PERSEUS MINING LIMITED — Capital/Financing Update 2007

Oct 3, 2007

KENTOR GOLD LTD ACN 082 658 080

Registered Office Level 3, 15 Queen Street. Melbourne Victoria 3000 Australia Phone: (03) 9621 1344 Email: info@kentorgold.com.au

ASX Announcement

Kyrgyz Republic Office 235/2 Erkindik Prospect, Bishkek Kyrgyz Republic 720739 Phone: +996 312 621 389 Email: kentor2@mail.kg

4 October 2007

Correction to the announcement made on 3rd October 2007

KENTOR GOLD INTERSECTS HIGH GRADE GOLD

Savoyardy Drilling Update

Kentor Gold has received strong assay results from the first hole of a 23 hole diamond drilling programme at the Savoyardy Gold Project in Southern Kyrgyzstan. Fire assay results have been received for hole SVD PD 09 for the 24 metre interval from 76 metres down hole depth to the end of the hole.

High grade results of 14 metres at 15.1g/t gold from the drill hole SVD_PD_09 support the envisaged mineralised lode model. The significant SVD PD_09 intersections are shown in Table 1. SVD_PD_09 intersected the mineralised structure approximately 20 meters below the level of the exploration adit. The true thickness of the intercept is interpreted to be about 8 metres. Significantly the grades were relatively consistent with 11 of the 14 samples grading between 10g/t and 30g/t Au.

The core is currently being cut and prepared for assay for the remaining 75 metres of hole SV PD 09 and for the other three completed holes.

"We are pleased to see such positive results so early in the drill program. These results confirm our confidence in the Savoyardy project, and we anticipate more high-grade intersects as the program continues" Managing Director Simon Milroy said.

Background

The Savoyardy Gold Project is located approximately 145 kilometres southeast of the city of Osh in the Kyrgyz Republic. The Savoyardy project is also adjacent to and along strike from Majestic Gold Corporation's Sawayerdun Project in the Xinjiang Province of China (Figure 1). Majestic Gold Corporation has announced a resource of 1.5Moz of gold from the results to date and exploration is continuing.

Exploration trenches and adits constructed at Savoyardy in the 1970's showed the presence of high grade gold and antimony contained in a number of structures with widths of up to 27 meters. The mineralised structures can be traced for over 7 kilometres to the south west along strike until they move off the Savoyardy exploration licence at the Chinese border.

Kentor Gold is earning a 70% interest in the Savoyardy Property from Perseus Mining Limited by spending US$6m before 2012.

$SVD_PD_09$444366029.644677499$-75$1307879798018.0808113.6818213.3828325.208310.884848518.585865.188615.9087878810.488899.689906.24909112.4919223.1	Hole ID	Northing	Easting	Depth	Dip	Azimuth	From	To	Grade (g/t Au)

Table 1 Table of Significant Intersections from Hole SVD_PD_09

This report is based on information compiled by Simon Milroy, who is a member of the Australian Institute of Mining and Metallurgy and a full time employee of Kentor Gold Limited. Mr. Milroy has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Milroy has consented to the inclusion of this information in the form and context in which it appears in this report.

For further information contact:

Mr Simon Milroy Managing Director Phone: (03) 9621 1344 or 0448 851575 Email: info@kentorgold.com.au