PERSEUS MINING LIMITED — Interim / Quarterly Report 2007

Apr 30, 2007

MARCH 2007 QUARTERLY ACTIVITY REPORT

Highlights

• 27,000m of drilling completed between January 19 and April 23 2007.
• Extensive gold mineralisation identified in initial RC drilling at the Sissingue prospect on the $\bullet$ Tengrela project (Ivory Coast). Intercepts included 64m at 2.3g/t, 26m at 2.0g/t, 16m at 4.0g/t, 14m at $4.2$ g/t and 10m at $6.7$ g/t Au.
• $\bullet$ Deeper drilling on Ayanfuri project (Ghana) confirmed the continuation of strong gold mineralisation with depth and along strike. Significant intercepts included 229m at 1.7g/t Au from 125m, 124m at 2.2 $g/t$ Au from 65m, 117m at 2.1 $g/t$ Au from 69m, 103.8m at 1.7 $g/t$ Au from 36.3m, 20m at 4.0 g/t Au from 64m. High-grade intervals included 17m at 5.7g/t, 13m at 5.0g/t, 6m at 10.3g/t, 4m at 11.1g/t, 4m at 33.5g/t, 3m at 38.6g/t, 2m at 28.4g/t, 1m at 60.0g/t and 1m at 52g/t Au.
• Infill drilling and resource modeling has been completed for the southern portion of the Kayeya $\bullet$ gold deposit on the Grumesa project (Ghana) as the first step towards developing a pit design for the planned mining operation. Estimated Indicated (7.1Mt at $0.9g/t$ ) and Inferred (1.9Mt at $0.8g/t$ ) resources now stand at a combined 9Mt at 0.8g/t containing 241,000 ounces of gold. A high proportion of the previously declared Inferred resource of 7.7Mt at 0.9g/t containing 228,000 ounces of gold has been converted to Indicated status. The northern portion of the Kayeya resource has not yet been re-calculated and remains as an Inferred 21.4Mt at 0.8g/t containing 573,000 ounces of gold.

June 2007 Ouarter Program

During the June 2007 Quarter Perseus proposes to:

• Complete resource upgrades for the Esuajah and Esuajah South deposits on the Avanfuri gold $\bullet$ project in May:
• Complete a resource upgrade for the Abnabna deposit on the Avanfuri gold project in June; $\bullet$
• Complete initial resource estimates for the Dadieso, Fobinso and Fetish deposits on the Ayanfuri $\bullet$ gold project in June;
• Complete pre-feasibility and reserve estimate for the southern Kayeva deposit on the Grumesa Gold $\bullet$ Project in June;
• Move to double shift RC drilling on the Tengrela gold project in Ivory Coast; $\bullet$
• Increase number of rigs working at Obdilla (Tolubay gold project, Kyrgyz Republic) from two to $\bullet$ four, with the additional rigs undertaking deeper drilling; and
• Commence infill drilling on the northern portion of the Kayeya gold deposit on the Grumesa $\bullet$ project.

Overview

Active exploration on Perseus's four key projects in West Africa and the Kyrgyz Republic continues to enhance those projects. During the March quarter the Company was successful in expanding the limits of known mineralised zones on the projects with numerous wide gold intercepts and will update a number of resources during the June 2007 quarter based on these results.

Feasibility studies are being conducted for a 2Mtpa heap leach operation at Grumesa and a 2-3Mtpa CIL plant operation at Perseus's nearby Ayanfuri project. Perseus has purchased a heap leach plant and equipment for the Grumesa gold project, providing a firm basis on which to complete a mining prefeasibility study targeting production of 50,000 oz of gold per annum.

Avanfuri Gold Project (Ghana)

147 RC and diamond holes were completed during the last three months at Ayanfuri for a total of 17,051m, with results reported for 98 of those holes. Significant results are tabled below.

Perseus is currently undertaking extensive RC and diamond drilling to gain an understanding of the resource potential (within economic limits) of seven of the largest known gold deposits at Ayanfuri. Drilling is also now extending into previously untested areas along strike from known deposits.

Broad and high grade intercepts from recent drilling have significantly enhanced the resource potential of the large Esuajah and Esuajah south gold deposits at Ayanfuri.

Drilling has extended the known depth of mineralisation at Esuajah to 250m below the existing pit floor, 180m deeper than the approximately 70m level used to estimate reported combined Indicated and Inferred resources of 197,000oz for that deposit.

At Esuaiah South drilling has extended the known depth of mineralisation to 300m below the existing pit floor, 240m deeper than the approximately 60m level used to estimate reported combined Indicated and Inferred resources of 110,000oz. Deeper drill holes confirm that the width of the mineralised granite increases with depth from 50m in the base of the pit to at least 80m width. Four of the five deepest holes ended in granite. The granite at Esuajah South is entirely mineralised and historically averaged about 2.4g/t Au in mining.

Esuaiah and Esuaiah South are two of five deposits on the Avanfuri project for which Indicated and Inferred gold resources totaling 608,000oz were announced by Perseus in May 2006. It is planned to release resource upgrades for the Esuaiah and South Esuaiah deposits in early May, followed by a resource upgrade for the Abnabna deposit and initial resource estimates for the Fobinso and Dadieso deposits in early June 2007.

In March 2007 Perseus exercised an option to purchase a company which has rights to two mining leases and a prospecting licence at Ayanfuri (the "Ayanfuri Mine Licences"), and two reconnaissance licences covering a project area of 510.6sq km. The project is located 25-65 kms south-west of Obuasi on the Ashanti Gold Belt in Ghana. Perseus's Grumesa project adjoins the Ayanfuri project area to the east. The Obuasi (Ashanti) gold mine, situated to the north-east, is one of Africa's premier producing gold mines, having produced in excess of 60 million ounces.

The Ayanfuri Mine Licences incorporate the Ayanfuri mine, which produced 306,400 ounces of gold from multiple open pits and an oxide ore heap leaching circuit between 1994 and 2001.

