PERSEUS MINING LIMITED — Capital/Financing Update 2009

Jul 29, 2009

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ASX RELEASE

30 July 2009

Exchanges : ASX : PRU

Börse Frankfurt: P4Q

Issued Shares : 298.5M

Unlisted Options : 11.8M

Cash at bank (June 09) $78M

Resources:

Ghana 6Moz

Ivory Coast 1.0Moz

Market Cap Per resource oz US$27

Ayanfuri Gold Project Feasibility Study Confirms Robust Economics

The Directors of Perseus Mining Ltd (ASX Code: PRU) (“Perseus”) are pleased to announce the results of the Definitive Feasibility Study (“the DFS”) for the Ayanfuri Gold Project in Ghana. The DFS, managed by Mintrex, confirms the attractive project economics previously indicated by earlier studies.

Highlights of the DFS include:

• 220,000ozpa production for the first four years

• Initial 10 year mine life

• EBITDA for first three years aggregate US$284M

• Payback period of 1 year 7 months at US$850 gold price

Significantly, only 2.5Moz of Measured & Indicated resources from three of the eight deposits with resources at Ayanfuri were considered for the estimation of the maiden 2.1Moz Proven and Probable Reserves. A Phase 2 feasibility study is now underway to incorporate the remaining 3.2Moz of resources with the view to increasing reserves, the mine life and the project economics.

This two-stage approach has been adopted in order to fast track the development process for the first ten years of mine life. Perseus is now seeking the necessary mining approvals based on the completed DFS while completing infill drilling where necessary on remaining resources which the Company expects will result in a reserve upgrade and support increased throughput scenarios.

The Company believes there is significant additional upside potential at Ayanfuri with scope for expanded throughput and gold production within a short time after project commissioning.

Key Parameters of the Ayanfuri Definitive Feasibility Study

Gold Production Year One 230,000 oz Years 1-4 (average) 220,000 oz Years 1-10 (average) 192,000 oz Reserves 2.14 million oz (Proved and Probable Reserves) Capital Costs and Operating Costs Initial Capital Cost US$147.9M (incl. contingency) Plant Capacity 5.5 million tpa Cash Operating Cost US$392/oz (Year 1) US$494/oz (10 years) Earnings Capability EBITDA at US$850/oz US$284M (first 3 years) US$685M (10 years) EBITDA at US$950/oz US$351M (first 3 years) US$872M (10 years) Planned Timing of Development and Production Construction start Q1 2010 Gold Production Q3 2011 Payback 1yr 7mths (at US$850), 1yr 3mths (at US$950) IRR 50% (at US$850), 64% (at US$950)

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Managing Director’s Comments

“With the completion of the DFS the Company has established the basis to proceed to mining approval and financing of the maiden Reserve for the Ayanfuri Gold Project.”

“We are assembling a highly experienced team to successfully transition from explorer to producer and have the financial capacity to fast track the project implementation where possible.”

“Contingent on gaining the appropriate approvals, Perseus is targeting the commencement of construction activities by early 2010, first gold pour by Q3 2011 and production of 230,000 ounces in the first year, as well as the scope to expand this beyond 300,000oz+ p.a. later with modest additional capital expenditure. We believe Ayanfuri’s resource base of 5.3Moz resource base will easily support a higher level of production, particularly given the exploration upside.”

“We have commenced an upgrade study to be undertaken in parallel to project implementation. The ‘Phase Two Upgrade’ study will focus on increasing reserves and throughput rates.”

Figure 1: Location Ayanfuri Gold Deposits.

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Outline of the DFS

The Project comprises the development of an open cut mining operation, a process plant and related infrastructure to mine and process ore from defined reserves from a number of associated gold deposits.

The DFS has as its basis an 18 million tonne per annum contract mining operation and a process plant with a processing capacity of 5.5 million tonnes per annum (Mtpa) which provides an approximate 10 year life based on the current reserves only.

