Name and Location
Sissingué gold project, Côte d’Ivoire.

Client
Perseus Mining.

Project Description
A revised feasibility study on the Sissingué gold project has confirmed that the development of the project is technically feasible and economically robust.

The updated global measured and indicated mineral resource for the project is estimated at 16-million tonnes grading at 1.7 g/t gold.

A further 1.1-million tonnes of material grading 1.7 g/t gold is classified as inferred mineral resources.

Production of 385 000 oz of gold is envisioned during a 5.25-year mine life at an average of about 75 000 oz/y for the first five years.

The Sissingué plant will process a range of ore types – oxide, transition and primary porphyry, granite and sediment ores – with variable ore characteristics, gold grades and metallurgical treatment requirements.

The primary ores are significantly more competent than the oxide ores and require a longer leach time to optimise gold recovery.

Ores will be mined so that predominantly oxide/transition ore will be processed in two phases – during the first year and for five months in Year 3. Some blending with primary ores will be required in the final two years.

Oxide ore will be processed at a rate of up to 1.2-million tonnes a year using a two-stage crushing and single-stage semiautogenous (SAG) mill circuit.

Primary ore will be processed at a rate of one-million tonnes a year using a three-stage crushing and ball mill circuit, where the SAG mill has been reconfigured to operate as a ball mill.

Net Present Value/Internal Rate of Return
The project has a net present value, at a 10% discount rate, of $52.2-million and an internal rate of return of 27.0%.

Value
Start-up capital costs are estimated at $106-million, including contingency.

Duration
Construction is expected to start in the September 2015 quarter, with first gold pour expected within 14 months.

Latest Developments
In the quarter ended September 2015 Perseus signed a mining convention with the Ivorian government.

Perseus also started an early works programme, which included front-end engineering and design, construction of site access roads, initial earthworks, site clearing and fencing, design and procuring of elements of the mine camp and certain items of mobile equipment.

In addition, Perseus advanced plans for a decision on full-scale construction to be taken in the December 2015 quarter, pending implementation of satisfactory financing plans, and has started implementing integrated security and community development programmes in the Sissingué area.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Perseus Mining, tel +61 8 6144 1700, fax +61 8 6144 1799 or email info@perseusmining.com.