Feasibility studies are being conducted for a 2Mtpa CIL plant operation at Ayanfuri and a heap leach operation at Perseus's nearby Grumesa project. Current announced gold resources for the Ayanfuri project are 268,000 ounces Indicated and 340,000 ounces Inferred from 5 of the 19 previously mined deposits.

Gold mineralisation at Ayanfuri occurs within a series of granitoid stocks intruded along a major deformation zone, and to a lesser extent within the enclosing sheared metasediments. Several shallow open cut mines were developed on the outcropping granitoid stocks towards the end of mining operations in 2001, but their depth potential was not tested at the time due to the low prevailing gold price.

Ayanfuri Gold Project, Ghana
Open Pits and Target Areas

Esuajah Deposit Section 7200N

Esuajah South Deposit Section 6280N

Abnabna Deposti Section 25880E

Tengrela Gold Project (Ivory Coast)

During the quarter Perseus drilled 28 RC holes for 2.310m and 3 RAB holes for 118m on its 80%-owned Tengrela gold project in northern Ivory Coast. RC drilling completed during the quarter covers the 680m southern portion of the Sissingue prospect, where RAB drilling has delineated in situ mineralisation over the 4km tested to date of a 6km long gold-in-soil anomaly. Multiple mineralised zones have been encountered across a width of at least 750m. The RC drilling will systematically test a number of the zones of significant mineralisation.

Most of the RC holes drilled on the Sissingue prospect – Eastern zone did not reach the targeted depth due to holes encountering broken ground, but it appears that multiple gold mineralized sub-zones have been identified within an up to 150m wide corridor within that zone. Significant intercepts included 64m at 2.3g/t, 16m at 4.9g/t, 14m at 4.2g/t, 28m at 1.5g/t Au.

The size of the Sissingue – Eastern zone, the style of mineralisation, the presence of multiple zones of gold mineralisation and the fact that this is just a small portion of one of the nine regional gold anomalies to be tested by Perseus highlights the potential of the Tengrela gold project.

Limited drilling on the Sissingue prospect - Central and Western zones returned several significant intercepts including 16m at 4.0g/t, 30m at 0.6g/t and 6m at 3.0g/t Au.

Gold mineralisation at Sissingue is associated with Birimian volcanics and meta-sediments that contain intensive silica, carbonate, albite alteration and accessory sulphides.

The Sissingue prospect is the first of nine regionally significant soil anomalies identified by Perseus subjected to RC Drilling. Perseus is conducting the first phase of a 50,000m RC drilling program planned for Tengrela.

The 885sq km Tengrela project is located immediately south of Resolute Mining Limited's 6.8Moz Syama and Finkalo projects, along the same structural/stratigraphic corridor within the Svama-Boundiali greenstone belt. The project lies 150km SSE of the Morila gold mine (7Moz) and 65km WNW of the Tongon deposit $(3Moz)$ .

Perseus has a net 80% interest in the Tengrela project, with 10% held by a local partner and 10% reserved for the Government at the mining stage.

The geology of the northern portion of the Syama–Boundiali greenstone belt has many similarities to the better-explored Ashanti gold belt in neighbouring Ghana, where Birimian volcaniclastics dominate over competent volcanics, with the development of inner belt basins filled with Tarkwaian epiclastics.

The Company's RAB rig has to date completed more than 400 drill holes over 12km of strike length on three of nine significant soil anomalies identified on 75km strike of the Syama gold belt within the Tengrela permits. During 2007 the RAB rig will continue to undertake a combination of wide-spaced reconnaissance drilling of untested soil anomalies and infill drilling of areas containing significant intercepts to firm up RC drill targets.

Previous extensive systematic exploration on the Tengrela project, including airborne geophysics and 22,500 geochemical samples, identified a series of soil anomalies over a strike length of 75km, mostly along the Syama shear. The nine main soil anomalies at Tengrela are comparable to other significant soil anomalies in the region (Syama group, Tabakoroni, Tioro, Morila) and are prime targets for follow-up exploration. The total area of these anomalies is over 40sq km, requiring staged follow-up. Importantly, the Morila-Tongon region has historically had an extremely high conversion rate of significant soil anomalies to gold discoveries.

RC Drilling - Sissingue Prospect,
Tengrela Gold Project, Ivory Coast

Cross Sections - Sissingue East Zone - Tengrela Gold Project

Grumesa Gold Project (Ghana)

A total of seventy-four RC holes were completed for 6,500m of mostly infill drilling on the southern portion of the Kaveya resource.

Indicated resources of the southern portion of the Kayeya have been estimated as 7.1Mt at 0.9g/t containing 195,000 ounces of gold using a 0.4g/t cutoff for oxides and 0.6g/t cutoff for transition and fresh materials. Inferred resources have been re-calculated, as 1.9Mt at 0.8g/t Au containing 46,000 ounces using the same cutoffs. The northern portion of the Kayeya resource has not yet been re-calculated and remains as an Inferred 21.4Mt at 0.8g/t containing 573.000 ounces of gold. Total combined resources at Grumesa are estimated at 814,000 ounces after the southern resource upgrade.

				Southern Kayeya Prospect Mineral Resource Estimate (Gold)
Indicated		Oxides			Transition and Fresh			Total *
		$0.4$ g/t cut-off			0.6g/t cut-off
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		Au	cont.		Aυ	cont.		Au	cont.
	(x1.000)	g/t	(x1,000)	(x1.000)	G/t	(x1.000)	(million)	g/t	(x1,000)
	1.962	0.8	47.3	5.156	0.9	147.8	7.118	0.9	195
Inferred		Oxides			Transition and Fresh			Total *
		$0.4$ g/t cut-off			0.6g/t cut-off
	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		Au	cont.		Αu	cont.		Au	cont.
	(x1,000)	g/t	(x1,000)	(x1.000)	G/t	(x1.000)	(million)	g/t	(x1,000)
	667	0.6	12.6	1.226	0.8	33.3	1,900	0.8	46

* Rounding applied

Perseus has purchased a heap leach plant and equipment for use on the Grumesa gold project. After refurbishment, the plant is expected to provide significant savings in the development of the project, as a low cost and faster development alternative to the acquisition of new plant, given current manufacturing and shipping costs and timeframes.

