PERSEUS MINING LIMITED — Capital/Financing Update 2012

Mar 28, 2012

29 March 2012 NEWS RELEASE

Exploration and Resource Update Ghana

Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an exploration update from its Edikan and Dunkwa gold projects in Ghana, West Africa as well as details of a resource increase at Esuajah North forming part of the Edikan Gold Mine.

Highlights
------------

Deeper drilling at the Fetish deposit at Edikan Gold Mine (EGM) in Ghana continues to confirm strong
gold mineralisation at depth, including:
EFRDD046-44m at 3.0g/t from 327m and 14m at 2.4g/t Au from 420m.
EFRDD047-24m at 4.3g/t from 397m.
EFRDD048-15m at 3.3g/t from 256m, 11m at 4.8g/t from 294mand 18m at 1.4g/t Au from308m.
EFDD127-5m at 11.4g/t from 288m, 23m at 1.1g/t from 303m and 19m at 1.2g/t Au from347m.
Deeper drilling at Esuajah South & Esuajah North at EGM confirmed gold mineralisation at depth,including:
AKRDD252-11m at 1.0g/t from 352m, 78m at 3.4g/t from 373m and 16m at 4.0g/t Au from469m.
ENRDD028-8m at 1.5g/t from 308m, 29m at 1.6g/t from 330m, 1m at 14.8g/tfrom 353m and16m at 1.9g/t Au from 385m.
Exploration drilling at EGM returned significant results from multiple prospects, including:
ENS121-Besem Gap 30m at 2.3g/t Aufrom 90m.
ENS141-Besem North 24m at 1.8g/t Au from 60m.
ENS143-Besem North 28m at 1.6g/t Au from 52m.
Wampem 12m at 4.8g/t AuWPRC028-from 8m.
CHRC159-Chirawewa South 26m at 3.5g/t Au from 16m.
Refer to Tables 1 to 2 for details of the intercepts.

Measured and Indicated gold resources at the Esuajah North deposit at EGM increased 341,000 oz to 920,000 oz using a 0.4g/t Au cut-off, lifting the Company's global Measured and Indicated resources to more than 6.8 million ounces of gold.

Perseus Managing Director, Mark Calderwood's Comments

"The recent drill success on some of the lesser known prospects at Edikan is encouraging and can be expected to accelerate as the focus moves from sterilisation and resource drilling to target generation from the extensive exploration database."

"The upgrade of the Esuajah North deposit resource was based on drilling undertaken in 2011and still excludes a number of holes where assays are pending. Measured and Indicated gold resources at Esuajah North increased by about 50%."

"The next Edikan reserve increase is now expected to be completed in the June Quarter of 2012."

Edikan Gold Mine & Dunkwa Project, Ghana

The Company completed 27,986m of drilling at the Edikan Gold Mine and adjoining Dunkwa Prospecting License during January and February. Four rigs are active, with one rig evaluating district exploration targets at Dunkwa and three rigs engaged on resource infill and extensional drilling at Edikan. Assay turnaround has improved significantly in Ghana, with 3,809 samples from 94 drill holes currently pending.

Drilling is shifting from principally resource/reserve drilling to a larger component of near-mine and district exploration drilling. Resource/reserve drilling will continue at Edikan, with several resource and reserve updates to be released in 2012. However, increasing emphasis on target generation, with continuing (infill and extensional) geochemical sampling, IP geophysical surveys, geological and regolith mapping, data compilation, analysis and interpretation, is expected to result in multiple new targets for ongoing exploration drill testing in 2012.

Recent near-mine exploration drilling at Edikan has returned several significant intercepts from new targets, including 30m at 2.3 g/t Au in ENS121 testing the Besem Gap prospect (700m east of the Esuajah North deposit), 12m at 4.8 g/t Au in WPRC028 testing the Wampem soil anomaly (2.8 kilometers northeast of Esuajah North) and 2m at 24.7 g/t Au in NPRC049 which tested Au in soil anomalism 150m west of the Bokitsi-Nkonya structure and situated 1.6km southwest of the Bokitsi South Extension deposit, attesting to the exploration potential remaining on the Edikan mining leases.

Tables 1 and 2 below contain details of intercepts.

