PERSEUS MINING LIMITED — Capital/Financing Update 2008

Apr 27, 2008

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ASX/MEDIA RELEASE 28 April 2007

Resource Upgrade in Ghana Ayanfuri Gold Project

Highlights

• Perseus’s Ghana gold resources pass 4 million ounces with the release of the first of two upgrades planned this week for the Ayanfuri deposit.

• Resource estimate completed for Abnabna–Fobinso zone.

• Total gold resources have increased 630,000oz from 0.92Moz to 1.55Moz.

• Indicated resources increased by 200% to 837,300 ounces from 261,400 ounces of contained gold.

• Inferred resources increase to 711,700 ounces.

• Initial pit design work indicates that maximum pit limits not yet been reached, drilling is ongoing.

Perseus Mining Limited (ASX: PRU) is pleased to announce a 68% increase in resources for the Abnabna–Fobinso Zone at its Ayanfuri project in Ghana. Total Indicated and Inferred resources for the zone now total 1,548,900 ounces.

The increase takes Perseus’s total gold resources at the Ayanfuri Gold project to 3.2 million ounces and its total resources in Ghana to 4.0 million ounces.

Recent drilling and the resource estimations highlight the predictability of the orientation of mineralisation and the potential to add resources. Extensional and infill drilling is continuing in areas considered with open pit potential and a further resource increase is expected in 2008. Resource drilling has also commenced at the newly discovered Mampon prospect located along strike from Abnabna-Fobinso.

From work undertaken to date it is expected that most of the current resource will fall into pit optimization shells using conservative gold prices.

Resource upgrades for the Esuajah North, Esuajah South and Fetish deposits are nearing completion and should also be released this week. The April 2008 models will be used for preliminary pit designs for the pre-feasibility study expected to be completed in June 2008.

Mineralisation in the Abnabna-Fobinso zone is hosted by a single granite body which is open along strike to the NE of Fobinso and SW of Abnabna. The majority of resources are contained in structurally controlled shoots, each typically 50 to 120m wide and 200m long.

Perseus Mining Limited

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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@perseusmining.com Website: www.perseusmining.com

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Abnabna – Fobinso Zone Mineral Resource Estimate (Gold)

>0.8g/t

Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t	Abnabna – Fobinso Zone Mineral Resource Estimate (Gold) >0.8g/t
	Indicated			Inferred			**Total ***
	Tonnes	Grade Au g/t	Ounces cont.	Tonnes	Grade Au g/t	Ounces cont.	Tonnes	Grade Au g/t	Ounces cont.
Abnabna	7,208,000	1.4	335,900	1,947,000	1.3	80,100	9,155,000	1.4	416,000
AF-Gap	6,490,000	1.7	354,100	7,472,000	1.5	356,600	13,962,000	1.6	710,700
Fobinso	1,532,000	1.4	70,900	3,887,000	1.4	171,400	5,419,000	1.4	242,300
Total	15,230,000	1.6	760,900	13,306,000	1.4	608,100	28,536,000	1.5	1,369,000

Abnabna – Fobinso Zone

Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au

Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au	Abnabna – Fobinso Zone Low Grade Mineral Resource Estimate (Gold) 0.4 - 0.8g/t Au
	Indicated			Inferred			**Total ***
	Tonnes	Grade Au g/t	Ounces cont.	Tonnes	Grade Au g/t	Ounces cont.	Tonnes	Grade Au g/t	Ounces cont.
Abnabna	1,859,000	0.6	38,200	534,000	0.6	10,800	2,392,000	0.6	48,900
AF-Gap	1,788,000	0.6	33,400	4,838,000	0.6	91,300	6,626,000	0.6	124,700
Fobinso	230,000	0.6	4,800	517,000	0.7	11,400	748,000	0.6	16,200
Total	3,877,000	0.6	76,400	5,889,000	0.6	113,500	9,112,000	0.6	189,800

• Rounding applied

The majority of resources are fresh rock, gold is extractable by normal cyanide extraction methods. Notes to the estimate are contained in the attached Appendix 1

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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 to date 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 through an oxide ore heap leaching circuit between 1994 and 2001.

Feasibility studies are being conducted for a 2-5Mtpa CIL plant operation at Ayanfuri and a heap leach operation at Perseus’s nearby Grumesa project. Current gold resources for the Ayanfuri project are 1,213,000 ounces Indicated and 2,021,700 ounces Inferred from 7 of the 19 deposits previously mined.

Gold mineralisation at Ayanfuri occurs within a series of granitoid stocks, which have intruded into 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 resource upgrades on a regular basis.

The updated gold resources for Ayanfuri are set out in the table below.

