PERSEUS MINING LIMITED — Investor Presentation 2005

Nov 28, 2005

Advancing Projects in Major Gold Provinces

Mark Calderwood, Managing Director

November 2005

Perseus Mining listed on the ASX in late 2004 to explore for and develop large gold deposits within regions that host numerous "World Class" gold deposits.

Perseus has built a strong portfolio of exploration projects in West Africa and the Kyrgyz Republic which have been selected using strict criteria: •significant prior exploration; •favorable geological setting and style of mineralisation; •robust exploration model; and $\bullet$ drill ready

West Africa is amongst the most prolific regions in the world for recent gold discoveries

Ivory Coast

• Politics improving. An African success
• Newmont, Randgold, $\bullet$ Golden Star, Equigold, Etruscan, Cluff.
• story. Anglogold-Ashanti, Newmont, Golden Star, Red Back, Adamus.

Ghana

The Kyrgyz Republic contains the rich Tien Shan gold belt

• Good infrastructure, mining history.
• Centerra, Barrick, Central Asia, Oriel, Eurasian.

Project Locations

Listed Sep 2004

Capital & Finances
Ord. Shares	72.02M
Options	29.03M
Tradeable shares (PRU)	38.58M
Tradeable options (PRUO)	19.29M
Top 20	$80.0%$
CIG/Directors	32.2%
RAB Capital	15.9%
Macquarie Bank	4.8%
Cash at hand Oct 05	A$3.0M
Market Cap. 28 Nov 05	A$20.0M

$CIG = Caspian Oil & Gas Limited - ASX listed$

Key Projects

Tengrela – Ivory Coast $(80%)$ One of the best group of untested soil anomalies in West Africa.

Tolubay – Kyrgyz Republic (100%) Significant insitu mineralisation discovered in "Carlin Style" setting.

Savoyardy – Kyrgyz Republic $(100%)$ Significant Soviet resource and recent discoveries.

Grumesa – Ghana (90%) 450,000oz resource, in feasibility for 50,000oz production, still much larger potential.

Kwatechi – Ghana $(76%)$ New high grade discovery may impact on nearby Grumesa production.

• Taken Obdilla prospect from soil anomaly to insitu discovery to resource drilling in 5 months;
• First resource at Obdilla expected well before anniversary of discovery;
• Drilling started at Tengrela in Ivory Coast and;
• Maquarie Bank Limited has taken an initial 4.8% stake

The Perseus Team

• Quality management and board
  • Extensive 'in country' experience in West Africa and the Kyrgyz Republic;
  • Strong geological credentials with discovery history; and
  • Extensive corporate and ASX experience.

Board of Directors

Reg Gillard (Chairman) Public company director for 17 years, current mineral industry directorships include Caspian Oil & Gas, Pioneer Nickel, Aspen Group and producer Lafayette.

Mark Calderwood (Managing Director) 10 years West African exploration management, 3 years Kyrgyz experience, previously discoverer of the "World class" Tarmoola deposit in Australia

Colin Carson (Executive) Over 25 years financial and public company experience. Extensive knowledge of West African, Kyrgyz and Australian taxation and legal framework, CEO of Caspian Oil & Gas, the most active oil explorer in Kyrgyz Republic via JV with Santos.

Rhett Brans (Non Executive Director) An engineer with 30 years of experience in design and construction of mineral treatment facilities.

Neil Fearis (Non Executive Director) 27 years experience as a commercial lawyer in the UK and Australia. Practices principally in the area of mergers and acquisitions, takeovers and public flotation.

Tengrela $(80%)$

Located on the border of Ivory Coast and Mali in an area known for:

• Large gold deposits including one of the top mines in the world -Morila;
• Few large coherent anomalies, but a high conversion rate of these to gold deposits;
• Being an under explored region.

The Tengrela project covers 65km strike of the Syama gold belt and many of the strongest soil anomalies.

Tengrela $(80%)$

Sissingue Prospect - Tengrela Gold Project

Drilling commenced late Nov 2005 $>20,000$ m allocated to 8 prospects:

• First drill results expected in early January;
• Continuous reconnaissance drilling planned;
• Second drill rig will be used to follow up any significant intercepts.

One of the strongest undrilled target zones in West Africa - spectacular gold in soil anomalies.

Resolute obtaining high grade drill results from Tabakoroni discovery 1.1km from Perseus licence.

• Carlin style deposit in Tien Shan, large tonnage potential.
• Obdilla prospect 2000m long 50-200m wide, trenches $70m#$ @ 2.0g/t, $52m^*(\omega)$ 2.6g/t, $78m#(\omega)$ 1.7g/t and 68m# $(\omega)$ 1.7g/t Au.
• Drilling has commenced 1st hole on main zone - 72.5m* @ 2.4g/t, second rig due to start, 40 holes planned.
• Tolubay trend 3km long, $32m# (a)$ 3.7g/t, 20m $(a)$ 1.9g/t and 21m $(a)$ 1.8g/t ۰ Au.
• Recently discovered, strong 400m x 400m soil anomaly North Istagan "Dome" 40m trench - 0.4g/t Au.
• Sart-Istagan 2.3km long, 49m# @ 0.8g/t Au.
• Good infrastructure, mining history. ۰
• * Started or ended in mineralisation # Mineralised throughout

• Also located in exceptionally rich Tien Shan gold belt.
• High grades from recent adit sampling:
  • 7m @ $12.9g/t;$
  • $2m$ (a) $38.9g/t$ , $2m$ (a) $37.3g/t$ .
• Plans to drill high grade zones to confirm part of high grade Soviet resource.
• Soil sampling defined a 3.5km long 0.5km wide target zone east of high grade lodes.

Savoyardy Prospect - Savoyardy Gold Project

Grumesa $(90%)$

• 450,000oz resource, currently targeting 50,000oz for toll treatment, 35km away, at Obuasi with Anglogold-Ashanti.
• Reserve drilling partially completed.
• Kayeya Gold Prospect registered with EPA, environmental base line completed, terms of reference for EIS submitted.
• CIL Metallurgical testwork, +98% recovery, low consumables.
• Contractor selection process commenced.

Kwatechi (76%)

• Promising regional geological setting.
• Kobo Zone 10,000m long 700m wide, recent trench intercepts include:
  • $10m$ (a) $14.3g/t;$
  • 8m @ 10.9g/t; and
  • 4m @ $7.5g/t$ Au.
• Previous drilling open intercepts of:
  • 12m @ 2.2g/t;
  • 10m @ 2.3g/t;
  • $8m \omega$ 2.3g/t; and
  • $12m$ (a) $1.7g/t$ Au.
• Atua zone 3,000m long, 1,000m wide spaced drilling with open intercepts of
  • 6m @ $3.3g/t$ ;
  • $19m \omega$ 0.5g/t; and
  • 36m @ 0.4g/t Au.

Objectives to Mar 06

• Tengrela results from $+20,000$ m drill program will flow in on a regular basis.
• Tolubay ongoing drilling results and ramp up of drilling program to 3 rigs.
• Grumesa $-$ completion of feasibility and EIS
• Savoyardy, Talas, Maly Naryn detailed planning for 2006 season.

Thank You

Interesting comparison between geologically similar Ashanti and Syama gold belts.

note:

exploration in Ashanti belt started ~100 years prior to Syama belt