Perseus Mining Limited: Activity Report for June 2014 Quarter

 NEWS RELEASE TRANSMITTED BY Marketwired  FOR: Perseus Mining Limited  TSX SYMBOL:  PRU ASX SYMBOL:  PRU  JULY 28, 2014  Perseus Mining Limited: Activity Report for June 2014 Quarter  PERTH, WESTERN AUSTRALIA--(Marketwired - July 28, 2014) -   NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES  Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(ASX:PRU) reports on its activities for the three month period ended June 30, 2014 (the "Quarter"). An executive summary is provided below. However, full details of activities in the June Quarter, including reconciled production and all-in site cash costs, are included in the Company's June 2014 Quarterly Activity Report released to the market on July 29, 2014. The full report is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.  Edikan Operations   /T/  --  Operating efficiency at Edikan continued to improve during the Quarter,  particularly in terms of gold recovery and mill run time (excluding down  time caused by abnormal events);   --  Gold production totalled 42,543ozs, 86,330ozs and 180,519ozs for the  Quarter, Half Year and full financial year respectively;   --  Production costs and all-in site costs were impacted by unscheduled  processing downtime and repairs to fire damage and as a result,  production and all-in site costs averaged US$1,150/oz and US$1,324/oz  for the Quarter respectively;   --  45,767ozs of gold were sold during the Quarter at an average sales price  of US$1,333/oz;   /T/  EGM Production and Cost Guidance  /T/  --  Production and cost guidance for the EGM for the forthcoming six months  to 31 December 2014 ("December 2014 Half Year") and the financial year  ending 30 June 2015 ("FY2015") are as follows:    /T/  FY 2015 Production and Cost Guidance  /T/  ---------------------------------------------------------------------------- Parameter         Units    December 2014         June 2015            FY2015  Half Year         Half Year                   ----------------------------------------------------------------------------  Gold Production  Ounces   95,000-105,000   115,000-125,000   210,000-230,000  All-In Site                                                                   Cash Costs      US$/oz       1,160-1280       1,050-1,150       1,100-1,200  ----------------------------------------------------------------------------  --  This forecast represents a material improvement in gold production in  FY2015 relative to FY2014 which is expected to be driven largely by  improved head grade of ore processed in the second six months of FY2015  as high grade ore is mined from the AG pits.   /T/  Exploration - Edikan  /T/  --  High grade drill intercepts recorded from a 37 drill hole programme on  the Bokitsi South deposit confirm the potential for high grade mill feed  to be mined earlier than envisaged in the current Edikan Life of Mine  Plan;   /T/  Development - Sissingue Gold Project, Cote d'Ivoire  /T/  --  Metallurgical test work and preliminary economic assessment of  alternative project configurations and flow sheets has been completed  and a selection of the preferred process route for detailed feasibility  assessment is imminent;   /T/  Corporate  /T/  --  VAT refunds totalling GH cents47.6M (USD15.8M) including GH cents30.0M  during the Quarter and GH cents17.6M subsequent to the end of Quarter,  have been received from the Ghanaian government;   --  Available cash and bullion of $48.7M as at 30 June 2014 (excluding  $10.0M of funds in escrow and GH cents17.6M VAT receivable received  after end of the Quarter);   --  125,000ozs of gold sold forward at an average price of US$1,468/oz,  valued at US$19.0M at year end.   /T/  Program for the September 2014 Quarter  Edikan Gold Mine   /T/  --  Produce gold at a total all-in site cash cost that is in line with Half  Year guidance;  --  Continue to fine-tune plant metallurgical performance and maximise SAG  mill throughput;  --  Continue training of operating and maintenance staff;  --  Continue drilling to delineate potential higher grade mill feed at  Mampong South-west, approximately 1 km south of the Abnabna pit, and  exploration targets on the Agyakusu licence; and  --  Continue to implement business improvement initiatives across all  departments of the EGM.   /T/  Sissingue Gold Mine Development Project  /T/  --  Update Feasibility Study for the SGP based on preferred development  configuration and flow sheet;  --  Re-convene discussions with the Ivorian government about a Mining  Convention covering the revised SGP; and  --  Continue exploration for Mineral Resources on Mahale exploration licence  and the Sissingue exploitation permit.   /T/  Jeffrey A Quartermaine, Managing Director and Chief Executive Officer  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 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.  -30- FOR FURTHER INFORMATION PLEASE CONTACT:  Perseus Mining Limited Jeff Quartermaine Managing Director +61 8 6144 1700 jeff.quartermaine@perseusmining.com (Perth) or Perseus Mining Limited Nathan Ryan Investor Relations +61 (0) 420 582 887 nathan.ryan@nwrcommunications.com.au (Melbourne)  INDUSTRY:  Manufacturing and Production - Mining and Metals  SUBJECT:  MEX 
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