Resource Upgrade at Esuajah North, EGM

A revised resource estimate for Esuajah North was completed by Runge Limited in March 2012. Measured & Indicated resources at a 0.8g/t Au cut-off increased by 51% to 15.1Mt at 1.2g/t Au and at a 0.4g/t Au cutoff increased 59% to 32.7Mt at 0.9g/t Au containing 920,000oz of gold. Inferred resources decreased from 9.3Mt at 0.7g/t to 6.3Mt at 0.8 g/t Au containing 168,000oz of gold. Details of the resources are included in Tables 3 to 5.

The 400m-long Esuajah North deposit averages more than 100m in width and contains Measured and Indicated resources of 3,400oz per vertical metre for the first 150m below the existing shallow pit.

The Company's global Measured and Indicated resource base is now more than 6.8 million ounces of gold.

Production Update – Edikan Gold Mine, Ghana

The Company is aiming to release its March 2012 Quarter production statistics and cash costs for the Edikan Gold Mine in mid-April. Previously issued guidance of 35,000-40,000 ounces of recovered gold production at a C1 cash cost of US$950 per ounce of gold remains unchanged.

Mark Calderwood Managing Director

To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com Nathan Ryan at telephone +61 3 9622 2159 or email nathan.ryan@nwrcommunications.com.au (media) Rebecca Greco at telephone +1 416 822 6483 or email fighouse@yahoo.com (Toronto)

About Perseus Mining Limited

Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa's most successful gold explorers focused on under-explored gold belts in West Africa. Perseus recently became a producer at its Edikan Gold Mine (previously known as the Central Ashanti Gold Project) in Ghana. Details of the project and mine plan are set out in the technical report entitled "Technical Report – Central Ashanti Gold Project, Ghana" dated May 30, 2011.

Perseus is now also planning the development of its Sissingué Gold Project, part of the Tengrela Gold Project in Côte d'Ivoire, with production targeted for 2013. Tengrela has the potential to become a significant contributor to the Company's goal to develop into a 400,000-ounce per annum gold producer during 2013. Details of the project are set out within "Technical Report – Tengrela Gold Project, Ivory Coast" dated December 22, 2010.

Perseus will continue its strategy of rapidly increasing its resource and reserve base during the ramp-up of the Edikan Gold Mine and development of the Sissingué Gold Project.

Figure 1: Edikan Gold Mine mining lease

		(m)	(m)	(m)	(°)	(°)	(m)	(m)	(m)	g/t
ABDD201	Abnabna	26,120	13,888	474	180	-71	342	382	40	1.0
							433	441	8	1.5
ABDD202	AF Gap	26,160	13,900	480	180	-71	371	405	34	1.5
							424	435	11	1.4
ABRDD444	AF Gap	26,360	13,970	444	180	-61	286	296	10	2.1
						incl.	293	294	1	10.0
							310	326	16	2.3
						incl.	324	325	1	15.9
							335	354	19	1.0
ABRDD445	AF Gap	26,440	13,986	480	180	-66	335	369	34	1.3
							376	386	10	2.0
ABRDD446	AF Gap	26,220	13,889	420	180	-69	318	362	44	1.3
							388	402	14	1.3
ABRDD447	AF Gap	26,700	14,038	441	180	-71	236	289	53	1.4
ABRDD448	AF Gap	26,640	14,024	384	180	-63	185	249	64	1.5
						incl.	225	244	19	2.5
ABRDD449	AF Gap	26,620	14,034	444	180	-69	406	435	29	1.7
						incl.	433	434	1	23.0
FBDD130	Fobinso	27,140	14,102	264.7	180	-50	197	224	27	1.6
						incl.	217	218	1	22.3
FBDD135	Fobinso	27,442	14,054	228.7	180	-61	84	141	57	1.4
						incl.	103	104	1	12.6
AKRDD252	Esuajah S.	1,720	6,300	489	90	-70	352	363	11	1.0
							373	451	78	3.4
						incl.	397	398	1	36.3
						and	433	438	5	19.5
						incl.	436	437	1	68.0
							469	485	16	4.0
						incl.	481	482	1	47.7
EFDD125	Fetish	3,575	5,280	466	268	-61	300	323	23	1.8
							340	373	33	1.5
EFDD126	Fetish	3,640	5,120	490	270	-55	427	441	14	1.4
							448	477	29	2.2
						incl.	464	466	2	11.3
EFDD127	Fetish	3,575	5,200	428.5	270	-62	288	293	5	11.4
						incl.	288	289	1	39.8
							303	326	23	1.1
							347	366	19	1.2
EFDD128	Fetish	3,450	5,480	355	270	-60	255	269	14	1.5
							281	282	1	10.4
							289	290	1	10.2
							300	302	2	7.3
EFDD131	Fetish	3,314	5,400	154	270	-47	134	138	4	10.4

