Having now fully completed its acquisition of OreCorp, Perseus Mining is getting ready to advance the Nyanzaga gold project in Tanzania.
Perseus acquired OreCorp for $276 million back in April, and said representatives from the company were keen to visit Tanzania to build relationships and commence the development of the project.
Now, Perseus is looking to implement three concurrent work streams at the site: implementation of the resettlement action plan, additional drilling of the Nyanzaga mineralisation and front-end engineering and design.
The gold major is also commencing feasibility level mining studies at the project, with the intention to release its first mineral resources and ore reserves estimates during the upcoming December quarter.
“Perseus is pleased to have completed the acquisition of the Nyanzaga gold project through the takeover of OreCorp,” Perseus chairman and chief executive officer Jeff Quartermaine said.
“The Nyanzaga project represents an exciting growth opportunity for Perseus that aligns with our strategy of upgrading the size, quality and geographic distribution of our asset portfolio.
“We have hit the ground running with the various work streams and are working diligently towards the target of taking a final investment decision for the project by the end of the year.”
With Nyanzaga joining the Perseus family, Perseus now has three operating mines currently producing gold at a rate of over 500,000 ounces per year.
“With the objective of operating at least four mines simultaneously, Perseus is well advanced towards confirming its place as a highly profitable, well-managed, pan-African gold company that consistently creates benefits for all stakeholders,” Quartermaine said.