Ann: Scoping Study - Tengrela Gold Project , page-5

Well the sharemarket did not take well to the Tengrela Gold Scoping Study announcement today !!! ...LOL.

Apparently all the good news was already factored into the price and the sharemarket was looking toppy anyway.

In total and subject to any further analysis that may still be required Perseus needs to raise funds as follows
to fund the plants if it decides to proceed. If they use the majority in the form of equity thats a hell of a lot of shares in anyones language !

Ayanfuri Gold Project Aust $200.2 million
Tengrela Gold Project Aust 135.0 million
__________
Total Aust $335.2 million

Also in F/Y 07/08 Persuse Lost $ 4.8 million
and capitalised exploration expenditure 28.2 million
Implied total Loss 32.
One may say they are loosing $32 million pa on exploration expenditure on a yearly basis which may or may not be recovered later.