The Company thanks Mintrex, a consulting division of Holtfreters Pty Ltd, (“Mintrex”) and the other participants for their tireless efforts over the last six months and the delivery of the independent and high quality document on time. A summary of the DFS technical components is appended to this announcement.

Table 1: Project Economics Snapshot

	Gold price	$US 850/oz Base(3) Case	$US950/oz Base(3)Case	$US850/oz “In Pit Resource”(4) Case
	Ore processed - tonnes @ g/t Au	55.5Mt @1.2g/t	55.5Mt @1.2g/t	59.3Mt @1.2g/t
	Strip Ratio	2.5:1	2.5:1	2.0:1
	Capital Cost	$US 147.9M	$US 147.9M	$US 147.9M
	Mining Costs	$9.99/t ore, $288/oz	$9.99/t ore, $288/oz	$9.34/t ore, $270/oz
	Process Recovery	90.4%	90.4%	90.4%
	Processing Costs	$5.31/t ore, $153/oz	$5.31/t ore, $153/oz	$5.31/t ore, $153/oz
	Administration Costs	$0.95/t ore, $27/oz	$0.95/t ore, $27/oz	$0.95/t ore, $27/oz
	EBITDA(1)	US$685M	US$872M	US$759M
	IRR(6)	50%	64%	50%
	Payback period	1 yrs 7 months	1 yrs 3 months	1 yr 5 months
	Corporate Tax paid (Ghana)	$131M	$177M	US$149M
	Royalties paid (State)(2)	$49M	$55M	US$52M
	Cash Operating Cost/oz Av.(C1)	$494/oz	$498/oz	$480/oz

Notes

• 1) EBITDA is earnings prior to interest, tax, depreciation and amortisation but includes refining costs and Government royalties.

• 2) Royalties are based on the current industry rate of 3% payable to the Government of Ghana; no allowance has been made for acquisition royalties totalling approximately 1.75%.

• 3) The Base Case reflects mining of three deposits only and a fixed 0.5g/t Au cut-off grade for ore. It treats mined Inferred Resources as waste.

• 4) The In Pit Resource Case is the same as the Base Case apart from the inclusion of gold production from Inferred Resources from within mined pits.

• 5) C1 definition includes operating costs, government royalties only and refining costs.

• 6) IRR is calculated at the commencement of production.

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Figure 2: DFS Production and EBITDA Cash Flow.

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Ongoing Project Implementation and Procurement

The DFS confirms the robust nature of the Project and the excellent returns which can be expected. The Company is well funded and will continue advancing the Project as fast as practicable, including investigating long lead item purchases during completion of financing arrangements and permitting.

The Company is forming the basis of a strong “owners team” to develop the Project while continuing to enhance its economics.

The Project is expected to reach the commissioning stage within 21 months of the award of a provisional construction contract and 18 months from permitting and access to site.

Permitting

The Project is contained within mining leases valid until June 2010 and completion of the DFS will enable finalisation of the mining lease extensions.

The draft Environmental Impact Statement is on track to be lodged in August 2009 and formal community discussions are well advanced.

The Company has prepared a submission on the terms for a Stability Agreement with the Government of Ghana, which sets out the main fiscal and ownership terms under which the mining operation will operate. The Stability Agreement provide a finite framework in which the Company can operate for the first 15 years of the mine’s operation.

Opportunities

There are a number of areas where the results projected in the DFS could be improved upon. These include:

Reserves - Existing pit designs include Inferred resources of about 3.8Mt at 1.03g/t Au containing 127,000 ounces of gold which is classified as mineralised waste in the DFS. In accordance with accepted practice, only Measured and Indicated resources are included in mineable reserves, but work will be undertaken to convert these in-pit Inferred resources, either prior to commencement of mining or as part of the grade control process during the mining operation. The effect of including these resources as mined material is shown in the US$850 “In Pit Resource” Case column in Table 1 (page 3).

