PERSEUS MINING LIMITED — Capital/Financing Update 2007

Mar 12, 2007

13 March 2007

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

Dear Sir

EXERCISE OF OPTION CONCERNING GHANA MINERAL PROPERTIES

Perseus Mining Limited advises that it has exercised an option to acquire 100% of the issued capital in Stratsys Investments Limited ("Stratsys"). As announced to the market on 31 May 2006, Stratsys has rights to two mining leases and a prospecting licence at Ayanfuri (the "Ayanfuri Mine Licences") and the Nsuaem and the Dunkwa reconnaissance licences (together the "Reconnaissance Licences"), covering a project area of approximately 500 sq km located south west of Obuasi on the Ashanti Gold Belt in Ghana.

The Company has conducted comprehensive technical due diligence including drilling to gain a better understanding of the geology, existing mineralization and resources in the project area. The Directors have concluded that it is in the Company's interest to now exercise the option.

The full acquisition terms of the option agreement were contained in the 31 May 2006 market release. In summary, the Company is required to issue 2.5 million shares and 2.5 million options (exercisable at 40 cents on or before 28 February 2009) as initial purchase consideration, followed by a further 2 million shares and 2 million options (exercisable at 60 cents with a 2 year life) if 500,000 ounces of gold are classified as reserves on the Stratsys properties. The initial purchase consideration will not be issued by the Company until such time as the Ayanfuri Mine Licences are assigned by the present licence holder, AngloGold Ashanti to Stratsys under the terms of a sale agreement between AngloGold Ashanti and Stratsys. This assignment is subject to consent from the Ghanaian authorities, including the lodgement of a bond with the Environmental Protection Agency in the amount of approximately US\$2 million.

Yours faithfully

Mark Calderwood Managing Director