PERTH (miningweekly.com) − ASX- and TSX-listed gold miner Perseus Mining on Wednesday told delegates at the Africa Downunder conference, in Perth, that it was likely to start development work on its Tengrela gold project, in Côte d'Ivoire, by the first quarter of next year.

Perseus MD Mark Calderwood said that the environmental-impact study on the project would be lodged shortly. The Côte d'Ivoire government was expected to give project approval during the first, or the second quarter, of next year.

Calderwood said that during the 2011/12 financial year, Perseus would spend some $37-million on the Tengrela project, with a further $78-million earmarked for the 2012/13 financial year.

With production set to start by June 2013, the Tengrela project would deliver some 178 000 oz during its first year of operations, 162 000 oz during its second year, and 100 000 oz from its third year.

The Tengrela project, which covers an area of some 876 km², hosts an indicated resource of 0.9-million ounces and an inferred resource of 0.3-million ounces. Gold reserves stood at 0.66-million ounces.

Reserves were expected to increase to between 0.9-million and 1.2-million ounces during 2012, and to between one-million and two-million ounces in 2013.
 

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