News

February 25, 2008

Perseus Sidesteps London To Focus On Africa

By Rob Davies

London can be a bizarre place. It is home to the four largest mining companies in the world, hosts the headquarters of two of the largest mining funds. It’s also home to the junior Aim market for smaller and mid-tier companies. Yet junior mining companies are constantly expressing their frustration at the low levels of liquidity and exasperating valuations that they get on Aim. Indeed, the reputation of Aim is such that many juniors bypass it altogether. One such is Perseus Mining of Australia. It’s listed over there and is in the process of listing in Toronto. Yet it has been finding gold in West Africa at an average cost of US$6 an ounce. One would have thought that might appeal to the London community.

Mark Calderwood, managing director of Perseus Mining, is quite matter of fact about the issue and he has happy that a Toronto listing will supplement trading in Australia and allow the company to raise the funds needed to maintain a very vigorous drilling programme. And it is certainly ambitious. Mark is planning to drill 160,000 metres this year as he seeks to add ounces at his two projects, one in Ghana at Ayunfuri and one at Tengrela in the Ivory Coast, along strike from Resolute Mining’s...