PERSEUS MINING LIMITED — Capital/Financing Update 2007

Jun 13, 2007

ASX/MEDIA RELEASE 14 June 2007

Resource Upgrade in Ghana Ayanfuri Gold Project

Perseus Mining Limited (ASX: PRU) is pleased to announce a resource increase to 2.49 million ounces for its Ghana gold projects, Ayanfuri and Grumesa, with the announcement of estimates for two of eight gold deposits currently the focus of drilling at Ayanfuri.

The resource increase for the Abnabna-Fobinso zone takes Perseus's total gold resources at Ayanfuri to over 1.67 million ounces.

The upgrade for the Abnabna deposit and maiden resource estimate for the Fobinso deposit will be followed by new resource estimates for one more of the Ayanfuri deposits in June and two more in July and August.

Resources for the Abnabna-Fobinso zone are now estimated at 502,800 ounces of contained gold, an increase of 313,500 ounces or 165 percent.

Recent drilling has confirmed that the 1,000m gap between the Abnabna and Fobinso resource envelope is mineralised. The Company has discovered relatively high-grade mineralisation in at least one area and expects to significantly increase total resources for the zone in July.

Inferred Mineral Resources for the two deposits at a $0.8g/t$ cutoff grade now stand at $502,800$ ounces comprising:

• Abnabna 6.66Mt at 1.5g/t Au for 306,500 ounces; and $\bullet$
• Fobinso 4.3Mt at 1.4 g/t Au for 196,300 ounces.

The resources are currently both classified as Inferred but the Company expects to be able to reclassify much of these resources to Indicated status with limited drilling. Ongoing drilling will also follow up high-grade portions of the resources such as intercepted in ABDD008 (20m at 8.1g/t Au) at the northwestern extremity of the current Abnabna resource.

The bulk of the Abnabna resource occurs in a 160m long by 120m wide and 100m deep section, which could be accessed by open cut with a low strip ratio.

Abnabna - Fobinso Zone Ayanfuri Gold Project

Abnabna Deposti Section 25930E

Abnabna Deposit Mineral Resource Estimate (Gold)
Inferred	Oxide and Transition			Sulphide			Total *
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		Αū	cont.		Αū	cont.		Au	cont.
		g/t			g/t			g/t
$>0.8$ g/t Au	730,000	1.5	33.700	5.930.000	1.4	272,800	6,660,000	1.5	306,500

* Rounding applied

Notes to the estimate are contained in the attached Appendix 1

Fobinso Deposit Mineral Resource Estimate (Gold)
Inferred	Oxide and Transition			Sulphide			Total *
	Tonnes	Grade Αū g/t	Ounces cont.	Tonnes	Grade Αu g/t	Ounces cont.	Tonnes	Grade Au g/t	Ounces cont.
$>0.8$ g/t Au	550,000	1.4	25.400	3,730,000	1.4	170,800	4,280,000	1.4	196.300

* Rounding applied

Notes to the estimate are contained in the attached Appendix 1

Background on Ayanfuri Gold Project

In March 2007 Perseus exercised an option to purchase a company which has rights to two mining leases and a prospecting licence at Ayanfuri (the "Ayanfuri Mine Licences"), and two reconnaissance licences covering a project area of 510.6sq km. The project is located 25-65kms south-west of Obuasi on the Ashanti Gold Belt in Ghana.

Perseus's second Ghanaian project, the 800,000oz Grumesa project, adjoins the Ayanfuri project area to the east. The Obuasi (Ashanti) gold mine, situated to the north-east, is one of Africa's premier producing gold mines, having produced in excess of 60 million ounces.

The Ayanfuri Mine Licences incorporate the Ayanfuri mine, which produced 306,400 ounces of gold from multiple open pits and an oxide ore heap leaching circuit between 1994 and 2001.

Feasibility studies are being conducted for a 2-3Mtpa CIL plant operation at Ayanfuri and a heap leach operation at Perseus's nearby Grumesa project. Current resources for the Ayanfuri project are 376,000 ounces Indicated and 1,299,000 ounces Inferred from 6 of the 19 deposits previously mined.

Mineral Resources (Gold) - Ayanfuri Gold Project

		Indicated		Inferred
Deposit	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces
		Au	Au		Αu	Au
Esuajah North (1, 4)	5,381,000	1.2	205,900	8,160,000	1.3	327,800
Esuajah South $(1, 3)$	2,932,000	1.5	141,700	4,990,000	2.4	385,800
Abnabna-Fobinso (1,5)				10,940,000	1.4	502,800
Ataasi (2)	340,000	2.6	28,500	200,000	2.8	18,000
Chirawewa (2)				1,200,000	1.6	65,000
Totals	8,953,000	1.4	376,100	25,490,000	1.6	1,299,400

Notes

Resource Evaluations May 2007 Estimate based on Perseus, Cluff and AGC drill data; $\mathbf{1}$

Perseus Mining May 2006 Estimate based on Cluff and AGC drill data; $\overline{2}$

Excludes low grade mineralisation of 4.4Mt at 1.0g/t Au $3⁷$

$4 -$ Excludes low grade mineralisation of 7.3Mt at 0.6g/t Au

5 Excludes low grade mineralization of 1.3Mt at 0.7g/t Au

6 Rounding applied to totals; Gold mineralisation at Ayanfuri occurs within a series of granitoid stocks intruded along a major deformation zone, and to a lesser extent within the enclosing sheared metasediments. Several shallow open cut mines were developed on the outcropping granitoid stocks towards the end of mining operations in 2001, but their depth potential was not tested at the time due to the low prevailing gold price.