Kayeya Gold Prospect

Tolubay (Kyrgyz Republic)

Drilling and other exploration activities continued through the cold winter months at Tolubay. Five diamond drill holes were completed on the Obdilla prospect during the quarter. Four drill holes (ZDDH 45-49) were successful in reaching the target depths (maximum 310m), while drill hole ZDDH 50 was abandoned at 125m depth due to ground conditions. The drill holes were collared on successive lines up to 580m west of line 8, where an earlier drill hole ZDDH 34 intersected 213m at 1.8 g/t gold.

Drillholes ZDDH046 and ZDDH047 confirmed the continuation of the mineralized zone to the west, with the former intersecting 14.6m at 1.5 $g/t$ Au from 135.4m, and the latter intersecting 12m at 2.8 $g/t$ Au from 147m (including 6m at 3.8 g/t Au). Drillhole ZDDH048 was drilled away from the recognized mineralized zone and intersected only anomalous $\left($ < 1.0 $\right)$ $\mu$ Au) mineralisation. Assays are awaited for drill holes ZDDH49 and ZDDH50.

Drilling during the quarter was undertaken from less than optimum positions due to access constraints in this rugged terrain. A substantial achievement during the quarter was the completion of a new access road closer to the zone of mineralisation. This will enable future drilling to be better targeted. In addition to the two diamond rigs presently at Obdilla, another one or two rigs will be contracted in the next quarter. These measures should allow a more rapid and rigorous evaluation of the Obdilla resource. The planned drilling will not only seek to define the mineralized zone in previously inaccessible areas, but also target higher grade shoots or feeders within the system. This is in line with the recognition that Carlin-style systems can not only be very large, but can also contain very profitable high grade shoots or feeders (eg Meikle mine, Nevada – 220t gold resource averaging 24.7 $g/t$ gold).

A substantial EM survey is planned for the Tolubay licence in the June quarter. This survey follows on from the successful survey conducted last year over the main part of the Obdilla prospect. This survey will cover the Obdilla area again but to a greater depth (about 300m), and importantly will extend out over the neighbouring Chatyrman, Sart-Istagan and Tolubay prospects. The survey should identify and delineate zones of sulphide rich mineralisation that may be associated with gold.

South Kyrgyz Gold Project - Regional

Perseus hold a number of exploration licences in Southern Kyrgyzstan surrounding and along strike of the Obdilla discovery. Despite winter conditions, exploration was advanced on several tenements during the quarter.

At the Dingilsai licence, which borders the Tolubay licence, soil sampling identified several gold anomalies to 494 ppb Au. At the Kurbanbulak prospect, old Soviet costeans were cleaned out and resampled and shallow reconnaissance diamond drilling using a Winkie man portable rig has commenced at Trench 1. The drilling is designed to test below mineralized zones in the costean. Drilling progress has been slow, and assays from are awaited. In the June quarter soil sampling is to be extended over the Ulugtau prospect, where up to 1.5m at 4.5 $g/t$ gold was recorded from historic Soviet costeans in the area.

On the Aksu licence area, stream sediment sampling the December quarter identified several gold anomalous drainage lines. No field work was conducted in the March quarter due to the winter conditions, but four prospective areas were identified based on the stream sediment work, historic Soviet exploration, and interpretation of Soviet airborne EM and other geophysical surveys. In particular, stream sediment anomalism is proximal to the old Soviet Kadamjai prospect which was subject to trenching (results unknown). It is planned to accurately locate the trenches, then clean and re-sample them. A program of soil sampling covering the main prospective areas is planned for the June quarter.

Savoyardy (Kyrgyz Republic)

No field work was conducted at the Savovardy project during the quarter $-$ a natural consequence of the winter season and high altitude. Late last quarter, an extensive soil geochemical program was conducted over the main Savoyardy prospect. Assay results have been received for 1,576 soil samples taken on a largely 50 x 25m grid. Several gold anomalous zones were identified with a maximum gold assay of $1.280$ ppb being recorded. 49 samples (3% of the population) recorded greater than 100ppb gold. Most anomalies were coincident with mapped lodes, but some are located between parallel lodes, possibly indicating some linking or stockworking.

The Savovardy project lies 145 km SE of Osh, and close to the Chinese border. It covers a northeast trending belt of sedimentary rocks which form part of the Southern Tien Shan thrust/fold complex. Gold mineralisation is known to occur over at least a 12km strike, and is exposed in Soviet costeans and adits at the Savovardy prospect where Perseus obtained channel samples including 7m at 12.9 $g/t$ , 2m at 38.9 $g/t$ and 31m at 1.7 g/t gold.

The potential of the Savoyardy project is highlighted by resource estimates and recent exploration results obtained by the adjacent licence holder - Majestic Gold Corporation of Canada, who hold the Sawayaerdun licence immediately along strike and over the border into China. In 2006, Majestic calculated that the main Sawayaerdun-IV zone, that extends over a 4km strike length contained Indicated and Inferred resources totaling 1.5 Moz gold. The general stratigraphy and structure present in the Sawayaerdun licence extends along strike into the Savovardy licence.

Helder

Mark Calderwood Managing Director

30 April 2007

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 southern portion of the Kaveva Prospect is based on a resource estimate that has been compiled by Mr Paul Payne, who is a Principal of and a full time employee of Resource Evaluations Ptv Ltd. 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 Resource Evaluations Pty 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 Resource Evaluations Pty Ltd have not been involved in the preparation of any other part of this report.

