Perseus Mining Limited - Exploration Update - Significant Drill Intercepts

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

PERTH, Western Australia, Jan. 16, 2012 /CNW/ - Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) is pleased to provide an exploration update from its West African gold projects.

Highlights

Infill and deeper drilling at Fetish at the Edikan Gold Mine ("EGM") in Ghana returned significant results, including:

EFDD110		-		24m at 9.0g/t from 141m and 18m at 1.2g/t Au from 216m.
EFDD111		-		20.8m at 1.4g/t from 27.7m, 24m at 1.5g/t from 72m, 12m at 1.2g/t from 178m and 34m at 4.0g/t Au  from 211m.
EFDD124		-		5m at 26.2g/t from 118m, 14m at 1.4g/t from 427m and 29m at 2.2g/t Au from 448m.
EFDD119		-		1m at 27.9g/t from 158m, 9m at 4.0g/t from 178m, 11m at 2.4g/t from 294m, 13m at 1.8g/t from 331m, 1m at 10.1g/t, 1m at 62.0g/t Au from 372m.
EFRDD104		-		1.5m at 14.3g/t from 49.5m, 16m at 2.3g/t from 70m, 13m at 2.7g/t from 99m and 8m at 6.9g/t Au from 320m.

Other intercepts at Fetish included 1m at 211g/t Au from 121m in EFRDD033 and 16m at 4.0g/t Au from 77m in EFRDD034

Infill drilling and deeper drilling at Esuajah North at EGM returned significant results, including:

ENDD082		-		1m at 11.7g/t from 73m, 6m at 1.8g/t from 107m, 3m at 66.7g/t Au from 128m, 7m at 2.1g/t 143m and 19m at 3.7g/t Au from 158m.
ENDD071		-		38m at 1.3g/t from 28m, 6m at 1.7g/t from 86m, 16m at 5.7g/t from 119m, 18m at 1.0g/t from 145m and 16.8m at 1.1g/t Au from 206m, ended in mineralisation.
ENDD095		-		20m at 4.2g/t from 35m, 12m at 1.8g/t from 59m and 13m at 6.2g/t Au from 82m.
ENDD096		-		13.5m at 1.4g/t from 50.5m, 14m at 1.2g/t from 73m and 68m at 2.1g/t Au from 137m.
ENDD076		-		9m at 1.8g/t from 40m, 20m at 4.5g/t from 62m, 16m at 1.1g/t from 96m and 8m at 1.8g/t Au from 143m.
ENRDD033		-		13m at 1.7g/t from 238m, 4m at 18.4g/t from 264m, 6m at 7.0g/t from 281m, 42m at 1.5g/t from 295m, 25m at 1.8g/t from 343m and 10m at 2.7g/t Au from 374m.

Other intercepts at Esuajah North included 9m at 5.6g/t Au in ENDD084, 33m at 2.0g/t Au in ENRC012, 18m at 3.0g/t Au in ENRDD032 and 50m at 1.8g/t Au in ENDD077

Infill drilling at Chirawewa and Bokitsi at EGM returned significant results, including:

CHDD032		-		16m at 4.8g/t from 76.3m, 10.5m at 1.9g/t from 56.5m, 7m at 5.7g/t from 176m, 14m at 1.9g/t from 189m and 8.5m at 5.5g/t Au from 211.5m.
BKDD041		-		5m at 27.1g/t Au from 74m including 2m at 64g/t from 75m.
BKDD042		-		11m at 7.6g/t Au from 82m.

Refer to Table 1 for details of the intercepts

Perseus Managing Director, Mark Calderwood's Comments

"An impressive set of results highlighting the potential at Edikan for not only large tonnage but areas of high grade".

"With samples for 632 drill holes still pending we will be in for a steady flow of results during 2012." 

"2012 should be a busy year for Resource and Reserve estimates, starting with the planned March upgrade to Edikan Resources and Reserves followed by a Resource upgrade at our Côte d'Ivoire project planned for June."

