(Ecofin Agency) - Perseus Mining announced that by the end of the 2018 financial year, it would have invested a total of AU$40 million in its Edikan gold project in Ghana.

Perseus’ MD and CEO, Jeff Quatermaine, said AU$14.1 million had been invested in the project at the end of Q3 of this year in June. The miner plans to raise AU$30.9 million and AU$5.4 million in 2017 and 2018 respectively, to advance the project.

Most of the money spent this year will be used to access new exploitation zones, provide a number of infrastructures for the project and complete construction of a new plant which will back power network in case of shortage.

Proven and probable gold resources at Edikan were estimated in March, to 58.4 million tons grading 1.2g/t gold and holding 2,275,000 oz of gold. Perseus Mining holds besides Ghana’s Edikan project, the Sissingué gold project in Cote d’Ivoire.

Louis-Nino Kansoun