Perseus replaces ore reserves at Sissingué following exploration

PERSEUS Mining said life of mine ore reserves at Sissingué, a mine it recently commissioned in Côte d’Ivoire, had increased 9% to 380,000 ounces of gold as of August 31 compared to ore reserves on June 30 following exploration work.

“The upgraded mineral resources and ore reserve statements that we have released today indicate that our recent exploration programs have not only replaced the ore that has been processed since the mine was commissioned earlier this year but has also modestly increased the inventory,” said Jeff Quartermaine, MD of Perseus Mining in a statement.

“Going forward we expect that this pattern will be repeated with incremental increases in mineral resources and ore reserves being achieved through the drill out of satellite deposits resulting in an extension of Sissingué’s mine life well beyond the originally envisaged five year period,” he added.

Life of mine production would average 78,000 oz a year for remaining 4.6 years of mine life including 86,000 oz a year for the next three years, it said. Life of mine after tax cash flows from 1 July 2018 would total $165m assuming a gold price of $1,200/oz.