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Mineral Resources (Gold) - Ayanfuri Gold Project 21 April 2008

Deposit	Indicated			Inferred			Total
	Tonnes	g/t Au	Ounces Au	Tonnes	g/t Au	Ounces Au	Tonnes	g/t Au	Ounces Au
Esuajah North(2, 6)	5,381,000	1.2	205,900	8,160,000	1.3	327,800	13,541,000	1.2	533,700
Esuajah South(2, 5)	2,932,000	1.5	141,700	4,990,000	2.4	385,800	7,922,000	2.1	527,500
Abnabna- Fobinso(1)	19,107,000	1.4	837,300	19,195,000	1.2	721,600	37,648,000	1.3	1,558,800
Ataasi(3)	340,000	2.6	28,500	200,000	2.8	18,000	540,000	2.7	46,500
Chirawewa(3)				1,200,000	1.6	65,000	1,200,000	1.7	65,000
Dadieso(4,7)				2,720,000	1.8	153,400	2,720,000	1.8	153,400
Fetish(2,8)				7,594,000	1.5	360,000	7,594,000	1.5	360,000
Totals	27,760,000	**1.4 **	1,213,400	44,059,000	**1.4 **	2,031,600	71,819,000	**1.4 **	3,244,900

Notes

• 1 Runge Ltd April 2008 Estimate based on Perseus, Cluff and AGC drill data. Reported at 0.4g/t cutoff

• 2 Resource Evaluations 2007 Estimate based on Perseus, Cluff and AGC drill data. Reported at 0.8g/t cutoff

• 3 Perseus Mining May 2006 Estimate based on Cluff and AGC drill data. Reported at 0.8g/t cutoff

• 4 Perseus Mining June 2007 Estimate based on Perseus and AGC drill data. Reported at 1.0g/t cutoff

• 5 Excludes low grade mineralisation of 4.4Mt at 1.0g/t Au

• 6 Excludes low grade mineralisation of 7.3Mt at 0.6g/t Au

• 7 Excludes low grade mineralisation of 1.1Mt at 0.9g/t Au

• 8 Excludes low grade mineralisation of 4.1Mt at 0.7g/t Au

• 9 Rounding applied to totals;

To discuss any aspect of this announcement, please contact Richard Taylor at telephone +61 8 9240 6344 or mobile 0422 811 350 or email taylorr@perseusmining.com

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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 AF-Gap, Fetish, Abnabna, Fobinso, 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 Runge Limited (formerly 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 Runge 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 Runge Ltd have not been involved in the preparation of any other part of this report.

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Appendix 1 Notes on the AF-Gap resource estimate

• 1) The Mineral Resource estimate for the Abnabna, AF-Gap and Fobinso gold deposits of the Ayanfuri Gold Project was completed in April 2008 by Runge Ltd for Perseus Mining Ltd.

• 2) The deposits are located within altered Lower Proterozoic Biriman (2.17-2.18 billion years) granitoid. The Abnabna- Fobinso Zone granitoid is continuous for 2,000m along strike and is up to 100m 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 133 Reverse Circulation (“RC”) drill holes totalling 13,563m and 192 diamond drill holes totalling 34,994m. Sample recovery is considered to have been to industry standard for both RC and diamond cored drilling.

• 4) Pre 2006 RC drilling was 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 greater than 0.5g/t being assayed by fire assay. Only the recovered grades of the bulk cyanide leach method were used in the resource estimate. 2006 to 2008 diamond and 2008 RC drill samples were analysed by 50g fire assay method. Standards, spikes, blanks and repeat samples have been randomly submitted during all drilling programs. Sufficient QAQC and data validation has been carried out to verify the integrity of the assay data.

• 5) The relative position of all drill-hole collars is 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 deposits used for resource modelling was generated using lattice gridding of survey data points and is considered to be sufficiently accurate for the generation of an indicated and inferred mineral resource estimate. Down hole surveying is routinely used in the deeper percussion drilling and diamond core holes. The down-hole sample location data for the Abnabna-Fobinso Zone is considered adequate to allow for the estimation of an indicated and inferred mineral resource.

• 6) Two of the deposits; Abnabna and Fobinso have been exploited by mining.

• 7) The Abnabna, AF-gap and Fobinso resource area extends over a strike length of 1.8km from 25,800E to 27,650mE and includes the 300m vertical interval from surface at 150mRL to -150mRL.

• 8) Drilling was carried out along north-south fences which were nominally spaced at 20 to 40m metre grid east intervals and at 40 metre centres. All drill-holes were inclined at between 25° and 60° at grid north and south azimuths. The gold value 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 were adopted from the Ayanfuri database comprising 24 bulk density determinations within the mineralised envelope recently conducted by Perseus.

• 10) Wireframes were constructed using cross sectional interpretations based on geology or a 0.2g/t Au cut-off grade.

• 11) Samples within the wireframes were composited to 1.0m intervals in Abnabna and 2.0m intervals in the AF Gap and Fobinso deposits. A 35g/t high grade cut was applied to the high grade lodes within AF Gap, 30g/t for the high grade lodes in Abnabna and a 15g/t high grade cut was used for the Fobinso deposit. The depleted lodes, and low grade lodes remained uncut based on statistical analysis.

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• 12) A Surpac block model was used for the estimate with a block size of 10m NS x 10m EW x 10m vertical with sub-cells of 5m x 5m x 2.5m.

• 13) The deposits were interpolated using Ordinary Kriging (OK) and Inverse Distance Squared (ID2) grade estimation techniques. The estimate was run in three passes. The search ellipse was based on kriging parameters defined from directional variography, and lode geometry. The first pass radius varied from 60m up to 170m. A second pass radius of varied from 150m to 220m and a third and final pass of 220m to 250m was used on blocks not filled in the first pass. The majority of blocks were estimated in the first two passes.

• 14) The mineralised waste dump that lies over the top of the AF Gap deposit was estimated by averaging the drill-hole samples within it and a bulk density of 1.3 was applied.

• 15) The Mineral Resource was classified as Indicated and Inferred based the quality of the drilling data and the demonstrated geological and grade continuity defined by recent drill programs.

No assumptions have been made about the mining and processing methods likely to be employed at the deposit.

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