Perseus Mining has produced a record quantity of gold from its two West African mines and in the process has emphatically demonstrated the success of its plan to transform from a single mine producer into a successful multi-mine, West African focused explorer, developer and gold producer.
Perseus Mining's quarterly gold production of 83 881 ounces includes 57 861 ounces from the Edikan gold mine in Ghana and 26 020 ounces of gold from the recently commissioned Sissingué gold mine in Côte d’Ivoire.
Perseus Mining's total production for the June 2018 quarter was 31% more than in the March 2018 quarter and 63% more than in the corresponding quarter in 2017.
On a half year basis, Perseus Mining produced 147 908 ounces of gold, comfortably within its previously announced production guidance range of 140 000 to 160 000 ounces of gold.
This total, which includes 112,843 ounces from Edikan and 35,425 ounces from Sissingué, represents an increase of 37% relative to the December 2017 Half Year gold production of 108,008 ounces and is 48% more than in the June half year in 2017.
Combining the two half years of production, Perseus Mining's annual gold production for the financial year ended 30 June 2018 was 255,916 ounces, an improvement of 45% relative to the previous financial year and the best annual production in the company’s history, by a significant margin.
Perseus Mining plans to publish its full June 2018 Quarter Report including in all-in site costs and year end cash balances on 13 July 2018.
“Over the last 18 months, Perseus Mining has been steadily improving its production performance at Edikan and with our second mine, Sissingué, successfully coming on stream earlier this year, we have been able to move our production to another level, allowing us to achieve a number of production records and strong operating cash flows this quarter," comments Perseus Mining MD and CEO, Jeff Quartermaine.
"This strong performance is important for Perseus Mining in the context of our next development, the Yaouré gold mine, which we plan to start developing later this year.
"Based on current market conditions, it is expected that Yaouré will be financed from internally generated cash reserves and debt that is in the process of being arranged," he continues.