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() produced a record 83,881 ounces of gold in its Edikan and Sissingue gold mines in West Africa during the June quarter
or 31% more than the previous quarter of March and an annual output of 255,916 ounces, 45% more than fiscal 2017.
This is the second quarter of production of the Sissingue gold mine and demonstrates the company's strategy of diversifying into a West African multi-mine gold producer. Jeff Quartermaine, CEO of Perseus, said: "Over the past 18 months, Perseus has continuously improved its production performance at Edikan and with the commissioning of our second mine, Sissingué, earlier this year, we were able to move our production to another level, allowing us to reach a number of production records and strong operating cash flow this quarter. "
Over the next four years, the miner's Gold expects to increase production to approximately 500,000 ounces of gold per year with three mines in operation in West Africa by 2020.
Develop a third operation at Yaouré East a key catalyst to come
Perseus has completed a definitive positive feasibility study for a Gold Mines, Yaouré, October 2017.
Quartermaine adds, "This strong performance is important to Perseus as part of ournext development, the Yaouré gold mine, which we plan to develop later this year.
"According to the current market conditions, Yaouré should be financed by internally generated cash reserves and debts in the course of development."
The company aims at the end of December 2018 to put in place funding and implementation plans to allow a decision to start large-scale construction.
A complete construction period of 18 months is expected with a first production forecast for 2020.
Second best quarter to date of Edikan
Perseus' quarterly gold production of 83,881 ounces includes 57,861 ounces of the Edikan Gold Mine in Ghana
Notably, it is the largest gold mine in the world. This is the second best quarter of commercial production of 6.5 years.
In addition, the recently commissioned Sissingué gold mine delivered 26,020 ounces in its first full production quarter
Sissingué's on-time development demonstrates management's ability to achieve multi-mine strategy. confirms guidance forecast
The June record yielded half of the production of 147,908 ounces of gold and the June annual output of 255,916 ounces
The two production figures are comfortably located between 140,000 and 160,000 ounces. half and 250,000 to 285,000 ounces for the full year.
Cover of World Research
The history of Perseus has attracted the attention of nine research and stock trading companies, including Citi, Macquarie, CLSA, Hartley & # 39; s and
Analysts will update their ratings and price targets over the next few days.
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