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In reply to: chinaski on Wednesday 21/12/05 08:19pm

One to be very careful of imo.. re geopolitical risk....article in ydays AFR re the Kyrgyzs govts nationalisation program and its impact on foreign investment. Very worrying; reason I sold today.


Could be part of the reason Santos is reducing its involvement in the area via CIG. macq in this one too which explains some of the unusual trading patterns.


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Hi All,




Significant Drill Results at Sissingue Gold Prospect


Announced by: PRU

Announced on: 24/01/2006 15:42:49

Status: Market sensitive (Y)






(incl. 33m @ 11g/t Au from 8m)
(Tengrela Project - Ivory Coast - Perseus 80%)


ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚· Broad spaced RAB traverse drilling commenced at Sissingue in late November 2005, and by 14 January 2006 a total of 142 holes for 6,360m had been completed.

ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚· Fire assay results have been received for the first 73 drill holes.

ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚· A number of significant intercepts have been made, including 33m @ 11g/t, 6m @ 2.0g/t, 4m @ 2.9g/t and 4m @ 2.5g/t Au.

ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚· Sissingue is located 8.5-12km south of the Tabakoroni prospect, from where high grade intercepts
have been announced by Resolute Mining Limited.

ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚· First pass drilling at Sissingue has been completed and drilling is continuing along strike at
Kananono. Perseus is testing a series of gold in soil anomalies over 70km strike of the highly
prospective Syama gold belt, which extends from Mali into Ivory Coast.

Perseus commenced drilling on the Sissingue gold in soil anomaly on the Tengrela Project in late November 2005. By 14 January a total of 142 drill holes had been completed for 6,360m of drilling.
Due to the large size of the Sissingue soil anomaly, drill traverses in this initial phase were spaced at an
average of 800m. Individual traverses were up to 900m long and drill hole spacings on traverses did not provide complete coverage across strike, but are considered to be sufficient to discover any large zones of mineralization.

Fire assay results for the first 73 holes have been received. Six holes intercepted potentially significant
mineralization, including intercepts of 33m @ 11g/t from 8m, 26m @ 0.9g/t from 24m, 32m @ 0.8g/t
from 12m, 29m @ 0.7g/t from 12m and 8m @ 1.3g/t Au from 40m, whilst another 6 holes intercepted
mineralization worthy of further exploration. Five of the six strongest intercepts are located over an
open 2 km strike centrally located on the southern end of the Sissingue anomaly, where drilling
commenced. The host of the mineralization appears to be weakly altered and veined volcaniclastic and
argillaceous meta-sediments close to the margin of more competent volcanics or volcaniclastics.

Resolute Mining Limited and Estruscan Resources Inc have announced a number of high grade gold intercepts at their Tabakoroni prospect in Mali, located 11km north along the Syama shear from
Perseus's high grade drill hole SRB047. The Tabakoroni soil anomaly is located 1.5km from Perseus's
tenement boundary.

F:\PUBLIC\Perseus Mining Limited\ASX\2006\ASX 240106 (Tengrela drill results).doc

First pass drilling at Sissingue has been completed and drilling by the Perseus owned drill rig is continuing at Kanakono. Perseus is testing a series of gold in soil anomalies over 70km strike of the
highly prospective Syama gold belt, which extends from Mali into Ivory Coast.

For a first pass drilling program on one of nine regionally significant soil anomalies, these results are considered to be most encouraging. They come on the back of Perseus's continuing drilling successes at the Tolubay project in the Kyrgyz Republic.

To discuss any aspect of this announcement, please contact Mark Calderwood on
Mark Calderwood
Managing Director

24 January 2006

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Hi All,


I must be the only one in this. LOL http://www.sharescene.com/html/emoticons/smile.gif


Please find the announcement below.






7 March 2006



Tengrela ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ Ivory Coast

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Wide spaced RAB traverse drilling on the first two of nine soil anomalies to be tested on the Tengrela gold project in Ivory Coast has returned additional significant intercepts including 25m* at 3.2g/t, 4m at 42.6g/t, 31m* at 1.4g/t, 8m at 3.4g/t, 29m at 1.1g/t, 28m at 1.0g/t, 4m at 5.0g/t and 12m at 1.7g/t Au. Previously announced results included 33m* at 11.1g/t, 26m* at 0.9g/t, 32m* at 0.8g/t and 29m* at 0.7g/t Au.

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Significant gold mineralisation encountered on all 10 wide spaced RAB drilling traverses completed to date highlight the potential not only of the Sissingue and Kanakono anomalies, but of the whole Tengrela project. These two anomalies cover 11km of the northernmost 20km of the 55km strike of the Syama gold belt within the Tengrela project. Tengrela lies immediately south of the Syama and Tabakoroni deposits in Mali.

