07:06 AM EDT, 08/21/2024 (MT Newswires) -- Perseus Mining ( PMNXF ) late on Tuesday said it updated the estimates of the mineral resources and ore reserves at each of its African operations following growth from resource definition drilling and studies.

The company's total measured and indicated mineral resources at June 30 are estimated to be 115.9 million tonnes grading 1.31 grams per tonne (g/t) gold, containing 4.9 million ounces of gold, compared with the year-ago estimate of 122.8 million tonnes grading at 1.31 g/t gold for 5.2 million ounces of gold.

Proved and probable ore reserves are now estimated at 64.9 million tonnes at 1.39 g/t gold for 2.9 million ounces, compared with the year-ago estimate of 73.8 million tonnes at 1.45 g/t gold for 3.4 million ounces of gold.

Inorganic growth in 2024 included the acquisition of OreCorp including its primary asset, the Nyanzaga gold project.

Separately, Perseus said it agreed to sell its 33 million common shares in Montage Gold ( MAUTF ) to BMO Nesbitt Burns at $1.86 per apiece through a bought deal for $61.4 million.

Perseus acquired the Montage shares when it acquired Orca Gold in May 2022. Orca's principal asset was a 70% stake in the Block 14 gold project, renamed Meyas Sands gold project, in Sudan. Perseus considered the shareholding in Montage to be non-core.

The cash proceeds from the share sale will be used to strengthen Perseus's balance sheet following its the recent purchase of a strategic stake in Predictive Discovery, the owner of the Bankan gold project in Guinea, for A$86.0 million.