HomeExplorationPerseus Mining signs deal to expand Edikan landholding

Perseus Mining signs deal to expand Edikan landholding

ASX-listed gold mining company Perseus Mining’s 90%-owned Ghanaian subsidiary, Perseus Mining (Ghana), has signed an option agreement with local Ghanaian company, Adio-Mabas Ghana, to acquire a prospecting licence that adjoins its Edikan mining leases.

The acquisition of the 23.85 km2 Agyakusu prospecting license (PL 2/177), which is located between 2 km and 8 km from the Edikan processing facility, is consistent with Perseus’s strategy to grow organically by exploring and potentially developing mineral resources located within trucking distance of existing infrastructure.

Subject to completion of customary conditions precedent, Perseus has the right to acquire 100% of the Agyakusu prospecting license for consideration of US$600 000, staged over a three-year period and a commitment to spend up to $1.6 million on exploration during that period.

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Artisanal activity on the Agyakusu tenement has exposed an extensive, mineralised granitic system similar to deposits currently being mined on the Edikan mining leases. Exploration success at Agyakusu could potentially extend the remaining six-year remaining mine life of the Edikan gold mine.

The agreement is consistent with Perseus Mining’s three-pronged organic growth strategy, which involves optimisation of our existing asset base, exploration adjacent to our existing infrastructure and developing an exploration and development pipeline of projects away from existing licence areas, all with the aim of developing a stainable gold business producing approximately 500 000 ozpa at a margin of not less than $400/oz, says Perseus Mining CEO and MD Jeff Quartermaine.