PERSEUS MINING LIMITED — Capital/Financing Update 2009

Apr 19, 2009

ASX RELEASE

20 April 2009

Exchanges:

ASX : PRU

Issued Shares: 206.5M

Unlisted Options: 12.2M

Cash at bank (April 09) $10M

Resources:

Ghana

6Moz

Ivory Coast

1.0Moz

Market Cap Per resource oz US$16

Feasibility Next updates

Ghana April 2009 (March Quarterly Report)

Ivory Coast Q3 2009

Increase in Ayanfuri Gold Project In-Pit Resources Confirms Long Life and Offers Expansion Opportunities

Börse Frankfurt: P4Q Highlights

• In-pit gold resources increased to 4 million ounces, compared to 1.9 million in prefeasibility
• Total indicated and inferred resource currently 5.3 million ounces
• Fast-track DFS, based on Stage 1 in-pit resources of 2 million ounces
• Larger resource offers opportunity to expand operations at an early stage of production
• DFS and initial ore reserve statement expected in July 2009
• Major project status confirmed with long life potential of 10-15 years

Perseus Mining Limited (ASX: PRU) is pleased to announce in-pit gold resources at the Company's Ayanfuri project in Ghana have increased substantially with the completion of new pit shell optimisations taking into account recent resource upgrades and the latest operating cost estimates. The revised models, created as part of the detailed feasibility study ("DFS") process, highlight the potential for Ayanfuri to be a significant long-life gold mine.

Total gold resources contained within optimised pit shells ("optimised resources") range from 3.4 million ounces using a US$750 per ounce gold price to 4.0 Moz (based on US$950/oz). This compares to about 1.9 million ounces of gold in the previously announced prefeasibility study.

Given the magnitude of in-pit resources and significant exploration potential the Company has additional flexibility to either fix the scope of the project as a 4.5 Mtpa (200,000ozpa) long mine life or increase throughput towards 6Mtpa to 8Mtpa (~300,000 ozpa) in the early stages of the project life**.**

Managing Director's Comments

"There is up to 4Moz of gold within the latest pit optimisations, of which 2Moz will be included in the fast tracked DFS. This leaves considerable upside to increase the initial 4.5mtpa throughput rate of the primary process plant. The ultimate best fit is likely to be about 250,000ozpa to 300,000ozpa with throughput rates of up to 8Mtpa"

"We are very comfortable with the initial start-up throughput rate of 4.5Mtpa and 12 years production period to cover off project finance modelling and mining approvals"

"Exploration, which has added resources at the rate of 2Mozpa for Perseus, is currently on hold but I am confident when it resumes it will easily replace ounces mined over an extended period"

Optimisations were undertaken on seven deposits at a range of gold prices and using updated cost inputs. Optimisations were undertaken using scenarios which included and excluded the current inferred resources. The results of the Ayanfuri pit optimisations are set out in Tables 1 and 2.

The resource optimisation forms part of work for Definitive Feasibility Study ("DFS") due in July 2009. The current Indicated and Inferred resources for Ayanfuri stand at 5.28 million ounces (see Tables 3 & 4).

Feasibility Study Progress

The Ayanfuri DFS is expected to be completed in July 2009 and the Company is aiming to fast track the project development to take advantage of the buoyant gold market. Given the long project life at the planned initial processing rate of 4.5Mtpa, it has been decided to base the DFS on three of the larger deposits, Abnabna-AF Gap-Fobinso, Esuajah North and Fetish, rather than the seven deposits for which the optimised pit shells have been modelled. This will provide a mine life of in excess of ten years from the three deposits and the other smaller resources will be incorporated in a later upgrade. Only Measured and Indicated resources will be modelled in the DFS.

By limiting the DFS in this way regulatory approvals and the design process will be streamlined and capital costs will be kept at manageable levels.

Based on optimised resources to date, the Company is targeting reserves of 3.5Moz by the time that production commences, with further additions over time based on the significant exploration potential. These additional resources will be the catalyst for the mine expansion study to commence after the DFS is completed.

The mining section of the DFS is expected to be completed in June 2009. Pit and waste dump design and mine scheduling are in progress and a number of mining contracting companies have been invited to present formal price estimates.

Mark Calderwood Managing Director

To discuss any aspect of this announcement, please contact Simon Jemison at telephone +61 2 9332 4448 or email simon.jemison@farrington.com.au or Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com

The information in this report that relates to exploration results, mineral resources or ore reserves 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 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.

	$750 Optimisations			$850 Optimisations			$950 Optimisations
	Waste(Mt)	Resource(Mt)	ContainedGold(,000 oz)	Waste(Mt)	Resource(Mt)	ContainedGold(,000 oz)	Waste(Mt)	Resource(Mt)	ContainedGold(,000 oz)
Abna-Af-Gap
Fobinso	71.46	29.48	1,229	98.56	35.61	1,426	111.31	39.01	1,519
Esuajah Sth	31.48	5.97	328	34.39	6.32	347	35.87	6.52	357
Esuajah Nth	9.42	10.05	343	15.77	13.99	444	19.86	16.59	504
Fetish	26.15	14.80	542	30.34	16.94	599	34.72	18.28	637
Total	138.51	60.30	2,442(1)	179.06	72.86	2,817(2)	175.80	80.40	3,018(3)

Table 1: Optimisation Summary (based on Indicated Resources only)

