Meyas Sand Gold Project Update
June 06 2023 - 6:40PM
MEYAS SAND GOLD PROJECT UPDATE
Perth, Western Australia/June 7, 2023/Perseus
Mining Limited (PRU:ASX/TSX) owns 70% of the Meyas Sand Gold
Project (MSGP), located in northern Sudan, approximately 75
kilometres south of the border with Egypt and nearly 900 kilometres
north of Sudan’s capital city, Khartoum.
In late April 2023, following an escalation of armed conflict
largely in and around Khartoum between the Sudanese Armed Forces
(SAF) and an influential militia group, the Rapid Support Force
(RSF), Perseus withdrew most of its employees from the MSGP site
pending a resolution of the conflict.
Perseus has been actively monitoring the situation in Sudan,
along with a team of international security specialists. The safety
of all of Perseus’s staff is the number one priority in this
situation and Perseus has a range of measures in place to
appropriately respond to any change in circumstances.
Although hostilities between the combatants continue in certain
parts of Sudan, the area in which MSGP is located has not been the
scene of conflict, and in fact there have been no reported
incidents in an area of approximately 250,000 square kilometres
around the site.
As a consequence, Perseus has allowed its employees and
contractors to return to the MSGP site and preliminary site works
and confirmatory drilling activities are due to re-commence by
month end. The MSGP site will be secured by a security force led by
Perseus’s in-house security personnel, and include representatives
of the Sudanese Mining Police, a body that operates under the
control of the Ministry for Minerals, as well as representatives of
our host communities. Perseus’s office in Khartoum that was
established to service the MSGP, remains closed with alternative
arrangements in place to service the MSGP site.
Perseus’s Board of directors was scheduled to make a Final
Investment Decision on the Meyas Sand Gold Project in the second
half of 2023 however, this decision has been deferred for the
foreseeable future.
Perseus’s Managing
Director and CEO Jeff Quartermaine said: “Our decision to
temporarily withdraw our people from the Meyas Sand Gold Project
site in April was taken with their safety and security in mind.
With further assessment of the situation, it appears that the
perceived immediate threat has abated and we are comfortable with
the prospects of returning to work at the Meyas Sand site without
undue risk. We are however closely monitoring the situation and
remain prepared and equipped to act if necessary.
Our Sudanese exploration and pre-development assets currently
comprise a relatively small part of our asset portfolio and the
recent events in Sudan have had no impact on our gold production
activities that take place in West Africa, specifically, Ghana and
Cote d’Ivoire and currently deliver more than 500,000 ounces of
gold per year at an AISC of less than US$1,000 per ounce.
In the first two months of the June 2023 quarter, Perseus’s
operations have continued to perform strongly, strengthening our
Balance Sheet and placing the Company in a position to continue to
prudently grow our business and deliver material benefits to all of
our stakeholders.”
This announcement was approval for release by Jeff
Quartermaine, Managing Director and CEO.
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
Yaouré Gold Mine, Edikan Gold Mine and Sissingué Gold Mine without
any major disruption due to the COVID-19 pandemic or otherwise, 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.
ASX/TSXU CODE: PRUCAPITAL
STRUCTURE:Ordinary shares: 1,367,986,850Performance
rights: 12,017,113REGISTERED OFFICE:Level 2437
Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 1700Email:
IR@perseusmining.comwww.perseusmining.com |
CONTACTS:Jeff
QuartermaineManaging Director &
CEOjeff.quartermaine@perseusmining.comNathan
RyanCorporate Relations+61 4 20 582
887nathan.ryan@nwrcommunications.com.au |
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