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Perseus Mining activity report for June 2018 Quarter

Mining News - Published on Mon, 16 Jul 2018

Image Source: GlobeNewswire
Perseus Mining Limited announced that on its activities for the three month period ended June 30, 2018. An executive summary is provided below. However, full details of activities in the June Quarter, including reconciled production and all-in site cash costs, are included in the Company’s June 2018 Quarterly Activity Report released to the market on July, 13, 2018.

Perseus has produced a record quantity of gold from its two West African mines during the June 2018 quarter at a materially improved All-In Site Cost and in the process has demonstrated the success of its plan to transform from a single mine gold producer into a successful multi-mine, West African focused explorer, developer and gold producer. Highlights of the quarter included

Ramp up of Sissingué successfully completed with quarterly gold production of 26,020 ounces at an AISC of USD 520 per ounce.

Group gold production and cost guidance for the December 2018 half year has been set at 130,000 to 150,000 ounces of gold at an AISC of USD 950 to USD 1,150 per ounce.

The average gold price achieved during the quarter was USD 1,312 per ounce, producing a cash margin of USD 399 per ounce or USD 33.4 million of notional free cash flow from operations.

A net quarterly increase in cash and bullion of AUD 30.3 million or 51% was recorded, resulting in available cash and bullion at June 30, 2018 of AUD 89.8 million (USD 66.5 million), AUD 4.8 million (USD 3.5 million) more than group debt of AUD 85 million (USD 63 million).

The group’s hedge position at June 30, 2018 included 131,000 ounces of gold sold forward at a weighted average price of USD 1,312 per ounce.

Work commenced on front end engineering and design and execution planning for the Yaouré development in conjunction with engineers Lycopodium.

Implementation of a plan to fund the Yaouré development using debt and internally generated cash reserves also commenced.

Encouraging drill results achieved from exploration drilling programmes at each of the Yaouré, Sissingué and Edikan sites warranting follow up drilling in the September 2018 quarter.

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Posted By : Joykumar Irom on Mon, 16 Jul 2018
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