Gold Companies Perseus Mining Limited
Last Updated on Friday, 16 September 2011 09:56 Written by Brian Boutilier Friday, 16 September 2011 09:55
Mining Companies - Gold Companies
Perseus Mining Limited has forged a reputation as a successful gold explorer, focused on under-explored gold belts in West Africa. They have recently achieved their goal to become a producer, and are currently ramping up to commercial production at Edikan Operations. The Edikan Gold Mine (EGM), formerly referred to as the Central Ashanti Gold Project (CAGP) and Ayanfuri, has 4.3Moz of Measured and Indicated gold resources, including reserves of 3.3 million ounces of gold, and 1.7Moz Inferred gold resources. The Company is listed on the ASX/TSX under (PRU) and OTC under (PMNXF).
Annual Trading Range 2.37-4.21
Currently trading on 13 Sep @ 3.98
S/O 426,467,088
Top 20 Shareholders
|
Rank |
Name |
Units |
% of Units |
|||
|
1 |
CANADIAN CONTROL A/C - PRU |
143,407,520 |
33.74 |
|||
|
2 |
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED |
77,997,979 |
18.35 |
|||
|
3 |
NATIONAL NOMINEES LIMITED |
45,262,776 |
10.65 |
|||
|
4 |
JP MORGAN NOMINEES AUSTRALIA LIMITED |
44,418,271 |
10.45 |
|||
|
5 |
CITICORP NOMINEES PTY LIMITED |
21,417,676 |
5.04 |
|||
|
6 |
BOND STREET CUSTODIANS |
5,417,217 |
1.27 |
|||
|
7 |
MR MARK ANDREW CALDERWOOD |
3,075,000 |
0.72 |
|||
|
8 |
UBS WEALTH MANAGEMENT |
2,463,738 |
0.58 |
|||
|
9 |
UBS NOMINEES PTY LTD |
2,400,153 |
0.56 |
|||
|
10 |
COGENT NOMINEES PTY LTD |
1,862,636 |
0.44 |
|||
|
11 |
FRANWAY PTY LTD |
1,750,000 |
0.41 |
|||
|
12 |
MERRILL LYNCH (AUSTRALIA) PTY LTD |
1,742,404 |
0.41 |
|||
|
13 |
BRISPOT NOMINEES PTY LTD |
1,722,763 |
0.41 |
|||
|
14 |
AMP LIFE LIMITED |
1,563,238 |
0.37 |
|||
|
15 |
MANDEL PTY LIMITED |
1,530,000 |
0.36 |
|||
|
16 |
MR MARK ANDREW CALDERWOOD <FAMILY A/C> |
1,405,000 |
0.33 |
|||
|
17 |
QUEENSLAND INVESTMENT CORPORATION |
1,116,179 |
0.26 |
|||
|
18 |
CASPIAN OIL & GAS LIMITED |
1,082,120 |
0.25 |
|||
|
19 |
WARWTAH (AUST) PTY LTD |
989,257 |
0.23 |
|||
|
20 |
ESCOR INVESTMENTS PTY LTD |
800,000 |
0.19 |
|||
|
Totals: Top 20 holders of PRU ORDINARY FULLY PAID |
361,416,927 |
85.04 |
||||
|
Total Remaining Holders Balance |
63,600,161 |
14.96 |
||||
|
Fully Diluted |
425,017,088 |
100 |
||||
|
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|
|
|
|
|
|
March 2011
Cash and Equivalents 68M
St Liabilities 30 M
Revenue 580K
Cash Burn Rate 3.6M
Quarterly loss (.73)
(Formerly Central Ashanti Gold Project, Ayanfuri)
Perseus has 650sq km of tenements centered on the Ashanti Gold Belt some 25km-65km from the 60-million-ounce Obuasi gold deposit, including two mining leases that are the focus of initial production for the Edikan Gold Mine (EGM).
A major milestone was achieved on Tuesday 9 August 2011 when the SAG mill commenced processing ore. First gold production was achieved less than two weeks later, in line with expectations of first gold in the third quarter of 2011. The small pour of 2,666 grams represented gold recovered from the gravity circuit, and a more significant pour is expected before the end of September.
Commissioning the process facility to name plate capacity and optimization of gold recoveries is expected within three months.
