Perseus Mining expands West African gold portfolio with Exore Resources acquisition

ASX-listed Perseus Mining has entered into an acquisition agreement with Côte d’Ivoire-focused gold explorer Exore Resources, which will expand the former’s gold portfolio in West Africa.

The deal values Exore at US$60 million and will grant Perseus with ownership of the Bagoe, Liberty and Tengrela projects in Northern Côte d’Ivoire, along with Exore’s lithium exploration assets in Portugal.

Perseus managing director and chief executive Jeff Quartermaine said the acquisition of Exore would give Perseus ownership of approximately 2,000 km2 of geologically prospective land in Côte d’Ivoire, close to the company’s operating Sissingué gold mine.

“Sinssingué currently has a mine life of three years from 1 July 2020, and with the acquisition of Exore’s land package, including defined mineral resources at the Bagoe project, we have the option of developing the Bagoe project into a new gold mine potentially using Sinssingué infrastructure,” Quartermaine said.

“Alternatively, [it would lead to] delineating further mineral resources that can be economically mined and trucked to our Sissingué plant for processing,” he added.

Perseus is a mid-tier gold company with two mines in operation across Ghana and Côte d’Ivoire and another in development in the latter nation which is set to deliver first gold in December. The firm expects to produce over 500,000 ounces of gold a year with the three mines in operation.