Under the two-phased approach designed to fast track the Ayanfuri feasibility process, only three of the eight resource areas defined by Perseus are included in the DFS, resulting in the exclusion of approximately 50% of total resources at Ayanfuri. Pit optimisation work indicates potential to significantly increase gold reserves.

Mining Selectivity - No attempt has been made to apply a selective mining approach to the resource block models, such that entire primary blocks of 20m x 20m x10m or 10m x 20m x10m are either assumed to be mined and processed, or considered waste. Grade control may enable processing of a reduced number of tonnes at increased grades, thereby reducing processing costs.

Mining Costs - Five mining contractors provided mining, load and haul rates for the DFS, reflecting the current competitive market situation. The median price was used for mining costs in the DFS, and given the level of competition it is quite possible that mining costs as finally negotiated will be lower than those adopted in the feasibility study. It is also likely that the Phase 2 feasibility upgrade will justify increased material movement rates, which could facilitate reduced unit rates for mining at that stage.

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Milling – The mining schedule allows for additional stockpiling of ore in early years, so there will be surplus ore feedstock available should the process plant prove capable of treating ore at throughput rates in excess of “name plate” capacity

Next Steps

The DFS will be used as the basis for negotiations with the Government of Ghana and financiers and to facilitate all necessary approvals. Concurrent with the approval process every effort will be made to improve on the project economics through negotiations with engineers, suppliers and contractors, and where appropriate long lead items will be locked in to avoid project delays.

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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 relating to mineral reserves at the Abnabna-Fobinso, Esuajah North and Fetish deposits is based on information compiled by Mr Brad Marwood, who is a Mining Engineer and a full time employee of Corporate Mining Resources Pty Ltd. Mr Marwood 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 Marwood 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 Abnabna-Fobinso, Chirawewa, Esuajah North, Esuajah South, Mampon, Fetish and Dadieso deposits is based on resource estimates that have been compiled by Mr Paul Payne, who is the Manager Mining Consulting WA for and a full time employee of Runge Limited. 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.

The information in this report that relates to exploration results and mineral resources for the Ataasi deposit 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.

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APPENDIX 1: SUMMARY OF DFS COMPONENTS

DFS Participants

Corporate Mining Resources Pty Ltd (Brad Marwood) was responsible for the overall Feasibility coordination and computation of Reserves.

Mintrex, as manager of the independent study, used internal and independent participants to complete the DFS. Each is considered competent in its respective discipline and where applicable has recent experience in West Africa. Other independent participants to the DFS included:

Mintrex - DFS manager, process design, infrastructure cost, implementation and organisation

Runge Limited - geology and resources, pit optimisations

Coffey Mining - geotechnical, hydrogeology, hydrology, TFS designs, mining costs and scheduling

John Nolan Consulting - Pit, waste dump and haul road design

Metallurg Pty Ltd - Metallurgical management

AMMTEC Ltd - Metallurgical test-work

Montessura Holdings Pty Ltd - Metallurgical review & specialist float, crusher designs

BEC Engineering - Electrical engineering

Dr Edward Watkins – Environment, community and sustainability matters

Tagit Consult - Environmental baseline and EIS scoping

Southern Mining Consultants Pty Ltd – Preparation of financial models and economic assessment

Geology

Independent Mining Industry expert Runge Limited (“Runge”) has estimated resources on eight deposits identified by Perseus at Ayanfuri, three of which were selected for inclusion in the DFS.

Following an infill drilling program completed in April 2009, Runge revised its resource estimates on the Abnabna and AF-Gap deposits, resulting in the conversion of 868,000 ounces to Measured resource status and in a slight increase in total Measured and Indicated resources, as presented in Tables 4 and 5.

Mining

Details of pit optimisations completed by Runge were announced on 20 April 2009. Economic pit shells were developed for seven deposits at Ayanfuri.

Coffey Mining undertook a geotechnical study to determine suitable pit slopes and compiled the mining capital and operating cost estimate. John Nolan Consulting and Perseus engineering staff undertook pit and waste dump design and pit scheduling.