Hole	North	East	Depth	Incl.	Azm.	From	To	Width	Au
	(m)	(m)	(m)	$\ddot{C}$	$\circ$	(m)	(m)	(m)	g/t
ADD008	7200	2340	230	$-75$	88	21.3	57.0	35.7	1.1
					incl.	24	34	$10\,$	1.7
						65	189	124	$2.2\,$
					incl.	119	122	$\boldsymbol{\beta}$	38.6
					and	125	128	3	6.2
					and	167	180	13	$5.0\,$
						202	224.8	22.8	$0.8\,$
						229	230*	1	1.4
ADD009	7280	2300	218	$-63$	88	69	186	117	2.1
					incl.	82	86	$\overline{4}$	33.5
					and	134	136	$\sqrt{2}$	18.2
						209	214	\$	0.9
ADD010	7200	2500	300.5	$-60$	268	36.3	140	103.8	1.7
					incl.	$5\,\mathrm{l}$	$53\,$	$\boldsymbol{2}$	3.7
					and	$96\,$	100	$\overline{4}$	$2.4\,$ $60.0\,$
					and and	100 122	101 139	1 17	2.1
						153	164	$\bar{1}1$	1.1
					incl.	153	154	$\mathbf{1}$	$5.4\,$
						186	248	62	1.1
					incl.	234	241	7	2.9
					and	243	247	$\frac{4}{3}$	1.9
						277	278	1	6.3
						285	286	1	$1.0\,$
						296	300.5*	4.5	1.1
ADD011	7360	2460	$267\,$	$-55$	268	103	123	20	$0.6\,$
						134	146	$12 \,$	$0.8\,$
						163	172	9	0.7
						182	195	13	4.3
					incl.	185	187	$\sqrt{2}$	12.9
					and	189	190	l	24.2
						203	238	35	1.2
					incl.	206	207	1	15.5
						248	$267*$	19	$0.8\,$
ADD012	7120	2520	312.7	$-47$	$270\,$	54	93	39	$2.3\,$
					incl.	60	61	1	52.7
					and	$77\,$	$78\,$ 148	1	$6.0\,$
					incl.	107	136	41	$2.0\,$ 3.2
						116 184	195	20 $\mathbf{11}$	$\rm 0.9$
						200	223	23	$0.8\,$
						238	278	40	$0.9\,$
					incl.	242	249	$\gamma$	1.5
					and	262	268	6	$1.8\,$
						289	309.8	20.8	0.9
ADD013	6200	2059	233.2	$-50$	270	99.6	199.7	100.1	1.0
					incl.	105	114	9	$2.0\,$
					and	131	140	9	1.3
					and	168	177	9	2.0
					and	191	199.7	8.7	1.2

Table 1: Diamond Drill Intercepts - Ayanfuri Gold Project, Ghana

Hole	North (m)	East (m)	Depth (m)	Incl. $^{\circ}$	Azm. $^{\circ}$	From (m)	To (m)	Width (m)	Au g/t
ADD014	6200	2060	401.1	$-65$	270	125	354	229	1.7
					incl.	178	186	$\bf 8$	2.3
					and	199	295	96	2.7
					incl.	208	210	$\sqrt{2}$	16.1
					and	253	270	17	5.7
					and	343	345	$\bar{2}$	9.9
						354	401.12	ASP
ABDD003	13703	25970	334.1	$-80$	180	102.4	141	38.6	1.5
					incl.	117	131	14	2.7
						205	206	1	1.4
						212	214	2	1.3
						307	314	7	0.8
FBDD001	13984	27260	196.9	$-65$	180	89	91	$\overline{2}$	2.1
						98	132	34	2.6
					incl.	107	111	$\overline{4}$	10.7
						146	165	19	0.5
						183	185	2	1.1

Table 1: Diamond Drill Intercepts - Ayanfuri Gold Project, Ghana (continued)

* denotes ended in mineralisation
ASP denotes assays pending

All samples were assayed by fire assay.

Table 2: Significant RC Drill Intercepts -Ayanfuri Gold Project, Ghana

Hole	North	East	Depth	Incl.	Azm.	From	To	Width	Au
	(m)	(m)	(m)	$^{\circ}$	$^{\circ}$	(m)	(m)	(m)	g/t	Location
ABRC011	13692	25970	120	-80	180	88	118	30	0.9	Abnabna
ABRC014	13519	25930	140	$-50$	360	50	$140*$	90	1.3	Abnabna
					incl.	50	64	14	2.4
						102	108	6	2.4
						122	128	6	6.3
ABRC015	13499	25890	120	-50	360	46	56	10	1.3	Abnabna
						72	114	42	1.5
					incl.	86	92	6	2.1
					and	98	114	16	2.5
ABRC016	13501	25855	120	$-50$	360	8	12	4	2.9	Abnabna
						50	52	$\overline{z}$	1.4
						64	84	20	4.0
					incl.	78	80	2	28.4
						94	$120*$	26	0.7
					incl.	118	$120*$	$\overline{z}$	2.5
ABRC023	13891	26660	83	$-50$	180	8	59	51	1.1	Abna East
					incl.	34	48	14	2.6
						59	83	ASP
DKRC015	$-9640$	$-320$	65	$-50$	90	6	8	$\overline{z}$	4.2	Dadieso
DKRC016	-9640	$-375$	80	-50	90	26	36	$10\,$	3.1	Dadieso
DKRC017	$-9640$	$-394$	100	-50	90	10	14	$\ddot{4}$	1.4	Dadieso
						48	54	6	0.9
						58	72	14	2.0
DKRC019	-9560	$-380$	80	$-50$	270	16	18	$\boldsymbol{2}$	2.4	Dadieso
DKRC020	-9560	$-340$	80	$-50$	270	22	44	22	1.5	Dadieso
					incl.	36	44	8	2.2