incl. 136 137 1 36.7 EFDD135 Fetish 3,328 5,060 233 269 -53 156 163 7 1.5 203 223 20 1.7 incl. 215 216 1 15.4 EFRDD045 Fetish 3,537 5,380 390 270 -57 286 302 16 1.5 324 336 12 3.8 incl. 327 328 1 22.0 EFRDD046 Fetish 3,615 5,300 465 270 -57 327 371 44 3.0 incl. 327 331 4 9.4 and 338 339 1 15.0 and 352 354 2 14.5 420 434 14 2.4 EFRDD047 Fetish 3,599 5,340 435 268 -56 397 421 24 4.3 incl. 397 398 1 71.0

Hole Deposit East North Depth Azm. Incl. From To Width Au

Table 1: EGM, Ghana, Recent Infill and Extensional Drilling

Hole	Deposit	East	North	Depth	Azm.	Incl.	From	To	Width	Au
		(m)	(m)	(m)	(°)	(°)	(m)	(m)	(m)	g/t
EFRDD048	Fetish	3,484	5,362	372	268	-65	256	271	15	3.3
						incl.	260	261	1	12.1
							294	305	11	4.8
						incl.	298	299	1	32.7
							308	326	18	1.4
EFRDD049	Fetish	3,650	5,180	528	269	-59	366	380	14	1.2
							423	476	53	1.2
						incl.	473	474	1	11.3
							493	503	10	3.4
						incl.	502	503	1	15.3
						incl.	513515	520516	71	2.810.7
ENDD064	Esuajah N.	2,330	7,220	186	90	-55	100	101	1	25.3
							115	128	13	1.0
							140	149	9	1.2
ENDD086	Esuajah N.	2,405	7,170	126	90	-55	11	18.5	7.5	4.0
							45	76	31	1.0
							107	126	19	2.5
ENDD088	Esuajah N.	2,421	7,180	120.44	90	-54	52	67	15	1.9
						incl.	66	67	1	11.0
							91	114	23	1.9
						incl.	110	111	1	15.0
ENDD089	Esuajah N.	2,375	7,170	125	90	-55	54	74	20	4.0
						incl.	66	69	3	18.4
							82	92	10	1.3
							117	123	6	2.8
ENDD102	Esuajah N.	2,130	7,400	325.18	90	-55	247	277	30	1.5
ENRDD021	Esuajah N.	2,200	7,080	354.4	90	-55	227	235	8	1.9
							264	273	9	1.7
							311	340	29	1.2
ENRDD028	Esuajah N.	2,139	7,260	411.3	90	-60	308330	316359	829	1.51.6
							353	354	1	14.8
							385	401	16	1.9
ENRDD030	Esuajah N.	2,200	7,320	351	88	-60	183	189	6	2.0
							274	288	14	1.7
							302	333	31	1.2
ENRDD034	Esuajah N.	2,188	7,360	342	88	-57	238	249	11	1.2
							262	275	13	1.1
							311	321	10	1.5
							331	337	6	5.6
						incl.	333	334	1	21.0
CHDD041	Chirawewa	4,014	4,600	301.8	90	-47	188	195	7	3.7
						incl.	188	189	1	14.1
							286	294	8	2.4
ENRDD028	Esuajah N	2,139	7,260	411.3	90	-60	308	316	8	1.5
							330	359	29	1.6
						incl.	350	351	1	14.8
							385	401	16	1.9

Table 1: EGM, Ghana, Recent Infill and Extensional Drilling (continued)

Notes

• 1. Most holes were core drilled through the mineralised zone.
• 1. Core holes sampled at 1m intervals or less to geological contacts.
• 1. Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana.
• 1. High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
• 1. Only holes with combined intercepts of greater than 40 gram metres included.

