PERSEUS MINING LIMITED — Capital/Financing Update 2009

Mar 18, 2009

ASX RELEASE

19 March 2009

Exchanges:

ASX : PRU

: PRUO

Börse Frankfurt: P4Q Highlights

Issued Shares: 195.1M

Listed Options: 9.1M

Unlisted Options: 12.3M

Cash at bank (Mar 09) $9M

Resources:

Ghana

6Moz

Ivory Coast

1.0Moz

Feasibility Next updates

Ghana April 2009

Ivory Coast Q3 2009

Gold Resources Top 5 Million Ounces Ayanfuri Gold Project - Ghana

Perseus's gold resources at Ayanfuri now stand at 5.28 million ounces -

• ¾ The 450,000 ounce (9%) increase in Inferred resources resulted from modelling of three smaller deposits.
• ¾ These deposits will be incorporated in the mine plan in the feasibility study scheduled for completion in July.
• ¾ Perseus's West African total resource base has increased to 7 million ounces of gold.

Perseus Mining Limited (ASX: PRU) is pleased to announce another resource upgrade for its world-class Ayanfuri Gold Project in Ghana which will further enhance the economics of the proposed ~200,000 ounce per annum mining operation.

The increase in resources is a result of independent remodelling of the Chirawewa and Dadieso deposits and an initial estimate for the Mampon deposit.

The Chirawewa Inferred resource increased from 65,000 ounces to 341,000 ounces of contained gold as a function of additional drill data and the application of a 0.4g/t Au cut-off.

The independent Dadieso resource estimate was almost identical to the previous "in-house" estimate, with Inferred resources now standing at 2.9mt at 1.7g/t Au using a 0.8g/t cut- off.

The initial estimate for Mampon includes 3.1Mt at 1.4g/t Au above a 0.8g/t Au cut-off and 3.7Mt at 0.6g/t Au between 0.4g/t and 0.8g/t Au for a total 209,000 ounces of contained gold.

The three deposits have significant upside potential as do the larger more advanced deposits and yet to be drilled targets.

The Ayanfuri feasibility study is being fast-tracked to take advantage of the buoyant gold market and is expected to be completed in July. As part of that process, pit optimization for seven of the deposits is planned to be completed in March and pit design work is expected to be substantially completed in April.

The updated gold resources for Ayanfuri are set out in the table below.

Managing Director's Comments

"At 5.2Moz, Ayanfuri is one of the largest undeveloped gold projects in West Africa. We are fast-tracking completion of the definitive feasibility study and indications to date are for a robust project"

"In April we expect to be in a position to announce the reserve potential at Ayanfuri."

1

	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

Mineral Resources (Gold) - Ayanfuri Gold Project - High Grade

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

Further Comment

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

Mark Calderwood Managing Director

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.

The information in this report that relates to mineral resources at the Fetish, Abnabna-Fobinso, Esuajah North, Esujah South, Mampon, Dadieso and Chirawewa 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.

		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	1.5	2,580,000	30.2	1.5	1,441,000	87.3	1.4	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
>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 (2)	7.1	0.9	195,000	1.9	0.8	46,000	9.0	0.8	241,000
Grumesa
Nth >0.4g/t (3)				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

Mineral Resources (Gold) - Perseus Mining Limited Projects

Notes

• 1. Last updated on 19 March 2009
• 1. Last updated on 30 April 2007
• 1. Last updated on 29 September 2006
• 1. The Company holds 90% of Ayanfuri, 90% of Grumesa and 80% of Tengrela after allowing for Government equity at mining stage