Edikan Gold Mine, Ghana

The Company completed 11,809m of drilling on the Edikan Gold Mine and Dunkwa licence during December.  While there has been an improvement on assay turnaround times, there are still assays pending for 5,620 samples from 145 drill holes.  A large number of significant drill hole intercepts have been reported since the cut off date for the resource estimate announced on December 22 2011.  These are contained in Tables 1 and 2 below.   Holes which were not included in the recent resource estimate will be included in future estimates starting with Esuajah North in March 2012.

Tengrela Gold Project, Côte d'Ivoire

The Company completed 16,758m of drilling on various prospects on the Tengrela Gold Project during December. However, assay turnaround was poor, and currently assays are pending for 15,673 samples from 487 drill holes.  From the limited number of holes where results were received several anomalous exploration intercepts were recorded, including 16m at 2.1g/t from 44m and 4m at 5.5g/t Au from surface in the proposed waste dump and ROM pad area, and 8m at 4.0g/t from 40m at Kanakono.  Details are included in Table 3.

Mark Calderwood
Managing Director

About Perseus Mining Limited

Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa's most successful gold explorers focused on under-explored gold belts in West Africa.  Perseus recently became a producer at its Edikan Gold Mine in Ghana. Details of the project and mine plan are set out in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.

Perseus is now also planning the development of its Sissingue Gold Project, part of the Tengrela Gold Project in Côte d'Ivoire, with production targeted for 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 400,000 ounce per annum gold producer during 2013.  Details of the project are set out within "Technical Report - Tengrela Gold Project, Ivory Coast" dated December 22, 2010."

Perseus will continue its strategy of rapidly increasing its resource and reserve base during the ramp-up of the Edikan Gold Mine and development of the Sissingue Gold Project.