Hole	North (m)	East (m)	Depth (m)	Incl. $^{\circ}$	Azm. $^{\circ}$	From (m)	To (m)	Width (m)	Au g/t	Location
DKRC023	$-9720$	$-320$	$80\,$	$-50$	90	28	42	14	1.5	Dadieso
					incl.	36	42	6	2.1
DKRC025	$-9720$	$-400$	80	$-50$	90	66	$76\,$	10	2.0	Dadieso
DKRC027	$-9460$	$-360$	80	$-50$	270	78	$80*$	$\overline{z}$	12.7	Dadieso
DKRC028	-9460	$-320$	80	$-50$	270	52	$72\,$	20	$1.0\,$	Dadieso
DKRC030	$-9460$	$-241$	80	$-50$	270	$10\,$	14	4	3.1	Dadieso
						36	40	4	5.3
DKRC031	$-9400$	-199	80	$-50$	270	20	50	30	2.2	Dadieso
					incl.	26	36	10	4.0
DKRC032	$-9400$	$-240$	80	$-50$	270	$\overline{2}$	14	12	$1.3$	Dadieso
DKRC040	$-9220$	$-360$	80	$-50$	270	$\bf 8$	14	6	1.7	Dadieso
						44	48	4	2.1
DKRC041	-9300	$-161$	80	$-50$	270	20	42	22	3.8	Dadieso
					incl.	28	36	8	6.1
DKRC042	-9300	$-240$	80	$-50$	270	26	30	4	11.1	Dadieso
					incl.	26	$28\,$	2	21.5
						72	78	6	$1.4$
DKRC045	$-9220$	$-160$	80	$-49.6$	270	58	62	$\ddot{4}$	1.8	Dadieso
DKRC046	$-9220$	$-201$	$80\,$	$-48.4$	270	52	60	8	1.8	Dadieso
						74	$80*$	6.	4.0
DKRC047	-9360	$-200$	80	$-50.9$	270	6	22	16	1.5	Dadieso
					incl.	6	10	4	3.5
						52	60	8	4.9
DKRC048	$-9220$	$-240$	80	$-50.2$	270	54	64	$10\,$	4.4	Dadieso
					incl.	56	60	4	8.4
DKRC051	-9300	$-200$	80	$-50$	270	24	60	36	2.5	Dadieso
					incl.	34	40	6	10.3
DKRC059 AKRC040	-9560 7360	$-120$ 2400	80 95	$-50$ $-60$	270 270	8 $\boldsymbol{4}$	18 60	$10\,$	3.7	Dadieso Esuajah North
					incl.	10	14	56 4	1.3 2.9
					and	43	48	5	2.4
						70	92	22	0.5
AKRC043	7400	2440	100	$-60$	270	76	$100*$	24	1.0	Esuajah North
					incl.	82	86	4	$3.3\,$
AKRC044	7160	2520	100	$-60$	270	56	$100*$	44	0.9	Esuajah North
					incl.	88	98	$10\,$	$1.3\,$
AKRC046	7400	2350	60	$-60$	270	$\overline{2}$	48	46	$1.0\,$	Esuajah North
					incl.	28	32	4	2.4
AKRC048	7354	2331	60	-60	270	1	60*	59	0.5	Esuajah North
AKRC050	7160	2380	90	-60	270	10	$74\,$	64	0.6	Esuajah North
AKRC051	7120	2370	50	$-60$	270	14	36	$22\,$	$1.0$	Esuajah North
AKRC052	7120	2400	100	$-60$	270	12	56	44	$1.0\,$	Esuajah North
					incl.	14	20	6	1.9
					and	40	46	6	1.9
AKRC053	7120	2440	100	$-60$	270	42	$100*$	58	0.8	Esuajah North
AKRC054	7120	2480	100	$-60$	270	24	30	$\boldsymbol{6}$	$1.0\,$	Esuajah North
						42	$88\,$	46	$1.1\,$
					incl.	58	$70\,$	12	$2.0\,$
AKRC055	7200	2340	60	-60	270	44 52	46 56	$\boldsymbol{2}$	2.1 4.5	Esuajah North
AKRC056	7080	2440	100	$-60$	270	62	$100*$	4 38	$0.6\,$	Esuajah North
					incl.	70	74	4	3.0

Table 2: Significant RC Drill Intercepts -Ayanfuri Gold Project, Ghana (continued)

Hole	North (m)	East (n)	Depth (m)	Incl. $^{\circ}$	Azm. $^{\circ}$	From (n)	To (m)	Width (m)	Aц g/t	Location
AKRC057	7080	2399	100	$-60$	270	50	90	40	0.9	Esuajah North
AKRC060	7060	2400	80	-60	270	44	78	34	0.7	Esuajah North
AKRC063	6141	1900	100	-60	90	74	$100*$	26	1.8	Esuajah South
					incl.	74	80	6	3.2
					and	96	$100*$	4	2.5
AFRC011	13906	27420	120	$-50$	180	56	86	30	1.4	Fobinso
					incl.	60	72	12	2.2
						110	$120*$	10	1.1
AFRC012	13919	27380	116	$-50$	180	68	70	2	6.2	Fobinso
						72	102	30	0.4
AFRC013	13920	27339	120	-50	180	4	8	4	2.3	Fobinso
						44	68	24	2.3
AFRC014	13957	27339	150.	-50	180	52.	60	8	1.1	Fobinso
						70	74	4	2.2
						92	9.4	ŋ.	ÍΚ.

Table 2: Significant RC Drill Intercepts -Ayanfuri Gold Project, Ghana (continued)

* denotes ended in mineralisation.

ASP denotes assays pending

Assay sample intervals typically 2m

Bottle roll recovered grade only.

Table 3: Summary of 2007 RC drilling - Tengrela Gold Project, Ivory Coast

	North	East	Depth	Azm.	Inel.	From	To	Width	Αu	Au
Hole	(m)	(m)	(m)	$($ o $)$	$^{\circ}$	(m)	(m)	(m)	g/t#	$g/t^{\wedge}$
SRC006	1153922	806780	80	90	$-60$	59	61	2	6.9
SRC007	1154080	806740	80	90	$-60$	22	24	$\overline{2}$	8.3
SRC008	1154080	806780	80	90	$-60$	50	52	$\overline{2}$	2.1
SRC009	1154200	806070	96	90	$-60$	32	34	$\overline{\mathbf{2}}$	1.3
						54	58	4	1.5
SRC010	1154200	806099	95	90	$-60$	32	38	$\boldsymbol{6}$	3.0
SRC011	1154200	806270	100	90	$-60$	50	52	$\overline{2}$	2.8
						96	$100*$	4	1.2
SRC012	1154200	806300	82	90	$-60$	12	28	16	4.0
					incl.	12	14	2	22.1
					and	24	28	4	4.0
SRC014	1154200	806620	86	90	$-60$	22	86*	64	2.3
					incl.	22	48	26	2.3
					and	54	68	14	5.3
					and	80	86*	6	3.5
SRC015	1154157	806619	100	90	$-60$	55	$100*$	45	0.7	0.8
					incl.	70	80	10	1.2	1.4
					and	98	$100*$	$\overline{2}$	1.3	1.5
SRC016	1154162	806657	96	90	$-60$	78	94	16	3.4	4.9
					incl.	82	92	10	4.7	6.7
SRC018	1154160	806740	99	90	$-60$	66	72	6	1.6	2.3
						82	96	14	2.6	4.2
					incl.	90	94	4		10.9
SRC019	1154400	806625	54	90	$-60$	$\boldsymbol{6}$	20	14	1.6	1.9
						40	48	8	2.6	3.0
SRC020	1154400	806674	96	90	$-60$	14	30	16	1.0	1.2
						66	92	26	1.6	2.0
					incl.	78	88	10	2.7	3.0

