PERSEUS MINING LIMITED — AGM Information 2008

Nov 27, 2008

AGM PresentationClick to add title

Mark CalderwoodManaging Director

November 2008

www.perseusmining.com

Cash & Equity

IdSiitsseecresuu
OdiSh(PRU)rnararesy	M1748
$LidOiM(PRUO)09020ttseponsar-	M104
$OOUlidiM(PRU)09020ttnseponsar-	M23
$OhlidOi()120ttterunseponsavg	M75
CCilii/httapasaonas
$Mkilii()035tttarecapasaon	$AM61
Ch1Nb08asovemer	$A63M
EVl(illdilihbd)taenomnaecngpan-eqpcasonvuxuu,	$AM50
MjShhldaorareoers
EIii/Nitttropeannsonsomneesuu•	30%
MiBkacquarean•	14%
COGiilLiid&taspanasme•	9%
Ditrecors•	2%
OhT20terop•	19%

Cash Preservation

Current budget outflow expectations

Nov 08 - A$1.8M (mostly residual drilling invoices)

Dec 08 - Mar 09 A$650,000 per month average

Inflow of A$2.5M expected in March from 20c options

Exploration and other expenditure likely to be reduced further

Directors & Senior Staff

**Reg Gillard (Chairman)**22yrs director / chairman, public companies

**Mark Calderwood (Managing Director)**22yrs exploration management

**Colin Carson (Executive Director)**23yrs in public company management

**Rhett Brans (Executive Director)**30yrs in feasibilities and engineering

**Neil Fearis (Non Executive Director)**29yrs as commercial lawyer

**Kevin Thomson (Exploration Manager)**20yrs in exploration & resource geology

Ghana - 650km2

• •Ayanfuri (90%)
• •Grumesa (90%)

Ivory Coast - 2724km2

• •Tengrela (80%)
• •Mahale (90%)
• •Mbengue (90%)

Projects

Resources

Resources

• 5.7Moz* - 149Mt at 1.2g/t = (EV of A$9.7/Eoz or US$6.3/Eoz)includes

• 4.3Moz* - 88.5Mt at 1.5g/t = (EV of A$13.0/Eoz or US$8.5/Eoz)Next resource upgrade February 2009Ayanfuri feasibility target 2009 1.9 - 3.0MozCurrent enterprise value is same as discovery cost per ounce

* See appendix 1 Eozequates to equity ounce

Ghana

Central Ashanti Gold Projects

•Resources - 4.7Moz

Ayanfuri

• •3.9Moz resource base
• •Favourable metallurgy
• • Very wide deposits = Low cost mining
• • Still under-explored numerous drill targets

Ayanfuri @ US$850-950/oz

Current Base Case for Feasibility

• •EBITDA - US$51-66Mpa avg.
• •Payback period - 2 years
• •Upside exists (resource upgrades )

GldPiorce	$SU/oz	850	950
Thhtrogpuu	Mtpa	45	45
Pdi()15trouconyrs-	Opaz	196000,	196000,
Pdi(60)1troconrsuy-	Ozpa	162000,	162000,
Ch()15tascossyrs-	$US/oz	460	460
Ch(60)1tascossyrs-	$SU/oz	495	495
CAPEX	$USM	1725	1725
EBITDA()15rsy-	$SUM	74	93
EBITDA(610)rsy-	$AM	114	143
Pbkayac	Years	2	15

Ayanfuri - Value Engineering

Recent Optimisation work has identified potential for significant changes to the preferred process route

• • Comminution - HPGR crushing testwork has highlighted potential to dramatically reduce mill size and reduce power and grinding media consumption
• • Potential exists to avoid milling for primary product processing

Ayanfuri - Value Engineering

• Metallurgy - preliminary flotation test-work has indicated high recoveries at coarse grind sizes, resulting in high grade free milling concentrate and clean "throw away" tails for +95% of material.

