Quarterly report for the period ending March 31 2013 - Perseus Mining on track with record quarterly production at Edikan

Quarterly report for the period ending March 31 2013 - Perseus Mining on track 
with record quarterly production at Edikan 
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION 
IN THE UNITED STATES/ 
PERTH, Western Australia, April 22, 2013 /CNW/ - Perseus Mining Limited 
("Perseus" or the "Company") (TSX & ASX:PRU) advises that its Activity Report 
for the quarter ended March 31, 2013 has been issued under the rules of the 
Australian Securities Exchange ("ASX"). Highlights of the Activity Report 
are set out below, and the full text of the report is available on the 
Company's website www.perseusmining.com and under the Company's profile at 
www.sedar.com 
Executive Summary 
Operations - Edikan Gold Mine ("EGM") 


    --  Remediation work on the EGM primary crusher shaft and core was
        successfully completed as scheduled during the March 2013
        Quarter (the "Quarter");
    --  Despite throughput limitations caused by the defective crusher,
        57,179oz of gold were produced, setting a new quarterly
        production record and exceeding December 2012 Quarter (the
        "December Quarter") production of 51,090oz by 12%;
    --  In March  2013, the average SAG mill throughput rate of 934 dry
        tonnes per hour ("dtph"), equated to an annual throughput of
        7.5Mt at 91.7% plant availability, indicating that plans to
        achieve a throughput rate of 8.0Mtpa by mid-year are
        progressing well;
    --  The total site cash cost(1) for the Quarter of US$1,132/oz, was
        7% higher than in the December Quarter due to costs of crusher
        repairs plus several other one-off costs;
         
    --  Production and cost guidance for the six months ending 30 June
        2013 of 105-125,000 ozs of gold at an all-in site production
        cost of US$1,100/oz remains unchanged;
          (1) Includes production cost, royalty, development and
          sustaining capital but not exploration, taxes or corporate
          overheads.

Development - Sissingué Gold Project
    --  Perseus is well prepared to start development of the Sissingué
        Gold Mine when fiscal stability arrangements with the Ivorian
        Government are finalised;
    --  The Ivorian Ministry of Mines and Petroleum, in consultation
        with the mining industry, has drafted a new Mining Code and
        associated legislation. Based on media reports, the President
        of Côte d'Ivoire is understood to be planning to sign an
        executive order giving force to the new law in the June 2013
        Quarter;
    --  Negotiation of a Mining Convention that guarantees stability of
        fiscal arrangements for the duration of the Sissingué Gold Mine
        has advanced and is expected to be completed after the new
        Mining Code becomes law;
    --  An updated Mineral Resource estimate for the Sissingué gold
        deposit prepared by consultants Widenbar and Associates
        contains a slightly greater number of ounces of total contained
        gold (i.e. 925,000oz of gold in the Measured and Indicated
        categories plus a further 291,000oz in the Inferred category)
        than the previous Mineral Resource estimate;

Exploration - Ghana and Côte d'Ivoire
    --  40,882m of drilling completed including 7,944m in Ghana and
        32,938m in Côte d'Ivoire;
    --  Significant drill intercepts from multiple prospects;

Corporate
    --  Available cash balance of $38.4M (excludes $9.054 in escrow)
        and 16,237oz of bullion on hand at 31 March 2013 valued on that
        date at $25.1M, giving a total of $63.5M;
    --  US$100.0M revolving line of credit available for drawdown.
        Hedging commitment linked to debt financing reduced to
        193,000oz at a weighted average price of US$1,389/oz at 31
        March 2013;
    --  Transitional change of senior management of Perseus was
        successfully completed with Jeff Quartermaine assuming the
        roles of Managing Director and Chief Executive Officer from
        predecessor, Mark Calderwood.

Jeff Quartermaine
Managing Director and Chief Executive Officer

19 April 2013

Competent Person Statement: The information in this report that relates to 
exploration results, mineral resources or ore reserves is based on information 
compiled by Mr Kevin Thomson, who is a Professional Geoscientist with the 
Association of Professional Geoscientists of Ontario. Mr Thomson is an 
employee of the Company. Mr Thomson has sufficient experience, which is 
relevant to the style of mineralisation and type of depositunder 
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. 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 May 30, 2011 and the technical 
report entitled ''Technical Report - Tengréla Gold Project, Côte d'Ivoire'' 
dated December 22, 2010 in relation to the Edikan Gold Mine (formerly the 
Central Ashanti Gold Project) and the Tengréla Gold Project respectively.

The information in this report that relates to Mineral Resources for the 
Sissingue Gold Project is based on information compiled by Mr Lynn Widenbar a 
Competent Person who is a Member of the Australasian Institute of Mining and 
Metallurgy. Mr Widenbar is a full time employee of Widenbar and Associates Pty 
Ltd. Mr Widenbar has sufficient experience that is relevant to the style of 
mineralisation and type of deposit under consideration and to the activity 
that is being undertaken to qualify as a Competent Person as defined in the 
2004 edition of the 'Australasian Code for Reporting of Exploration Results, 
Minerals Resources and Ore Reserves'. Mr Widenbar consents to the inclusion in 
the report of the matters based on his information in the form and context 
that the information appears.

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, continuing commercial 
production at the Edikan Gold Mine without any major disruption, development 
of a mine at Tengréla, 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.



To discuss any aspect of this announcement, please contact:

Jeff Quartermaine at telephone +61 8 6144 1700 or 
emailjeff.quartermaine@perseusmining.com Nathan Ryan at telephone +0420 582 
887 or emailnathan.ryan@nwrcommunications.com.au Rebecca Greco at telephone 
+1 416 822 6483 or emailfighouse@yahoo.com (Toronto)

SOURCE: Perseus Mining Limited

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CO: Perseus Mining Limited
NI: MNG FIN 

-0- Apr/22/2013 09:08 GMT


 
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