The Abnabna-Fobinso, Fetish and Esuajah North deposits were selected for pit design. Detailed designs have been completed for all scheduled pit excavations and waste dump areas.

All Inferred resources were treated as waste in the DFS.

Mining operations will be by open cut method using conventional excavator/truck mining techniques. The Reserve of 55.5Mt at 1.2g/t Au is detailed in Table 6.

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Metallurgy

The process adopted to recover gold involves gravity separation and flotation at a coarse grind size to produce a high grade free milling concentrate and a disposable “clean sandy tails” product, then fine grinding of the concentrate followed by conventional CIL treatment. A 5.5Mtpa primary processing plant utilising gravity separation, flotation and CIL processes has been designed.

Testwork on representative samples was completed by AMMTEC under the management of Metallurg Pty Ltd and Montessura Holdings.

Ore hardness for the primary ore is considered moderate, and was confirmed to be amenable to semiautogeneous grinding (“SAG”).

Metallurgical testwork indicates that a combination of gravity and flotation to separate a low mass, high grade concentrate with concentrate regrind and cyanide leaching results in high gold recoveries.

An optimum primary grind size of 80% passing 212µm and a concentrate regrind size of 80% passing 45µm were selected based on comprehensive metallurgical testwork. Predicted metallurgical recoveries vary depending on the ore type and are summarised in the following table.

Table 2: Predicted Overall Gold Recovery

	Ore Type	Primary Abnabna	Primary	Primary Esuajah	Transitional	Oxide	Average
		-Fobinso	Fetish	North
	% Gold Recovery	91	93	93	79-81	66	90.4
	% of	51	21	17	8	2	100
	Reserves

Process Plant

The process plant is based on a typical gold process flowsheet consisting of primary crush, SAG, gravity, flotation and CIL leach. The major components of the plant design are:

• Primary gyratory crusher and 40,000t open stockpile followed by a single stage SAG mill with two 5250 kW drives, and pebble crusher to achieve a design grind of 80% passing 212 microns.

• • Gravity circuit on cyclone underflow consisting of two centrifugal concentrators and an Intensive Leach Reactor for the gravity concentrate.

• Rougher Flotation Circuit consisting of seven naturally aspirated tank cells.

• Concentrate thickener followed by regrind of concentrates to a design grind of 80% passing 45 microns.

• CIL circuit comprising one pre-leach tank and six adsorption tanks.

• Stripping plant, including a 5 tonne Anglo-American elution circuit with elution column, 4 electrowinning cells, smelting furnace and a carbon regeneration kiln.

• Separate tailing storage dams for each of the clean flotation tail (“FTSF”) and the CIL tail (CTSF).

The process plant and associated infrastructure has an annual average demand of 19.5 kWh/t of ore processed, requiring an annual average supply of 12.20 MW or 107 GWh per year.

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Infrastructure

Project infrastructure includes an allowance for the refurbishment of the existing accommodation facilities, provision of a 4 km 161 kV power line and associated 161/11 kV substation, site roads and buildings, construction of two tailings facilities, process water supply and a stream diversion channel.

The DFS also allows for the construction of suitable buildings to support the operation, including an administration office, laboratory, workshop, warehouse, plant maintenance office and process plant switchrooms.

Project power supply will come from Ghana’s electricity grid as the plant site is about 4km from GRIDCo’s 161kV powerline from Dunkwa to Asawinso.

The primary process water supply for the project will be obtained by recovering water captured in the FTSF located in the valley to the east of the project area. However, initial raw water supply will be obtained from dewatering the Abnabna and Fobinso pits, providing 1,540,000 cubic metres.

