Perseus updates mineral resources and reserves

Perseus Mining Limited

Perth, Aug. 30, 2022 (GLOBE NEWSWIRE) -- PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES

Executive Summary

Perth, Western Australia/August 30, 2022/Perseus Mining Limited (ASX/TSX: PRU) wishes to update the estimates of the Mineral Resources and Ore Reserves at each of its West African operations as summarised in Table 1 and Table 2 below, and detailed in this report. Foreign/Historical Estimates are stated for Block 14 Mineral Resource and Mineral Reserves in the ‘Foreign/Historical Estimate’ subsection.

1. HIGHLIGHTS

   • Perseus Mining has delivered another year of strong exploration drilling, resulting in an increase to the Mineral Resource and replenishment of the Ore Reserve ensuring the long-term sustainability of the Group’s production profile.

   • The Group’s total Measured and Indicated (M&I) Mineral Resources as at June 30, 2022 are estimated to be 132.9 Mt grading 1.19 g/t gold, containing 5,079 ounces of gold, compared with the estimate of June 30, 2021 of 130 Mt grading at 1.18 g/t Au for 4,942k ounces of gold.

   • Resource definition drilling at the CMA Underground deposit at Yaouré resulted in an upgrade to Mineral Resources and a maiden Ore Reserve of 2.2 Mt at 3.58 g/t gold, containing 259,000 ounces of gold. The addition of CMA underground to the Yaouré Gold Mine has the potential to significantly extend the life of the mine.

   • Drilling at the Nkosuo Project at the Edikan Gold Mine during the year resulted in a maiden Mineral Resource and an Ore Reserve of 10.0 Mt at 1.04 g/t gold, containing 332,000 ounces of gold. Nkosuo is a substantial addition to the Edikan Gold Mine, extending the life of the mine by 18 – 24 months to FY2027.

Attachment

• 220830 TSX Annual Resources and Reserves Statement FINAL

CONTACT: Nathan Ryan Media Relations +61 4 20 582 887 nathan.ryan@nwrcommunications.com.au Claire Hall Corporate Communications +61 474 558 202 claire.hall@perseusmining.com