The mining ramp-up is progressing, and is on schedule for an average mining rate of 1,100,000 m3 per month. Approximately 4,200,000 m3 of material has been mined to date, including about 700,000 tonnes of ore.
We commenced production at Edikan Gold Mine in August 2011.
Reserves and Resources
After acquiring the tenure in mid-2006, we increased gold resources from less than 1Moz to 4.7Moz of Measured and Indicated resources, 1.7Moz of Inferred resources and 3.3Moz of Reserves by December 2010.
The project has significant upside for further resource growth. With up to seven drill rigs operating at the Edikan Gold Mine during 2011, we are aiming to add 500,000 ounces of reserves each year for the foreseeable future as well as make at least one new discovery each year.
Significant results were received from drilling on the Fetish deposit in July, such as 55.7m at 6.8g/t from 106m, including 4m at 39.8g/t Au and 4m at 39.5g/t Au, and 24m at 6.3g/t from 68m, including 4m at 28.1g/t Au. Best results from Esuajah North included 24m at 6.4g/t Au from 117m, including 9m at 16.0g/t from 132m, and 6m at 5.6g/t Au from 152m. Exploration drilling at Chirawewa South and Bokitsi South continues to return strong results, including 9m at 12.9g/t Au and 13m at 4.3g/t Au from deeper drilling at Bokitsi South.
Significant extensional and infill drilling intercepts have also been encountered on Esuajah South and Fobinso deposits.
Production strategy
A detailed feasibility study completed in July 2009 estimated:
Initial proven and probable gold reserves of 2.13 million ounces;
Production averaging 220,000oz per annum in the first four years. This has now been increased to 265,000oz per annum. We plan to increase production to about 280,000oz per annum in year 2.
Cash costs (including government royalties) of about US$500 per ounce.
Tengrela (Ivory coast)
The 876sq km Tengrela Gold Project is located in Ivory Coast on the border with Mali, 30km south-south-west from the Syama gold mine (6.5 Moz) along the Syama shear. The project is siutuated 150km south-south-east of the Morila gold mine (7Moz) and 65km west-north-west of Tongon deposit.
Resources
While Tengrela is not as advanced as the EGM project in Ghana, drill results have highlighted the significant potential of the project. Tengrela has recorded spectacular results such as 6m at 476g/t, 6m at 429g/t, 22m at 72.1g/t and 8m at 65.7g/t Au. Mineralisation remains open to the north, south and at depth.
In August 2010 an updated resource estimate increased the Indicated resources at Tengrela to 0.9Moz while Inferred resources now total 0.3Moz. The resource estimate was taken at Sissingue, one of a number of gold anomalies at Tengrela. Gold Reserves at Tengrela stand at 0.66Moz.
They targeted a significant increase in the resources at Tengrela during 2011 and beyond. Five drill rigs are operating onsite, with a sixth to arrive soon, with the aim of completing 200,000m of drilling this year. There has been significant discoveries at Tengrela with the Kanakono prospect recording high-grade results of 2m @ 13.3g/t Au and 16m @ 15.2g/t Au, and resumed drilling there in May 2011.
The Podio and Sissingue East prospects were also significant discoveries. Drilling recommenced at Sissingue in May 2011 and a newly-commissioned multi-purpose rig will facilitate drilling at Podio as well as Wora and other prospects in coming months.
Production Strategy
A definitive feasibility study (DFS) for the first 2km of Sissingue was completed in November, 2010 and showed the Sissingue deposit has the potential to become a 200,000ozpa contributor in our goal to become a 450,000 to 500,000ozpa gold producer by 2013.
Highlights of the Tengrela Feasibility Study included:
- Initial Probable Ore Reserve of 657,000oz of gold (using US$950 gold price for pit design)
- Production of 340,000oz of gold in first two years of a six-year mine life.
- Production planned to commence in Q4 2012 with 178,000 ounces produced in 2013 and 162,000 ounces in 2014.
- Cash costs (C1) in the first two years of US$421/oz, with mine life average cash costs of US$505 per oz.
- EBITDA of US$221M for first two years of production at US$1,100 gold price.
- Start-up capital cost of US$109 million paid back in 12 months at US$1,100 gold price.
- Drilling will continue to expand resources at Sissingue and explore additional prospects.