Table 3: Summary of 2007 RC drilling - Tengrela Gold Project, Ivory Coast (continued)

Hole	North (m)	East (m)	Depth (ពោ	Azm.	Inel.	From (m)	Tо (m)	Width (m)	Αu 2/t#	At $g/t^{\wedge}$
SRC021	154400	806585	48	90	-60	20	48*	28	$\rightarrow$ و. ا	الانداء
					incl.	30	40	10	うう متمديته	2.7
					and	42	44		4.0	4.4

* denotes ended in mineralisation

Assay sample intervals typically 2m

denotes bottle roll recovered grade only

^ denotes full calculated grade based on fire assay results of bottle roll tails

Table 4: Significant RC Drill Intercepts - Kayeya Prospect - Grumesa Gold Project, Ghana

Hole	North	East	Depth	Incl.	Azm.	From	To	Width	Au
	(m)	(m)	(m)	$^{\circ}$	$^{\circ}$	(m)	(m)	(m)	g/t
KRC309	89660	60240	80	$-60$	271	58	$80*$	22	$0.8\,$
KRC310	89660	60220	80	$-60$	270	$60\,$	$78\,$	18	$1.2\,$
					incl.	60	66	6	$2.4\,$
KRC311	89660	60200	100	$-60-$	271	50	64	$\overline{14}$	1.3
					incl.	54	60	6	2.2
KRC313	89540	60209	150	-60	271	$20\,$	$28\,$	$\bf 8$	$0.7\,$
						102	126	24	$0.8\,$
KRC315	89440	60290	150	$-60$	270	14	$20\,$	6	$0.8\,$
						66	118	52	$0.6\,$
						108	112	$\overline{4}$	2.4
KRC316	89438	60330	150	$-60$	270	$74\,$	94	20	$\mathbf{1.1}$
KRC320	89440	60174	80	$-60$	272	24	54	30	$1.7\,$
					incl.	42	54	$12 \,$	$2.8\,$
KRC321	89400	60399	150	$-60-$	270	30 1	40	$10\,$	$0.6\,$
						80	$150*$	$70\,$	$0.6\,$
					incl.	120	132	$12 \,$	$1.2\,$
KRC322	89400	60339	150	$-60$	269	62	86	24	$\mathbf{L}$
KRC323	89360	60389	150	$-50$	270	8	42	34	0.7
			80	$-50$		114 18	144 $48\,$	30 30	0.6 $1.0\,$
KRC326	89240	60359			271 incl.	22	32	$10$	1.9
KRC327	89280	60340	150	$-50$	271	$\theta$	46	46	$1.0\,$
					incl.	$8\,$	$10\,$	$\overline{2}$	14.6
						110	128	18	1.0
KRC328	89279	60279	120	$-50$	270	24	$120*$	96	$0.9\,$
					incl.	24	30	6	$1.8\,$
					and	$70\,$	$74\,$	$\overline{4}$	$2.2\,$
					and	80	82	$\,2$	3.1
					and	106	110	$\overline{4}$	$2.4\,$
					and	114	118	4	$1.7\,$
KRC329	89320	60280	150	-55	270	46	68	22	0.7
KRC330		89359 60260	150	$-49.8$	272	50.	100	50	1.2
					incl.	50	58	8	1.9
					and	68	$78\,$	10	$2.2\,$
						140	148	8	0.9
KRC333	89160	60400	60	-60	274	$\overline{2}$	32	30	0.7
KRC334	89160	60419	60	-60	272	0	$60\%$	60	$0.4\,$
KRC339	89160	60300	40.	-60	271	0	32	32	0.5

Hole	North (m)	East (m)	Depth (m)	Incl. $^{\circ}$	Azm. $\circ$	From (m)	To (m)	Width (m)	Αu g/t
KRC344	89160	60199	40	-59	269	6	32	26	0.5
KRC345	89160	60179	40	$-61.9$	273	16	$40*$	24	$0.8\,$
					incl.	38	$40*$	$\overline{2}$	6.2
KRC350	89118	60365	60	$-60$	271	$\theta$	60#	60	1.2
					incl.	6	10	4	8.2
					and	18	24	6	1.9
					and	38	46	8	$1.4\,$
KRC351	89120	60384	60	$-62$	270	$\theta$	60#	60	$1.2\,$
KRC352	89120	60404	60	$-63$	274	$\theta$	50	50	0.5
KRC355	89060	60400	50	$-62$	272	10	36	26	2.1
					incl.	14	22	$\bf 8$	3.0
						24	30	6	2.9
KRC357	89060	60359	50	$-62$	271	$\theta$	48	48	0.6
KRC361	89060	60280	50	$-62$	273	6	22	16	1.0
					incl.	10	14	4	2.2
KRC363	89058	60239	50	-61	273	20	46	26	0.5
KRC366	89620	60270	150	$-60$	266	40	56	16	$0.7\,$
						144	146	$\overline{2}$	2.5
KRC367	89660	60021	60	$-63$	91	18	26	$\bf 8$	1.6
						42	44	$\overline{2}$	2.9
KRC368	89660	60006	60	$-59.5$	90	10	22	12	0.5
						38	50	12	1.9

Table 4: Significant RC Drill Intercepts - Kayeya Prospect - Grumesa Gold Project, Ghana (continued)

* denotes ended in mineralisation.

