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Perseus announces March 2019 quarter production results

Mining News - Published on Thu, 18 Apr 2019

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Consistently strong operating performance at Edikan and Sissingue March 2019 quarter gold production, all in site costs (AISC) and sales were:

ParameterUnitEdikanSissinguePerseus Group
Gold producedOunces446802246467144
Total All-In Site Cost (AISC)US$/ounce900753851
Gold solesOunces425282131063838
Average sales priceUS$/ounce128312851284

• Gold production of 67,144 ounces was within 1.5% of the December 2018 quarter's gold production of 68,078 ounces;
• At US$851 per ounce, quarterly AISC were 19% less than the December 2018 quarter's AISC and 15% less than the AISC in the December 2018 half year;
• Group gold production is on target to achieve June 2019 half year production guidance of 130-150,000 ounces and AISCs are also on track to achieve cost guidance of US$850-US$1,000 per ounce; and
• Perseus's weighted average cash margin of US$433 per ounce during the quarter generated notional cashflow of US$29.1 million, more than double that of the prior quarter.

Development of Yaoure, Perseus's 3rd gold mine, remains on track
• An offer by a banking syndicate to provide a US$150 million cash advance facility to partially fund the development of Yaoure has been accepted;
• Yaoure's financing plan will be fully funded by debt, existing cash and bullion of US$81 million, material future cash inflows from operations and proceeds from the exercise or underwriting of Perseus warrants;
• The Yaoure Exploitation Permit (EP) was not granted by the Ivorian government as expected during the quarter. With all pre-conditions satisfied, imminent granting of the EP appears highly probable;
• Engineering and supply contractor, Lycopodium, and Perseus's in-house construction team are ready to begin development activities upon the granting of the EP; and
• Subject to no further delays in permitting, Perseus is targeting pouring its first gold at Yaoure in December 2020.

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Posted By : Rabi Wangkhem on Thu, 18 Apr 2019
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