Table 1: CAGP, Ghana, Recent Infill and Extensional Drilling

Hole		Deposit		East (m)		North (m)		Depth (m)		Azm. (°)		Incl. (°)			From (m)		To (m)		Width (m)		Au g/t
ABRDD443		AF Gap		26320		13950		445		180		-61			413		414		1		15.9
															421		437		16		3.1
												incl.			427		428		1		31.6
FBDD130		Fobinso		27140		14102		264.7		180		-50			197		224		27		1.6
												incl.			217		218		1		22.3
FBDD131		Fobinso		27140		14103		270		180		-55			213		250		37		1.8
												incl.			224		225		1		18.6
FBDD132		Fobinso		27140		14104		276		180		-61			216		245		29		2.8
												incl.			222		223		1		28.4
FBDD135		Fobinso		27442		14054		228.7		180		-61			84		146		62		1.4
												incl.			103		104		1		12.6
															155		168		13		1.1
															173		201		28		2.1
												incl.			197		198		1		30.7
EFDD104		Fetish		3383		5340		410		270		-48			49.5		51		1.5		14.3
															70		86		16		2.3
												incl.			77		78		1		15.4
															99		112		13		2.7
															320		328		8		6.9
												incl.			325		326		1		31.1
EFDD110		Fetish		3136		5200		331.5		90		-60			141		165		24		9.0
												incl.			142		148		6		16.2
												incl.			147		148		1		50.0
												and			157.5		159		1.5		13.3
												and			161		163		2		15.3
															216		234		18		1.2
EFDD111		Fetish		3399		5240		273.5		270		-48			27.68		48.5		20.8		1.4
															72		96		24		1.5
															178		190		12		1.2
															211		245		34		4.0
												incl.			218		223		5		11.3
												and			238		239		1		13.3
EFDD114		Fetish		3400		5400		218.5		270		-50			110		119		9		1.6
															127		138		11		1.0
															159		163		4		4.7
												incl.			160		161		1		12.9
EFDD117		Fetish		3364		5140		211		270		-44			8.5		32.5		24		1.0
															50.5		67		16.5		1.3
															77		85		8		2.1
															108		109		1		14.9
															153		167		14		1.0
EFDD119		Fetish		3517		5238		401.6		270		-50			158		159		1		27.9
															178		187		9		4.0
												incl.			182		183		1		18.6
															294		305		11		2.4
															331		344		13		1.8
															360		361		1		10.1
															372		373		1		62.0
EFDD124		Fetish		3115		5080		160		270		-83			118		123		5		26.2
												incl.			119		121		2		60.1
															427		441		14		1.4
															448		477		29		2.2
												incl.			464		466		2		11.3
EFRDD033		Fetish		3125		5100		145.1		270		-70			103		108		5		2.3
															121		122		1		211.0
EFRDD034		Fetish		3123		5100		125.1		270		-50			77		93		16		4.0
												incl.			82		83		1		11.3
EFRDD035		Fetish		3127		5140		115		270		-55			82		89		7		7.2
												incl.			83		84		1		18.6
EFRDD041		Fetish		3128		5180		246		90		-56			181		205		24		1.3
															211		226		15		1.3
ENDD059		Esuajah N		2170		7220		375.58		90		-57			239		263		24		1.8
												incl.			261		262		1		13.7
															275		276		1		19.1
															336		348		12		1.8
															354		371		17		1.0
ENDD068		Esuajah N		2270		7379		212		90		-56			131		142		11		1.8
												incl.			133		134		1		10.3
															181		206		25		1.2
ENDD071		Esuajah N		2490		7161		222.8		270		-60			28		66		38		1.3
															86		92		6		1.7
															119		135		16		5.7
												incl.			126		127		1		35.0
												and			133		134		1		24.2
															145		163		18		1.0
															206		222.8*		16.8		1.1
ENDD073		Esuajah N		2409		7160		118		270		-61			59		85		26		1.2
															97		118*		21		2.2
												incl.			117		118*		1		13.2
ENDD074		Esuajah N		2390		7199		126		90		-55			7.5		22		14.5		1.7
															76		95		19		1.0
															104		112		8		1.4
ENDD075		Esuajah N		2470		7160		165		270		-60			35		54		19		1.9
												incl.			40		41		1		22.8
															139		159		20		1.2
ENDD076		Esuajah N		2335		7170		170		90		-55			40		49		9		1.8
												incl.			40		41		1		11.3
															62		82		20		4.5
												incl.			78		79		1		74.0
															96		112		16		1.1
															143		151		8		1.8
ENDD077		Esuajah N		2385		7170		166		90		-55			40		74		34		1.4
															83		97		14		1.1
															112		162		50		1.8
ENDD078		Esuajah N		2450		7160		146		270		-60			42		59		17		2.1
															80		98		18		1.7
															103		108		5		5.9
