PRU - Perseus Mining - Aussie Stock Forums

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  1. #1

    Default PRU - Perseus Mining

    As there is no thread for this company it is probably worthwhile setting one up based upon their progress to date.

    Perseus was listed in September 2004 to acquire, explore and develop several significant advanced gold projects located in West Africa and Central Asia.

    Perseus has targeted regions which: have numerous "World Class" gold deposits; remain amongst the least explored by modern techniques; and include countries in which the Perseus has substantial experience.

    In the last 12 months Perseus has demonstrated the exploration potential of the key projects in Ghana, Ivory Coast and the Kyrgyz Republic and substantially increased its resource base.

    Here is an over view of their operations at present - some of which are really interesting

    Tengrela Gold Project - Ivory Coast

    Located on the border of Ivory Coast and Mali, covers 65km strike of the Syama gold belt and includes many of the strongest soil anomalies in the region. in the region. Drilling commenced late Nov 2005, 16,000m completed on 3 prospects totalling 12km strike - hits on every traverse. Results include 33m at 11.1g/t, 25m at 3.2g/t, 4m at 42.6g/t, 31m at 1.4g/t Au from wide spaced drilling.

    Continuous reconnaissance drilling planned; RC rig about to start systematic infill drilling.

    Central Ashanti Belt - Ghana

    Three projects located in Ashanti Belt, 25-65km from Anglogold Ashanti's 60Moz Obuasi deposit.

    Previous production 300,000 oz, current JORC gold resources 268,000oz Indicated and 1,140,000oz Inferred, upgrades expected March 2007. Feasibility work commenced on two projects with the aim to produce a combined 150,000 ounces per annum. Three rigs operating on resource drilling.

    The company announced only last month that the inferred resource estimate at the Kayeya gold deposit on the Grumesa project had nearly doubled to 29 million tonnes grading 0.9 g/t gold to give 800,000 ounces based on drilling in 2004 and 2005.

    At the Ayanfuri gold project. Intercepts of 88 metres at 2.1 g/t gold and 100 metres at 1.7 g/t give an idea of the potential.

    Total tenement area of 650 sq km, 70% under explored. Several non JORC compliant deposits and other prospects awaiting drilling.

    Tolubay - Kyrgyz Republic

    Carlin style gold deposit discovered at Obdilla in 2005, maiden 618,000 oz Inferred resource from a small part of Obdilla target area. Large intercepts common from 70m wide zone of mineralisation, including intercept of 213m at 1.8g/t Au. Obdilla is one of many targets within 4,846 sq km of prospective Tien Shan thrust belt licences held by Perseus. Regional stream sediment sampling in progress and drilling will continue throughout the year.

    Savoyardy - Kyrgyz Republic

    Also located in exceptionally rich Tien Shan gold belt, large Soviet resource, high grades confirmed from 2005 adit sampling, including 7m at 12.9g/t, 2m at 38.9g/t, 2m at 37.3g/t. Drilling commenced recently.

    Soil sampling has also defined a 3,500m long 500m wide target zone east of high grade lodes.

    Summary - Perseus has made very good progress. Its African ops give a balance to the Kyrgyz targets.

    Further discussion on www.minesite.com in this story ..

    Perseus Mining Reports Success With Its Projects On Three Of The World’s Most Prolific Gold Belts.

    Perseus Mining was listed on the ASX in September 2004 to explore and develop several significant advanced gold projects located in West Africa and Central Asia. At the time Minews speculated that it might also be considering a dual listing on AIM for two reasons. First, its portfolio of exploration assets was focused on the Ivory Coast, Ghana and Kyrgyzstan which is hardly a trio of countries calculated to make any red-blooded Aussie investor jump out of bed in the morning. Secondly the company was being taken on a roadshow round Europe by Jamie Strauss of London broker Hargreave Hale. He is a man who calculates the likely return before making a move in any direction so the potential of the company’s assets and management must have appealed to him.

