Perseus Mining Limited Updates Edikan Mineral Resource

NEWS RELEASE TRANSMITTED BY Marketwired 
FOR: Perseus Mining Limited 
TSX SYMBOL:  PRU
ASX SYMBOL:  PRU 
AUGUST 26, 2014 
Perseus Mining Limited Updates Edikan Mineral Resource 
PERTH, WESTERN AUSTRALIA--(Marketwired - Aug. 26, 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 that following an infill drilling programme on the
Edikan Gold Mine ("EGM") mining leases in Ghana in the period up to
June 2014, and after adjusting key assumptions to reflect actual results to
date, Mineral Resource estimates have been updated by independent consultant,
RungePincockMinarco in accordance with the JORC Code - 2012 Edition. A detailed
summary of the current Mineral Resource estimate for each of the mineral
deposits identified to date on the EGM tenements, calculated using a 0.40 g/t
gold cut-off grade, is presented in the Attachment. A Table 1 as required by
the JORC Code (2012) for each of the revised Mineral Resource estimates are
included in the full report which is available for download from
www.perseusmining.com and www.asx.com.au.  
The Mineral Resource estimates take into account mining depletion as at 30
April 2014 as relevant. 
In summary, the revised global Mineral Resource estimate for the EGM is as
follows: 
Table 1: EGM Measured and Indicated Mineral Resources 
/T/ 
----------------------------------------------------------------------------
Weathering Domain            Measured                     Indicated          
----------------------------------------------------------- 
'000       Grade Contained     '000    Grade Contained 
Tonnes (g/t Au(1)) Gold (oz)   Tonnes (g/t Au) Gold (oz)
----------------------------------------------------------------------------
Oxides                 240         1.8    13,800      660      1.0    20,600
----------------------------------------------------------------------------
Transition             760         1.3    32,500    2,700      1.1    99,700
----------------------------------------------------------------------------
Fresh               74,670         1.1 2,737,300   72,510      1.0 2,434,000
----------------------------------------------------------------------------
TOTAL               75,670         1.1 2,783,600   75,860      1.0 2,554,300
---------------------------------------------------------------------------- 
---------------------------------------------
Weathering Domain    Measured + Indicated     
---------------------------- 
'000    Grade Contained 
Tonnes (g/t Au) Gold (oz)
---------------------------------------------
Oxides                 900      1.2    34,300
---------------------------------------------
Transition           3,460      1.2   132,200
---------------------------------------------
Fresh              147,170      1.1 5,171,300
---------------------------------------------
TOTAL              151,530      1.1 5,337,800
--------------------------------------------- 
/T/ 
Notes: 1. Denotes grams per tonne of gold; 2. All stated gold grades and
quantities are cut grades and cut ounces respectively. 
Table 2: EGM Inferred Mineral Resources 
/T/ 
----------------------------------------------------------------------------
Weathering Domain                                  Inferred                  
------------------------------------------ 
'000         Grade     Contained 
Tonnes   (g/t(1) Au)     Gold (oz)
----------------------------------------------------------------------------
Oxides                                     2,960           1.1       109,100
----------------------------------------------------------------------------
Transition                                 3,140           1.1       109,700
----------------------------------------------------------------------------
Fresh                                     68,680           1.0     2,137,000
----------------------------------------------------------------------------
TOTAL                                     74,770           1.0     2,355,700
---------------------------------------------------------------------------- 
/T/ 
Relative to the previous Mineral Resource estimate for EGM published in June
2013, the updated Mineral Resource contains 357,300 fewer ounces of gold in the
Measured and Indicated categories and 74,300 fewer ounces in the Inferred
category. After adjusting both Mineral Resource estimates to the mining surface
as at 30 April 2014, the net decrease in Mineral Resources is 155,500 ounces
(2.8%) in the Measured and Indicated category and 73,800 ounces (3.0%) in the
Inferred category. 
Work is underway on revising the design of each of the pits based on the
updated Mineral Resources as well as key operating parameters, and reassessing
the sequence in which each of the pits will be brought into production, with
the objective of maximising cash flow generated by the Edikan operation. The
revised Life of Mine Plan and updated Ore Reserve statement is expected to be
completed in the December 2014 Quarter. 
Comment from Managing Director, Jeff Quartermaine 
"The overall change to Edikan's Mineral Resource estimate is
relatively immaterial but it does reflect several points worth noting.  
"The first is that actual conditions encountered once mining operations
commence do not always totally mirror assumptions made when initial mine
planning takes place. In this case the bulk density of ore mined in the AF Gap
and Fobinso pits is slightly different to what was assumed in prior Mineral
Resource estimates and when this difference is factored into Mineral Resource
calculations, it does have an impact, albeit, reasonably small.  
"The second key takeaway from the current Mineral Resource estimate is
that our recent infill drilling programme at Bokitsi South has been successful
in identifying mineable material with a head grade well above the life of mine
average ore grade that may lead to an increase in the average head grade of ore
processed by our mill.  
"The grade of the Mineral Resources in the Bokitsi North and South
deposits has increased from 2.6g/t to 3.0g/t and the amount of contained metal
has also increased slightly. Further infill drilling is planned at Bokitsi
South that will particularly target extensions to the ore body to the south and
at depth where the mineralisation appears to remain open. An infill drilling
programme is also currently underway at Mampong with the aim of delineating
higher grade material and this will be extended to other deposits at Edikan in
due course, subject to budgetary constraints." 
Competent Person Statement 
The information in this report that relates to EGM Mineral Resources was first
reported by the Company in compliance with the JORC Code 2012 in a market
release to the ASX on 27 August 2014. The Company confirms that it is not aware
of any new information or data that materially affects the information in that
market announcement. 
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. 
To view the Edikan Gold Mine Global Mineral Resource Estimate - July 2014
table, please visit the following link:
http://media3.marketwire.com/docs/pru0826tab1.pdf. 
-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 4 20 582 887
nathan.ryan@nwrcommunications.com.au (Melbourne) 
INDUSTRY:  Manufacturing and Production - Mining and Metals 
SUBJECT:  MEX 
-0-
-0- Aug/27/2014 01:45 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.