PERSEUS MINING LIMITED — Capital/Financing Update 2005

Jun 26, 2005

27 June 2005

The Manager Company Announcements Office Australian Stock Exchange Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000

Dear Sir

COMPLETION OF ESCROW PERIOD

Perseus Mining Limited advises that 540,000 options to subscribe for ordinary shares at an exercise price of 20 cents each on or before 31 March 2009 will be released from ASX escrow conditions on 7 July 2005. Employees of the Company and its subsidiaries hold these options and ASX quotation will not be sought for them.

Yours faithfully

Short

Susmit Shah Company Secretary