PERSEUS MINING LIMITED — Capital/Financing Update 2009

Nov 15, 2009

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ASX RELEASE

16 November 2009

Exchanges :

ASX : PRU

Further High Grade Drill Intercepts at Tengrela Gold Project - Ivory Coast

Börse Frankfurt: P4Q

HIGHLIGHTS

• Additional high grade drill intercepts enhance the Sissingue prospect.

Issued Shares : 319M Unlisted Options : 11.3M

Cash at bank (Nov 09) $80M

• Recent intercepts include 66m at 5.0g/t, 63m at 5.1g/t, 38m at 6.6g/t and 78m at 3.2g/t Au.

• The results follow significant results announced on 14 September 2009.

Resources:

Perseus Mining Limited (ASX: PRU) is pleased to announce further significant RC and diamond drill results from the Sissingue prospect at its Tengrela Gold Project in Ivory Coast.

Ghana

6Moz

Ivory Coast

1.0Moz

Reserves:

Ghana

2.1Moz

Recent intercepts include:

SRC 720 - 66m at 5.0g/t Au from 6m including 2m at 97.3g/t Au from 16m; SLC 005 - 63m at 5.1g/t Au from 78m including 32m at 7.2g/t Au from 92m; SRC 704 - 8m at 5.1g/t Au from 10m and 38m at 6.6g/t Au from 32m including 2m at 110.4g/t Au from 34m;

SRC 726 - 78m at 3.2g/t Au from 36m including 24m at 5.3g/t Au from 82m; SRC 725 - 26m at 3.9g/t Au from 64m including 4m at 12g/t Au from 86m; SD 079 - 8.3m at 2.2g/t Au from 11.2m, 16.5m at 4.6g/t Au from 61.5m and 27.8m at 2.0g/t Au from 97m; and

SD 080 - 52m at 2.6g/t Au from 42m including 13.5m at 6.0g/t Au from 51m.

Significant high grade intercepts have now been made intermittently over a strike length of 960m. The Company is working to further increase drilling production rates on the Tengrela Gold Project and has commenced a Definitive Feasibility Study.

Managing Director’s Comments

“Sissingue is an exciting deposit with impressive high grade mineralisation which historically has never been mined below a few metres.”

“Given current gold price there is a compelling case to fast track the Definitive Feasibility Study for the Sissingue deposit. Consequently, Perseus could become a two mine gold producer within three years, with Ayanfuri on track for first gold pour in Q3 2011.”

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Background

The 885sq km Tengrela Gold Project is located immediately south of the 6.8Moz Syama and Finkalo projects, along the same structural/stratigraphic corridor within the Syama-Boundiali greenstone belt. The project lies 150km SSE of the Morila gold mine (7Moz) and 65km WNW of the Tongon deposit (4.3Moz).

The Sissingue prospect has a strike length of at least 5km and is up to 800m wide. Gold mineralisation at Sissingue is associated with veined, altered and sulphidised felsic intrusive bodies comprising a swarm of 1 to 10m wide porphyry dykes and a granitic intrusive body 300m long and up to 100m wide. The highest grades are located within stringer stockworks within the felsic and granitic bodies themselves, whilst adjacent meta-greywackes may host lower grades.

The mineralisation at Sissingue has been particularly amenable to gravity-leach testwork with high gravity recovery (~65%) and combined gravity leach recovery of about 97%. The unusually high gravity recovery is due to the abundant coarse gold within quartz veining.

The Company expects to complete an updated resource estimate and detailed technical report in December 2009.

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Mark Calderwood Managing Director

To discuss any aspect of this announcement, please contact: Robert Williams at telephone +61 2 9332 4448 or email robert.williams@farrington.com.au (media) Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com

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.

Statements regarding the Company’s plans with respect to its mineral properties are forward-looking statements. There can be no assurance that the plans for development of the Company’s mineral properties will proceed as currently expected. There can also be no assurance that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.

