Perseus Mining pours first gold at Sissingué
Monday, Jan 29, 2018
Perseus Mining Limited is pleased to advise that:

  • First gold was poured at Sissingué, Perseus’s second producing gold mine, on Friday 26 January 2018, one month ahead of schedule.
  • The ramp-up to full scale commercial production at Sissingué is progressing as planned and is expected to be achieved on or before 31 March 2018.
  • The estimated capital cost of the full development of the Sissingué mine and infrastructure, excluding early works but including operations readiness initiatives, was US$107 million and on current estimates this budget will not be exceeded.

In reaching the key milestone of ‘first gold pour’, approximately 2.3 million man hours were expended and in that time only 1 lost time injury was incurred on the site. This safety record compares very favourably with global safety benchmarks for construction and for metallic mining and is a testament to the skill and dedication of our in-house construction team, contractors, and the many local citizens from the project catchment area who worked on this development project.

As part of the implementation of our operations readiness plan for Sissingué, Perseus has recruited an experienced operating team under the leadership of General Manager, Merlin Thomas. The team has implemented necessary operating systems and has been progressively assuming responsibility for the mine and infrastructure as commissioning of each element has been completed and handed over by the construction team. This handover will be finalised during the March 2018 quarter and ‘Commercial Production’ is expected to be formally declared on or before 31 March 2018.

At that point, Perseus will be transformed from a single mine, single country business to a multi-mine, multi-jurisdiction operation and will be well on the way to achieving its goal of producing in excess of 500,000 ounces of gold per year from our three West African operations, namely Edikan, Sissingué and Yaouré.

Managing Director and Chief Executive Officer of Perseus, Mr Jeff Quartermaine, said:

“The pouring of first gold at Sissingué is an important milestone for Perseus on several levels. Apart from the fact that our second producing mine, and our first mine in Côte d’Ivoire, is now operational ahead of schedule and on budget, the achievement of this milestone provides Perseus with a second cash flow stream and reduces the company’s reliance for income on our first mine, Edikan in Ghana.

The almost faultless execution of our development plan also confirms Perseus’s capacity to successfully develop gold projects in West Africa. This is particularly relevant in the context of our plans to start development of our third gold mine at Yaouré, also in Côte d’Ivoire, later this year.

We have a proven, “match fit” development team that is ready and able to transfer their extensive knowledge and experience gained on the Sissingué development to the Yaouré development thereby reducing the “development risk” associated with this important project.

Development projects such as Sissingué are the product of a huge amount of work and effort by a lot of people. As noted, Perseus has an excellent in-house development team ably led by Project Director, Matt Scully and Construction Manager, Ricardo Rodrigues. Our team has benefitted from their leadership as well as important contributions from all of our contractors, most notably Lycopodium, who worked tirelessly to deliver this project ahead of time and on budget. We have also been very fortunate to have enjoyed the full support of the Ivorian Department of Mines and Geology as well as the senior members of our host community and their constituents.”

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