PRU – Perseus Mining | Aussie Stock Forums

As there is no thread for this company it is probably worthwhile setting one up based upon their progress to date.

Perseus was listed in September 2004 to acquire, explore and develop several significant advanced gold projects located in West Africa and Central Asia.

Perseus has targeted regions which: have numerous “World Class” gold deposits; remain amongst the least explored by modern techniques; and include countries in which the Perseus has substantial experience.

In the last 12 months Perseus has demonstrated the exploration potential of the key projects in Ghana, Ivory Coast and the Kyrgyz Republic and substantially increased its resource base.

Here is an over view of their operations at present – some of which are really interesting

Tengrela Gold Project – Ivory Coast

Located on the border of Ivory Coast and Mali, covers 65km strike of the Syama gold belt and includes many of the strongest soil anomalies in the region. in the region. Drilling commenced late Nov 2005, 16,000m completed on 3 prospects totalling 12km strike – hits on every traverse. Results include 33m at 11.1g/t, 25m at 3.2g/t, 4m at 42.6g/t, 31m at 1.4g/t Au from wide spaced drilling.

Continuous reconnaissance drilling planned; RC rig about to start systematic infill drilling.

Central Ashanti Belt – Ghana

Three projects located in Ashanti Belt, 25-65km from Anglogold Ashanti’s 60Moz Obuasi deposit.

Previous production 300,000 oz, current JORC gold resources 268,000oz Indicated and 1,140,000oz Inferred, upgrades expected March 2007. Feasibility work commenced on two projects with the aim to produce a combined 150,000 ounces per annum. Three rigs operating on resource drilling.

The company announced only last month that the inferred resource estimate at the Kayeya gold deposit on the Grumesa project had nearly doubled to 29 million tonnes grading 0.9 g/t gold to give 800,000 ounces based on drilling in 2004 and 2005.

At the Ayanfuri gold project. Intercepts of 88 metres at 2.1 g/t gold and 100 metres at 1.7 g/t give an idea of the potential.

Total tenement area of 650 sq km, 70% under explored. Several non JORC compliant deposits and other prospects awaiting drilling.

Tolubay – Kyrgyz Republic

Carlin style gold deposit discovered at Obdilla in 2005, maiden 618,000 oz Inferred resource from a small part of Obdilla target area. Large intercepts common from 70m wide zone of mineralisation, including intercept of 213m at 1.8g/t Au. Obdilla is one of many targets within 4,846 sq km of prospective Tien Shan thrust belt licences held by Perseus. Regional stream sediment sampling in progress and drilling will continue throughout the year.

Savoyardy – Kyrgyz Republic

Also located in exceptionally rich Tien Shan gold belt, large Soviet resource, high grades confirmed from 2005 adit sampling, including 7m at 12.9g/t, 2m at 38.9g/t, 2m at 37.3g/t. Drilling commenced recently.

Soil sampling has also defined a 3,500m long 500m wide target zone east of high grade lodes.

Summary – Perseus has made very good progress. Its African ops give a balance to the Kyrgyz targets.

Further discussion on in this story ..

Perseus Mining Reports Success With Its Projects On Three Of The World’s Most Prolific Gold Belts.

Perseus Mining was listed on the ASX in September 2004 to explore and develop several significant advanced gold projects located in West Africa and Central Asia. At the time Minews speculated that it might also be considering a dual listing on AIM for two reasons. First, its portfolio of exploration assets was focused on the Ivory Coast, Ghana and Kyrgyzstan which is hardly a trio of countries calculated to make any red-blooded Aussie investor jump out of bed in the morning. Secondly the company was being taken on a roadshow round Europe by Jamie Strauss of London broker Hargreave Hale. He is a man who calculates the likely return before making a move in any direction so the potential of the company’s assets and management must have appealed to him.

A quick talk to Mark Calderwood en route to Kyrgyzstan, but stopping off in Kuala Lumpur, confirms that he was indeed in London recently sniffing the air, but decided against an AIM listing for the time being. The company has enough money to continue running between 5 and 8 rigs in these three countries for the time being and he thought an AIM listing would be more effective when these projects are at the feasibility stage. In the meantime he expects significant increases in the resource base over the coming months. He is also at pains to point out that Perseus has targeted regions containing world class gold deposits which remain amongst the least explored by modern techniques. It goes without say that the management of Perseus already has experience in these countries and Calderwood was managing director of Afminex before its African assets were merged with the Kyrgyz assets of JSC Z- Explorer to form Perseus. (Minesite do ask for a free registration)

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