Perseus Mining Limited: Activity Report for June 2014 Quarter

FOR: Perseus Mining Limited 
JULY 28, 2014 
Perseus Mining Limited: Activity Report for June 2014 Quarter 
PERTH, WESTERN AUSTRALIA--(Marketwired - July 28, 2014) -  
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, and 
Edikan Operations  
--  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$1,333/oz;  
EGM Production and Cost Guidance 
--  Production and cost guidance for the EGM for the forthcoming six months 
to 31 December 2014 ("December 2014 Half Year") and the financial year 
ending 30 June 2015 ("FY2015") are as follows:   
FY 2015 Production and Cost Guidance 
Parameter         Units    December 2014         June 2015            FY2015 
Half Year         Half Year                  
Gold Production  Ounces   95,000-105,000   115,000-125,000   210,000-230,000 
All-In Site                                                                 
 Cash Costs      US$/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.  
Exploration - Edikan 
--  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 
Development - Sissingue Gold Project, Cote d'Ivoire 
--  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;  
--  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.  
Program for the September 2014 Quarter 
Edikan Gold Mine  
--  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.  
Sissingue Gold Mine Development Project 
--  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.  
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. 
Perseus Mining Limited
Jeff Quartermaine
Managing Director
+61 8 6144 1700 (Perth)
Perseus Mining Limited
Nathan Ryan
Investor Relations
+61 (0) 420 582 887 (Melbourne) 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
-0- Jul/28/2014 22:40 GMT
Press spacebar to pause and continue. Press esc to stop.