JUNIOR MINING

Perseus accelerates blueprint after doubling gold reserves

A definitive feasibility study (DFS) on the Ayanfuri gold project in Ghana should be completed in July with the Perth-based owner now talking about pressing its foot on the accelerator to take advantage of the strong gold market.

Author: Ross Louthean
Posted: Tuesday , 21 Apr 2009

PERTH  - 

Perseus Mining Ltd (ASX: PRU) disclosed today that the in-pit resource at Ayanfuri has been increased from the 1.9 million ounces utilised in the pre-feasibility study to a new resource of 4 M oz.

Managing director Mark Calderwood said the total indicated and inferred resource on the leases was now 5.3 M oz, and the DFS would be fast-tracked as a stage one development to tap an in-pit resource of 2 M oz.

Calderwood said given the magnitude of in-pit resources and significant exploration potential, the company has additional flexibility to either fix the scope of the project at 4.5 million tonnes per annum for 200,000 oz per annum or increase throughput to between 6-8 Mtpa for about 300,000 oz pa.

The DFS will focus on three of the larger deposits at Ayanfuri - the Abnabna-AF Gap-Fobinso group, Esuajah North and Fetish.

The Government of Ghana has the right to a mandatory 10% stake in the project.

Calderwood told this writer that once Ayanfuri is commissioned Perseus will place a focus on advancing development of its Tengrela project on the Ivory Coast which currently has a resource of 1 M oz.

On a generally gloomy day on the Australian Securities Exchange today, Perseus went counter to the slide, by appreciating A16¢ to $a99¢.