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ 9km of the northernmost 20km of the Syama belt within Tengrela has not been soil sampled since it is largely covered by transported material, so it now represents a priority target for additional reconnaissance drilling after soil anomalies along the remaining 35km portion of the Syama gold belt are drilled.
Tolubay ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ Kyrgyz Republic

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Results from diamond drilling on Section 251,800E, 80m west of the original drill section at Obdilla, confirm the continuation of gold mineralisation associated with the east-west faulting at Obdilla. Drill hole ZDDH012 intercepted 79m at 1.7g/t Au from 32m, including 20m at 3.2g/t Au from 85m. This intercept is interpreted as extending from 30 m to 80m from the fault zone controlling mineralisation at Obdilla, with gold grades increasing closer to the fault. This is consistent with the previous results from Section 251,800 E, where a 70-80m wide mineralised zone was delineated. A drill pad will be prepared to test higher grade gold mineralisation identified in trenches closer to the fault.

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Early drill results from a section 1.1km further west have also confirmed the existence of the auriferous Tolubai suite. The structure is more complicated in this western zone, with a number of east-west trending faults identified to date.

ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Positive results from column tests and other scoping work on the Grumesa heap leach option indicate that a feasibility study for an on site 1.5Mtpa, 50,000 oz pa operation with an expected high IRR is justified.
ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ Further trenching on the Kobo North prospect at Kwatechi in Ghana has extended high grade mineralization with an open ended intercept of 20m @ 6.8g/t Au.


Perseus has completed 219 RAB drill holes totaling 9,333 metres on wide spaced traverses on the Sissingue and Kanakono soil anomalies at Tengrela, its 80% owned project in northern Ivory Coast.

The latest RAB drilling results have confirmed a continuation of significant gold mineralization reported from the first batch. Intercepts of note, set out in the table below, included 25m* at 3.2g/t, 4m* at 42.6g/t, 31m* at 1.4g/t, 8m at 3.4g/t, 29m at 1.1g/t, 28m at 1.0g/t, 4m at 5.0g/t and 12m at 1.7g/t Au. Previously announced results included 33m* at 11.1g/t, 26m* at 0.9g/t, 32m* at 0.8g/t and 29m* at 0.7g/t Au.

The Sissingue and Kanakono soil anomalies have a combined strike length of 11km within the northern 20km of the 55km strike of the Syama gold belt running through Tengrela and extending south from Syama and Tabakoroni in Mali. Significantly, much of 20km strike of the prospective corridor was not soil sampled due to the transported cover. Satellite imagery and drilling has confirmed that transported cover is more extensive that previously interpreted.

The abundance of significant drill intercepts from multiple trends encountered on the wide RAB traverses and the extensive nature and depth of ancient gold workings encountered while drilling highlight the potential of this poorly explored portion Syama gold belt.

Drilling is currently suspended due to compressor problems. When drilling recommences, the series of soil anomalies over the southern 35km strike of the Syama gold belt within the Tengrela East and South permits will be tested.

Perseus has sourced a second, larger, multi purpose drill rig to undertake follow up drilling at Tengrela. Subject to completion of contractual arrangements, the larger rig is expected to be on site within about two months.


Drilling is continuing on the Obdilla prospect on the 100% owned Tolubay licence in the Kyrgyz Republic.
Drill holes ZDDH011, 12 and 13 were drilled on section 251,800E, approximately 80m west of ZDDH006-009. ZDDH012 intercepted 79m at 1.7g/t Au from 32m, including 20m at 3.2g/t Au from 85m, ZDDH011 intercepted 78m at 0.5g/t Au from 39m including 1m at 4.0g/t from 42m, 11m at 1.2g/t from 65m and 12m at 0.9g/t Au from 95m. Results from the relatively deep ZDDH013 included 92m at 0.5 g/t from 132m, including 15m at 1.1g/t from 135m, ZDDH013 has confirmed mineralisation extends to at least 270m depth.
Trenches 7 and 41, located at surface about 100m above ZDDH011 and 65m above ZDDH012, intercepted 70m at 2.0g/t and 78m at 1.7g/t Au respectively. Additional drilling from a pad closer to the fault is required on this section to test the likely higher grade zone between the trenches and ZDDH012 (refer to attached figure).

Drill results to date from sections 251,800E and 251,880E indicate that gold grades in the Tolubai suite are strongest in proximity to a thrust fault and gradually decrease to the south, with values above 2g/t Au being limited to 60 - 90m from the fault. Drill holes ZDDH011 and 013 are located on average 90 to 150m south of the interpreted main thrust. The depth of higher grade mineralization on these sections is limited by the lower limit of the Tolubai suite, which occurs at average of 80m below surface on section 251,880E and at average 95m below surface on section 251,800E.

