) | | | EGM-(previously CAGP) (1) >0.8g/t | 41.0 | 1.5 | 2,057 | 41.7 | 1.5 | 1,944 | 24.8 | 1.4 | 1,095 | | EGM (1) 0.4g/t - 0.8g/t | 25.5 | 0.7 | 541 | 35.7 | 0.6 | 731 | 28.8 | 0.7 | 663 | | Grumesa (2) >0.4 (3) | | | | 25.1 | 0.6 | 471 | 16.4 | 0.5 | 247 | | Tengrela(4) >1.0g/t | 0.9 | 3.2 | 90 | 9.1 | 2.5 | 706 | 3.3 | 1.7 | 171 | | Tengrela(4) 0.5-1.0g/t | 0.04 | 0.8 | 1 | 5.5 | 0.8 | 134 | 3.6 | 0.7 | 86 | | Totals >0.8g/t (1.0g/t Tengrela) | 41.9 | 1.6 | 2,147 | 50.8 | 1.6 | 2,650 | 28.1 | 1.4 | 1,266 | | Totals >0.4g/t (0.5g/t Tengrela) | 67.4 | 1.2 | 2,689 | 117.1 | 1.1 | 3,986 | 76.9 | 0.9 | 2,262 |
Notes 1 Last updated in December 2011. 2 Last updated in December 2010. 3 Primary reported above a 0.4g/t Au cut-off, oxide/transition report above a 0.2g/t Au cut-off. 4 Last updated in November 2010. 5 The Company holds 90% of EGM (formally CAGP), 90% of Grumesa and 85% of Tengrela after allowing for Government equity at mining stage.