Name of the Project
Sissingué gold project.

Location
Côte d’Ivoire.

Client
Perseus Mining.

Project Description
The Sissingué project, including the nearby Belé East and West deposits, has total proven and probable reserves estimated at 5.9-million tonnes grading at 2.1 g/t gold.

Measured and indicated mineral resources for the project have been estimated at 15-million tonnes grading at 1.7 g/t gold.

A further 1.4-million tonnes of material grading 1.9 g/t gold is classified as inferred mineral resources.

The updated life-of-mine (LoM) plan envisages production of 358 000 oz of gold, including about 80 000 oz/y for the first 3.25 years of production, and about 70 000 oz/y over the full five-year mine life. This compares with envisaged production of 385 000 oz in the previous LoM.

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/transition ore will be processed in two phases.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Based on a total estimated construction cost of $107-million, the ungeared after-tax internal rate of return from the project has been estimated at 28%, with a payback estimated at 39 months.

Value
Start-up capital costs are estimated at $107-million, including contingency.

Duration
First gold from Sissingué is expected in the March 2018 quarter.

Latest Developments
Perseus Mining has achieved its first gold pour at its Sissingué operation one month ahead of schedule.

As part of the implementation of its operations readiness plan for Sissingué, Perseus has recruited an experienced operating team under the leadership of GM Merlin Thomas.

The team has implemented the necessary operating systems and has been progressively assuming responsibility for the mine and infrastructure, as the commissioning of each element was completed and handed over by the construction team.

This handover will be finalised during the March quarter.

Key Contracts and Suppliers
Lycopodium (engineering, procurement and construction management contract).

On Budget and on Time?
The company has said that current estimates show that the $107-million budget will not be exceeded and the ramp-up to full-scale commercial production is progressing as planned and is expected to be achieved on or before March 31.

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