Perseus Mining Records Profit of $41.4 Million for FY2013
Published : August 30, 2013
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PERTH, WESTERN AUSTRALIA--(Marketwired - Aug. 30, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(News - Market indicators) is pleased to announce a net profit after tax of $41.4 million, or 9.0 cents per share, for the 12 months ended June 30 2013.

HIGHLIGHTS OF FY2013

  • Profit for the year attributable to owners of the parent (i.e. excluding minority interests) of $38.4 million or 8.4 cents per share, representing a return on equity of 8.0% or a return on total funds employed of 7.2%.

  • Operating cash flow of $46.7 million for the 12 months, or 10.2 cents per share.

  • Total market value of cash, bullion and investments of $45.3 million at June 30 2013.

  • Net assets of $481.3 million and an excess of current assets over current liabilities of $34.2 million.

  • Company debt free following repayment in full of the renegotiated US$100 million revolving line of credit.

  • At the Company's initiative, the available commitment limit of the revolving credit facility has been reduced to nil post year-end generating cost savings of up to $2 million per annum.

  • Forward sales contracts for 170,000 ounces of gold at an average price of US$1,408/oz for delivery in quarterly instalments up to December 2015, representing 5% of the Company's Ore Reserves.

  • Gold production at the Company's Edikan Gold Mine in Ghana of 208,444 ounces at an all-in site cash cost (including production, royalties, development and sustaining capital) of US$1,150/oz.

  • Implementation of Company-wide programme to reduce operating and capital costs including a 15% reduction in all directors' fees for the next financial year.

  • Decision to proceed with development at the Sissingue Gold Project in Cote d'Ivoire deferred until January 2014 as part of the company's capital conservation initiative.

Managing Director Jeff Quartermaine Comments

"Our financial performance in FY2013 was very solid, especially taking into account the recent volatility in gold price and technical challenges that needed to be overcome during the year at our flagship operation, the Edikan Gold Mine, in Ghana."

"Our focus for FY2014 will be on building on our FY2013 performance by improving operational efficiency as a means of maximising the cash margin at Edikan."

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 incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine without any major disruption, development of a mine at Tengrela, 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 when 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 cause 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.



Perseus Mining Limited
Jeff Quartermaine
Managing Director (Perth)
+61 8 6144 1700
jeff.quartermaine@perseusmining.com
or
Perseus Mining Limited
Nathan Ryan
Investor Relations (Melbourne)
+61 (0) 420 582 887
nathan.ryan@nwrcommunications.com.au
or
Perseus Mining Limited
Rebecca Greco
Investor Relations (Toronto)
+1 416 822 6483
fighouse@yahoo.com
www.perseusmining.com
Data and Statistics for these countries : Australia | Ghana | All
Gold and Silver Prices for these countries : Australia | Ghana | All

Perseus Mining Ltd

DEVELOPMENT STAGE
CODE : PRU.AX
ISIN : AU000000PRU3
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Perseus Mining is a gold exploration company based in Australia.

Its main assets in development are AYANFURI and TENGRELA in Ghana and its main exploration property is GRUMESA in Ghana.

Perseus Mining is listed in Australia, in Canada and in Germany. Its market capitalisation is AU$ 1.8 billions as of today (US$ 1.3 billions, € 1.1 billions).

Its stock quote reached its highest recent level on September 16, 2011 at AU$ 4.05, and its lowest recent point on December 19, 2014 at AU$ 0.20.

Perseus Mining has 1 033 209 984 shares outstanding.

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Project news of Perseus Mining Ltd
6/25/2008(Ayanfuri)Ayanfuri Update. Ghana - West Africa.
4/28/2008(Ayanfuri)Resource Upgrade. Ayanfuri Gold Project (Ghana)
4/2/2008(Tengrela)Wide Drill Intercepts at Tengrela
3/12/2008(Ayanfuri)West Africa Exploration Update
Corporate news of Perseus Mining Ltd
4/27/2016Form 8.3 – Perseus Mining Ltd (118.50kB)
4/27/2016Form 8.3 – Perseus Mining Ltd (118.28kB)
3/5/2015Upgrades Power Generating Capacity at Edikan Gold Mine in Gh...
10/24/2013: September 2013 Quarterly Activity Report Conference Call
10/15/2013Revised Mine Plan for Perseus Mining's Edikan Gold Mine
10/9/2013: Edikan Gold Mine Optimisation and Quarterly Report Dates
9/17/2013High Grade Gold Results from Cote d'Ivoire
8/30/2013Records Profit of $41.4 Million for FY2013
3/5/2010Added to S&P/ASX 200 index
5/12/2008African Gold Hunt Gives Perseus New Goals
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