Mineralised intersections are reported where hole contains intercepts of over 10 gram-metres.

Assay sample intervals typically 2m

Bottle roll recovered grade only.

	Table 5: Drilling Summary - Obdilla Prospect - Tolubay Gold Project, Kyrgyz Republic

Hole	North (m)	East (m)	Depth (m)	Incl.	Azm.	From (m)	Tо (m)	Width (m)	Au g/t
ZDDH046	4447400	251300	272.0	-30	360	135.4	150.0	14.6	1.8
					incl	135.40	137	1.6	3.1
ZDDH047	4447375	251100	185.2	-30	360	147	159	$12 \overline{ }$	2.8
					incl	149	155	6	3.8
ZDDH048	4447400	251301	309.6	-70	360	NSI
ZDDH049	4447587	251107	300 target	-90	360	Assays	pending
ZDDH050	4447588	251275	125.0	-90	360	Abandoned

All samples were assayed by fire assay.

Appendix 1 Notes on the Southern Kaveva Resource Estimate

• 1) The Mineral Resource estimate for the southern portion of the Kaveva gold deposit was completed in April 2007 by Resource Evaluations Pty Ltd for Perseus Mining Ltd.
• 2) In September 2006 an Inferred gold resource estimate was prepared by Perseus Mining using all available drill data over 3.200m of strike of the Kayeva gold deposit. Subsequent infill drilling has been used in the April 2007 review of the southern portion of the Kayeya gold deposit by Resource Evaluations Pty Ltd. A review of the northern portion of the Kayeva gold deposit will be undertaken on completion of a significant infill drilling program.
• 3) The Kayeya prospect is located within a sequence of Lower Proterozoic Biriman (2.17-2.18 billion years) mid to upper Tarkwaian epiclastics referred to as the Kayeya Conglomerate. The Kayeya Conglomerate has undergone regional metamorphism with the fine argillaceous matrix showing a typical assemblage of quartz, plagioclase, iron-poor biotite, muscovite and clinozoisite. The more arenaceous matrix portions are replaced by impure quartzite. The structural fabric is dominated by a foliation and/or bedding, which in the core is most dominantly oriented $\sim 040^{\circ}$ -050° (magnetic) with a 50° to 65° westerly dip. Quartz veining is parallel to the dominant fabric though generally flatter dipping, usually ranging from sub-horizontal to 40 $^{\circ}$ NW in core and from 55 $^{\circ}$ NW through to 55 $^{\circ}$ SE in trenches. Joint and cleavage planes again are largely parallel to the dominant fabric though dips range from 55° NW through to 15° SE.
• 4) The Kayeya Conglomerate appears to be gold enriched ( $\geq$ 0.2gm Au/t) over an area of some 3.0 sq km and is referred to as the Kayeya Prospect. Gold mineralisation appears to be largely stratigraphically controlled by the magnetite rich conglomerate units which have been moderately folded into a broad syncline that plunges gently to the north at 0-30°. The western limb of the fold is relatively steep at $60-80^\circ$ while the eastern limb is flatter at $10-30^\circ$ . Several mineralised horizons are evident and can be traced in excess of 800m along strike and at depth below the current resource. Visible gold in drill core recovered from the Kayeya Prospect generally occurs on the margins of quartz stringers or in biotite rich micro-fractures. Overall the correlation between gold and quartz veining is poor. Sulphides are rare.
• 5) The drill database contains 406 Reverse Circulation ("RC") drill holes totaling 19,994m and 22 diamond holes totaling 2,157m. Sample recovery is considered to have been good for both RC and diamond cored drilling.
• 6) Initially, samples were routinely analysed for gold using standard fire assay $\ell$ fusion digest of a 50 gram pulp and read by AAS at SGS Laboratory Services Ghana Limited in Kumasi. Samples collected from drilling programs from April 1998 to 2003 were all analysed using a 1 kg 24hr Bulk Cyanide Leach method with 1 in 10 fire assays of the tails. 2004 to 2007 drill samples were analysed by 1kg 24hr Bulk Cyanide Leach method with about 25 percent of check sample assays. Samples were assaved by SGS. Kumasi and Transworld Laboratories Ghana Limited in Tarkwa. Only the recovered grades of the Bulk Cyanide Leach method were used in the resource calculation. Standards, spikes, blanks and repeat samples have been randomly submitted during all drilling programs.

• 7) The relative position of all drill-hole collars is survey controlled with each hole being surveyed or related back to a pre-existing 50m by 25m grid set out using a total station theodolite. Holes are considered to be accurate to within 1m horizontally and 0.5m vertically. The surface topography of the Kayeya prospect used for resource modelling was generated using lattice gridding of 50m by 25m survey data points and is considered to be sufficiently accurate for the generation of Indicated and Inferred Mineral Resource estimates. Bottom-of-hole single shot surveys were generally a systematic part of the process of percussion drilling at the Kayeya prospect. However, the surveys were limited to dip measurements only. Holes with significant deviations were also surveyed at a second uphole interval. As the blade RC holes did not penetrate hard rock, the deviation of those holes was only measured when the drill hole depth exceeded 30m. The down-hole sample location data for the Kayeya prospect is considered adequate to allow for the estimation of Indicated and Inferred Mineral Resources.

• 8) The Southern Kayeya resource area extends over a strike length of 740m from 88,980mN to 89.720mN and includes the 120m vertical interval from surface at 1.120mRL to 1.000mRL.