Perseus is currently undertaking extensive drilling on the Ayanfuri project and expects to release upgrades on a regular basis

Perseus Mining was listed on the ASX in September 2004 to explore and develop several advanced gold projects located in West Africa and Central Asia.

Perseus has experienced staff working in regions which host numerous "World Class" gold deposits, but which remain amongst the least explored by modern techniques.

Perseus is demonstrating the potential of its key projects in Ghana, Ivory Coast and the Kyrgyz Republic and now has a resource base of over 3.1 million ounces of gold. Results from ongoing drilling campaigns on these projects should result in further significant resource upgrades during the remainder of 2007.

To discuss any aspect of this announcement, please contact Richard Taylor at taylor (@perseusmining.com

For media enquiries please contact Jill Thomas or John Williams at Professional Public Relations on +61 8 9388 0944

Z.

Mark Calderwood Managing Director

The information in this report that relates to exploration results 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'. 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.

The information in this report that relates to mineral resources at the Abnabna, Forbinso, Esuajah North and Esujah South deposits is based on resource estimates that have been compiled by Mr Paul Payne, who is a Principal of and a full time employee of Resource Evaluations Pty Ltd. Mr Payne is a Member of The Australasian Institute of Mining and Metallurgy and 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'. Mr Payne and Resource Evaluations Pty Ltd consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. Mr Payne and Resource Evaluations Pty Ltd have not been involved in the preparation of any other part of this report.

Appendix 1 Notes on the Abnabna resource estimate

• 1) The Mineral Resource estimate for the Abnabna gold Deposit of the Ayanfuri gold project was completed in June 2007 by Resource Evaluations Pty Ltd for Perseus Mining Ltd.
• 2) The Abnabna deposit is located within altered Lower Proterozoic Biriman (2.17-2.18 billion years) granitoid. The Abnabna granitoid is continuous over 3km along strike and is up to 50m in width. It appears to be pervasively mineralised $(0.1g/t)$ to $2g/t$ ) with higher grades associated with sheeted quartz veining.
• 3) The drill database contains 73 Reverse Circulation ("RC") drill holes totaling 5400m and 11 diamond holes totaling 1,801m. Sample recovery is considered to have been to industry standard for both RC and diamond cored drilling.
• 4) Pre 2006 RC drilling were routinely analysed for gold using a 0.5 kg 24hr bulk cyanide leach method. 2006 to 2007 RC drill samples were analysed by 1kg 24hr bulk cyanide leach method with the tails of all samples with assays over 0.5g/t being assayed by fire assay, only the recovered grades of the bulk cyanide leach method were used in the resource calculation. 2006 to 2007 diamond drill samples were analysed by 50g fire assay method. Standards, spikes, blanks and repeat samples have been randomly submitted during all drilling programs.
• 5) The relative position of all drill-hole collars is survey controlled with each hole being surveyed or related back to the original mine grid using a total station theodolite. Holes are considered to be accurate to within 1m horizontally and 0.5m vertically. The surface topography of the Abnabna deposit used for resource modelling was generated using lattice gridding of survey data points and is considered to be sufficiently accurate for the generation of Indicated and Inferred Mineral Resource estimates. Bottom-of-hole single shot surveys were generally a systematic part of the process of deeper percussion drilling at the Abnabna deposit. However, the surveys were limited to dip measurements only. Acid etch methodology was used to survey 2006 and 2007 diamond core holes. The down-hole sample location data for the Abnabna prospect is considered adequate to allow for the estimation of Indicated and Inferred Mineral Resources.
• 6) The existing Abnabna pit was defined using a final volume survey.
• 7) The Abnabna resource area extends over a strike length of 260m from 25780mE to 26040mE and includes the 230m vertical interval from surface at 150mRL to -80mRL.
• 8) The resource estimate database includes assay and lithological data compiled on drilling, logging and assaying of the samples recovered from the 52 RC and 12 diamond holes within and projected across, the 260m of strike of the Abnabna deposit. Drilling was carried out along north-south fences which were nominally spaced at 40 metre grid east intervals and at 10 to 30 metres centre. All drillholes were inclined at between 25° and 60° at grid north and south azimuths. The gold values used for plotting and grade estimation was the first bulk cyanide leach determination or, in its absence, the first fire assay determination presented by the laboratory.
• 9) Bulk densities have been adopted from the historic Ayanfuri database comprising 115 bulk oxide samples and 61kg of sulphide diamond drill core. These are supported by the 5 bulk density determinations within the mineralised envelope recently conducted by Perseus on the Abnabna Deposit.
• 10) Wireframes were constructed using cross sectional interpretations based on geology or a $0.3g/t$ Au cut-off grade.