Table 1: EGM, Ghana, Recent Infill and Extensional Drilling (continued)

Notes (continued)

• 1. The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report – Central Ashanti Gold Project, Ghana" dated May 30, 2011.
• 1. The true width of intercepts from recent drilling at Fetish ranges from 60-85% of the intercept width.
• 1. The true width of intercepts from recent drilling at Esuajah North & South ranges from 60-90% of the intercept width.
• 1. The true width of intercepts from recent drilling at Chirawewa is approximately 63% of the intercept width.
• 1. The true width of intercepts from recent drilling at AF Gap and Fobinso ranges from 65-90% of the intercept width.

Hole	Deposit	East	North	Depth	Azm.	Incl.	From	To	Width	Au
		(m)	(m)	(m)	(°)	(°)	(m)	(m)	(m)	g/t
ENS121	Besem Gap	3,080	7,560	90	270	-60	60	90	30	2.3
CHRC158	Chirawewa S	3,720	3,840	45	270	-55	0	4	4	5.4
CHRC159	Chirawewa S	3,740	3,880	55	270	-55	16	42	26	3.5
						incl.	20	22	2	13.5
							38	40	2	14.6
CHRC173	Fetish WD	3,206	4,840	50	270	-55	0	12	12	1.8
CHRC187	Fetish WD	3,230	4,640	50	270	-55	4	24	20	1.3
CHRC191	Fetish WD	3,118	4,640	50	270	-55	32	36	4	7.7
CHRC195	Fetish WD	3,090	4,640	50	270	-55	16	32	16	1.2
CHRC261	Fetish WD	2,960	4,240	50	270	-55	0	4	4	5.1
							32	36	4	3.0
LRC018	Dunkwa	49,220	99,000	90	72	-55	52	56	4	1.5
							68	72	4	2.3
LRC019	Dunkwa	49,260	99,000	90	72	-55	8	20	12	1.0
							60	80	20	0.5
ENS139	Besem N.	3,280	8,200	90	270	-55	40	48	8	2.7
ENS140	Besem N.	3,309	8,400	100	270	-55	68	80	12	1.8
ENS141	Besem N.	3,315	8,440	100	270	-55	60	84	24	1.8
ENS143	Besem N.	3,330	8,480	100	270	-55	52	80	28	1.6
ENS145	Besem N.	3,464	8,680	90	270	-55	68	76	8	1.6
ENS159	Esuajah WD	2,779	7,120	45	270	-55	28	32	4	2.9
ENS166	Besem Gap	3,058	7,440	90	270	-55	10	14	4	2.7
NPRC049	Nkonya	2,140	2,360	90	270	-55	56	58	2	24.7
							76	84	8	1.4
NPRC051	Nkonya	2,100	2,360	90	270	-55	8	18	10	1.1
WPRC028	Wampem	3,419	9,160	90	270	-55	8	20	12	4.8
						incl.	12	18	6	8.8
WPRC044	Wampem	3,940	9,700	90	270	-50	10	24	14	1.4
WPRC028	Wampem	3,945	9,740	90	270	-55	2	20	18	1.0
LRC045	DunkwaLegos	45,020	104,600	90	72	-55	64	68	4	4.4

Table 2: Recent Anomalous Exploration Intercepts, EGM and Dunkwa Prospecting Licence, Ghana

Notes

• 1. All holes are RC holes.
• 1. RC holes were sampled at 1m intervals and composited to 2m or 4m intervals.
• 1. Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana.
• 1. High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana.
• 1. RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana.
• 1. Only holes with combined intercepts of greater than 10 gram metres are included.
• 1. True widths of intercepts from the exploration holes are currently unknown.

Table 2: Recent Anomalous Exploration Intercepts, EGM and Dunkwa Prospecting Licence, Ghana (continued)

Notes (continued)

1. The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled "Technical Report – Central Ashanti Gold Project, Ghana" dated May 30, 2011.

