Perseus Mining has begun feasibility studies on Nyanzaga Gold Project
Perseus Mining has commenced feasibility works on the Nyanzaga Gold Project in Tanzania with a goal of releasing its first Mineral Resources and ore reserves estimates for Nyanzaga during the December quarter of 2024.
The firm completed the compulsory acquisition of the remaining OreCorp shares on May 20, 2024, now owning 100% of OreCorp. It is currently implementing three concurrent work streams at Nyanzaga: Resettlement Action Plan (RAP), additional Drillinga and Front-End Engineering Design (FEED).
Growth strategy
Jeff Quartermaine, Chairman and CEO of Perseus Mining, expressed satisfaction with the acquisition and the progress of the Nyanzaga Project, emphasizing that it aligns with Perseus’s growth strategy. The company aims to maintain or exceed its current gold production level of over 500,000 ounces per annum with the addition of the Nyanzaga Project and another high-quality development project. Perseus Mining is advancing towards its objective of operating at least four mines simultaneously, reinforcing its position as a profitable, well-managed, pan-African gold company that delivers consistent benefits to its stakeholders.
Drilling to expand understanding of Nyanzaga’s Mineral Resources will start soon, taking into account Tanzanian local procurement regulations while the FEED Studies are progressing to refine engineering plans and capital cost estimates.
Perseus aims to make a Final Investment Decision for the Nyanzaga Gold Project by the end of the year, with project development commencing in early 2025 and first gold production expected in the first quarter of 2027.
