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Perseus Mining Inks Pact to Purchase Prospecting License Adjacent to Edikan Gold Mine in Ghana

Mining News - Published on Wed, 06 Nov 2019

Image Source: SteelGuru
Perseus Mining Limited announce that its 90% owned Ghanaian subsidiary, Perseus Mining (Ghana) Limited, has signed an option agreement with local Ghanaian company, Adio-Mabas Ghana Ltd, to acquire the 23.85km2 Agyakusu Prospecting License PL 2/177 that adjoins Perseus’s Edikan mining leases, and is located between 2 and 8 km from the Edikan processing facility. Perseus's Chief Executive Officer and Managing Director Mr Jeff Quartermaine said “Agyakusu represents an exciting opportunity to potentially extend the current six year remaining mine life of our Edikan Gold Mine. The agreement is consistent with Perseus's three-pronged organic growth strategy, which involves optimisation of our existing asset base, exploration adjacent to our existing infrastructure and developing an exploration and development pipeline of projects away from existing licence areas, all with the aim of developing a stainable gold business producing approximately 500,000 oz pa at a margin of not less than USD 400/oz. We look forward to rapidly advancing the exploration on Agyakusu to determine what this exciting prospect yields."

Highlights

Subject to completion of customary conditions precedent, Perseus has the right to acquire 100% of the Agyakusu prospecting license for consideration of US$600,000, staged over a three-year period and a commitment to spend up to US$1.6M on exploration during that period.

Artisanal activity on the Agyakusu tenement has exposed an extensive, mineralised granitic system similar to deposits currently being mined on the Edikan mining leases. Exploration success at Agyakusu could potentially extend the remaining six-year life of the Edikan Gold Mine;

Acquisition of Agyakusu is consistent with Perseus's strategy to grow organically by exploring and potentially developing mineral resources located within trucking distance of existing infrastructure.

Source :

Posted By : Rabi Wangkhem on Wed, 06 Nov 2019
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