Appendix 1

Notes on the Mampon, Dadieso and Chirawewa resource estimates

• 1) The Mineral Resource estimate for Mampon, Dadieso and Chirawewa gold deposits of the Ayanfuri Gold Project was completed in March 2009 by Runge Ltd for Perseus Mining Ltd.
• 2) The deposits are located within altered Lower Proterozoic Biriman (2.17-2.18 billion years) granitoid and meta-sediments. The granitoid hosted deposits range from 200 to 400m strike and 10 to 150m in width. The granitoids appear to be pervasively mineralised (0.1g/t to 2g/t) with higher grades associated with sheeted quartz veining. Meta-sediment hosted mineralisation is associated veining within 5m to 50m wide shear zones.
• 3) The drill database for Mampon contains 155 Reverse Circulation ("RC") drill holes totalling 14,549m. Sample recovery is considered to have been to industry standard.
• 4) The drill database for Dadieso contains 177 Reverse Circulation ("RC") drill holes totalling 10,539m and 1 diamond drill holes totalling 200m. Sample recovery is considered to have been to industry standard for both RC and diamond cored drilling.
• 5) The drill database for Chirawewa contains 120 Reverse Circulation ("RC") drill holes totalling 8,420m and 7 diamond drill holes totalling 1,550m. Sample recovery is considered to have been to industry standard for both RC and diamond cored drilling.
• 6) Pre 2006 RC drilling was routinely analysed for gold using a 0.5 kg 24hr bulk cyanide leach method. 2006 to 2007 RC drill samples were analysed by 1kg 24hr bulk cyanide leach method with the tails of all samples with assays greater than 0.5g/t being assayed by fire assay. Only the recovered grades of the bulk cyanide leach method were used in the resource estimate. 2006 to 2008 diamond and 2008 RC drill samples were analysed by 50g fire assay method. Standards, spikes, blanks and repeat samples have been randomly submitted during all drilling programs. Sufficient QAQC and data validation has been carried out to verify the integrity of the assay data.
• 7) The relative position of all drill-hole collars is related back to the original mine grid using a total station theodolite. Holes are considered to be accurate to within 1m horizontally and 0.5m vertically. The surface topography of the deposits used for resource modelling was generated using lattice gridding of survey data points and is considered to be sufficiently accurate for the generation of an indicated and inferred mineral resource estimate. Down hole surveying is routinely used in the deeper percussion drilling and diamond core holes. The down-hole sample location data for the all zones is considered adequate to allow for the estimation of an indicated and inferred mineral resource.
• 8) The Chirawewa and Dadieso deposits have been partially exploited by mining.
• 9) Drilling was carried out along north-south fences which were nominally spaced at 20m to 40m grid east intervals and at 20m to 40m centres. All drill-holes were inclined at between 25° and 60° at grid east and west azimuths. The gold value used for plotting and grade estimation was the first bulk cyanide leach determination or, in its absence, the first fire assay determination presented by the laboratory.
• 10) Bulk densities were adopted from the Ayanfuri database comprising 957 bulk density determinations within the mineralised envelope recently conducted by Perseus.

Appendix 1 - continued

Notes on the Mampon, Dadieso and Chirawewa resource estimates

• 11) Wireframes were constructed using cross sectional interpretations based on geology or a 0.2g/t Au cut-off grade.
• 12) Samples within the wireframes were composited to 2.0m intervals in the Mampon, Dadieso and Chirawewa deposits. Various high grade cuts of between 6g/t and 20g/t were applied to the composite values. High grade cuts were determined from statistical analysis of composite data.
• 13) Surpac block models were used for the estimate with block sizes determined from drill hole spacing and lode geometry. Sub cells were used to ensure accurate volume representation of the mineralised lodes.
• 14) The deposits were interpolated using Ordinary Kriging (OK) grade estimation. The estimate was run in three passes. The search ellipse was based on kriging parameters defined from directional variography, and lode geometry. The first pass radius varied from 50m up to 100m. A second pass radii of between from 100m to 160m and a third and final pass of 200m to 320m was used on blocks not filled in the first pass. The majority of blocks were estimated in the first two passes.
• 15) The Mineral Resource was classified as Inferred based the quality of the drilling data and the demonstrated geological and grade continuity defined by recent drill programs.