• 9) The resource estimate database includes assay and lithological data compiled on drilling, logging and assaying of the samples recovered from the 406 RC (blade and percussion) and 22 diamond holes within and projected across, the 740m of strike of the Southern portion of Kaveva deposit. Drilling was carried out along east-west fences which were nominally spaced at 20m to 40 metre grid north intervals and at 10 to 30 metres centres. All drill-holes were inclined at between $50^{\circ}$ and $60^{\circ}$ at grid west and east azimuths. The reporting of gold values 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) A total of 106 bulk density determinations have been undertaken on drill core from the Kayeya prospect. Bulk densities determinations were undertaken by SGS, Leo Shield and by Goldfields of South Africa. Average bulk densities were determined as 1.8t/m3 for Oxide, 2.3t/m3 for Transition and 2.7t/m3 for Fresh.
• 11) Wireframes were constructed using cross sectional interpretations based on a $0.2g/t$ Au cut-off grade.
• 12) Samples within the wireframes were composited to even 2.0m intervals. A $7g/t$ high grade cut was applied to gold values, based on statistical analysis.
• 13) A Surpac block model was used for the estimate with a block size of 20m NS x 10m EW x 5m vertical with sub-cells of $10m \times 5m \times 2.5m$ .
• 14) Ordinary Kriging (OK) grade interpolation using kriging parameters defined from directional variography was used to estimate block grades. The estimate was run in 3 passes using an orientated. search ellipse with a first pass radius of 60m and a second pass radius of 100m with a final third pass of 250m. The majority of blocks were estimated in the first 2 passes.
• 15) The Mineral Resource was classified as Indicated and Inferred as a consequence of the geological and grade continuity defined by historic and recent drilling programs.
• 16) No assumptions have been made about the mining and processing methods in the current resources estimation.

Appendix 5B

Mining exploration entity quarterly report

r

Name of entity

PERSEUS MINING LIMITED

ABN

27 106 808 986

Quarter ended ("current quarter")

31 March 2007

Consolidated statement of cash flows

	Cash flows related to operating activities	Current quarter \$A'000	Year to date (9 months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) exploration and evaluation (b) development (c) production (d) administration	(2,769) (315)	(6,338) (771)
1.3	Dividends received
1.4	Interest and other items of a similar nature
	received	104	225
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other - Deposits held re drilling programs		165
	Net Operating Cash Flows	(2,980)	(6,719)
1.8	Cash flows related to investing activities Payment for purchase or renewal of: (a) prospects
	(b) equity investments		(600)
	(c) other fixed assets	(39)	(104)
1.9	Proceeds from sale of: (a) prospects
	(b) equity investments (c) other fixed assets		2,709 5.
$1.10 -$	Loans repaid to other entities	(6)	(31)
1.11	Loans repaid by other entities		2
1.12	Other – Insurance recoveries on fixed assets		22.
	Net investing cash flows	(45)	2,003
1.13	Total operating and investing cash flows (carried forward)	(3.025)	(4.716)

1.13	Total operating and investing cash flows (brought forward)	(3,025)	(4,716)
1.14 1.15 1.16 1.17 1.18 1.19	Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other – share issue expenses	10,060 (559)	10,228 (559)
	Net financing cash flows	9,501	9,669
	Net increase (decrease) in cash held	6,476	4,953
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	4,314 (70)	6.000 (233)
1.22	Cash at end of quarter	10,720	10,720

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2
-1.24	Aggregate amount of loans to the parties included in item 1.10
	$\mathbf{A}$ and $\mathbf{B}$ are the set of the set of $\mathbf{A}$ and $\mathbf{A}$ are the set of $\mathbf{A}$ and $\mathbf{A}$ are the set of $\mathbf{A}$

1.25 Explanation necessary for an understanding of the transactions

	A\$'000
Directors fees, consultancy charges and remuneration
Accounting, secretarial and occupancy expenses

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

The Company entered into an agreement to purchase heap leach plant and equipment for the Grumesa gold project in Ghana for consideration comprising 1,400,000 ordinary shares at an issue price of 40 cents each and US\$25,000 cash. Perseus also assumed responsibility for the vendor's security staff and their employee entitlements up to a limit of US\$5,000. Settlement was completed during the quarter.

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

$N/A$

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities		$\blacksquare$
3.2	Credit standby arrangements		$\blacksquare$

Estimated cash outflows for next quarter

		\$A'000
4.1	Exploration and evaluation	3,000
4.2	Development	$\overline{\phantom{0}}$
	Total	3,000

Reconciliation of cash

	Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter \$A'000	Previous quarter \$A'000
5.1	Cash on hand and at bank	391	989
5.2	Deposits at call	10,329	3,325
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	10.720	4.314

Changes in interests in mining tenements

		Tenement reference	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed	None
6.2	Interests in mining tenements acquired or increased	Ayanfuri Mining Leases and Prospecting Licence (1110/1994) Nsuaem Reconnaissance Licence $(RL3/26)$	in. Interest these licences acquired through the exercise of option the . acquire to $100\%$ of the share in capital Ghanaian company, Stratsys Investments Limited	$-9/6$	90% (Ghana Governme nt has a statutory 10% interest in mining projects)

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	price Issue per	Amount paid up
				security (cents)	per security (cents)
$\overline{7.1}$	Preference *securities (description)
7.2	Changes during quarter
7.3	+Ordinary securities	116,230,950	116,230,950
7.4	Changes during quarter
	Issue of shares through placement and prospectus	25,150,000	25,150,000	$40$ cents	40 cents
	Issue of shares as consideration for plant	1,400,000	1,400,000	40 cents	40 cents
7.5	+ Convertible debt securities (description)
7.6	Changes during quarter
7.7	Options (description and conversion factor)			Exercise price	Expiry date
		27,160,000 995,000	23,280,000	$20$ cents 26 cents	31/03/2009 01/12/2008
		400,000 400,000		45 cents $50$ cents	06/06/2009 06/06/2009
$7.8\,$	Issued during quarter Issue of options through placement	12,575,000	ä,	$50$ cents	29/02/2008
	and prospectus	12,575,000		$50$ cents	29/02/2008
7.9	Exercised during quarter		$\overline{\phantom{0}}$
7.10	Cancelled/Expired during quarter	(1,000,000)	ä,	35 cents	31/03/2007
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

Compliance statement

• This statement has been prepared under accounting policies, which comply with $\mathbf{1}$ accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement gives a true and fair view of the matters disclosed.

Malta.

Sign here: Print name:

Mark Calderwood Managing Director

Date: 30 April 2007