The results of the comminution and metallurgical test-work could have major positive consequences on capital costs, operating costs and mine life

Ayanfuri - Key DatesFeasibility Study

Dec 2008 - Final drill data compiledJan 2009 - Flotation optimisedJan 2009 - Resource updatedApr 2009 - Process route definedApr 2009 - Pit Designs completed

Deposit Comparisons

In pit Resource/Reserve MtGold grade g/t 1.58Contained ounces ,000Waste to ore ratioThroughput rate MtpaMining cost per tonneProcessing + G&A per tGold Recovery 94%Average Gold ProductionCost per ounce

Date of source information

RedbackChirano (1) LihirBonikro (1) PerseusAyanfuri 22.9 16.0 45.6 1.88 1.32 1,214 926 1,936 2.7 3.8 1.8 2.1 2.0 4.5 $2.16# $1.42* $2.89 $8.54 $7.94 $10.22 94% 93.2% 107,000 116,000 180,000 $469^ $336 $460 20072006 2008

(1)In production

estimated * out dated owner-operator estimate ^ 2Q 08 production cost

Tengrela - Ivory Coast

9 Prospects

•

• • To date only 1km of 4km long Sissingue drilled with RC and Core
• • Maiden resource 15.7Mt at 1.9g/t containing ~1Moz of gold
• • Includes high grade 5.1Mt at 3.1g/t containing 0.5Moz of gold
• • Significant upside potential - but drilling reduced to minimum until completion of scoping study

Sissingue - Tengrela

Country Considerations

• • Bonikro 2Mt plant - Ivory Coast fabricated
• • Bonikro (first large mine) convention:
  • low cost power (hydro)
  • 5yr tax holiday 35% thereafter
  • 18% dividend tax 12% from year 5
  • exemption from VAT
  • 3% royalty
• •Politics improved significantly

Sissingue - Scoping Study

• • Infrastructure good
  • grid power 24km away
  • water 2.2km away
  • good access (mostly sealed roads)
  • flat terrain
• • Initial Metallurgy - 97% CIL recovery (70% gravity)
• •Strip ratio – low (expected 2.5:1)
• •Oxide - 40m of free dig (low mining cost)
• •Resources (2008) – 0.97Moz
• •Additional metallurgy underway
• • Potential to heap leach oxides then add on CIL to reduce up front capital

Future Production

By April 2009 the Company will understand the preferredproduction route for Ayanfuri, these potentially include-

• 1. Traditional CIL with a focus grade rather than throughput, Ayanfuri resources include 1.1Moz at 2.5g/t Au
• 1. Low capital and operating cost coarse feed flotation concentrator and on site concentrate processing
• 1. Possible, low cost heap leach start-up option (for oxide and transition) to fund options 1 or 2

Tengrela due to its relatively high grade has potential to be a very robust gravity CIL or hybrid including heap leach start up

The Tengrela resource includes 0.5Moz at 3.1g/t Au

Heap Leach Plant

The Company is currently progressing with its heap leach plant refurbishment – a low cost exercise

The heap leach plant has potential to give the Company a very low capex start up option for Ayanfuri or Tengrela

The plant could be set up within months of approval

Heap leach is ideal where capital is scarce and high internal rates of returns are required

Heap leach operations have historically been very successful in West Africa

Appendix 1

Mineral Resources (Gold) - Perseus Mining Limited Projects

Deitpos	Indicadte		Inferdre			Tolta
	Tonnes	/tgAu	OuncesAu	Tonnes	/tgAu	OuncesAu	Tonnes	/tgAu	OuncesAu
Ayfurian(1)0.8g/t>	31,399,000	1.5	1,478,300	37,522,000	1.5	1,825,000	68,921,000	1.5	3,303,300
Ayfurian(1)0.4g/t -0.8g/t	11,799,000	0.6	240,200	18,296,000	0.7	386,800	30,095,000	0.7	627,000
(2)Telangre1.0g/t>	6,040,000	2.0	379,000	9,630,000	1.9	591,000	15,660,000	1.9	970,000
Grumesa(3)Sth >0.4-0.6g/t	118,0007,	0.9	195,000	1,900,000	0.8	46,000	9,018,000	0.8	241,000
Grumesa(4)h >0.4g/tNt				21,400,000	0.8	573,000	21,400,000	0.8	573,000
Tols >0.8g/tta	37,439,000	1.5	1,857,300	47,152,000	1.6	2,416,000	84,581,000	1.6	4,273,300
Tols >0.4g/tta	56,356,000	1.3	2,292,500	88,748,000	1.2	3,421,800	145,094,000	1.2	5,714,300

Notes

1.Last updated on 2 May 2008

2.Last updated on 27 November 2008

3.Last updated on 30 April 2007

4.Last updated on 29 September 2006

5.The company holds 90% of Ayanfuri, 90% of Grumesa and 80% of Tengrela

after allowing for Government equity at mining stage

The information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-time employee of the Company. Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Calderwood consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.