Reliability of power supply

Electricity supplies in Ghana were an issue between August 2006 and October 2007, causing some mines to install their own diesel generation to maintain plant availability. The 2006-2007 power shortage was caused by drought conditions leading to low water levels in Lake Volta and reduced hydroelectric capacity, technical difficulties at the Aboadze Thermal Plant and unavailability of supply from Ivory Coast. With improved management of the water levels and other technical issues resolved, hydroelectric power supplies are expected to be secure, even in the event of future droughts. This is assisted by the installation or planned installation of a number of other power sources in Ghana, including new hydro and thermal power generators.

In terms of the transmission and distribution system, the 161kV system at Dunkwa is very secure, being part of a ring system feeding the country. The Company’s electrical engineering consultants, BEC Engineering, consider that there should be very high power availability, obviating the need for an on-site standby power generation facility capable of running the entire plant. Nevertheless, a small standby generator is considered appropriate to cater for emergency power requirements such as tank agitators, tailings pumps and administration.

Operating Costs

The operating costs have been estimated from a variety of sources including:

• First principle estimates;

• Consumable consumption rates as provided by Metallurg;

• Power and grinding media consumption as provided by Orway Mineral Consultants (OMC);

• Quotations for the supply of consumables and services;

• Mining and ore rehandling costs as applied from recent quotations from contractors with West African experience, with a median price being adopted;

• Advice from Perseus and other sources within the mining industry in Ghana; and

• Mintrex database of costs from similar sized and located operations.

Costs are presented in United States dollars (US$) and are based on prices obtained during the second quarter 2009. Exchange rates were applied as set out in the capital costs section below. Current prices were used and no escalation or de-escalation allowance has been made. Rehabilitation, bullion transport and refining costs and Ghana corporate overhead costs were included, but financing and exploration costs were excluded.

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Mining contractor negotiations and schedule optimisation have been recognised as areas where the project economics can be improved. The Company is also commencing an “owners study” to evaluate potential mining cost reductions.

Capital Costs

The capital cost estimate has been prepared and is presented in United States dollars as at the second quarter 2009 to an accuracy level of +/-15%. All pricing assumes new equipment. Initial post-DFS estimate enquiries by Perseus suggests that strong market competitive tension could lead to cost reductions in a number of areas.

Table 3 summarises the capital cost estimate for the Project, including contingencies.

A year-by-year estimate of sustaining capital expenditure, totalling US$14.8M, has been included in the DFS financial analysis.

The source data was collected in United States Dollars, Ghanaian Cedi, Euro, South African Rand and Australian Dollars, as appropriate. Exchange rates used to develop the costs are as follows:

• Ghanaian Cedi (GHS) = $0.68 USD

• Euro (EUR) = $1.40 USD

• Australian Dollar (AUD) = $0.81 USD

• South African Rand (ZAR) = $0.125 USD

Table 3: Capital Cost Summary, US$M

	Main Area	Jan 09	DFS
	Primary ore throughput rate (Mtpa)	4.5	5.5
	Treatment Plant Costs Infrastructure EPCM Management Costs	72.8 16.7 12.2	65.8 25.3 12.7
	Total	101.7	103.8
	Owner’s Costs(1) Contingency HeapLeach Plant	12.8 11.4 8.4	32.7 11.4 -
	Total– Owner’s Costs	134.4	147.9

Notes

• 1) The increase in Owner’s Costs is mainly attributed to advanced waste movement to balance out material movement over extended periods

Economic Assessment

A summary of the economic assessment of the project is set out in Table 1 on page 3. This economic assessment allows for current Ghanaian taxes, royalties, government charges and fees.

Amendments to January 2009 Feasibility Update

The DFS has incorporated a number of changes to those proposed in the Company’s 12 January 2009 feasibility update including:

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1. The 4.5Mtpa flotation-CIL circuit and 1.4Mtpa heap leach operation have been replaced by a proposal for a 5.5Mtpa flotation-CIL operation. While eliminating the heap leach component reduces projected throughput slightly and delays the commencement of revenue generation, it simplifies the operation and provides for a more environmentally friendly process, which should in turn facilitate timely environmental approvals.