												incl.			105		106		1		26.3
ENDD079		Esuajah N		2355		7169		206		90		-55			10.5		46		35.5		1.2
															129		153		24		1.0
															186		202		16		1.0
ENDD082		Esuajah N		2296		7400		194.7		90		-55			73		74		1		11.7
															107		113		6		1.8
															128		131		3		66.7
												incl.			129		130		1		102.0
															143		150		7		2.1
															158		177		19		3.7
												incl.			166		168		2		17.1
ENDD083		Esuajah N		2345		7170		126		90		-55			62		91		29		1.1
															97		108		11		1.6
ENDD084		Esuajah N		2331		7180		170		90		-55			56		91		35		1.0
															108		123		15		1.3
															152		161		9		5.6
												incl.			158		159		1		38.4
ENDD086		Esuajah N		2405		7170		126		90		-55			11		18.5		7.5		4.0
															51		76		25		1.1
															107		126*		19		2.5
ENDD087		Esuajah N		2340		7180		125		90		-55			59		92		33		1.4
															105		118		13		1.0
ENDD091		Esuajah N		2364		7170		126		90		-54			22		34		12		2.6
												incl.			30		31		1		10.2
															66		84		18		1.0
															89		104		15		2.0
												incl.			103		104		1		15.5
ENDD095		Esuajah N		2425		7170		110		90		-54			35		55		20		4.2
												incl.			36		37		1		21.4
												and			48		50		2		20.7
															59		71		12		1.8
															82		95		13		6.2
												incl.			89		91		2		34.2
												incl.			89		90		1		58.0
ENDD096		Esuajah N		2337		7080		209.5		90		-55			50.5		64		13.5		1.4
															73		87		14		1.2
															137		205		68		2.1
												incl.			138		139		1		17.4
												and			178		179		1		13.4
ENDD098		Esuajah N		2296		7360		204		90		-58			64		75		11		2.0
												incl.			64		65		1		10.4
															144		161		17		1.0
															171		176		5		2.3
ENDD102		Esuajah N		2130		7400		325.18		90		-55			247		277		30		1.5
ENRC012		Esuajah N		2390		7300		85		90		-55			6		39		33		2.0
												incl.			7		8		1		15.9
												and			29		30		1		19.9
ENRDD016		Esuajah N		2281		7420		153		90		-55			74		83		9		1.8
															122		144		22		1.4
ENRDD022		Esuajah N		2075		7160		495		90		-60			428		442		14		2.7
												incl.			432		433		1		28.9
															458		487		29		1.0
ENRDD023		Esuajah N		2124		7180		429.5		90		-60			313		341		28		1.6
												incl.			313		314		1		15.0
												and			340		341		1		11.9
															396		414		18		1.
ENRDD024		Esuajah N		2428		7160		132		270		-61			72		100		28		2.4
												incl.			77		78		1		11.0
												and			87		88		1		15.7
ENRDD026		Esuajah N		2120		7160		459.2		90		-60			336		337		1		36.0
															371		380		9		1.5
															400		415		15		1.0
															435		448		13		1.0
ENRDD027		Esuajah N		2185		7100		372.4		90		-57			140		149		9		1.6
															159		182		23		1.0
															251		258		7		3.2
												incl.			255		256		1		14.1
ENRDD032		Esuajah N		2185		7100		372.4		90		-55			223		239		16		1.1
															263		281		18		3.0
												incl.			274		275		1		38.8
															356		357		1		20.1
ENRDD033		Esuajah N		2152		7240		402		88		-61			238		251		13		1.7
															264		268		4		18.4
												incl.			265		267		2		34.6
															281		287		6		7.0
												incl.			284		286		2		13.6
															295		337		42		1.5
												incl.			323		324		1		30.3
															343		368		25		1.8
												incl.			347		348		1		23.0
															374		384		10		2.7
ENRDD038		Esuajah N		2136		7339		384.5		90		-57			350		375		25		2.0
												incl.			366		367		1		16.2
BKRDD041		Bokitsi S		2780		4300		135		270		-55			74		79		5		27.1
												incl.			75		77		2		64.0
BKRDD042		Bokitsi S		2789		4340		116.5		270		-55			82		93		11		7.6
												incl.			82		84		2		11.3
												and			91		92		1		16.1
BKRDD044		Bokitsi S		2820		4380		125.12		270		-55			84		92		8		3.4
															110		113		3		4.9
CHDD032		Chirawewa		4001		4460		226.5		90		-55			0		16		16		4.8
												incl.			7		8.5		1.5		16.9
															56.5		67		10.5		1.9
															176		183		7		5.7
												incl.			178		179		1		22.3
															189		203		14		1.9
															211.5		220		8.5		5.5
												incl.			217		218		1		12.3
CHDD035		Chirawewa		3994		4480		196		90		-55			91		113		22		1.0
															119		122		3		7.4
												incl.			120		121		1		16.7

