Perseus Mining increases resource estimate at Ghanaian gold mine

22 December 2011 (Last Updated December 22nd, 2011 18:30)

Perseus Mining have announced a 954,000oz increase in measured and indicated (M&I) mineral resources at its Edikan Gold Mine (EGM), located in Ghana.

Perseus Mining have announced a 954,000oz increase in measured and indicated (M&I) mineral resources at its Edikan Gold Mine (EGM), located in Ghana.

Currently, the M&I mineral resources at EGM stand at 143.9Mt and contain 5.3 million ounces of gold.

Perseus's total M&I mineral resources increased to 184.5Mt containing 6.7 million ounces of gold while its total inferred mineral resources rose to 76,000oz to 76.9Mt containing 2.3 million ounces of gold.

The company's current reserve base stands at 3.9 million ounces of gold.

A maiden resource estimate for the Bokitsi deposit has been declared while drilling continues on deposits that are subject of the upgrade.

The company said that the revised reserve estimate, which will be based on the new resource models, will be complete in March next year.

Once a large drilling programme is accomplished at the Esuajah North resource, upgrade will be completed in March 2012.

The company said that the further resource upgrades at EGM are to be undertaken next year.

Upcoming resource upgrade at company's Côte d'Ivoire projects planned to be taken up in June 2012, reports digitaljournal.com.

Perseus Mining managing director Mark Calderwood said that, "The Esuajah North resource upgrade will be completed in March 2012 following completion of a large drilling program. 13 holes remain to be drilled and assays for an additional 52 holes are pending.

"The company continues its excellent track record of growing its Measured & Indicated resources organically at an average rate of 1.4 million ounces per annum over the past four years, and strong upside potential remains."