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The Yaure FEED study should improve the levels of estimating the accuracy of investment costs to a range of +/- 10% which should be completed in October 2018.
Perseus Mining appointed an engineering group, Lycopodium, to conduct a FEED study for Yaouré
Lycopodium is well known to Perseus having managed to build and build the plant of Sissingué for Perseus ahead of schedule and on budget earlier in the year
Perseus' request for the granting of a operating license ("EP") covering the development zone of the Yaouré project was deposited with the Ivorian Mining Commission in January 2018.
During the quarter, after review by the Ministry of Mines and the Commission Minerals, the request was forwarded to an interdepartmental committee for final approval before transmission to the President of Côte d'Ivoire. The cabinet reshuffle in July delayed this process
It is expected that the review of Perseus' EP application will return to the interdepartmental agenda. Committee at the beginning of the quarter of September 2018.
The negotiation of the terms of a mining agreement incorporating a guarantee of fiscal stability applicable throughout Yaouré's expected life will begin immediately after the grant of the EP, as well as than the payment of the last installment.
Minor preliminary work will also begin to secure the Yaouré mine site and facilitate a rapid ramp-up to large-scale construction activities once a development decision has been made
. of the quarter, Perseus completed a drilling program at Yaouré to confirm the existence or not of mineral resources in areas where the mineralization was discovered during the recent drilling of sterilization of the site of 39; proposed location, near the planned landfill, the tailings storage facility and the surface drainage infrastructure
. the optimizations made during the final feasibility study showed the possibility of increasing the ore reserves if the inferred resources could be converted into indicated resources
By the end of the quarter, about 17,000 samples Drilling were at the Abidjan laboratory awaiting badysis. ] These products are expected to be received and placed on the market early in August 2018 and, subject to receiving the results of badysis, it is expected that a revised mineral resource incorporating drilling results the recently completed program will be estimated for Yaouré in September. 2018 quarter.
With the help of his company board or, Gresham Partners, Perseus evaluated a range of alternative financing mechanisms for the development of Yaouré in order to identify optimal funding.
It was determined that provided there was no significant change in market conditions and operating conditions. Persée will use a combination of cash generated internally (possibly including the proceeds from the exercise of warrants maturing in April 2019) and a quantity of debt financing to finance the development of Yaouré. 19659005] By the end of the quarter, the preparation of a memorandum of information necessary to approach and solicit funding proposals from a range of providers of prequalified debt obligations was well underway.
The activity badociated with targeted debt financing escalated in the September 2018 quarter with the aim of having hired finance offerings for the December 2018 quarter, when the board of directors of the Bank of Canada (the "Board of Trustees") began its work. Perseus administration aims to examine all aspects of the development of Yaure and consider the decision of large-scale development.
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