PERSEUS MINING LIMITED — Interim / Quarterly Report 2012

Apr 18, 2012

Appendix 5B

Mining exploration entity quarterly report

Name of entity

PERSEUS MINING LIMITED

27 106 808 986 31 March 2012

ABN Quarter ended ("current quarter")

Consolidated statement of cash flows

		Current quarter	Year to date
Cash flows related to operating activities		$A'000	(9 months)
			$A'000
1.1	Receipts from product sales and related debtors	60,591	109,289
1.2	Payments for (a) exploration and evaluation*	(7,488)	(22,605)
	(b) development	(7,839)	(42,506)
	(c) production (incl pre
	commercial)	(41,520)	(88,026)
	(d) administration	(3,035)	(7,278)
1.3	Dividends received	-	-
1.4	Interestand other items of a similarnature
	received	222	728
1.5	Interest and other costs of finance paid	(976)	(2,705)
1.6	Income taxes paid	-	-
1.7	Other	-	-
	Net Operating Cash Flows	(45)	(53,103)
	Cash flows related to investing activities
1.8	Payment for purchase or renewal of:
	(a) prospects	-	-
	(b) equity investments	-	(2,386)
	(c) other fixed assets	(997)	(2,725)
1.9	Proceeds from sale of:(a) prospects	-	-
	(b) equity investments	-	-
	(c) other fixed assets	-	-
1.10	Loans to other entities	-	-
1.11	Loans repaid by other entities	-	-
1.12	Other	-	-
	Net investing cash flows	(997)	(5,111)
1.13	Total operating and investing cash flows (carried
	forward)	(1,042)	(58,214)

*Includes Reserve Definition Drilling (reallocated from development to exploration)

1.13	Total operating and investing cash flows (brought
	forward)	(1,042)	(58,214)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	2,401	94,617
1.15	Proceeds from sale of forfeited shares	-	-
1.16	Proceeds from borrowings	-	-
1.17	Repayment of borrowings	(10,577)	(10,577)
1.18	Dividends paid	-	-
1.19	Other –share issue expenses	(63)	(4,926)
	Net financing cash flows	(8,239)	79,114
	Net increase (decrease) in cash held	(9,281)	20,900
1.20	Cash at beginning of quarter/year to date	131,455	96,462
1.21	Exchange rate adjustments to item 1.20	(5,054)	(242)
1.22	Cash at end of quarter	117,120	117,120

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	481
1.24	Aggregate amount of loans to the parties included in item 1.10	-

1.25 Explanation necessary for an understanding of the transactions

	A$'000
Directors fees, consultancy charges and remuneration	435
Accounting, secretarial and occupancy expenses	46

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

N/A.

N/A.

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

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 (refer note below)	71,243	71,243
3.2	Credit standby arrangements	-	-

The Company has US$74 million of the project finance facility outstanding with Macquarie Bank Limited and Credit Suisse (equivalent to AUD$71.2 million at the 31 March 2012 exchange rate) after making the first repayment of US$11 million during the March 2012 quarter.

Estimated cash outflows for next quarter

	Total	7,500
4.4	Administration	3,000
4.3	Production**	(16,500)
4.2	Development (including pre-development)	13,000
4.1	Exploration and evaluation*	8,000
		$A'000

*Includes Reserve Definition Drilling

**Net of product sales, debt facility repayments and environmental bank guarantee

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	9,885	10,609
5.2	Deposits at call	107,235	120,846
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
	Total: cash at end of quarter (item 1.22)	117,120	131,455

At 31 March, the Company had US$2.2 million (approximately AUD$2.2 million at the date of this report) held in bank deposits which are subject to lien and are provided as collateral for bank guarantees issued to the Ghana EPA in relation to environmental rehabilitation provisions concerning some Ghana mineral permits. These deposit amounts are not included in cash balances at the quarter end for the purposes of this cash flow statement.

Changes in interests in mining tenements

		Tenement reference	Nature of interest	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed	N/A.
6.2	Interests in miningtenements acquired orincreased	N/A.

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	Issuepricepersecurity (cents)	Amountpaid upper security (cents)
7.1	Preference	-		--	-
	+securities
	(description)
7.2	Changes during	-		--	-
	quarter
7.3	+Ordinary	457,962,088	457,962,088
	securities
	Changes during
7.4	quarter
	Exercise of options	1,025,000	1,025,000	$0.65	$0.65
	Exercise of options	110,000	110,000	$2.13	$2.13
	Exercise of options	600,000	600,000	$1.30	$1.30
	Exercise of options	400,000	400,000	$1.80	$1.80
7.5	+Convertible debt	-		--	-
	securities
	(description)
7.6	Changes during	-		--	-
	quarter
7.7	Options			Exercise price	Expiry date
	(description and
	conversion factor	820,000	-	$2.13	16/06/2013
		400,000	-	$2.45	29/07/2012
		450,000	-	$3.00	06/10/2013
		160,000	-	$3.00	14/10/2012
		280,000	-	$3.45	14/10/2012
		270,000	-	$3.20	03/11/2013
		2,210,000	-	$3.00	15/06/2014
7.8	Issued duringquarter
		-	-	-	-
		-	-	-	-
		-	-	-	-
		-	-	-	-
7.9	Exercised duringquarter
		(1,025,000)	-	$0.65	23/01/2012
		(50,000)	-	$2.13	14/01/2012
		(60,000)	-	$2.13	16/06/2013
		(600,000)	-	$1.30	31/03/2012
		(400,000)	-	$1.80	31/03/2012
7.10	Cancelled/Expiredduring quarter	(80,000)	-	$3.00	15/06/2014
7.11	Debentures(totals only)	-		-
7.12	Unsecured notes	-		-
	(totals only)

Compliance statement

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

Print name: Mark Calderwood Managing Director

Sign here: Date: 19 April 2012