Perseus Mining Limited
TSX : PRU
ASX : PRU

Perseus Mining Limited

May 27, 2015 21:26 ET

Perseus Mining Limited Receives Approval to Extend Mining Operations at Edikan Gold Mine

PERTH, WESTERN AUSTRALIA--(Marketwired - May 27, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(ASX:PRU) is pleased to advise that the Ghanaian Environmental Protection Agency, has approved the Company's Supplementary Environmental Impact Statement for its Edikan Gold Mine in Ghana, The approval allows Perseus to extend its mining operations to include mining of the Fetish, Bokitsi, Chirawewa (collectively referred to as the "Eastern Pits") and Esuajah North gold deposits.

Perseus has been mining and producing approximately 200,000 ounces of gold per year from the Abnabna and Fobinso open pits on the western side of its mining lease since operations commenced at Edikan in late 2011. Clearing work and preliminary waste stripping activities in the Eastern Pits area will now commence and significant quantities of ore will start to be mined in the September quarter of 2015.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/pru0527fig1.pdf.

Community members whose farms and dwellings will be impacted by mining activities in the Eastern Pits area have been fully compensated and relocated to rented accommodation while alternative houses are constructed. Planning of the relocation dwellings has been completed and construction works which had been delayed pending the receipt of mining approvals can now commence as previously planned.

Managing Director Jeff Quartermaine Comments:
"We are very pleased to have received the necessary environmental approvals needed to commence activities in the Eastern Pits area of our mining lease at Edikan and our site team is now looking forward to working with our contractors to ensure that we can deliver the outcomes forecast in our recently updated Life of Mine Plan.

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Having also recently implemented measures to ensure continuous access to power at the Edikan Gold Mine, we are now experiencing excellent operational performance at the mine and are confident that we will comfortably achieve the previously published production and cost guidance for the 2015 Financial Year."

All production targets for the Edikan Gold Mine (EGM) referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

Caution Regarding Forward-Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine without any major disruption, development of a mine at Sissingué, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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