The operation expects to yield 1.43 million ounces over the eight years from reserves of 29.6 million tonnes grading 1.71 grams per tonne gold containing 1.63Moz.

Reserves plus measured and indicated resources constrained within a US$1800 per ounce pit shell total 2.21Moz.

Yaoure's future could also involve a underground operation with deeper mineralisation below the CMA pit currently being infill drilled.

Meanwhile, the company has reported total overall reserves of 3.27Moz, with Edikan in Ghana contributing 1.31Moz and Sissingue in Cote d'Ivoire 324,000oz.

Perseus produced 102,788oz last quarter at all-in site costs of $1047/oz, with its aim for the current financial year being more than 500,000oz at a "cash operating margin of not less than $400/oz".

Shares in Perseus were trading this week at A$1.49, capitalising the company at $1.8 billion.

The company had debt of US$100 million at the end of June, giving it a net cash position $56 million.