Perseus gets Ghana project approval

Perth based gold explorer Perseus Mining has got the green light for production and construction of its Central Ashanti gold project (CAGP) in Ghana.

In a statement, Perseus said Ghana's Environmental Protection Agency had issued a permit allowing construction and mining to commence.

The company already had approval for mining leases and other permits.

Macquarie Bank and Credit Suisse AG will jointly provide a loan of up to $US 85 million and a gold hedging facility.

Perseus managing director Mark Calderwood said now the company had EPA approval it was all systems go.

"We are on target for achieving a first gold pour in the third quarter of 2011," he said.

"The $140 million raised in recent equity issues and the project financing ensure that the CAGP is fully funded while the company is able to maintain its exploration effort and fast track development of the Sissingue project at Tengrela in Ivory Coast," said Mr Calderwood.