Name of the Project
Yaouré gold project.

Location
The project is located on the southern edge of Lake Kossou, 35 km north-west of the capital, Yamoussoukro, and 25 km east-north-east of Bouaflé, in central Côte d’Ivoire.

Client
Perseus Mining.

Project Description
A 2017 definitive feasibility study (DFS) has confirmed the high quality of the Yaouré project.

The project comprises two adjacent pits (CMA and Yaouré), with ore also expected to be sourced from three pre-existing heap-leach pads close to the run-of-mine pad.

Proven and probable reserves have been estimated at 26.8-million tonnes grading 1.76 g/t gold for 1.52-million ounces of gold.

The chosen method for the openpit reserves is conventional openpit mining using hydraulic excavators and trucks.

The process plant will comprise a primary crusher with a 6 MW semiautogenous mill and a 6 MW ball mill, pebble crushing, and a gravity and carbon-in-leach circuit with cyanide detoxification.

The processing plant will process up to 3.3-million tonnes a year on average over an 8.5-year mine life, recovering 1.37-million ounces over the period.

The DFS estimated that Yaouré could produce 215 000 oz/y over its first five years of operations.

Potential Job Creation
The project is expected to have a workforce of 257 and 470 contract personnel.

Net Present Value/Internal Rate of Return
Based on a gold price of $1 250/oz, the project has a net present value (NPV), at a 10% discount rate, of $170-million and an after-tax internal rate of return of 27%, with a payback of 32 months.

At a 5% discount rate, the project has an NPV of $259-million.

Value
The estimated development capital cost is $264-million.

Duration
First gold is expected in 2020.

Latest Developments
A scoping study into a potential underground mine at the Yaouré gold project has proved that the operation could be feasible.

“The results of the Yaouré underground mining scoping study highlights one further avenue for Perseus to expand its already technically feasible and financially attractive Yaouré gold project,” Perseus MD Jeff Quartermaine has said.

“When this potential is combined with the existing mineral resource and ore reserves that are scheduled to be mined using opencut methods, the Yaouré gold project, which on current estimates is expected to start producing gold from openpit operations in December 2020, should form a major portion of Perseus’ business in Côte d’Ivoire for many years to come.”

Perseus has reported a preliminary inferred mineral resource of three-million tonnes for the potential underground mining operation, grading at 6.2 g/t gold for 595 000 oz.

The mineral resource for the potential underground project remains open along strike and depth.

However, Perseus has noted that the mineral resource is not in addition to the Yaouré openpit mineral resource, with about 46% of the mineral resource situated between the base of the openpit and the $1 800/oz pit shell that constrains the openpit resource.

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.