PERSEUS MINING LIMITED — Capital/Financing Update 2009

Oct 26, 2009

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ASX RELEASE

27 October 2009

Exchanges :

ASX : PRU

Börse Frankfurt: P4Q

LUMP SUM CONTRACT AWARD AYANFURI GOLD PROJECT

HIGHLIGHTS

Issued Shares : 303M Unlisted Options : 11.3M

Cash at bank (Sep 09) $60M

Resources:

• Perseus awards Lump Sum Contract to a JV between South African companies DRA and Group Five for construction of Ayanfuri process facility.

• The tender price is lower than the DFS estimate and the indicated construction timeline provides potential for early completion.

• The Company has committed to immediate funding of design and equipment expenditure and expects to provide access to site in Q1 2010.

Ghana

6Moz

Ivory Coast

1.0Moz

Reserves:

Ghana

2.1Moz

Perseus Mining Limited (ASX: PRU) is pleased to announce that after a detailed tender review process, it has issued a letter of intent to a Joint Venture (“JV”) between DRA Mineral Projects (Pty) Ltd (“DRA”) and Group Five Projects (Pty) Ltd, agents for Group Five Construction (Pty) Ltd (Group Five) on a Lump Sum turnkey basis for the construction of a 5.5Mtpa processing facility at the Ayanfuri gold project in Ghana.

The JV was selected as the combined strength of DRA and Group Five provides extensive relevant experience to the project. DRA are a well established and respected South African based design engineering group with more than 200 professional engineers, while Group Five employs over 12,000 people and has extensive gold process plant construction experience in Africa and more particularly in Ghana. The combined experience will provide a strong team dedicated to achieving the project milestones.

The successful tender included a process facility design identical to the Definitive Feasibility Study (DFS), at a cost less than the US$88M allocated to it in the DFS.

The relatively low cost for the 5.5Mtpa process facility at Ayanfuri is achievable mainly due to the coarse grind size (P80 of 212 micron), small CIL circuit and quick construction time. The award provides for fine tuning of the capital costs before project documentation signing, at which stage the quantum of the potential saving to the DFS estimate can be advised.

The JV has committed to a project completion for Q1 2011, however the Company is still currently allowing for end of Q3 2011 completion, as predicted in the DFS. The award provides for incentives for early completion and penalties for late completion.

The Government approval process is progressing and the Company expects to be able to provide access to site for the JV in Q1 2010. The Company has agreed to fund up to US$30M for immediate expenditure requirements related to initial design, long lead items and site construction commencement.

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Managing Director’s Comments

“We are pleased to have awarded the contract for construction of the processing facility to a joint venture between two very competent engineering and construction companies with significant African experience.”

“Through the commitment of up to US$30M of funding to the project, we expect rapid progress on design and equipment purchases.”

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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

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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