Exploration Update | Drilling Report
25-07-2011
Ghana Exploration Update
Drill Results Highlight Resource Potential
Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce continuing significant drill intercepts
from the Fetish and Esuajah North deposits within the Company’s Central Ashanti Gold Project (“CAGP”)
in Ghana.
Highlights
Significant results at Fetish since the June 14 update include:
EFRDD014 - 48m at 6.7g/t Au uncut (includes 2m at 123.5g/t Au) from 128m, including 6m at
45.3g/t Au uncut, from 164m
EFRDD017 - 55.7m at 6.8g/t from 106m, including 4m at 39.8g/t Au and 4m at 39.5g/t Au
EFRDD013 - 70m at 1.8g/t from 134m and 10m at 3.2g/t Au from 209m
EFRDD019 - 24m at 6.3g/t from 68m, including 4m at 28.1g/t Au from 68m
Drilling at the Esuajah North deposit on the CAGP has also returned significant results, including:
ENDD007 - 28m at 5.0g/t Au uncut (includes 1m at 114g/t Au) from 197m, 24m at 1.4g/t from 235m
and 8m at 1.3g/t Au from 269m
ENDD017 - 24m at 6.4g/t Au from 117m, including 9m at 16.0g/t from 132m, and 6m at 5.6g/t Au
from 152m
ENDD009 - 15m at 2.4g/t from 254m, 12m at 2.5g/t from 287m and 13m at 1.6g/t Au from 316m
Refer to Table 1 for details of the intercepts
Perseus Managing Director, Mark Calderwood’s Comments
We continue to achieve significant results in Ghana, with Fetish shaping up to be another large deposit
within the CAGP. A total of 33,000m of drilling has been completed since the last resource estimate for
this deposit, and given the success at Fetish, the drill program has been expanded by a further 12,000m.”
“In addition, previously announced drilling at other prospects near Fetish, including Bokitsi South and
Chirawewa, produced significant gold intercepts.”
“Slow assay turn-around still remains a significant frustration to exploration planning and the Company
is looking into options to improve turn-around period.”
The high-grade intercepts at Fetish over recent months are infill and extensional holes from the upper
western lode and from the northern end of the deposit. These two areas contained mostly Inferred resources,
so this recent drilling can be expected to expand and upgrade the Fetish resource, which currently comprises
Indicated resources of 17.4Mt at 1.1g/t Au containing 597,000 ounces of gold and Inferred resources of
8.0Mt at 1.4g/t Au containing 360,000 ounces of gold, both at a 0.4g/t lower cut-off.
The two main zones of mineralisation at Fetish, which are largely granite, dominate a 40-200m wide and
500m long zone. Half of the 123 drill holes completed since the last resource estimate were drilled to more
than 200m vertical depth.
The Esuajah North deposit is a 400m by 100m low-grade deposit which contains some higher-grade zones.
Infill drilling to provide a better understanding of the distribution of the higher-grade zones and to convert
Inferred resources to the Indicated and Measured categories is progressing well.
Perseus is continuing active and systematic infill and exploration drill programs across the CAGP, with
48,417m drilled in the June Quarter.
Mark Calderwood
Managing Director
To discuss any aspect of this announcement, please contact:
Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com
Nathan Ryan at telephone +61 3 9622 2159 or email nathan.ryan@nwrcommunications.com.au (media)
Rebecca Greco at telephone +1 416 822 6483 or email fighouse@yahoo.com (Toronto)
About Perseus Mining Limited
Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa’s most successful
gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a
producer by the third quarter of 2011 at its Central Ashanti Gold Project (CAGP) in Ghana. The Company
plans to produce at the initial rate of about 220,000 ounces of gold in year 1 and to increase this to about
280,000 ounces per annum in year 2.
Perseus is now also planning the development of its Tengrela Gold Project in Côte d’Ivoire, with production
targeted for 2013. Tengrela has the potential to become a significant contributor to the Company’s goal to
develop into a 400,000 ounce per year gold producer by 2013.
Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development
of the CAGP and Tengrela.