PERSEUS MINING LIMITED — Capital/Financing Update 2007

Jul 11, 2007

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12 July 2007

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

Dear Sir

PLACEMENT OFFER OF SHARES

The Directors of Perseus Mining Limited advise they have finalised plans for an offer of 10,000,000 shares at an issue price of $1.15 each to raise $11.5 million for the purposes of funding exploration and feasibility activities on its gold projects in Ghana, Ivory Coast and the Kyrgyz Republic. In particular, the number of rigs operating on the Ayanfuri, Tengrela and Tolubay projects will be increased.

Montagu Stockbrokers managed the offer and the shares have been placed with institutional clients in Australia and Europe.

This placement capitalises on the strong interest in the Company and its projects and the exploration success that the Company has enjoyed in the past few months. The Company’s cash position will be approximately $17 million post the placement.

Yours faithfully

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Mark Calderwood Managing Director

Perseus Mining Limited ABN 27 106 808 986 30 Ledgar Road, Balcatta, Western Australia 6021 PO Box 717 Balcatta WA 6914 Telephone: (618) 9240 6344 Facsimile: (618) 9240 2406 Email address: info@perseus.com Website: www.perseusmining.com