Modern Mining October 2020

Gold Project and if possible, increase the size of the mineable Mineral Resource. “Given the outstanding performance to date of the plant of our nearby Sissingué Gold Mine, we are very pleased to potentially have the opportunity to access what we believe will be a material source of additional mill feed within trucking distance of the Sissingué mill,” he says. Perseus’s exploration team, which includes a number of former employees of Exore, as well as its drilling contractor, are mobilising to site and drilling, at the time of writing, was expected to be under way by mid-October 2020. “There is a good deal of work to be done in terms of exploration drilling, evaluation and licens- ing before the development of Bagoé becomes a proven concept, but we are very confident of achiev- ing a positive outcome and as a result, place Perseus in a position to continue to generate significant ben- efits for all of our stakeholders through our northern Ivorian operations. “The acquisition of Exore is a significant step for- ward on our journey to transforming Perseus into

a reliable, multi-mine, multi-jurisdictional producer of in excess of 500 000 ounces of gold per year at a cash margin of well over US$400 per ounce. With our third mine, Yaouré coming on stream later this year, we will reach that production milestone. The challenge for us will be to sustain this level of production for many years to come and in the process enable Perseus to consistently generate material benefits for all our stakeholders,” concludes Quartermaine. 

With Perseus’s third mine, Yaouré, coming on stream later this year, the company will reach the 500 000 ounces of gold per year production milestone.

Key takeaways  Perseus Mining Limited has acquired all of Exore Resources Limited’s assets, including a portfolio of exploration assets located in northern Côte d’Ivoire  The transaction included the PR 321 that hosts the Bagoé Gold Project, located approximately 70 km from Perseus’s Sissingué Gold Mine  Based on its preliminary analysis, Perseus believes that a proportion of the currently defined Mineral Resource can be economically mined, trans- ported to Sissingué and processed through the Sissingué mill  Perseus now intends to undertake a DFS to confirm the technical and financial viability of a development concept for Bagoé

October 2020  MODERN MINING  17