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Reginald Gillard (Non-Executive Chairman) Reginald Gillard brings over 30 years' experience in accounting and corporate finance to the board. He has extensive experience and significant expertise in the evaluation and acquisition of businesses requiring development capital, initial public offerings, rights issues and placements, together with ongoing funding corporate governance and compliance issues of listed public companies. Mr Gillard is also Chairman of Aspen Group Ltd and Platina Resources Ltd. Mr Gillard is a Fellow of the Certified Practicing Accountants of Australia and a Fellow of the Australian Institute of Company Directors. |
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Mark Calderwood (Managing Director) Mark Calderwood is a member of the Australasian Institute of Mining and Metallurgy and has 28 years' experience in exploring and mining gold. He has been involved with the discovery and re-discovery of several World class gold deposits in Australia and Africa. Mr Calderwood has 16 years experience in, and a network of contacts throughout, West Africa. Mr Calderwood is a non-executive director of Manas Resources Ltd. |
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Colin Carson (Executive Director) Colin Carson has been involved as a director of numerous Australian public companies since the 1980's. He is currently a director of Caspian Oil & Gas Limited and Manas Resources Ltd. He oversees joint venture negotiations and corporate and legal matters for Perseus. He is experienced with the taxation and mining laws in West Africa. |
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Rhett Brans (Executive Director) Rhett Brans qualified as a civil engineer at what is now known as Monash University in 1974 and completed an advanced management program at the University of Melbourne in 1991. Mr Brans has operated a consultancy providing project management services to the mining industry for the past 20 years. In this capacity, he has managed the development of gold and base metal projects. His experience extends across the full range from mining feasibility studies through to commissioning operations. Mr Brans has more than 35 years experience in the design and construction of mineral treatment facilities. Mr Brans is also a non-executive director of Tiger Resources Ltd. |
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Neil Fearis (Non-Executive Director) Neil Fearis has 34 years' experience as a commercial lawyer in the UK and Australia. For 13 years he was a partner in one of Australia 's largest national law firms. In 1999, he formed a niche firm specialising in the provision of corporate and commercial legal advice to listed public companies. He now consults to the national law firm Minter Ellison and practises principally in the areas of mergers and acquisitions, takeovers, public flotations, and other forms of capital raising. Mr Fearis is a member of several professional bodies associated with commerce and the law, including the Law Council of Australia, the International Bar Association, the Financial Services Institute of Australasia, and the Australian Institute of Company Directors. He is currently Non-Executive Chairman of Tiger Resources Limited and a non-executive director of Perseus Mining Limited, Carnarvon Petroleum Limited and Magma Metals Limited (all ASX-listed companies). |
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Sean Harvey (Non-Executive Director) In a management capacity, Sean Harvey has served as President and CEO of Orvana Minerals Inc., TXV Gold Inc. (through its sale to Kinross in 2003) and Atlantico Gold through sale of its Amapari Project to Wheaton River Minerals (now Goldcorp) in 2004. Mr Harvey is currently a director of several other public and private mining companies. |
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Michael Bohm(Non-Executive Director) Michael Bohm is an experienced mining professional with extensive corporate, project and operational management experience in the minerals industry in Australia, South East Asia, southern Africa, Chile, Canada, Europe and the UK. A graduate of the WA School of Mines, Mr Bohm has worked as a mining engineer, mine manager, study manager, project manager and project director and has been directly involved in a number of project developments in the gold, nickel and diamond sectors both in Australia and other parts of the world. |
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Susmit Shah (Company Secretary) Susmit Shah is a chartered accountant and has been involved as a director and company secretary of various Australian public companies for many years. He consults to public companies on a variety of matters including stock exchange requirements, joint venture negotiations and corporate fundraising. |
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Media
Fact Sheet
http://www.perseusmining.com/aurora/assets/user_content/File/Perseus%20Factsheet%20Lores.pdf
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31/08/2011 |
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23/08/2011 |
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18/08/2011 |
Commissioning on Track at Central Ashanti Gold Project, Ghana |
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25/07/2011 |
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21/07/2011 |
Construction Update CAGP: Practical Completion Milestone Achieved |
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23/06/2011 |
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14/06/2011 |
Drilling Recommences in Cote d`Ivoire, Significant Drill Results in Ghana |
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17/05/2011 |
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07/04/2011 |
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29/03/2011 |
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28/02/2011 |
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