Perseus downgrades current half gold production
19th Jul 2012
JULY 19 – Perseus Mining has dropped Sept/Dec 2012 quarters’ gold production estimates for its Edikan mine in Ghana by about 15,000oz for full year 2012-13 production of 245,000-265,000oz at a cash cost of $US600/oz.
The mine produced a record 52,670oz during the June 2012 qtr, 36% up on the previous qtr and within production guidance. Cash costs were $676/oz, 7% lower than the previous qtr and 2% lower than guidance.
Perseus expects to produce 55,000-60,000oz for the Sept 2012 qtr and 65,000-70,000oz, both at $575/oz, in the Dec 2012 qtr, then 125,000-135,000oz at $625/oz in the March and June 2013 qtrs for a total 245,000-265,000oz for the full 12-months.
However, the combined guidance for the Sept/Dec 2012 qtrs of 120,000-130,000oz is down from previous estimates of 135,000-145,000oz due to changes in the mine plan and the resulting reduction in feed grade from 1.59g/t to 1.42g/t. Edikan has mineral reserves of 3.3Moz, an additional indicated 2.3Moz and an inferred 1.7Moz.
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