Name and Location
Sissingué gold project, Côte d’Ivoire.

Client
Perseus Mining.

Project Description
A revised feasibility study on the Sissingué gold project has confirmed that the development of the project is technically feasible and economically robust.

The updated global measured and indicated mineral resource for the project is estimated at 16-million tonnes grading at 1.7 g/t gold.

A further 1.1-million tonnes of material grading 1.7 g/t gold is classified as inferred mineral resources.

Production of 385 000 oz of gold is envisioned during a 5.25-year mine life at an average of about 75 000 oz/y for the first five years.

The Sissingué plant will process a range of ore types – oxide, transition and primary porphyry, granite and sediment ores – with variable ore characteristics, gold grades and metallurgical treatment requirements.

The primary ores are significantly more competent than the oxide ores and require a longer leach time to optimise gold recovery.

Ores will be mined so that predominantly oxide/transitional ore will be processed in two phases – during the first year and for five months in Year 3. Some blending with primary ores will be required in the final two years.

Oxide ore will be processed at a rate of up to 1.2-million tonnes a year using a two-stage crushing and single-stage semiautogenous (SAG) mill circuit.

Primary ore will be processed at a rate of one-million tonnes a year using a three-stage crushing and ball mill circuit, where the SAG mill has been reconfigured to operate as a ball mill.

Net Present Value/Internal Rate of Return
The project has a net present value, at a 10% discount rate, of $52.2-million and an internal rate of return of 27.0%.

Value
Start-up capital costs are estimated at $106-million, including contingency.

Duration
Construction is expected to start in the September 2015 quarter, with first gold pour expected within 14 months.

Latest Developments
Perseus has approved plans to advance the implementation of the development of the Sissingué gold project.

Before full-scale commitment to the project, Perseus plans to finalise a funding package of $106-million to meet the capital development requirements of the mine development and mining convention with the Côte d’Ivoire government.

Further, the company plans to formulate an implementation plan, including the recruitment of key development and operating staff, which will result in the development of the project.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Perseus Mining, tel +61 8 6144 1700, fax +61 8 6144 1799 or email info@perseusmining.com.