Perseus Mining Ltd. (TSX:T.PRU, Stock Forum) advises that on Wednesday, 8 August 2012, the Côte d'Ivoire government announced the grant of an exploitation permit to a subsidiary of Perseus, Occidental Gold SARL, for the development of the company's Sissingué gold deposit.
Based on a feasibility study, the gold deposit, located in Côte d'Ivoire, West Africa, has an estimated probable ore reserve of 657,000 ounces of gold.
According to the press release, Perseus expects to receive a copy of the exploitation permit within a few days after normal registration procedures are completed.
Since the feasibility study was published the company has undertaken a significant amount of additional drilling in the vicinity of the Sissingué gold deposit and a large amount of additional drill data has accumulated.
This data is currently being incorporated into an updated mineral resource model which will then be used for detailed mine planning purposes.
All environmental approvals for mine development, mining and production have been secured.
Perseus is focused on under-explored gold belts in West Africa.
On Friday morning, Perseus was trading at $2.41 a share. The company has a market cap of $1.1 billion, based on 458 million shares outstanding. The 52-week high and low was $4.21 and $2.17 respectively.