	Table 3: EGM, Esuajah North, Measured and Indicated Mineral Resources (>0.8g/t Au)
--	------------------------------------------------------------------------------------	--

Deposit		Measured Resources			Indicated Resources	Total Measured andIndicated Resources
	TonnesMt	Aug/t	AuOunces	TonnesMt	Aug/t	AuOunces	TonnesMt	Aug/t	AuOunces
Oxide	0.07	1.6	4,000	0.03	1.0	900	0.1	1.4	5,000
Transition	0.11	1.3	5,000	0.06	1.1	2,000	0.2	1.3	7,000
Primary	8.3	1.2	313,000	6.6	1.1	239,000	14.9	1.2	552,000
Total(1)	8.5	1.2	321,000	6.6	1.1	242,000	15.1	1.2	563,000

Notes

1 Rounding applied to totals.

Table 4: EGM, Esuajah North, Measured and Indicated Mineral Resources (>0.4g/t Au)

Deposit		Measured Resources			Indicated Resources	Total Measured andIndicated Resources
	TonnesMt	Aug/t	AuOunces	TonnesMt	Aug/t	AuOunces	TonnesMt	Aug/t	AuOunces
Oxide	0.1	1.3	5,000	0.05	0.8	1,000	0.2	1.1	6,000
Transition	0.2	1.1	6,000	0.1	0.9	3,000	0.3	1.0	9,000
Primary	16.9	0.9	488,000	15.4	0.8	417,000	32.3	0.9	905,000
Total(1)	17.2	0.9	498,000	15.5	0.8	422,000	32.7	0.9	920,000

Notes

1 Rounding applied to totals.

Table 5: EGM, Esuajah North, Inferred Mineral Resources

		>0.8g/t Au(1)			0.4g/t-0.8g/t Au(2)	Total Inferred Resources
Deposit	TonnesMt	Aug/t	AuOunces	TonnesMt	Aug/t	AuOunces	TonnesMt	Aug/t	AuOunces
Oxide				0.01	0.6	100	0.01	0.6	100
Transition	0.01	0.8	100	0.02	0.6	400	0.03	0.6	500
Primary	2.7	1.1	96,000	3.6	0.6	71,000	6.3	0.8	167,000
Total(1)	2.7	1.1	96,000	3.6	0.6	72,000	6.3	0.8	168,000

Notes

1 Rounding applied to totals.

Deposit		Measured Resources			Indicated Resources		Measured + IndicatedResources
	Tonnes	Au	Au	Tonnes	Au	Au	Tonnes	Au	Au
	Mt	g/t	Ounces	Mt	g/t	Ounces	Mt	g/t	Ounces
Abnabna/Fobinso	29.6	1.5	1,423,000	9.1	1.3	382,000	37.8	1.5	1,805,000
Esuajah South	7.0	2.0	453,000	4.9	1.9	293,000	11.9	1.8	746,000
Esuajah North	8.5	1.2	321,000	6.6	1.1	242,000	15.1	1.2	552,000
Fetish	4.4	1.2	181,000	12.0	1.4	549,000	16.4	1.4	718,000
Chirawewa				3.0	1.4	137,000	3.0	1.4	137,000
Bokitisi				2.6	2.6	0000	2.6	2.6	210,000
Mampong
Dadieso
Total	49.5	1.5	2,378,000	38.2	1.3	1,603,000	86.8	1.5	4,168,000

Table 6: EGM, High Grade Measured and Indicated Mineral Resource Summary

Table 7: EGM, High Grade Inferred Mineral Resource Summary

		Inferred Resources
Deposit	Tonnes	Au	Au
	Mt	g/t	Ounces
Abnabna/Fobinso	3.1	1.3	127,000
Esuajah South	2.7	1.7	146,000
Esuajah North	2.7	1.1	96,000
Fetish	5.3	1.2	204,000
Chirawewa	3.8	1.3	157,000
Bokitsi	1.3	2.0	83,000
Mampong	3.1	1.4	142,000
Dadieso	2.9	1.7	156,000
Total	24.9	1.4	1,111,000