    A quick talk to Mark Calderwood en route to Kyrgyzstan, but stopping off in Kuala Lumpur, confirms that he was indeed in London recently sniffing the air, but decided against an AIM listing for the time being. The company has enough money to continue running between 5 and 8 rigs in these three countries for the time being and he thought an AIM listing would be more effective when these projects are at the feasibility stage. In the meantime he expects significant increases in the resource base over the coming months. He is also at pains to point out that Perseus has targeted regions containing world class gold deposits which remain amongst the least explored by modern techniques. It goes without say that the management of Perseus already has experience in these countries and Calderwood was managing director of Afminex before its African assets were merged with the Kyrgyz assets of JSC Z- Explorer to form Perseus.

    http://www.minesite.com/storyFull5.php?storySeq=3890 (Minesite do ask for a free registration)

  2. #2

    Default Re: PRU - Perseus Mining

    One must be confident that an announcement is near. One that will report on the Drill results of the projects mentioned previously.

    The Perseus SP is somewhat deflated atm...but be assurred that the moment there is any indication of a positive announcement an immediate jump to 50c will occur.

    The volume being traded atm, indicates its "minnows" who are impatient with their investment ( the blowfy types...who buzz from one stock to another with their small "stake").

  3. #3

    Default PRU

    Ahoy there

    The PRU seems to be breaking through an Ascending Triangular weather formation ATM with a relativelely weak cold front at the ATH
    As always DYOR and Chartists welcomed

    Salute and Bon Voyage
    Attached Images
    Last edited by Captain_Chaza; 7th-May-2007 at 04:44 PM. Reason: Spellcheck:
    "While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.
    "I believe the future is only the past again, entered through another gate." Sir Arthur Wing Pinero 1893

  4. #4

    Default Re: PRU - Perseus Mining

    Anyone checking this out? Seems like they have higher grade of gold deposition. It was announced in yesterday announcement. Time to fly like RMS and ERL??

  5. #5

    Default A Challenge to All Gold Bugs!!!

    Find me a 'cheaper' better value gold play than PRU and (upon hearing and accepting the facts) I will produce a fine bottle of wine!

  6. #6

    Default Re: A Challenge to All Gold Bugs!!!

    Quote Originally Posted by flyboy77 View Post
    Find me a 'cheaper' better value gold play than PRU and (upon hearing and accepting the facts) I will produce a fine bottle of wine!

    You owe me a bottle of wine flyboy77

    Stock: CGX

    - 161 Million Shares
    - 7,450,000 options Exercisable @ 60c (Expiring 31st August 2009)
    - Market Cap = $90 Million @ 56c per share
    - No Debt
    - $30 Million in the Bank
    - Top 20 Shareholders = 87.76% (largely institutionally owned)
    - Roadshow in a weeks time

    Masbate Gold Project (100% Interest)
    - CGX acquired the Masbate Gold Project for $51 US Million which is equivalent to $10.06/resource ounce. CGX issued a bunch of shares to Thistle at 65c.
    - 5.071 Million Ounces of gold
    - BFS completed in 2006 for a 4Mtpa operation
    - Based on previous BFS, CAPEX is $95US Million, Production 171k Oz/year, Cash Cost $339US/Oz
    - Currently in the process of further optimising the project based on the existing BFS. They are aiming for a production target of 200000 ounces/year at a cash cost of $300US/ounce.
    - Production in the last quarter of 2008

    Mkushi Copper Project (51% JV with AFE http://au.finance.yahoo.com/q/bc?s=A...=on&z=m&q=l&c=)
    - Former open pit and underground mines at Zambia. Archive data from previous operators indicates that the Mkushi area as a whole contains a global exploration target of the order of 30 million tonnes averaging 1.2% copper, or more than 350,000 tonnes of contained copper. The Company’s drill programme has intercepted copper mineralisation over a strike length of 7km to a vertical depth of at least 150m and has to date defined about one quarter of the deposit to JORC standard. Independently audited JORC Inferred Mineral Resource already represents 80,000 tonnes of contained copper.

