PERTH, Western Australia, Jan. 20, 2021 (GLOBE NEWSWIRE) — Perseus Mining Restricted (“Perseus” or the “Firm”) (TSX & ASX: PRU) experiences on its actions for the three months’ interval ended December 31, 2020 (the “Quarter”). An government abstract is supplied beneath. Nonetheless, full particulars of actions within the December Quarter, together with reconciled manufacturing and all-in web site money prices, are included within the Firm’s December 2020 Quarterly Exercise Report launched to the market on January 21, 2021. The complete report is offered for obtain from www.perseusmining.com, www.asx.com.au and www.sedar.com.

Govt Abstract

Perseus’s gold mining operations proceed to carry out nicely

• Edikan, Sissingué and Yaouré gold mines all contributed to Perseus sustaining its document of constantly sturdy working performances this quarter:

1. Consists of gold from Yaouré.
2. Excludes Yaouré’s AISC till declaration of Industrial Manufacturing.
    

• Half 12 months gold manufacturing of 137,386 ounces was up 12% on the June 2020 Half 12 months, and near the highest finish of the manufacturing steerage vary of 125,500 – 139,000 ounces. At US$1,000 per ounce, AISCs had been barely decrease than the June Half 12 months and inside the guided AISC vary of US$940 – US$1,025 per ounce.
   
• At 68,614 ounces, quarterly gold manufacturing was consistent with final quarter’s manufacturing whereas AISCs elevated by 7% to US$1,036 per ounce.
   
• Quarterly gold gross sales elevated 10% and the typical realised gold worth elevated 6% to US$1,687 per ounce, producing quarterly and half yr notional cashflows from operations of US$44.6 million and US$88.3 million, respectively.
   
• Perseus has set gold manufacturing and AISC market steerage for the June 2021 Half 12 months at 175,000 to 190,000 ounces at an AISC of US$950 to US$1,150 per ounce. (refer beneath for element)

Yaouré mine improvement accomplished forward of time and finances.

• First gold was efficiently poured at Yaouré on December 17, 2020, forward of the stretch goal for the occasion. Commissioning is in progress and Industrial Manufacturing is predicted to be declared when all completion exams are happy.
   
• Perseus has paid US$237 million to suppliers of products and companies to this point. Closing improvement prices are anticipated to fall beneath the finances of US$265 million.
   
• With the profitable improvement and ramp up of Yaouré, Perseus will likely be on monitor to realize its aim of manufacturing greater than 500,000 ounces of gold per yr at a margin of not lower than US$400 per ounce.

Steadiness Sheet energy maintained by sturdy working money flows.

• Out there money and bullion available of US$118.1 million at quarter finish. Debt has been diminished by US$20 million to US$130 million giving a internet debt place through the quarter of US$11.9 million, US$9.3 million greater than on the finish of final quarter.

Encouraging natural progress alternatives rising.

• Natural progress alternatives are being investigated on current licence areas, notably at Bagoé close to Sissingué and on the Yaouré mining lease and are anticipated to ship incremental progress in Mineral Sources and Ore Reserves.

Perseus Group Manufacturing and Value Steerage – June 2021 Half 12 months

Manufacturing and value steerage for the June 2021 Half 12 months and the 2021 Full Monetary 12 months stays unchanged as follows:

Desk 8: Manufacturing and Value Steerage:

PROGRAM FOR THE MARCH 2021 QUARTER  

GOLD MINING OPERATIONS
Edikan

• Produce gold at an all-in web site value consistent with the not too long ago revealed Lifetime of Mine Plan (LOMP).
• Proceed planning and implementing Steady Enchancment initiatives geared toward rising gold manufacturing and decreasing AISC.

Sissingué

• Produce gold at a complete all-in web site value consistent with LOMP.
• Proceed planning and implementing Steady Enchancment initiatives geared toward rising gold manufacturing and decreasing AISC.
• Proceed work on licencing mining of the Fimbiasso, Véronique, Antoinette and Juliette satellite tv for pc deposits.

Yaouré

• Full ramp up of the Yaouré processing facility, and obtain milestones associated to completion exams and declaring of Industrial Manufacturing.
• Produce gold at a complete all-in web site value consistent with forecasts.
• Put together and publish an up to date LOMP for the Yaouré Gold Mine.
• Full land, and crop compensation funds to affected land holders and farmers.

BUSINESS GROWTH
Edikan

• Proceed preparations for commencing underground operations at Esuajah South, pending to a choice to proceed with improvement of the venture.
• Begin drilling on the Breman prospect on the Agyakusu allow.
• Begin soil sampling and mapping on the not too long ago optioned Dompoase allow.
• Full evaluation of the potential of the Mampong South deposit for additional drilling.

Sissingué

• Full DFS for the Antoinette, Véronique and Juliette deposits at Bagoé and probably convert to Ore Reserve.
• Full exploration drilling at Tiana and Kakolo.
• Proceed the soil sampling at Minignan.