2. Capital costs have increased by US$13.5 million primarily due to an increase in waste pre-strip to ensure smoother material movement during the mining operation.

3. Per ounce recovered mining costs have increased from $197/oz to $288/oz, largely due to:

4. a) The DFS adopts the median quotation from mining contractors and no negotiations on rates have occurred to date;

5. b) An increase in the waste:ore strip ratio from 1.9:1 to 2.5:1, which is largely due to the treatment of 3.8Mt of Inferred Resources containing 127,000 ounces of gold as waste instead of ore in the DFS whereas it was assumed to be processed in the January feasibility update. The benefit of processing the ore containing 127,000 oz of gold is shown in the right hand column (“in-pit resource case”) of Table 1; and

6. c) A 10% decrease in average grade due to larger pits taking in lower grade material and the exclusion of some high grade material for the Phase 1 study. This material will be considered in the Phase 2 upgrade study.

Environment and Community

In accordance with Ghanaian environmental legislation Perseus is preparing an Environmental Impact Assessment in order to obtain an Environmental Permit for the Project. To date, an approved Scoping Report and an environmental baseline study have been completed. The latter has assessed the atmospheric, land-use (archaeological, flora and fauna, soils and land use), surface water and groundwater hydrology and quality and socio-economic characteristics of the Project area. The proposed development can be described as a “brownfields” site as a result of previous mining activity between November 1994 and February 2002.

Perseus is committed to developing and implementing an Economic and Social Development Program (ESDP) that is consistent with internationally accepted principles for sustainable development. This includes a commitment to treating all affected parties with dignity and respect and ensuring that all processes relating to such development will be transparent, fair and equitable.

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Figure 3: Proposed plant layout

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magenta >2g/t Au
red 0.7-2.0g/t Au
yellow 0.4-0.7g/t Au
grey <0.4g/t Au
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Figure 4: Abnabna – AF Gap pits

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magenta >2g/t Au
red 0.7-2.0g/t Au
yellow 0.4-0.7g/t Au
grey <0.4g/t Au
----- End of picture text -----

Figure 5: Fobinso pit

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Figure 6: Process Flow Diagram

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Table 4: Mineral Resources (Gold) - Ayanfuri Gold Project - High Grade (prior to reserves)

	Deposit	Measured	Measured	Measured	Indicated	Indicated	Indicated	Inferred	Inferred	Inferred	Total	Total	Total
		Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au
	Esuajah North(1)				10.1	1.2	373,000	2.6	1.0	80,000	12.6	1.1	453,000
	Esuajah										9.9	1.9	619,000
	South(3)				6.0	1.9	359,000	3.9	2.1	260,000
	Fetish(1)				12.0	1.3	484,000	5.5	1.7	310,000	17.6	1.4	795,000
	Abnabna- Fobinso(4)	15.9	1.5	783,000	12.7	1.4	559,000	6.4	1.3	261,000	35.0	1.4	1,603,000
	Ataasi(2)				0.3	2.6	29,000	0.2	2.8	18,000	0.5	2.7	47,000
	Chirawewa(6)							5.6	1.2	214,000	5.6	1.2	214,000
	(6)										3.1	1.4	142,000
	Mampon							3.1	1.4	142,000
	Dadieso(6)							2.9	1.7	156,000	2.9	1.7	156,000
	Totals	15.9	1.5	783,000	41.1	1.4	1,804,000	30.2	1.5	1,441,000	87.3	1.4	4,028,000

Table 5: Mineral Resources (Gold) - Ayanfuri Gold Project - Low Grade (prior to reserves)

