Perseus reveals gold target. July 30, 2009 Article from: The...

Perseus reveals gold target.

July 30, 2009
Article from: The Australian.

GHANA-focussed gold hopeful Perseus has declared a maiden resource of 2.14 million tonnes of gold at its Ayanfuri project, which it hopes to have in production in the third quarter of 2011.

A definitive feasibility study shows a $148 million open pit mine development could produce 192,000 ounces a year for 10 years at an average operating cost of $US494 an ounce.

In the first four years, production would be about 220,000 ounces a year, while costs would be $US392 an ounce in the first year.

Perseus, who wants to start construction this year, fell a little on the news and was recently down 2c at 74c.

This could be due to a little disappointment in the numbers.

In April, Perseus was flagging a $134 million mine that would produce at $US354 an ounce in the first five years.

Still in the small West African nation, Azumah Resources (named after Ghana’s favourite boxing son) released new drill results for its WA Gold project, where it is hoping to get a maiden resource by the end of the year.

An RC drilling program there intersected, wide high-grade oxide gold mineralisation at the Kunche prospect and identified two new zones of shallow gold mineralisation nearby at Bepkong North and Kunche West.

Intersects included 29m at 4.02g/t gold from 6m intersected in Kunche oxide zone.