Meyas SAND GOLD Project Update
7 JUNE 2023
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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MEYAS SAND GOLD PROJECT UPDATE
Perth, Western Australia/June 7, 2023/Perseus Mining Limited (PRU:ASX/TSX) owns 70% of the
Meyas Sand Gold Project (MSGP), located in northern Sudan, approximately 75 kilometres south of
the border with Egypt and nearly 900 kilometres north of Sudan’s capital city, Khartoum.
In late April 2023, following an escalation of armed conflict largely in and around Khartoum between
the Sudanese Armed Forces (SAF) and an influential militia group, the Rapid Support Force (RSF),
Perseus withdrew most of its employees from the MSGP site pending a resolution of the conflict.
Perseus has been actively monitoring the situation in Sudan, along with a team of international
security specialists. The safety of all of Perseus’s staff is the number one priority in this situation and
Perseus has a range of measures in place to appropriately respond to any change in circumstances.
Although hostilities between the combatants continue in certain parts of Sudan, the area in which
MSGP is located has not been the scene of conflict, and in fact there have been no reported
incidents in an area of approximately 250,000 square kilometres around the site.
As a consequence, Perseus has allowed its employees and contractors to return to the MSGP site
and preliminary site works and confirmatory drilling activities are due to re-commence by month
end. The MSGP site will be secured by a security force led by Perseus’s in-house security personnel,
and include representatives of the Sudanese Mining Police, a body that operates under the control
of the Ministry for Minerals, as well as representatives of our host communities. Perseus’s office in
Khartoum that was established to service the MSGP, remains closed with alternative arrangements
in place to service the MSGP site.
Perseus’s Board of directors was scheduled to make a Final Investment Decision on the Meyas Sand
Gold Project in the second half of 2023 however, this decision has been deferred for the foreseeable
future.
Perseus’s Managing Director and CEO Jeff Quartermaine said: “Our decision to temporarily withdraw our
people from the Meyas Sand Gold Project site in April was taken with their safety and security in mind. With
further assessment of the situation, it appears that the perceived immediate threat has abated and we are
comfortable with the prospects of returning to work at the Meyas Sand site without undue risk. We are
however closely monitoring the situation and remain prepared and equipped to act if necessary.
Our Sudanese exploration and pre-development assets currently comprise a relatively small part of our asset
portfolio and the recent events in Sudan have had no impact on our gold production activities that take place in
West Africa, specifically, Ghana and Cote d’Ivoire and currently deliver more than 500,000 ounces of gold per
year at an AISC of less than US$1,000 per ounce.
In the first two months of the June 2023 quarter, Perseus’s operations have continued to perform strongly,
strengthening our Balance Sheet and placing the Company in a position to continue to prudently grow our
business and deliver material benefits to all of our stakeholders.”
NEWS RELEASE | ANNOUNCEMENT TITLE
PERSEUSMINING.COM 2
This announcement was approval for release by Jeff Quartermaine, Managing Director and CEO.
CAUTION REGARDING FORWARD LOOKING INFORMATION:
This report contains forward -looking information which is based on the assumptions, estimates, analysis and opinions of
management made in light of its experience and its perception of trends, current conditions and expected developments, as
well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the
date that such statements are made, but which may prove to be inc orrect. Assumptions have been made by the Company
regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, Edikan Gold
Mine and Sissingué Gold Mine without any major disruption due to the COVID -19 pandemic or otherwise, the receipt of
required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate
in a safe, efficient and effective manner and the ability of the Company to obtain financing as and w hen required and on
reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may
have been used by the Company. Although management believes that the assumptions made by the Company and the
expectations represented by such information are reasonable, there can be no assurance that the forward -looking
information will prove to be accurate. Forward -looking information involves known and unknown risks, uncertainties, and
other factors which may caus e the actual results, performance or achievements of the Company to be materially different
from any anticipated future results, performance or achievements expressed or implied by such forward-looking information.
Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results
of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in
the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the
forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s
ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the
ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing
as and when required and on reasonable terms. Readers should not place undue reliance on forward -looking information.
Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
ASX/TSXU CODE: PRU
CAPITAL STRUCTURE:
Ordinary shares: 1,367,986,850
Performance rights: 12,017,113
REGISTERED OFFICE:
Level 2
437 Roberts Road
Subiaco WA 6008
Telephone: +61 8 6144 1700
Email: [email protected]
www.perseusmining.com
CONTACTS:
Jeff Quartermaine
Managing Director & CEO
Nathan Ryan
Corporate Relations
+61 4 20 582 887