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Perseus Mining Ltd.

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Summary

Project:

Bele

Deposit:Bele
Location:Côte D'Ivoire
Commodities:Gold
Date:12/15/2016
Report Code:NI43-101
Report Type:Resource Estimation
Project Stage:Pursuing Resource Increase/Upgrade
Report details:15-12-2016: Perseus Mining Ltd. announces a Resource Estimation report for its Bele deposit at the Bele project. Initial mineral resource estimate for Bele project. The initial estimate of Mineral Resources for the Tengréla Gold Project (or Sissingué as i
Resources:(Resource, Inf.): 5.2Mt @ 1.5g/t Au for 260Koz Au contained at Bele
CP/QP:[Resources]: Lynn Olssen (Snowden Mining Industry Consultants Pty Ltd.)
ABSTRACT:The initial estimate of Mineral Resources for the Tengréla Gold Project (or Sissingué as it is now known) was prepared in July 2010 by mining consultants Runge Limited (“Runge”) in accordance with the 2004 Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). In anticipation of discussions with prospective debt financiers, Perseus undertook a review of the drill database that was used by both Runge and Snowden as a basis for the previous Mineral Resource estimates for Sissingué. This internal review identified a number of wet RC drill holes with possible downhole contamination that could potentially cause overstatement of the gold grade in specific holes or parts of holes. To determine the impact of the contaminated drill results on the Sissingué Mineral Resource estimate, Perseus undertook a drilling programme comprising 64 holes for 6,587 metres of diamond drilling programme. This programme and associated assaying was recently completed and Snowden has reviewed both the new and old drill data, and confirmed that contamination had occurred in some previous RC drill holes. The contaminated data were withdrawn from the drill database and replaced with the new diamond drilling data. Snowden was then requested to re-estimate the Mineral Resource using the updated drill database.

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