TORONTO (miningweekly.com) – Dual-listed Perseus Mining on Monday said it expected to miss the lower end of its 105 000-oz-to-125 000-oz guidance for the 2013 financial year, the first half of which would close at the end of the week, as a result of a series of relatively minor plant maintenance issues at its Edikan mine, in Ghana, that had combined to cause instability in the processing circuit, resulting in lower daily gold production.

Management also said that the all-in first-half cash cost was likely to exceed the expected $1 100/oz.

Despite the maintenance issues, Perseus said the Edikan mine had achieved operational improvements during the June quarter to date and recoveries were closer to target, while processing ore with a head grade that was at or below the life-of-mine average of 1.16 g/t.

The ASX- and TSX-listed company said that crushing and milling rates had again stabilised towards the upper end of the 5.5-million-to-8-million-tonne-a-year range and individual days, particularly with the renovated crusher, exceeding this level.

The Edikan gold mine has 5.6-million ounces of measured and indicated gold resources, including reserves of 3.4-million ounces and 1.7-million ounces in the inferred resources category.

"While we are disappointed at the production result at Edikan this quarter after our record performance in the March quarter, we note that the fluctuating gold production is the result of our recent efforts to fine-tune our processing plant - an activity that we were prevented from undertaking in the latter part of 2012 by problems with our primary crusher.

"That said, a number of material operational advances have been achieved and these augur well for improved gold production and cost performance in the year ahead, something that is essential in a revised gold price environment," MD Jeff Quartermaine said.

Perseus in April said it expected to start building the $160-million Sissingue gold mine, in Côte d'Ivoire, in the middle of this year despite the recent slide in gold prices to a two-year low.

The company’s TSX-listed stock slid by 12.12% on Monday to C$0.58 apiece.