PERSEUS MINING LIMITED — AGM Information 2010

Nov 25, 2010

==> picture [189 x 540] intentionally omitted <==

ASX/TSX: PRU www.perseusmining.com

Emerging Gold Producer Annual General Meeting 2010

Mark Calderwood Managing Director

==> picture [720 x 93] intentionally omitted <==

Competent Person’s Statement

Information in this presentation 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’ and as a Qualified Person for the purposes of National Instrument 43-101 of the Canadian Securities Administrators. 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.

Forward-Looking Statement

Statements in this presentation regarding the Company’s plans with respect to its mineral properties are or may be forward-looking statements. There can be no assurance that the plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to convert Inferred resources to Indicated resources or Indicated resources to Measured resources, that any mineralisation will prove to be economic, or that a mine will successfully be developed on any of the Company’s mineral properties.

“West African emerging gold producer”

==> picture [164 x 189] intentionally omitted <==

4.3Moz in M&I Resources* (107.7Mt at 1.2g/t) Including

2.8Moz in Reserves (65.2Mt at 1.3g/t) .......................................................................* Additional

==> picture [65 x 49] intentionally omitted <==

3.0Moz in Inferred Resources (92.7Mt at 1.0g/t)

• Next update due December 2010

==> picture [720 x 540] intentionally omitted <==

----- Start of picture text -----

“Elephant Country”
TENGRELA
1. Obusai 60Moz+
2. Tarkwa 40Moz+
3. Ahafo 17Moz+
4. Prestia-Bogusu 13Moz+
5. Loulo 12Moz+
ASHANTI BELT
6. Sadiola-Yatela 8Moz+
(CAGP, Grumesa)
7. Lero 8Moz+
8. Akyem 8Moz+
9. Syama 7Moz+
10. Morila 7Moz+
11. Siguiri 7Moz+
12. Bibiani 7Moz+
----- End of picture text -----

Capital Structure

	Ordinary Shares (ASX:, TSX: PRU)	422M
	Unlisted Options (avg. $1.54)	10M
	Budget to July 2011	US$
	Cash 30/9/2010	125M
	Undrawn Debt	85M

Less expenditure

CAGP Completion	84M
Exploration/Eval.	26M
Corporate	7M
Balance	97M

==> picture [387 x 420] intentionally omitted <==

----- Start of picture text -----

Grumesa
CAGP
----- End of picture text -----

CAGP

Measured & Indicated Resources 3.2Moz incl; Proven & Probable 2.1Moz Reserves Inferred Resource 2.1Moz Next update Q4 2010 Grumesa Measured & Indicated 0.2Moz Resources Next update Q4 2010

==> picture [428 x 373] intentionally omitted <==

----- Start of picture text -----

Mill Site
----- End of picture text -----



Targets Reserves

2009 2Moz 2010 3Moz 2011 4Moz

Production Phase 1: 2011 +200,000ozpa Phase 2: 2013 +300,000ozpa Exploration 1 discovery p.a.

Gold Production (Phase 1 only)

Definitive Feasibility Study 2009

Year 1 230,000 oz Reserves P&P 2.14 Moz

Earnings Capability (EBITDA)

First 3 years

Total 10 years

@ US$850/oz US $334M US $758M @ US$1,200/oz US $500M US $1,295M

Capital and Operating Costs

Initial Capital Cost US$160M (incl. larger mill equipment) Plant Capacity 5.5 million tpa IRR (at US$1,050) 80%

Cash Operating Cost US$409/oz (Year 1) US$512/oz (10 years) (incl. 5% Govt. Royalty)

Timing

Construction started Q2 2010 Gold Production Q3 2011 Payback 1yr 8mths (at US$850), 1yr 1mths (at US$1,050)

June 23

July 26

Aug 20

Sep 21

Oct 25

Mar Qtr 2011 - Mining Sep Qtr 2011 - Milling

==> picture [139 x 118] intentionally omitted <==

Sissingue

0.9Moz (15.2Mt)

M&I

Inferred

0.3Moz

0.66Moz (9.7mt)

Reserve

==> picture [455 x 464] intentionally omitted <==

Targets

Reserves 2011 1.0Moz 2012 1.5Moz

Production

Phase 1: Q4 2012 178,000oz year 1 162,000oz year 2 Exploration

Discoveries 2010: Kanakono Podio Sissingue East

==> picture [247 x 455] intentionally omitted <==

----- Start of picture text -----

Sissingue
----- End of picture text -----

Nov 2010

657,000oz Initial Probable Ore Reserve In the first 2 years:

==> picture [121 x 123] intentionally omitted <==

Production: 340,000oz 6 year mine life Cash costs: US$421/oz Average life of mine: US$505/oz EBITDA: US$221M at US$1,100 Au

