Name of the Project
Yaouré gold project.

Location
The project is located on the southern edge of Lake Kossou, 35 km north-west of the capital, Yamoussoukro, and 25 km east-north-east of Bouaflé, in central Côte d’Ivoire.

Project Owner/s
Perseus Mining.

Project Description
A 2017 definitive feasibility study (DFS) has confirmed the high quality of the Yaouré project.

The project comprises two adjacent pits (CMA and Yaouré), with ore also expected to be sourced from three pre-existing heap-leach pads close to the run-of-mine pad.

Proven and probable reserves have been estimated at 26.8-million tonnes grading 1.76 g/t gold for 1.52-million ounces of gold.

The chosen method for the openpit reserves is conventional openpit mining using hydraulic excavators and trucks.

The process plant will comprise a primary crusher with a 6 MW semiautogenous mill and a 6 MW ball mill, pebble crushing, as well as a gravity and carbon-in-leach circuit with cyanide detoxification.

The processing plant will process up to 3.3-million tonnes a year on average over an 8.5-year mine life, recovering 1.37-million ounces over the period.

The DFS estimated that Yaouré could produce 215 000 oz/y over its first five years of operations.

Potential Job Creation
The project is expected to have a workforce of 257, and 470 contract personnel.

Net Present Value/Internal Rate of Return
Based on a gold price of $1 250/oz, the project has a net present value (NPV), at a 10% discount rate, of $170-million and an after-tax internal rate of return of 27%, with a payback of 32 months.

At a 5% discount rate, the project has an NPV of $259-million.

Capital Expenditure
The estimated development capital cost is $265-million.

Yaouré will be funded through the combination of a $150-million revolving credit facility, as well as $120-million in existing cash and bullion, along with strong future cash flows from the company’s two producing gold mines.

Planned Start/End Date
Full-scale development of the project started in May 2019, with first gold production expected in late 2020.

Latest Developments
The Yaouré gold project remains on track to achieve the target of first gold pour in December, Perseus has reported.

Three employees at Yaouré tested positive for Covid-19 this month, but the company said it had successfully contained the spread of the virus among the workforce.

“Notwithstanding the regrettable infections that occurred after quarter-end, the impact of Covid-19 has been negligible on the progress made to date at the Yaouré development project,” the company said in its June quarter activities report.

Perseus has incurred additional development costs of $1.12-million, as a result of implementing measures to ensure full business continuity at Yaouré, but has emphasised that the amount is in the contingency sum included in the budget and is not expected to result in a cost overrun of the original construction budget of $265-million.

Development of the Yaouré project was about 67% complete at the end of June. About 77%, or $204.4-million, of the project cost had been committed and 59%, or $156-million, had been paid to suppliers.

Key Contracts and Suppliers
EPSA Internacional SA (mining services contract).

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