• 11) Samples within the wireframes were composited to even 2.0m intervals. A 30g/t high grade cut was applied to gold values, based on statistical analysis.

• 12) A Surpac block model was used for the estimate with a block size of 10m NS x 20m EW x 20m vertical with sub-cells of $5m \times 10m \times 10m$ .

• 13) Ordinary Kriging (OK) grade interpolation using kriging parameters defined from directional variography was used to estimate block grades. The estimate was run in 2 passes using an orientated search ellipse with a first pass radius of 90m and a second pass radius of 150m. The majority of blocks were estimated in the first pass.
• 14) The Mineral Resource was classified as Inferred as a consequence of drill density and the requirement for additional geological information.
• 15) No assumptions have been made about the mining and processing methods in the current resources estimation.

Notes on the Fobinso resource estimate

• 16) The Mineral Resource estimate for the Fobinso gold deposit of the Ayanfuri gold project was completed in June 2007 by Resource Evaluations Pty Ltd for Perseus Mining Ltd.
• 17) The Fobinso deposit is located within altered Lower Proterozoic Biriman (2.17-2.18 billion years) granitoid. The Abnabna/Fobinso granitoid is continuous over 3km along strike and is up to 50m in width. It appears to be pervasively mineralised $(0.1g/t)$ to $2g/t$ ) with higher grades associated with sheeted quartz veining.
• 18) The drill database contains 101 Reverse Circulation ("RC") drill holes totaling 6,559m and 4 diamond holes totaling 604m. Sample recovery is considered to have been to industry standard for both RC and diamond cored drilling.
• 19) Pre 2006 RC drilling were routinely analysed for gold using a 0.5 kg 24hr bulk cyanide leach method. 2006 to 2007 RC drill samples were analysed by 1kg 24hr bulk cyanide leach method with the tails of all samples with assays over $0.5g/t$ being assayed by fire assay, only the recovered grades of the bulk cyanide leach method were used in the resource calculation. 2006 to 2007 diamond drill samples were analysed by 50g fire assay method. Standards, spikes, blanks and repeat samples have been randomly submitted during all drilling programs.
• 20) The relative position of all drill-hole collars is survey controlled with each hole being surveyed or related back to the original mine grid using a total station theodolite. Holes are considered to be accurate to within 1m horizontally and 0.5m vertically. The surface topography of the Fobinso deposit used for resource modelling was generated using lattice gridding of survey data points and is considered to be sufficiently accurate for the generation of Indicated and Inferred Mineral Resource estimates. Bottom-of-hole single shot surveys were generally a systematic part of the process of deeper percussion drilling at the Fobinso deposit. However, the surveys were limited to dip measurements only. Acid etch methodology was used to survey 2006 and 2007 diamond core holes. The down-hole sample location data for the Fobinso prospect is considered adequate to allow for the estimation of Indicated and Inferred Mineral Resources.
• 21) The existing Fobinso pit was defined using a final volume survey for the western pit pad and the recorded base of mining level for the eastern pit for which final pick up was not available.

• 22) The Fobinso resource area extends over a strike length of 570m from 27040mE to 27610mE and includes the 210m vertical interval from surface at 180mRL to -30mRL.

• 23) The resource estimate database includes assay and lithological data compiled on drilling, logging and assaying of the samples recovered from the 94 RC and 2 diamond holes within and projected across, the 260m of strike of the Fobinso deposit. Drilling was carried out along north-south fences which were nominally spaced at 40 metre grid east intervals and at 10 to 30 metres centre. All drillholes were inclined at between 25° and 60° at grid north and south azimuths. The gold values used for plotting and grade estimation was the first bulk cyanide leach determination or, in its absence, the first fire assay determination presented by the laboratory.

• 24) Bulk densities have been adopted from the historic Ayanfuri database comprising 115 bulk oxide samples and 61kg of sulphide diamond drill core.
• 25) Wireframes were constructed using cross sectional interpretations based on geology or a 0.3g/t Au cut-off grade.
• 26) Samples within the wireframes were composited to even 2.0m intervals. A 15g/t high grade cut was applied to gold values, based on statistical analysis.
• 27) A Surpac block model was used for the estimate with a block size of 10m NS x 20m EW x 20m vertical with sub-cells of 5m x 10m x 10m.
• 28) Ordinary Kriging (OK) grade interpolation using kriging parameters defined from directional variography was used to estimate block grades in the main mineralized zone. The estimate was run in 3 passes using an orientated search ellipse with a first pass radius of 100m, a second pass radius of 200m with a final pass radius of 250m. The majority of blocks were estimated in the first 2 passes.
• 29) Inverse Distance Squared (ID2) grade interpolation was used to estimate block grades in the smaller mineralised zones. The estimate was run in 2 passes using an oriented search ellipse with a first pass radius of 60m and a second pass radius of 120m. The majority of blocks were filled in the first pass.
• 30) The Mineral Resource was classified as Inferred as a consequence of drill density and the requirement for additional geological information.
• 31) No assumptions have been made about the mining and processing methods in the current resources estimation.