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– Figure 1: Location of Recent Significant Drill Intercepts Sissingue Prospect

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– Table 1: Significant Recent RC and Diamond Drill Intercepts Sissingue

	Hole	East North Depth Azm. Incl.	From To	Width Au
		(m) (m) (m) (°) (°)	(m) (m)	(m) **g/t **
	SD079	806672 1154298 140.5 263 -56	11.2 19.5	8.3 2.2
			61.5 78	16.5 4.6
		incl.	65.2 66.7	1.5 34.3
			97 124.8	27.8 2.0
		incl.	100 101	1 11.7
		and	124 124.8	0.8 12.4
			137 138	1 5.9
	SD080	806640 1154270 131 7 -54	1 17	16 0.6
			42 94	52 2.6
		incl.	51 64.5	13.5 6.0
		incl.	60 61.5	1.5 14.9
		and	70.5 _72 _	1.5 19.7
	SD081	806400 1154399 155 271 -57	137 140	3 2.1
			146 150.75	4.75 2.6
	SD082	806497 1154438 223.4 102 -49	55.5 60.7	5.2 1.6
			157 160	3 3.0
			188 193	5 3.3
			198 203	5 1.7
	SLC001	806860 1154100 111 270 -55	70 86	16 0.7
	SLC003	806780 1154100 86 270 -55	12 22	10 1.8
			60 66	6 0.9
	SLC004	806740 1154140 65 270 -55	18 42	24 1.2
	SLC005	806700 1154140 65 270 -55	10 22	12 1.0
			48 64	16 1.9
			78 141	63 5.1
		incl.	92 124	32 7.2
		incl.	92 94	2 22.1
		and	102 104	2 15.1
		and	116 118	2 16.6
	SRC696	806151 1154088 80 270 -55	40 64	24 0.7
	SRC697	806438 1154240 80 270 -55	40 44	4 2.5
	SRC700	806700 1154440 70 270 -55	18 24	6 1.2
	SRC702	806710 1154480 60 270 -55	58 60	2 3.8
	SRC703	806710 1154477 90 270 -55	12 34	22 0.7
			56 66	10 1.1
	SRC704	806667 1154480 70 270 -55	10 18	8 5.1
			32 70	38 6.6
		incl.	34 36	2 110.4
	SRC705	806732 1154800 84 270 -60	78 84	6 1.9
	SRC706	806651 1154800 70 270 -60	12 28	16 0.6
	SRC709	806689 1154799 41 270 -60	12 14	2 56.5
	SRC711	806119 1154360 80 270 -55	10 18	8 2.2
			50 60	10 1.3
	SRC712	806099 1155262 80 270 -55	18 20	2 6.5
	SRC713	806183 1155219 60 270 -55	36 58	22 1.0
	SRC714	806669 1154357 80 270 -55	52 76	24 1.2
	SRC716	806339 1154440 72 270 55	60 68	8 09
		-		.
	SRC717	806320 1154480 80 270 -55	62 70	8 1.5
	SRC718	806110 1154520 67 270 -55	44 48	4 1.4
			62 67	5 4.1
	SRC720	806640 1154520 80 270 -60	6 72	66 5.0
		incl.	16 18	2 97.3
		and	48 50	2 12.2

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– Table 1: Significant Recent RC and Diamond Drill Intercepts Sissingue (Cont.)

	Hole	East North Depth Azm. Incl.	From To	Width Au
		(m) (m) (m) (°) (°)	(m) (m)	(m) **g/t **
	SRC722	806676 1154716 80 270 -60	22 32	10 2.6
	SRC724	806680 1154517 65 90 -60	4 6	2 9.7
	SRC725	806700 1154100 90 270 -55	64 90	26 3.9
		incl.	86 90	4 12.0
	SRC726	806600 1154100 114 270 -55	22 24	2 3.4
			36 114	78 32
				.
		incl.	36 38	2 10.1
		and	82 106	24 5.3
		incl.	102 106	4 11.9

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