==> picture [306 x 152] intentionally omitted <==

==> picture [28 x 13] intentionally omitted <==

----- Start of picture text -----

500
----- End of picture text -----

==> picture [148 x 146] intentionally omitted <==

----- Start of picture text -----

Tengrela
----- End of picture text -----

400

300 200

100

0 2010 2011 2012 2013 2014

EBITDA Targets (US$) $1200 gold price cash cost $540 /oz (at project level, after royalties) 2011 - $ 50M 2012 - $180M 2013 - $300M 2014 - $300M

==> picture [93 x 94] intentionally omitted <==

Drilling 25,000m/month

CAGP Reserve update (Dec Qtr 2010)

TGP Reserve update CAGP Reserve update (H1 2011) (Jun Qtr 2011)

==> picture [121 x 123] intentionally omitted <==

Million Ounces of Gold

Ivory Coast Inferred Ghana Inferred Ivory Coast Measured Indicated Ghana Measured Indicated Ghana Reserves

Highly Active New Discoveries Reserve Growth

==> picture [720 x 93] intentionally omitted <==

----- Start of picture text -----

Broker Coverage
----- End of picture text -----

Date Institution Author (2010) 15/11 Dundee Sec. Ron Stewart 11/11 UBS Jo Battershill 10/11 Cormark Mike Kozak 10/11 RBS Sam Berridge 20/08 BGF Warwick Grigor 20/07 CIBC Cosmos Chiu 21/06 Clarus Securities Nana Sangmuah 19/06 Rodman & Renshaw Alka Singh

==> picture [314 x 95] intentionally omitted <==

20% 28% (1.08Moz Gold) (1.13Moz Gold)

==> picture [70 x 70] intentionally omitted <==

Reg Gillard 22yrs director / chairman, public companies Non Executive Chairman

Executive Directors

Non Executive Directors

Mark Calderwood 24yrs exploration and corporate management

Neil Fearis 30yrs as commercial lawyer

Colin Carson 23yrs in public company management

Sean Harvey 21yrs in investment banking and public company management

Rhett Brans 35yrs in feasibilities and engineering

Michael Bohm 23yrs as mining engineer with project, operational & corporate management

==> picture [506 x 104] intentionally omitted <==

History

• Mined in 1990s by Cluff-Ashanti

• 23 shallow pits produced 300,000oz 1994-2001

• May 06 Perseus gained control of 180,000oz resource

Location

• 30kms from Anglogold’s +60Moz Obuasi Mine

• 45kms from Prestea-Bogusu project

Exploration

• Perseus US$45m, >300km of drilling in 4 years

• Resource 5.3 Moz in Mar-09 from 8 deposits

• Still large exploration upside

Geology

Proposed Operation

• Granite with quartz stock-works ~80m wide

• Low strip ratio, bulk open pit mining

• Low cost coarse grind. Gravity/float/CIL. Free milling

Mineral Reserves (Gold)

Deposit CAGP- (Ayanfuri) >0.5g/t(1) TGP >0.55g/t(2) Total Notes:	Proven Probable Total
	Tonnes (million) g/t Au Ounces Au (,000) Tonnes (million) g/t Au Ounces Au (,000) Tonnes (million) g/t Au Ounces Au (,000)
	18.4 1.4 828 37.2 1.1 1,313 55.5 1.2 2,141
	9.7 2.1 657 9.7 2.1 657
	18.4 1.4 828 46.9 1.3 1,970 65.2 1.3 2,798

• (1) Last updated on 30-07-2009

• (2) Last updated on 8-11-2010

Mineral Resources (Gold)

Deposit (cutoff g/t Au) CAGP-(Ayanfuri) >0.8g/t(1) CAGP-(Ayanfuri) 0.4g/t - 0.8g/t(1) Grumesa Sth >0.4 / 0.6g/t(3) Grumesa Nth >0.4g/t(4) Tengrela(2) >1.0g/t Tengrela(2) 0.5-1.0g/t Totals >0.8g/t (1.0g/t Tengrela) Totals >0.4g/t (0.5g/t Tengrela)	Measured & Indicated Inferred
	Tonnes (million) g/t Au Ounces Au (,000) Tonnes (million) g/t Au Ounces Au (,000)
	15.8 1.5 764 30.2 1.5 1,423
	14.1 0.6 267 31.9 0.7 691
	7.1 0.9 195 1.9 0.8 46
	21.4 0.8 573
	3.0 1.9 181 3.3 1.7 171
	3.0 0.8 71 3.6 0.7 86
	25.6 1.6 945 33.5 1.5 1,594
	52.2 1.1 1,478 92.3 1.0 2,990

Notes:

(1) Last updated on 30-07-2009 (2) Last updates July 2010 (3) Last updated on 30-4-07

(4) Last updated on 29-9-2006 (5) The company holds 90% of Ayanfuri, 90% of Grumesa and 80% of Tengrela after allowing for Government equity at mining stage.