PERSEUS MINING LIMITED — Interim / Quarterly Report 2012

Apr 17, 2012

March 2012 Quarterly Update

Mark Calderwood CEO Jeff Quartermaine CFO

www.perseusmining.com ASX/TSX: PRU

Cautionary Statements

Forward-Looking Statements

Statements in this presentation regarding the Company's plans with respect to its mineral properties are or may be forward-looking statements. There can be no assurance that the plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to convert Inferred resources to Indicated resources or Indicated resources to Measured resources, that any mineralisation will prove to be economic, or that a mine will successfully be developed on any of the Company's mineral properties.

Competent Person's Statement

The information in this presentation that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr. Mark Calderwood, who is a Chartered 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 qualified person pursuant to National Instrument 43-101 of the Canadian Securities Administration. Mr Calderwood consents to the inclusion in this presentation of matters based on this information in the form and context in which it appears.

Highlights

• Gold production of 38,796 oz during the Quarter was within guidance of 35-40,000oz. Adjusted C1 cash costs of US$723/oz compare favourably to guidance of US$950/oz.
• Guidance for the June 2012 Quarter remains unchanged at 50,000oz to 55,000oz of gold production at adjusted cash cost of $690/oz.
• Regulatory approvals and preparation for early works progressing well at Sissingué
• 67,634m of drilling completed in Ghana and Côte d'Ivoire including significant intercepts from new prospects
• Available cash balance of A$117.1M plus 970oz of gold on hand at 31 March 2012

Edikan Gold Mine – Performance Overview

• Gold Production
  • Production 38,796oz up 8.4% from Dec quarter
  • C1 Cash Cost US$723/oz (post adjustment for stockpile and waste stripping)
  • Month of March Production 19,026oz representing 49% of March quarter production
  • C1 Cash Cost for March US$576/oz (post adjustment for stockpile and waste stripping)
• Gold Sales 45,490oz
  • 25,490oz at US$1,745/oz spot
  • 20,000oz at US$1,217/oz reducing hedge to 210,000oz at US$1,253/oz
  • Revenue US$68.8M
  • Royalty expense US$4.1M

	MARQTR2012	Guidance
GoldProduction	38,796oz	35,000-40,000oz
C1CashCost	US$723/oz	US$950/oz
C1CashCost+royalty	US$830/oz

Edikan Gold Mine - Operating Highlights

• Mining
  • 4.8Mbcm of ore + waste mined (up 29%)
  • 2.2Mt of ore at 1.2g/t Au (up 23%)
  • Strip Ratio 4.2:1 (bcm:bcm)
  • Ore stockpile increased to 2.7Mt at 0.9g/t containing 81Koz of gold
  • Mining cost average US$2.59/t of material
• Processing
  • 1.0Mt (down 5.5 %)
  • March processing rate 14,050t per day (up 42% from Jan-Feb)
  • Recovery 83.7% (up 3.3%)
  • Processing cost US$8.63/t
• Admin, Royalties, Capital Expenditure
  • Overheads US$1.2M per month
  • Royalties US$4.1M
  • Capital Expenditure US$8.8M incl US$5.3M on tailings dam

Edikan Gold Mine - Processing Ramp-up

• Processing improvements
  • Throughput prior to scheduled February shutdown 11,265dtpd
  • Throughput post shutdown 13,330dtpd
  • March throughput increased to 14,050dtpd
  • 2 throughput and 6 production daily records set during the March
  • Throughput and production daily records surpassed again in April
  • Current key focus areas
    • wear points (pipes & chutes)
    • enhance maintenance plan & spares
    • crusher settings

UnplannedDowntime(hours)	Mechanical	Power	Water	Other	Total	Portionof TotalHrs(2)
January	8	10	58	54	129	18%
February	32	24	28	166(1)	250	40%
March	60	10		-29	99	14%

• 1. Includes 84 hours for extended shutdown
• 1. Portion of hours per month after allowing for planned shut-downs

Edikan Gold Mine - Production Outlook

• Mining
  • Ore from high grade AF-Gap and low grade Fobinso
  • Cut-back starting at Abnabna and AF-Gap
• Processing
  • Continue to increase mill availability
  • Improve metallurgical recovery through reduction of transitional material
• Capital Projects (June Quarter)
  • Near Completion of oxide feed circuit
  • Completion of section 3b of main flotation tailings dam, start depositing tailings in section 3a
  • Start dewatering Fetish and Chirawewa pits
  • Commence preparation of Fetish pit for mining in late 2012/early 2013

