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Perseus Mining Ltd.

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Summary

Project:

Edikan

Deposit:Edikan
Location:Ghana
Commodities:Gold
Date:2/22/2017
Report Code:JORC
Report Type:Optimisation Study
Project Stage:Active Mining & Production
Report details:22-2-2017: Perseus Mining Ltd. announces a Optimisation Study report for its Edikan deposit at the Edikan project. Updated Life of Mine Plan for Edikan. Perseus Mining Limited (“Perseus” or the “Company”) (ASX/TSX: PRU) is pleased to announce details of
Resources:(Reserve, P+P): 56.5Mt @ 1.14g/t Au for 2.078Moz Au contained at project
CP/QP:[Overall Report]: Gary Brabham, Paul Thompson (Internal)
ABSTRACT:Perseus Mining Limited (“Perseus” or the “Company”) (ASX/TSX: PRU) is pleased to announce details of its updated Life of Mine Plan (“LOMP”) for its Edikan Gold Mine in Ghana, West Africa (“Edikan”). Perseus has updated its LOMP for Edikan commencing 1 July 2017, following a re-estimation of Mineral Resources and Ore Reserves. Independently estimated Proved and Probable Ore Reserves for Edikan total 56.5 million tonnes of ore, grading 1.14 g/t gold and containing 2,078 kozs ounces of gold as at 31 December 2016. Estimated remaining life of mine gold production of 1,388 kozs is 96.6% of the amount estimated for the corresponding period in the previous LOMP. Gold production averages 214,000 ounces/annum over Edikan’s remaining 6.5 year mine life (from 1 July 2017) including production of approximately 240,000 ounces/annum for the next 5 years. The Edikan LOMP forecasts strong positive after tax cash flow totalling approximately US$403 million (or A$0.52per share at an A$:US$ exchange rate of 0.75), assuming a flat spot gold price of US$1,200 per ounce for the remaining mine life from 1 January 2017. The LOMP should be considered in conjunction with previously provided production and cost guidance for the June 2017 Half Year. With 25% of the June 2017 Half Year elapsed, Perseus is on track to achieve in the middle of the production guidance range of 90 kozs to 100 kozs of gold and is currently positioned towards the middle of the cost guidance range of US$1,000 to US$1,220 per ounce. The updated LOMP for Edikan involves mining and processing of ore from six open pits (Refer to Figure 1 below) based on optimisation, design and scheduling using a gold price of US$1,200 per ounce and input parameters based on Perseus’s operating experience including costs from recently contracted supply contracts.

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