On section 251,970E, ZDDH015 and ZDDH016 have been completed. ZDDH015 intercepted 68m of mineralised Tolubai siltstone from 15.9m, drill logs for ZDDH016 are not yet available
Drilling in the west has been slow, with the two drill holes attempted to date both abandoned in the mineralized Tolubai suite due to difficult ground conditions in the overlying limestone. ZDDH010 intercepted 11.4m at 0.9g/t Au from 132.6m and 12m at 0.5g/t from 152 to 164m (end of hole). ZDDH014 intercepted 20m at 0.6g/t Au from 42m and 8m at 0.4g/t Au from 96m. ZDDH014b is currently being drilled over the top of ZDDH014 to extend drilling to depth. The geology in the west is more complex, with multiple thrust faults and repeated exposures of mineralised Tolubai suite.

Drill pad preparation is well advanced at Obdilla, with 15 pads completed on the main zone and access roads to the two remaining pads underway. Drilling has taken place from five of the pads. A third rig has been commissioned to commence drilling as soon as possible on the recently completed central pads. Channel sampling along the newly constructed drill access roads has intercepted significant gold mineralization, including 35m at 1.9g/t Au adjacent to a previously open ended trench intercept of 16m at 2.5g/t Au.
A mineralisation zone of over 2,000m long and up to 200m wide has been defined so far at Obdilla through trenching. In the current program, 40 diamond drill holes for approximately 7,500 metres are planned to enable an initial resource estimate to be made.


Results from scoping and feasibility work on the Kayeya gold deposit on the 90% owned Grumesa indicate that a feasibility study for an on site 1.5Mtpa, 50,000 oz pa operation with an expected high IRR is justified.
Engineering studies undertaken in December have highlighted potential for a relatively low capital requirement and subsequent optimization work indicates that the project could have a high IRR at a >$500 gold price. Previously reported column test work which returned an average 72% recovery from non-oxide material, significantly enhanced the depth potential of the typically low grade mineralisation.

Further engineering studies, additional metallurgy, reserve drilling and modifications to the draft environmental impact study will be required to complete the feasibility study.

Low grade inferred resources are 15.1 Mt at 0.9g/t for 450,000 ounces of contained gold but there is potential to substantially increase these resources as the average drill hole depth to date at Grumesa is about 25m vertical over the mineralized area, which covers more than 2 sq km.


On the Kwatechi project, where Perseus is earning a 76% equity, further trenching on the Kobo North prospect was undertaken to determine the orientation of high grade veining. North - south trenches were completed at right angles to previously reported east west trench KWAT01, which intercepted 10m at 14.3g/t Au. The 20m long northern trench averaged 6.8g/t Au, including an open ended 8m at 13.2g/t and 9m at 3.3g/t Au. The 15m long southern trench average 1.1g/t Au. Gold mineralization at Kobo North appears to be contained within a 20m wide NE striking corridor and is related to veining, which apparently dips to the NE. The large blow outs in veining are high grade, highlighting the exploration potential at Kobo North.

To discuss any aspect of this announcement, please contact Mark Calderwood on


Mark Calderwood
Managing Director

Perseus is a gold exploration company exploring for large gold deposits within regions that: have numerous "World Class" gold deposits; have significant existing gold production and growing reserve inventories; remain amongst the least explored by modern techniques; and include countries in which the Directors and Perseus staff have substantial experience.

Current Activities: Resource drilling underway at Obdilla (Tolubay Project) in the Kyrgyz Republic; Large (20,000m) exploration drill program underway on the Tengrela Project in Ivory Coast to test regionally significant soil anomalies; Feasibility study in progress at the Grumesa Project in Ghana .

The information in this report that relates to exploration results is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-time employee of the Company. Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¹Ãƒƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore ReservesÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢. Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
F:\PUBLIC\Perseus Mining Limited\ASX\2006\ASX 070306 (exploration update)draft.doc

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Hi Brantley


I'm still in http://www.sharescene.com/html/emoticons/smile.gif .


I like Pru as there will not be much dilution. If they can get Grumesa off and running at 50,000 ounces per year, they should be able to generate net cash of say $8 million a year which will fund all their exploration and the feasibilities studies on the other projects.


However, it looks like they will be doing a fund raising soon given that they are speaking to European investors. They are hardly likely to be trying to attract attention to their existing shares on issue given they are so tightly held.


Once the resource estimates come out on all the projects, the real fireworks will begin.



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  • 1 month later...


Just increased its land holdings!




Another MOE in the making?


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Triangle looks ready to break, could have a 10c move out of this? http://www.sharescene.com/html/emoticons/icon14.gifhttp://www.sharescene.com/html/emoticons/ph34r.gif


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Just having a look at this recent presentation and today's announcment, this junior could be undervalued?


Triangle looks ready to break on the chart as well




Does anyone else follow?


Rumour also that Eckhof is coming on http://www.sharescene.com/html/emoticons/icon14.gifhttp://www.sharescene.com/html/emoticons/ph34r.gif

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