Perseus Mining upgrades gold reserves following near mine exploration success and pit optimisations

Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) has revealed updated mineral resources and ore reserves at each of its West African operations as follows: Mineral resources Ore reserves The upgraded resources and reserves place Perseus in a strong footing to achieve its goal of 500,000 ounces of annual gold production after returning FY20 financial results described as "outstanding". In FY20, Perseus recorded EBITDA from operations of A$273.8 million, a 67% increase compared to the previous financial year. Robust resource modelling Perseus managing director and CEO Jeff Quartermaine said: “In the last twelve months, our Mineral Resource modelling at Edikan and Sissingué has proven to be robust with acceptable reconciliations being achieved between contained metal forecast by our block models and the metal we actually recovered at both mines. “Notwithstanding this, we have updated our resource models based on the outcomes of our stringent reconciliation processes, striving to continually improve our ability to provide the best possible forecast of future ounce production.” Increase in ore reserves Quartermaine added “Our latest Ore Reserve estimates assume a gold price of US$1,300 per ounce for calculating revenues, US$100 per ounce more the price previously assumed. “Pit shells have variously been used to guide pit designs based on gold prices between US$1,040 and US$1,300 per ounce, depending on the mine life of the deposit. “This has increased the Ore Reserves at both the AF Gap and Fetish deposits at Edikan. “Additional drilling at the Fimbiasso deposits near Sissingué and the Bokitsi South deposit at Edikan has resulted in modest additions to the Ore Reserves and importantly improved the level of confidence in the accuracy of the various estimates. “Despite mining depletion of over three hundred thousand in situ ounces in the last 12 months, Perseus’s total Ore Reserves have incrementally increased due to near mine exploration success and pit optimisations.”