Perseus Mining (TSX:PRU)
Historical Stock Chart
From Jun 2019 to Jun 2024
VANCOUVER, Aug. 17, 2011 /CNW/ --
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
VANCOUVER, Aug. 17, 2011 /CNW/ - Perseus Mining Limited (ASX/TSX: PRU)
("Perseus") is pleased to announce that commissioning of its Central
Ashanti Gold Project ("CAGP") plant in Ghana is progressing on
schedule.
A major milestone was achieved on Tuesday 9 August 2011 when the SAG
mill commenced processing ore and first gold production is expected
within a week, in line with expectations of first gold in the third
quarter of 2011.
Commissioning the process facility to name plate capacity and
optimisation of gold recoveries is expected to be achieved within three
months.
Permission has been obtained to discharge all tailings from the plant
into the smaller lined tailings storage facility while additional
clearing and compaction of selected areas requested by the EPA is
undertaken on the larger storage facility to enable tailings to be
discharged into it.
The mining ramp-up is progressing, and is on schedule for an average
mining rate of 1,100,000 m(3) per month. Approximately 4,200,000 m(3) of material has been mined to date, including about 700,000 tonnes of
ore.
Photographs of the commissioning process at CAGP are available on the
Company's website at www.perseusmining.com.
Mark Calderwood, Managing Director's Comments
"It was a tremendous effort by all involved to bring this substantial
project to fruition within 14 months of starting site works."
"I would like to thank the construction and operations teams for their
contributions towards completing the project on schedule."
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 West Africa, Perseus is on track to shortly become a
producer at its Central Ashanti Gold Project (CAGP) in Ghana. The
Company plans to produce at the initial rate of about 220,000 ounces of
gold in the first twelve months of commercial production and to
increase this to about 280,000 ounces per annum in the following year.
Perseus is now also planning the development of its Tengrela Gold
Project in Côte d'Ivoire, with 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 year gold producer by 2013.
Perseus will continue its strategy of rapidly increasing its resource
and reserve base during the development of the CAGP and Tengrela.
Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on
assumptions and judgments of management regarding future events and
results. Such forward-looking information, includes but is not limited
to information with respect to future exploration and drilling,
procurement of financing, procurement of necessary regulatory
approvals, the development of a mine at the Central Ashanti Gold
Project, and development of a mine at Tengrela .
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 this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/17/c4576.html
p To discuss any aspect of this announcement, please contact:br/ Mark Calderwood at telephone +61 8 9240 6344 or email a href="mailto:calderwoodm@perseusmining.com"calderwoodm@perseusmining.com/abr/ Nathan Ryan at telephone +61 420 582 887 or email a href="mailto:nathan.ryan@nwrcommunications.com"nathan.ryan@nwrcommunications.com.au/abr/ Rebecca Greco at telephone +1 416 822 6483 or email a href="mailto:fighouse@yahoo.com"fighouse@yahoo.com/a (Toronto) /p