	Deosit	Measured	Measured	Measured	Indicated	Indicated	Indicated		Inferred	Inferred	Total	Total	Total
		T	/t	O	T	/t	O	T	/t	O	Tonnes (million)	g/t Au	Ounces Au
	p	onnes (million)	g Au	unces Au	onnes (million)	g Au	unces Au	onnes (million)	g Au	unces Au
	Esuajah North(5)				10.1	0.6	206,000	6.7	0.6	133,000	16.8	0.6	339,000
	Esuajah South(7)				0.9	0.6	18,000	1.7	1.0	55,000	2.6	0.8	73,000
	Fetish(5)				5.4	0.6	113,000	2.5	0.6	50,000	8.0	0.6	163,000
											21.7	0.7	486,000
	Abnabna- Fobinso(8)	4.1	0.6	85,000	7.6	0.6	148,000	10.0	0.8	253,000
	Chirawewa(9)							6.9	0.6	127,000	6.9	0.6	127,000
	Mampon(9)							3.7	0.6	67,000	3.7	0.6	67,000
	Dadieso(9)							0.3	0.6	6,000	0.3	0.6	6,000
	Totals	4.1	0.6	85,000	24.0	0.6	485,000	31.9	0.7	691,000	60.0	0.7	1,261,000

Notes

1 Runge Ltd estimate Feb 2009 (Reported at 0.8g/t cutoff) 2 Perseus Mining Limited estimate May 2006 Estimate (Reported at 0.8g/t cutoff)

3 Runge Ltd estimate Feb 2009 (Reported at 0.8g/t cutoff above -100mRL and 1.2g/t below -100mRL) 4 Runge Ltd estimate May 2009 (Reported at 0.8g/t cutoff above -100mRL and 1.2g/t below -100mRL) 5 Runge Ltd estimate Feb 2009 (Reported 0.4-0.8g/t) 6 Runge Ltd estimate Mar 2009 (Reported 0.4-0.8g/t)

7 Runge Ltd estimate Feb 2009 (Reported 0.4-0.8g/t above -100mRL and 0.8-1.2g/t below -100mRL) 8 Runge Ltd estimate May 2009 (Reported 0.4-0.8g/t above -100mRL and 0.8-1.2g/t below -100mRL) 9 Runge Ltd estimate Mar 2009 (Reported 0.4-0.8g/t)

• Rounding applied to totals

15

==> picture [577 x 76] intentionally omitted <==

Table 6 Mineral Reserves (Gold) - Ayanfuri Gold Project

Deposit	Proven	Proven	Proven	Probable	Probable	Probable		Total	Total
	Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au
Abnabna-
Fobinso	18.4	1.40	828,000	11.5	1.19	441,000	29.9	1.33	1,269,000
Esuajah North				11.9	1.01	387,000	11.9	1.01	387,000
Fetish				13.7	1.12	485,000	13.7	1.12	485,000
Totals	18.4	1.40	828,000	37.2	1.11	1,313,000	55.5	1.20	2,141,000
Notes

*Rounding applied to totals

Table 7: Summary of Mineral Reserve and Resources (Gold) - Ayanfuri Gold Project

	Deposit	Proven & Probable Reserves	Proven & Probable Reserves	Proven & Probable Reserves	Measured & Indicated Resources(1)	Measured & Indicated Resources(1)	Measured & Indicated Resources(1)	Inferred Resources (2)	Inferred Resources (2)	Inferred Resources (2)	Total Resources	Total Resources	Total Resources
		Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au	Tonnes (million)	g/t Au	Ounces Au
	Abnabna- Fobinso	29.9	1.33	1,269,000
	Esuajah South	11.9	1.01	387,000
	Fetish	13.7	1.12	485,000
	Additional HG				158	15	764000	302	15	1441000	46.0	1.5	2,205,000
	Resources				.	.	,	.	.	,,
	Additional LG Resources				14.1	0.6	267,000	31.9	0.7	691,000	46.0	0.6	958,000
	Totals	55.5	1.20	2,141,000	29.9	1.1	1,031,000	62.1	1.1	2,132,000	92.0	1.1	3,163,000
	Notes

• 1 Measured and Indicated resources outside current pit designs

• 2 Inferred resources within and outside of current pit designs

• Rounding applied to totals

16