    Segilola Gold Project (51% JV)
    - Potential open pit resource of 800 000oz at a grade of over 5 g/t gold based on previous work by a German company which completed a comprehensive programme including detailed mapping, 1500 soil samples, 520m of trenching, 100m of exploration audits (underground tunnels) and 2800m of diamond drilling.
    - They will commence a 10 000m, 86 hole, diamond drilling programme before the end of June.

    If you subtract the money they have in the bank, the 3 projects above is valued at $60 Million. The Masbate project alone is worth twice that. Gold producers with a 200kozpa operation have a market cap of around $350-$400 Million. Dont forget the other 2 projects also have good potential.

  7. #7

    Default Re: PRU - Perseus Mining

    Nice little breakout today on big volume for (PRU). Notice how the volume has been steadily increasing lately and I think this will have a big run higher. i got set at $0.87 today.
    Attached Images

  8. #8

    Default Re: PRU - Perseus Mining

    More stellar results. This is a sleeping giant.

    110m @ 3.8 g/t
    78m @ 3.3 g/t
    102m @ 2.6 g/t
    38m @ 5.9 G/T

    Perseus now has a resource base of 3.1m ounces of gold. Plenty more upside from all projects.

    One of the best gold stories on the ASX.

  9. #9

    Wink Re: PRU - Perseus Mining

    Totally agree have been holding for some time now.hoping to purchase more come monday.I would say good luck but I don't think we need it,but I will anyway luck to all who hold ,fasten seat belts this is going to be a wild ride.

  10. #10

    Default Re: PRU - Perseus Mining

    Me thinks this has a long long way to go.

    Remember, MBL has 11% odd of this story. That says it all really......

  11. #11

    Default Perseus - How much gold?

    A further upgrade in resources is also due this June on Ayanfuri (and in the months following).

    PRU have stated a 3m ounce target for Ayanfuri by year end.

    The Grumsea mineralisation has been drilled to an average depth of 40m but the scope for increased resources is significant. In the Montagu report, suggested annual cashflow from a heap leach operation at Grumsea is USD10m p.a. (As stated, Grumsea has about 0.8m ounces at present).

    Tengrela - too early for a resource figure but the sky is the limit. Why do I believe this?

    The Montagu report notes that PRU identified 9 outstanding gold in soil anomalies and further that....

    "gold in soil anomalies of this quality in this Morila-Tongon region have a remarkable conversion rate from anomaly to SIGNIFICANT GOLD DEPOSIT" (my caps)

    Note that Syama, 35km to the north of the Sissingue anomaly (where results have been very good thus far eg 33m @ 11 g/t, 64m @ 3.1 g/t, 25m @ 3.2 g/t etc), is a 6.5m oz deposit. The Syama anomaly looks barely larger than Sissingue (but not certain as the diagram isn't the best...p3 of the broker report).

    Tengrela could potentially be a multi million ounce project. Only time and drilling will confirm that. All early are positive!

    Finally, Obdilla - part of the Tolubay Project in Kyrgystan. 0.6m ounce resource so far but most definitely multi million ounce potential - 4 rigs are now drillling there!!

    A picture tells 1000 words - there's a long section often shown of the interpretive geology of Obdilla - the scope for potentially huge resource increases is obvious.....

    Equally importantly, PRU has tied up loads more land - mostly on strike from Tolubay (land holding increased from 46 sq km to about 3800 sq km.). Why? PRU reckon there could well be (numerous) repetitions of the gold bearing structures.

    You do the maths on a likely gold resource for all PRU projects by year end - it really could be mind boggling!

    Ayanfuri: 3.0m oz (PRU's estimate)
    Tengrela: 0.5m oz (being very conservative)
    Grumsea: 0.8m oz (existing resource)
    Obdilla: 1.2m oz (double the existing resource - 4 drills working)

    Total: 5.5m oz

    You have to admire the fact that these guys drill rather than talk about it........

