PERSEUS MINING LIMITED — Capital/Financing Update 2006

Nov 23, 2006

24 November 2006

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

Dear Sir

PLACEMENT OFFER OF SECURITIES

The Directors of Perseus Mining Limited advise they have finalised plans for an offer of Perseus securities to raise up to $3.5 million for the purposes of funding exploration and feasibility activities on its gold projects in Ghana, Ivory Coast and the Kyrgyz Republic.

The offer will comprise 8,900,000 shares at a price of 40 cents each, together with 4,450,000 free attaching unlisted options. The options will be exercisable at 50 cents each on or before 29 February 2008.

Montagu Stockbrokers has been appointed to manage the offer and a prospectus will be issued shortly.

Yours faithfully

Mark Calderwood Managing Director