PERSEUS MINING LIMITED — Capital/Financing Update 2009

Aug 25, 2009

ASX RELEASE

26 August 2009

Exchanges :

ASX : PRU

Börse Frankfurt: P4Q

Issued Shares : 300.5M

Unlisted Options : 13.8M

Cash at bank (June 09) $78M

Resources:

Ghana

6Moz

Ivory Coast

COMMENCEMENT OF AYANFURI PROJECT FINANCE STRATEGY

Perseus Mining Limited (ASX: PRU) is pleased to announce it has taken an initial step in the execution of its Ayanfuri Project finance strategy by purchasing gold put options (“Puts”) maturing over 2012 and 2013 for US$9.1 million. The Puts are over 100,000 ounces, representing approximately 22% of planned production in that period, enabling the Company to sell those ounces at US$850/oz should the prevailing price be less, or at prevailing spot prices if they are higher.

Purchasing the Puts at a time of relatively low volatility and the prevailing gold price of $956 per ounce has provided a cost effective method of underpinning Perseus’s project financing objectives whilst maintaining maximum flexibility and upside.

The Company through its financing advisor Noah’s Rule is currently in discussions with leading project financiers in relation to securing debt funding for the 220,000 ounce per annum Ayanfuri gold project in Ghana.

1.0Moz

Reserves:

Ghana

Importantly, by acquiring the Puts in advance of completing negotiations with financiers the Company has greatly enhanced the overall bankability of the project in all future price scenarios and should substantially reduce the level of committed hedging that might otherwise be required. The Puts are also a liquid asset of the Company that can be sold at any time prior to their expiry.

2.1Moz

Managing Director’s Comments

“The purchase of the Puts represents a further milestone in the development of the project following the release of the positive Definitive Feasibility Study on 30 July 2009.” “Purchasing Puts at this stage enhances the bankability of the Project whilst retaining full upside exposure to any improvements in the gold price.”

“We are working towards completing the approvals and financing process by around the end of the year. Subsequently we anticipate commencing construction work towards the end of the March 2010 quarter with first production in the third quarter of 2011.”

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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 or 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 its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to convert Inferred resources to Indicated resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of the Company’s mineral properties.