Modern Mining May 2015

MINING News

Perseus Mining lays first stone at Sissingué gold project

Perseus Mining Limited, listed on the ASX and TSX, has laid the first stone at its sec- ond gold mine, the Sissingué gold mine in Côte d’Ivoire, at a ceremony held on site on 26 April 2015. Subject to finalising debt funding

arrangements, Perseus plans to commence construction at Sissingué in the September quarter of 2015 after a revised Feasibility Study found the project to be technically viable, economically robust and strategi- cally compelling. MD and CEO Jeff Quarter­

orebody, designing a project and proving its feasibility, not once but twice, making it one of a very few exploration projects which has proved to be successful in Côte d’Ivoire, demonstrating the enormous commercial risk associated with this busi- ness. Now we are in a position where we can look forward with confidence to build- ing and operating a mine at Sissingué that will produce its first gold towards the end of 2016.” The project has a measured and indi- cated mineral resource of 880 000 oz gold and a proved and probable ore reserve of 429 000 oz of gold (using a US$1 200 gold price pit design). Production of 385 000 oz of gold over a 5,25 year mine life is anticipated at an average of approx- imately 75 000 oz per year for the first five years. Average all-in sustaining costs (AISC) are estimated at US$632/oz over the life of mine. The start-up capital cost is estimated at US$106 million including contingency. 

maine was on site at Sissingué with Prime Minister Kablan Duncan and Minister of Mining and Industry Dr Kassi Jean-Claude Brou to partici- pate in the laying of the first stone ceremony. Speaking at the event, Quatermaine said the project (originally known as Tengrela) was first drilled by Perseus’s exploration team led by geol- ogists, Steffen Brammer and Mathieu Sahou, in late 2005. “Since then Perseus has spent nearly US$47 million or CFA 21 billion in delineating the

Perseus Mining MD Jeff Quartermaine (centre) with Côte d’Ivoire’s Prime Minister Kablan Duncan (right of photo) and Minister of Industry and Mines Dr Kassi Jean-Claude Brou.

14  MODERN MINING  May 2015