Edikan Gold Mine - Guidance

	MarQtr12*	JunQtr12	Jul-Dec12
Throughput(dryMt)	1,027,540	1,500,000	3,200,000
Headgrade	1.40g/t	1.27g/t	1.59g/t
Goldrecovered(oz)	38,796	50,000-55,000	135,000-145,000
AdjustedC1cashcost(US$/oz)	$723	$690	$550
OverheadsProcessing30%Costs*actual^includes:Admin.,	12%Mining58%OH&S,Environ.,Community,	ApproximateunitcostsMining$2.75/twaste&oreMilling$7.00/toforemilledOther^$4Mperquarter

Ghana - Exploration

• 40,775m of drilling completed
• Exploration Results
  • Besem Gap 30m @ 2.3g/t Au
  • Besem Nth 24m @ 1.8g/t Au
  • Wampem 12m @ 4.8g/t Au
  • Chirawewa Sth 26m @ 3.5g/t Au
• Deeper Drilling
  • Fetish 44m @ 3.0g/t, 24m @ 4.3g/t Au, 5m at 11.4g/t Au
  • Esuajah Sth 78m @ 3.4g/t & 16m @ 4.0g/t Au (same hole)
• Esuajah North Mineral Resource Upgrade
  • M&I increased 52% to 920Koz
  • Total EGM M&I 156.3Mt @ 1.1g/t Au containing 5.6Moz (before mining depletion)
• Mineral Reserve Upgrade
  • Pit design work commenced for upgrade to Fetish, Esuajah North and addition of Chirawewa and Bokitsi

• March 2012 Qtr exploration expenditure of US$5.9M

Sissingué Gold Project

• Permitting well advanced
  • EISA approved
  • DFS approved, Exploitation Permit awaiting negotiation of fiscal terms
• Detailed design/tenders
  • Final design well advanced
  • All key equipment selected and priced, SAG mill supply contract awarded Dec. 2011
  • Early works tender process well advanced
• Timetable
  • Project start awaiting Exploitation Permit
  • 14-month build from start of construction
  • Still on target for Dec Qtr 2013 commissioning
• Capital Expenditure of US2.7M in March 2012 Qtr

Tengrela Exploration

• 26,859m of drilling completed
• Exploration Results
  • Sissingué East 4m @ 33.5g/t Au
  • Podio 14m @ 5.9g/t Au
  • Zing 4m @ 10.0g/t Au
  • Sissingué Nth 4m @ 10.0g/t Au
  • Kanakono 19m @ 2.0g/t Au
• Infill & Deeper Drilling
  • Sissingué 58m @ 3.1g/t, 42m at 1.7g/t, 22.5m at 2.7g/t, 10m at 4.9g/t Au
• Mabengé & Napié Permits
  • Drill ready targets, awaiting licence renewal process to commence in Côte d'Ivoire
• March 2012 Qtr exploration expenditure of US$3.6M

Resources

Mineral Resources (Gold)

Including Reserves

	Measured		Indicated			Inferred
Deposit(cut-off g/t Au)	Tonnes(million)	g/tAu	oz.Au	Tonnes(million)	g/tAu	oz.Au	Tonnes(million)	g/tAu	oz.Au
			(,000)			(,000)			(,000)
Edikan Gold Mine>0.8g/t	49.5	1.5	2,378	38.2	1.3	1,603	24.9	1.4	1,111
Edikan Gold Mine0.4g/t - 0.8g/t	34.2	0.7	718	34.5	0.6	706	25.7	0.7	602
Grumesa>0.4				25.1	0.6	471	16.4	0.5	247
Tengrela>1.0g/t	0.9	3.2	90	9.1	2.5	706	3.3	1.7	171
Tengrela0.5-1.0g/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:

•The company holds 90% of Edikan, 90% of Grumesa and 85% of Tengrela after allowing for Government equity at mining stage. •Resources do not allow for mining deletion

Reserves

Mineral Reserves (Gold)

Deposit	Proven			Probable			Total
	Tonnes(million)	g/tAu	OuncesAu(,000)	Tonnes(million)	g/tAu	OuncesAu(,000)	Tonnes(million)	g/tAu	OuncesAu(,000)
Edikan >0.4g/t	47.7	1.3	1,974	39.2	1.0	1,300	86.9	1.2	3,273
Tengrela >0.55g/t				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

Notes

•As at December 2010;

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

•Mineral Reserves shown before mining depletion

• Available cash at 31 March 2012 was A$117.1M and bullion holdings totalled 970oz of gold
• Made first scheduled debt repayment of US$11M outstanding Edikan project debt reduced to US$74M
• Hedge commitment reduced to 210,000oz at average of US$1,253/oz
• Full Management Discussion and Analysis (MD&A) and Financial Statements for the three months and nine months to 31 March 2012 to be released to ASX and TSX on 15 May 2012

www.perseusmining.comASX/TSX: PRU

Mark Calderwood MD/CEO +61 8 9240 6344

Jeff Quartermaine CFO +61 8 9240 6344

Nathan Ryan Investor Relations +61 420 582 887

Rebecca Greco Investor Relations +1 416 822 6483