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Perseus Mining sees delays at Sissingue, lower gold output at Edikan

Perseus Mining Ltd. on Dec. 15 said the company has completed a re-estimate of the mineral resources on its Sissingue gold project in Ivory Coast, which lowered the measured and indicated resource by some 180,000 ounces, or about 20%.

The company discounted a number of reverse circulation drill results due to drill hole contamination.

Perseus plans a slower ramp-up at Sissingue due to limited financing and is now expecting first gold pour by the end of February 2018 rather than October 2017.

The miner's Edikan gold project is now expected to produce between 70,000 and 80,000 ounces for the December half at all-in site costs per ounce in the range of US$1,550 to US$1,650. The plant was shut down for an extended period in October 2016, and the head grade was lower than expected.

As of December, measured resources at Sissingue were 4.3 million tonnes grading 2.1 g/t of gold for 290,000 ounces, indicated resources were 8.9 million tonnes grading 1.4 g/t gold for 410,000 ounces and inferred resources amounted to 940,000 tonnes at 1.9 g/t gold for 58,000 ounces.

As of May 2015, measured resources amounted to 4.8 million tonnes grading 2.4 g/t of gold for 370,000 ounces, indicated resources came in at 11 million tonnes grading 1.4 g/t gold for 510,000 ounces and inferred resources amounted to 1.1 million tonnes grading 1.7 g/t of gold for 63,000 ounces.

Work on a definitive feasibility study at Yaoure is slated for completion in mid-2017, depending on the timely conclusion of a 42,000 meter drilling program. The start of drilling has been delayed due to lack of a deal with landowners that are potentially affected by the exploration activities. Perseus expects to resolve the issue in time for drilling to start before the end of December.