  12. #12

    Default Re: PRU - Perseus Mining

    It's up 9% today, and trading has been halted just before 3pm today pending an announcement. This is getting quite interesting.

  13. #13

    Default Try 8m at 113.8 g/t Au !

    • Spectacular results from two of four infill holes drilled on the Sissingue Prospect – Eastern zone anomaly on the Tengrela project highlight the potential of the gold project.
    • Gold intercepts from two separate mineralised sub-zones included 8m at 113.8 g/t Au and 16m at 44.2 g/t Au. Higher grade zones within these intervals included 2m at 438 g/t and 4m at 175g/t Au respectively. Other intercepts in the same drill holes included 24m at 4.3 g/t and 10m at 2.6 g/t Au.
    • The four recent holes were drilled on a line between previously reported significant RC drill holes and 320m north of RAB hole SRB047 which intercepted 33m at 11.1g/t Au, providing evidence of high-grade mineralisation over a strike of at least 320m on the Sissingue – Eastern zone.
    • The Sissingue prospect is the first of nine regionally significant soil anomalies identified by Perseus subjected to RC drilling. The strike length of Sissingue as defined to date by RAB drilling is some 4km. RC drilling has identified multiple zones of mineralisation over an area up to 750m wide.
    • There is currently one RC rig and one RAB rig operating at Sissingue and Perseus is endeavoring to place at least one more rig on site as soon as possible.

  14. #14

    Default Take a look at PRU - up 26 percent today 1.20

    And yet no one cares......imo, one of the best handful of gold stocks on the ASX.

    The tide will turn.

  15. #15

    Default Another Resource Upgrade at Ayanfuri!

    Resource Upgrade in Ghana
    Ayanfuri Gold Project

    • Maiden resource estimate for Ayanfuri project’s Dadieso deposit at 153,400oz of gold.
    • This resource starts from surface, has a significant oxide section and remains open along strike and at depth.
    Ayanfuri Project total resources increase to 1.83Moz.
    • Perseus Mining’s Ghana resources now at 2.64Moz.

  16. #16

    Default More Great Drill results - Perseus

    • The 1,000m strike length between the Abnabna and Fobinso deposits continues to return significant drill intercepts, including 30m at 7.8g/t, 66m at 3.2g/t, 30m at 3.0g/t and 54m at 2.3g/t Au.
    • Drilling is continuing in the area to follow up on these results and the high-grade intercepts announced to ASX on 15 June.
    • Drilling below Chirawewa main zone encountered high-grade gold intercepts including 5m at 125.4g/t and 4m at 13.1g/t.
    • These results continue the trend for drilling to delineate new gold mineralized zones on lightly explored ground between, along strike and below known gold deposits at Ayanfuri.

  17. #17

    Default More Good Perseus News - Capital Raising

    Raised $11.5m at 1.15/share. A very smart move.....

    Will underpin the price AND, most importantly the number of rigs operating on the Ayanfuri, Tengrela and Tolubay projects will be increased.

    Will allow PRU to prove up the ounces as fast (and furiously) as they can!!!

    That is the value driver!

  18. #18

    Default Re: PRU - Perseus Mining

    Up 12% today on about 0.83m shares traded.

    Something is up? Ideas anyone?

    Resource upgrade? drill results? both?

  19. #19

    Default Target of Five Million Ounces of Gold - in 2007!!

    From page 1 of today's release re a resource upgrade at Ayanfuri in Ghana:

    "Perseus Mining is continuing its busy explorations programme and has moved its global resources to 3.6Moz, and is targeting an increase to 5.0Moz by the end of 2007." (my bolding)

    Name me another company (Newcrest aside) listed on ASX with that potential?

  20. #20

    Default Re: PRU - Perseus Mining

    anyone with an ear to the ground hearing things?

    what pleases me about this, besides buku gold, is their policy of looking after the locals re: employment, development etc. i wouldnt be comfortable investing in a company that rapes the ground and doesnt give a toss.
    quite pleasing.

    big announcement due this week?

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