Table 8: EGM, Low Grade Measured and Indicated Mineral Resource Summary

	Measured Resources				Indicated Resources		Measured + IndicatedResources
	Tonnes	Au	Au	Tonnes	Au	Au	Tonnes	Au	Au
Deposit	Mt	g/t	Ounces	Mt	g/t	Ounces	Mt	g/t	Ounces
Abnabna-Fobinso	19.8	0.7	426,000	14.0	0.6	284,000	33.8	0.7	710,000
Esuajah South	1.3	0.7	29,000	1.3	1.0	43,000	2.6	0.9	72,000
Esuajah North	8.7	0.6	177,000	8.9	0.6	180,000	17.6	0.6	357,000
Fetish	4.4	0.6	86,000	8.6	0.6	168,000	13.0	0.6	254,000
Chirawewa				1.6	0.6	30,000	1.6	0.6	30,000
Bokitisi				0.1	0.6	1,000	0.1	0.6	1,000
Mampong
Dadieso
Total	34.2	0.7	718,000	34.5	0.6	706,000	68.7	0.6	1,424,000

	Inferred Resources
Deposit	Tonnes	Au	Au
	Mt	g/t	Ounces
Abnabna Fobinso	8.0	0.9	235,000
Esuajah South	2.6	0.9	79,000
Esuajah North	3.6	0.6	72,000
Fetish	2.2	0.6	45,000
Chirawewa	4.9	0.6	92,000
Bokitsi	0.3	0.6	6,000
Mampong	3.8	0.6	68,000
Dadieso	0.3	0.6	5,000
Total	25.7	0.7	602,000

Table 9: EGM, Low Grade Inferred Mineral Resource Summary

Table 10: EGM, Summary of Total Measured and Indicated Mineral Resources

Deposit	Measured Resources			Indicated Resources			Measured + IndicatedResources
	Tonnes	Au	Au	Tonnes	Au	Au	Tonnes	Au	Au
	Mt	g/t	Ounces	Mt	g/t	Ounces	Mt	g/t	Ounces
Abnabna/AFGap/Fobinso	49.4	1.2	1,850,000	23.2	0.9	666,000	72.6	1.1	2,515,000
Esuajah South	8.3	1.8	482,000	6.2	1.7	336,000	14.5	1.8	818,000
Esuajah North	17.2	0.9	498,000	15.4	0.8	422,000	32.7	0.9	920,000
Fetish	8.8	0.9	255,000	20.6	1.1	717,000	29.4	1.0	972,000
Chirawewa				4.5	1.1	167,000	4.5	1.1	167,000
Bokitsi				2.6	2.5	212,000	2.6	2.5	212,000
Mampong
Dadieso
Total	83.7	1.1	3,085,000	72.5	1.1	2,520,000	156.3	1.1	5,604,000

	Inferred Resources
Deposit	Tonnes	Au	Au
	Mt	g/t	Ounces
Abnabna/AFGap/Fobinso	11.1	1.0	362,000
Esuajah South	5.3	1.3	224,000
Esuajah North	6.3	0.8	168,000
Fetish	7.5	1.0	248,000
Chirawewa	8.7	0.9	249,000
Bokitsi	1.6	1.7	89,000
Mampong	6.9	0.9	210,000
Dadieso	3.2	1.6	161,000
Total	50.6	1.1	1,711,000

		Measured			Indicated			Inferred
Deposit(cut-off g/t Au)	Tonnes(million)	g/tAu	OuncesAu(,000)	Tonnes(million)	g/tAu	OuncesAu(,000)	Tonnes(million)	g/tAu	OuncesAu(,000)
EGM-(previously
(1)CAGP)
>0.8g/t	49.5	1.5	2,378	38.2	1.3	1,603	24.9	1.4	1,111
(1)EGM
0.4g/t - 0.8g/t	34.2	0.7	718	34.5	0.6	706	25.7	0.7	602
(2)Grumesa(3)>0.4				25.1	0.6	471	16.4	0.5	247
(4)Tengrela
>1.0g/t	0.9	3.2	90	9.1	2.5	706	3.3	1.7	171
(4)Tengrela
0.5-1.0g/t	0.04	0.8	1	5.5	0.8	134	3.6	0.7	86
Totals >0.8g/t(1.0g/t Tengrela)	50.4	1.5	2,468	47.3	1.5	2,309	28.2	1.4	1,282
Totals >0.4g/t(0.5g/t Tengrela)	84.6	1.2	3,187	112.4	1.0	3,620	73.9	0.9	2,217
Notes

Table 12: Total Mineral Resources (Including Reserves)

