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Perseus narrowly misses Edikan gold guidance

3rd July 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – ASX- and TSX-listed Perseus Mining narrowly missed its half-year production guidance at its Edikan mine, producing 104 329 oz of gold.

The Australia-headquartered company expected output from the Ghana-based gold operation to be between 105 000 oz and 125 000 oz in the six months ended June.

Following record production in the March quarter, Perseus said that the June quarter had started slower as it had to find an optimum balance between throughput rate and gold recovery.

By the end of June, production was closing in on targets, with monthly output coming in at 17 685 oz.

MD Jeff Quartermaine said that the guidance shortfall of 0.6% was “well within” the margin for error in a producing mine, especially a large-scale operation such as Edikan.

“With the recent strengthening of our operating management ranks at Edikan and a very sharp focus on cost-efficient production, we are well placed to undertake the task of restoring market confidence in our ability to consistently produce profitable ounces of gold,” he added.

For the full year ended June 30, a total of 208 029 oz were produced.

The company said it would publish details of its reconciled gold production for the June quarter, including all-in site costs and plans for the next 18 months of production, in its quarterly activities report on July 15.

Edited by Creamer Media Reporter

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