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Perseus updates Edikan life-of-mine plan

30th March 2020

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Dual-listed Perseus Mining has updated the mine plan for the Edikan gold mine, which is now forecast to produce more than 1.3-million ounces of gold over the life-of-mine (LoM).

This is 95% higher than the total production estimated in the previous LoM plan, Perseus said, attributing the increase to the addition of Esuajah South Underground and a much larger AG openpit.

Gold production will average 212 000 oz/y over Edikan’s currently estimated LoM of 6.2 years from July 1, 2020, including gold production of about 231 000 oz/y on average over the next four years.

The Esuajah South Underground mine employs a sub-level stoping under rock fill mining method, and a development capital of $31-million has been assumed.

The LoM plan is based on the company’s revised mining strategy that was implemented in January 2019, involving the use of a single mining contractor, mining at a reduced rate of total material movement. Costs, recoveries, mill throughput rates and run times have been updated to reflect recent performance.

The LoM plan is also based on the revised ore reserves reported on February 20, which included proved and probable ore reserves as at December 31, 2019 of 45.7-million tonnes of ore, grading 1.10 g/t gold and containing over 1.6-million ounces of gold.

Forecast weighted average all-in site costs, including all direct production costs, royalties, waste stripping costs and sustaining capital expenditure (AISC), are in the range of between $870/oz and $890/oz over the remaining LoM.

This represents a 5% decrease in average AISC relative to the previous plan, over the corresponding period.

Edikan’s revised plan forecasts strong positive after-tax cash flows totalling about $356-million, assuming a flat spot gold price of $1 300/oz for the remaining mine life. 

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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