Yaouré

• Full the evaluation of the CMA South, Govisou and Angovia 2 deposits to find out drilling and research. required to probably convert to Ore Reserves.
• Determine and prioritise potential drilling targets from the 3D seismic survey.

Different

• Proceed to assessment each potential “bolt on” acquisition and merger alternatives to evaluate potential for continued company progress and worth creation.

To debate any facet of this announcement, please contact:

Competent Particular person Assertion: 
All manufacturing targets for Edikan, Sissingué and Yaouré referred to on this report are underpinned by estimated Ore Reserves which have been ready by competent individuals in accordance with the necessities of the JORC Code. The data on this report that pertains to Esuajah North Mineral Sources estimate was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Sources & Ore Reserves” launched on 29 August 2018.  The data on this report that pertains to the Mineral Useful resource and Ore Reserve estimates for the Bokitsi South and AFG Hole deposits on the EGM was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 26 August 2020. The data on this report that pertains to the Mineral Useful resource and Ore Reserve estimates for the opposite EGM deposits (Fetish and Esuajah South Underground) was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 20 February 2020 and was up to date for depletion till 30 June 2020 in a market announcement launched on 26 August 2020. The Firm confirms that it isn’t conscious of any new info or information that materially have an effect on the knowledge in these market releases and that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Mission, Ghana” dated 30 Might 2011 proceed to use.

The data on this report that pertains to Mineral Sources and Ore Reserves for Sissingué was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 29 October 2018 and contains an replace for depletion as at 30 June 2020.The data on this report that pertains to Mineral Sources and Ore Reserves for the Fimbiasso East and West deposits, beforehand Bélé East and West respectively, was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 26 August 2020. The Firm confirms that materials assumptions underpinning the estimates of Mineral Sources and Ore Reserves described in these market bulletins. The Firm confirms that it isn’t conscious of any new info or information that materially have an effect on the knowledge in these market releases and that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Mission, Côte d’Ivoire” dated 29 Might 2015 proceed to use.

The data on this report in relation to Yaouré Mineral Useful resource and Ore Reserve estimates was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Firm confirms that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, in that market launch proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Mission, Côte d’Ivoire” dated 18 December 2017 proceed to use. The data on this report and the attachments that pertains to exploration drilling outcomes is predicated on, and pretty represents, info and supporting documentation ready by Dr Douglas Jones, a Competent One who is a Chartered Skilled Geologist.  Dr Jones is the Group Normal Supervisor Exploration of the Firm.  Dr Jones has ample expertise, which is related to the type of mineralisation and kind of deposit into account and to the exercise being undertaken, to qualify as a Competent Particular person as outlined within the 2012 Version of the ‘Australasian Code for Reporting of Exploration Outcomes, Mineral Sources and Ore Reserves’”) and to qualify as a “Certified Particular person” beneath Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”).  Dr Jones consents to the inclusion on this report of the issues primarily based on his info within the kind and context through which it seems.

Warning Concerning Ahead Trying Info:
This report incorporates forward-looking info which is predicated on the assumptions, estimates, evaluation and opinions of administration made in gentle of its expertise and its notion of tendencies, present circumstances and anticipated developments, in addition to different components that administration of the Firm believes to be related and cheap within the circumstances on the date that such statements are made, however which can show to be incorrect. Assumptions have been made by the Firm relating to, amongst different issues: the value of gold, persevering with industrial manufacturing on the Edikan Gold Mine and the Sissingué Gold Mine with none main disruption because of the COVID-19 pandemic or in any other case, improvement of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and working value estimates, the flexibility of the Firm to function in a protected, environment friendly and efficient method and the flexibility of the Firm to acquire financing as and when required and on cheap phrases. Readers are cautioned that the foregoing record isn’t exhaustive of all components and assumptions which can have been utilized by the Firm. Though administration believes that the assumptions made by the Firm and the expectations represented by such info are cheap, there might be no assurance that the forward-looking info will show to be correct. Ahead-looking info includes identified and unknown dangers, uncertainties, and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any anticipated future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such components embody, amongst others, the precise market worth of gold, the precise outcomes of present exploration, the precise outcomes of future exploration, modifications in venture parameters as plans proceed to be evaluated, in addition to these components disclosed within the Firm’s publicly filed paperwork. The Firm believes that the assumptions and expectations mirrored within the forward-looking info are cheap. Assumptions have been made relating to, amongst different issues, the Firm’s potential to hold on its exploration and improvement actions, the well timed receipt of required approvals, the value of gold, the flexibility of the Firm to function in a protected, environment friendly and efficient method and the flexibility of the Firm to acquire financing as and when required and on cheap phrases. Readers shouldn’t place undue reliance on forward-looking info. Perseus doesn’t undertake to replace any forward-looking info, besides in accordance with relevant securities legal guidelines.