1 Last updated in March 2012.

2 Last updated in December 2010.

3 Primary reported above a 0.4g/t Au cut-off, oxide/transition report above a 0.2g/t Au cut-off.

4 Last updated in November 2010.

5 The Company holds 90% of EGM, 90% of Grumesa and 85% of Tengrela after allowing for Government equity at mining stage.

Deposit	Proven			Probable			Total
	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces	Tonnes	g/t	Ounces
	(million)	Au	Au(,000)	(million)	Au	Au(,000)	(million)	Au	Au(,000)
EGM>0.4g/t (1,2)	47.7	1.3	1,974	39.2	1.0	1,300	86.9	1.2	3,273
Tengrela>0.55g/t (3)				9.7	2.1	657	9.7	2.1	657
Total	47.7	1.3	1,974	48.9	1.3	1,957	96.6	1.3	3,930

Table 13: Total Mineral Reserves

Notes

1 >0.4g/t Au cut-off for Abnabna-Fobinso, >0.5g/t Au cut-off for all other deposits.

2 Last updated in December 2010, does not allow for material mined.

3 Last updated in November 2010.

APPENDIX 1:

Notes on the Esuajah North Mineral Estimate, EGM

• 1. The Mineral Resource estimate for the Esuajah North gold deposit of the Edikan Gold Mine ("EGM") was completed in March 2012 by Runge Ltd for Perseus Mining Ltd.
• 1. The deposit is located within altered Lower Proterozoic Biriman (2.17-2.18 billion years) granitoid and meta-sediments. The granitoid hosted deposit range is 400m long and on average 100m in width. The granitoid is 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.
• 1. The drill database for Esuajah North contains 117 Reverse Circulation ("RC") drill holes totalling 9,291m, 127 diamond drill holes totalling 28,004m, and 55 RC holes with diamond tails (RCDD) totalling 16,258m. Sample recovery is considered to have been to industry standard for RC, diamond cored and GC drilling.
• 1. Pre-2006 RC drilling was routinely analysed for gold using a 0.5kg 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 fire assayed. 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.
• 1. 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.
• 1. The Esuajah North deposit has been partially exploited by mining.
• 1. Drilling was carried out along north-south fences which were nominally spaced at 10m to 40m grid east intervals and at 10m 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.
• 1. Bulk densities were adopted from the EGM database comprising 956 bulk density determinations within the mineralised envelope recently conducted by Perseus.
• 1. Wireframes were constructed using cross sectional interpretations based on geology or a 0.2g/t Au cut-off grade.
• 1. Samples within the wireframes were composited to 2m intervals in the Esuajah North deposit. A high grade cut-off at 20g/t Au was applied.
• 1. 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.
• 1. Ordinary Kriging (OK) Grade Estimation was used at Esuajah North: A first pass radius of 40m was used. This was increased to 100m for the second pass. A third and final pass was used on the blocks not filled in the first two passes and used a search radii of 240m. Greater than 99% of blocks were filled in the first two passes.
• 1. The Mineral Resource was classified as Measured, Indicated or Inferred based on the quality of the drilling data and the demonstrated geological and grade continuity defined by recent drill programs.

The information in this report that relates to the mineral resources is based on information compiled by Mr Aaron Green, who is a Member of The Australian Institute of Geoscientists. Mr Green is a full-time employee of Runge Limited. Mr Green 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'") and to qualify as a "Qualified Person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Green 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 ore reserves is based on information compiled by Mr Chris Marissen, who is a Charted Professional Member of The Australasian Institute of Mining and Metallurgy. Mr Marissen is a Mining Engineer and a full-time employee of the Company. Mr Marissen 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'") and to qualify as a "Qualified Person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Marissen 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 exploration results is based on information compiled by Mr Mark Calderwood, who is a Charted Professional 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'") and to qualify as a "Qualified Person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). 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. For a description of Perseus's data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled "Technical Report – Central Ashanti Gold Project, Ghana" dated May 30, 2011 and the technical report entitled "Technical Report – Tengrela Gold Project, Ivory Coast" dated December 22, 2010 in respect of the Edikan Gold Mine (formerly the Central Ashanti Gold Project) and the Tengrela Gold Project, respectively.

Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine without any major disruption, development of a mine at Tengrela, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.

Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.