Notes

1)	Most holes were core drilled through the mineralised zone.
2)	Core holes sampled at 1m intervals or less to geological contacts.
3)	Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.
4)	High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
5)	RC precollar through hanging wall was sampled at 1m intervals and composited to 4m and analysed by 50gm fire assay by ALS Ghana Limited in Ghana.
6)	Only holes with combined intercepts of greater than 40 gram metres included.
7)	The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.
9)	The true width of intercepts from recent drilling at Fetish ranges from 65-85% of the intercept width.
10)	The true width of intercepts from recent drilling at Esuajah North ranges from 70-95% of the intercept width.
11)	The true width of intercepts from recent drilling at Bokitsi South extension ranges from 80-97% of the intercept width.
12)	The true width of intercepts from recent drilling at Chirawewa ranges from 55-60% of the intercept width.
13)	The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 70-98% of the intercept width.

Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana

Hole		Deposit		East (m)		North (m)		Depth (m)		Azm. (°)		Incl. (°)			From (m)		To (m)		Width (m)		Au g/t
ENS102		Besem		3099		7160		75		270		-55			40		48		8		2.4
ENS104		Besem		3080		7240		60		270		-55			24		28		4		2.7
ENS111		Besem		3040		7520		90		270		-60			40		48		8		2.8
ENS113		Besem		3060		7480		100		270		-60			0		4		4		3.5
ENS114		Besem		3021		7480		105		270		-60			96		105*		9		3.1

Notes

1)	All holes are RC holes.
2)	RC holes were sampled at 1m intervals and composited to 2m or 4m intervals.
3)	Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.
4)	High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
5)	RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana.
6)	Only holes with combined intercepts of greater than 10 gram metres are included.
7)	True widths of intercepts from the exploration holes are currently unknown.
8)	The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011.

Table 3: Tengrela Gold Project, Côte d'Ivoire, Exploration Drilling

Hole		Prospect		East (m)		North (m)		Depth (m)		Azm. (°)		Incl. (°)			From (m)		To (m)		Width (m)		Au g/t
SAC130		Sissingué E		807,060		1,154,200		75		270		-60			44		60		16		2.1
SRB1402		Sissingué E		807,310		1,155,200		61		270		-55			0		4		4		5.5
SRB1419		Sissingué E		807,623		1,154,100		52		270		-55			28		36		8		0.8
KRB425		Kanakono		806,330		1,144,400		22		90		-55			0		4		4		1.7
KRB428		Kanakono		806,353		1,144,400		7		90		-55			4		7*		3		1.7
KRC090		Kanakono		805,680		1,144,040		90		90		-55			40		48		8		4.0
												incl.			40		42		2		13.2

Notes

1)	SAC holes are Aircore holes, SRB and KRB holes are RAB holes and KRC holes are RC holes
2)	The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report - Tengrela Gold Project, Côte d'Ivoire" dated December 22, 2010.
3)	Drill samples were assayed by 50g fire assays by ALS Mali SARL, (a division of ALS Minerals), in Bamako, Mali.
4)	Only exploration holes with combined intercepts of greater than 10 gram metres are included.
5)	True widths of intercepts from the exploration holes are currently unknown.

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Kevin Thomson, who is a Member of Association of Professional Geoscientists of Ontario (a Recognised Overseas Professional Organisation ('ROPO') included in a list promulgated by the ASX from time to time) .  Mr Thomson is a full-time employee of the Company.  Mr Thomson has sufficient experience, which is relevant to the style of mineralisation and type of deposit  under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").  Mr Thomson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Mr Thomson verified the data disclosed, including sampling, analytical and test data underlying the information contained herein. For a description of Perseus' data verification process, quality assurance program and quality control measure applied, the type of  analytical or testing procedures utilized, sample size, name and location of testing laboratories, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report any known environmental, political, legal, title, or other risks that could materially affect the potential development of the mineral resources or reserves, readers are directed to the technical report entitled "Technical Report - Central Ashanti Gold Project, Ghana" dated May 30, 2011 and the technical report entitled ''Technical Report - Tengrela Gold Project, Côte d'Ivoire'' dated December 22, 2010 in relation to the Edikan Gold Mine (formerly Central Ashanti Gold Project) and the Tengrela Gold Project respectively.

Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine without any major disruption, development of a mine at Tengrela, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.

Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration,  changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable.  Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms.   Readers should not place undue reliance on forward-looking information.  Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

 

To discuss any aspect of this announcement, please contact:
Mark Calderwood at telephone [phone] or email [email protected]
Nathan Ryan at telephone [phone] or email [email protected] (media)
Rebecca Greco at telephone [phone] or email [e-mail] (Toronto)