Notes

(1) 96% of contained gold from Indicated resources, 4% from Inferred resources

(2) 95% of contained gold from Indicated resources, 5% from Inferred resources

(3) 94% of contained gold from Indicated resources, 6% from Inferred resources

Table 2: Optimisation Summary – (based on All Resources)

	$750 Optimisations			$850 Optimisations			$950 Optimisations
	Waste(Mt)	Resource(Mt)	ContainedGold(,000 oz)	Waste(Mt)	Resource(Mt)	ContainedGold(,000 oz)	Waste(Mt)	Resource(Mt)	ContainedGold(ounces)
Abna-Af-GapFobinso	106.42	36.44	1,476	124.25	40.98	1,604	142.17	44.75	1,709
Esuajah Sth	52.54	7.70	472	58.41	8.14	496	24.75	8.41	509
Esuajah Nth	10.02	10.25	350	18.86	14.91	472	58.28	18.16	547
Fetish	49.58	19.39	802	53.59	21.25	850	61.84	22.58	885
Chirawewa	5.45	4.23	151	6.38	4.83	164	8.94	5.94	188
Dadieso	3.17	1.19	67	3.76	1.32	73	4.56	1.47	79
Mampon	5.29	1.61	64	6.77	2.00	75	7.39	2.15	82
Total	232.47	80.81	3,382(1)	272.02	93.43	3,733(2)	307.92	103.46	3,999(3)

Notes

(1) 76% of contained gold from Indicated resources, 24% from Inferred resources

(2) 75% of contained gold from Indicated resources, 25% from Inferred resources

(3) 74% of contained gold from Indicated resources, 26% from Inferred resources

		Indicated			Inferred		Total
Deposit	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces
	(million)	Au	Au	(million)	Au	Au	(million)	Au	Au
Esuajah
North(1)	10.1	1.2	373,000	2.6	1.0	80,000	12.6	1.1	453,000
Esuajah
South(3)	6.0	1.9	359,000	3.9	2.1	260,000	9.9	1.9	619,000
Fetish(1)	12.0	1.3	484,000	5.5	1.7	310,000	17.6	1.4	795,000
Abnabna
Fobinso(3)	28.6	1.5	1,336,000	6.4	1.3	261,000	35.0	1.4	1,597,000
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
Mampon(6)				3.1	1.4	142,000	3.1	1.4	142,000
Dadieso(6)				2.9	1.7	156,000	2.9	1.7	156,000
Totals	57.1	1.4	2,580,000	30.2	1.5	1,441,000	87.3	1.4	4,022,000

Table 3: Mineral Resources (Gold) - Ayanfuri Gold Project - High Grade

Table 4: Mineral Resources (Gold) - Ayanfuri Gold Project - Low Grade

		Indicated			Inferred			Total
Deposit	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces
	(million)	Au	Au	(million)	Au	Au	(million)	Au	Au
Esuajah
North(4)	10.1	0.6	206,000	6.7	0.6	133,000	16.8	0.6	339,000
Esuajah
South(5)	0.9	0.6	18,000	1.7	1.0	55,000	2.6	0.8	73,000
Fetish(4)	5.4	0.6	113,000	2.5	0.6	50,000	8.0	0.6	163,000
Abnabna
Fobinso(5)	11.7	0.6	233,000	10.0	0.8	253,000	21.8	0.7	486,000
Chirawewa(7)				6.9	0.6	127,000	6.9	0.6	127,000
Mampon(7)				3.7	0.6	67,000	3.7	0.6	67,000
Dadieso(7)				0.3	0.6	6,000	0.3	0.6	6,000
Totals	28.2	0.6	570,000	31.9	0.7	691,000	60.1	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 Feb 2009 (Reported 0.4-0.8g/t)
• 5 Runge Ltd estimate Feb 2009 (Reported 0.4-0.8g/t above -100mRL and 0.8-1.2g/t below -100mRL)
• 6 Runge Ltd estimate Mar 2009 (Reported at 0.8g/t cutoff )
• 7 Runge Ltd estimate Mar 2009 (Reported 0.4-0.8g/t)
• * Rounding applied to totals

		Indicated			Inferred		Total
Deposit	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces
	(million)	Au	Au	(million)	Au	Au	(million)	Au	Au
Ayanfuri
>0.8g/t (1)	57.1	1.4	2,580,000	30.2	1.5	1,441,000	87.3	1.5	4,022,000
Ayanfuri
0.4g/t - 0.8g/t (1)	28.2	0.6	570,000	31.9	0.7	691,000	60.1	0.7	1,261,000
Tengrela(2)
>1.0g/t	6.0	2.0	379,000	9.6	1.9	591,000	15.7	1.9	970,000
Grumesa
Sth >0.4 / 0.6g/t (3)	7.1	0.9	195,000	1.9	0.8	46,000	9.0	0.8	241,000
Grumesa
Nth >0.4g/t (4)				21.4	0.8	573,000	21.4	0.8	573,000
Totals >0.8g/t	63.1	1.5	2,959,000	39.8	1.6	2,032,000	103.0	1.5	4,992,000
Totals >0.4g/t	98.5	1.2	3,724,000	95.0	1.1	3,342,000	193.5	1.1	7,067,000

Table 5: Mineral Resources (Gold) - Perseus Mining Limited Projects

Notes

1. Last updated on 19 March 2009

2. Maiden resource announced on 27 November 2008

3. Last updated on 30 April 2007

4. Last updated on 29 September 2006

5. The Company holds 90% of Ayanfuri, 90% of Grumesa and 80% of Tengrela after allowing for Government equity at mining stage