PERSEUS MINING LIMITED — Investor Presentation 2006

Oct 9, 2006

10 October 2006

The Manager Company Announcements Office Australian Stock Exchange Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000

Dear Sir

INVESTOR PRESENTATION

Mark Calderwood, the Company's Managing Director will be conducting a series of investor presentations in Europe commencing Friday 13 October 2006.

A copy of the presentation material is attached.

Yours faithfully

Shing

Susmit Shah Company Secretary

www.perseusmining.com

ASX: PRU

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

Perseus has two gold projects in West Africa and one gold project in the Kyrgyz Republic at varying stages of feasibility study

Introduction

Perseus has taken its total resource base from 0.45 Moz one year ago to 2.0Moz in September 2006 and is targeting an increase to 3.0Moz by March 2007

Perseus has a US$18/oz* market cap (typical industry range US$40 to US$120)

*fully diluted, equity ounces, excludes cash and liquid assets

Performance

Perseus has proven its exploration credentials over last 12 months:

Drilling up $160%$ to 24,000m

Resources up 350% to 2.0Moz

Land holding up $180%$ to 7,483sq km

Significant drill targets* outside current resource areas, up from 7 to 14

Seven rigs currently on site

* areas of mineralisation that have significant intercepts or are currently being drilled outside areas of declared resources

Project Locations

West Africa – large number of gold discoveries in last 15 years

Ivory Coast

• Newmont, Randgold, Golden Star, Equigold, Etruscan, Cluff are present
• Good Infrastructure

Ghana

• An African success story
• Anglogold-Ashanti, Newmont, Golden Star, Red Back, Adamus are active
• Good infrastructure

The Kyrgyz Republic - the gold rich Tien Shan belt

• Good infrastructure, mining history
• Centerra, Barrick, Oriel, Eurasian are active.

Key Project Highlights

Grumesa & Ayanfuri - Ghana - West Africa (90%*). Feasibilities started, 15,000m drilling campaign underway to upgrade and expand existing 1.4Moz resource base

Tengrela - Ivory Coast - West Africa (80%*#) Strong results from early drilling. Second rig en route, 6,000m per month planned

Tolubay - Kyrgyz Republic - Central Asia (100%). Obdilla, a confirmed "Carlin Style" discovery, maiden resource 0.6Moz from a small part of target area

Savoyardy - Kyrgyz Republic - Central Asia (100%) Significant Soviet resource

* 10% reserved for Governments of Ghana and Ivory Coast Additional 10% of Tengrela held by local partner

• Three projects (Grumesa, Ayanfuri and Kwatechi), located in Central Ashanti belt 25-65km from Anglogold Ashanti's 60Moz Obuasi deposit:

Current JORC gold resources 268,000oz Indicated 1,140,000oz Inferred

• Total tenement area of 650 sq km, 70% under-explored
• Resources yet to be estimated for several deposits and new drill targets ready

mana ng

West Africa

Ghana

West Africa - Ghana Grumesa (90%)

Constant

• 800,000oz resource, potential for large upgrade
• Low grade mineralisation, but suitable for low cost heap leach extraction
• Deposit 4km long by 500m wide and only drilled to average of 30m depth. Most holes end in mineralisation
• 7,000m of infill drilling almost completed for part of the deposit
• Heap leach metallurgical testwork results: Oxides - $90%$ recovery Fresh rock - 70% recovery

West Africa - Ghana Grumesa (90%)

• Pre-feasibility for a 2Mtpa gold heap leach to be completed in Dec 06
• Potential 45-50 koz p.a. operation
• Very low waste: ore ratio $(\le 1:1)$
• Estimated US$10M capex cost
• Favorable metallurgy
• Target cash cost $\sim$ US$300/oz (at 0.9g/t) head grade)
• Potential operating cash flow US$10M at US$550 gold price
• Exploration targeting long mine life

Common

West Africa - Ghana Ayanfuri (option for 90%)

• 306,000oz gold produced from shallow oxide pits 1994-2001 and heap leach; closed when gold price was US$270 per oz
• Current gold resources 268,000oz Indicated, 340,000oz Inferred
• Drilling outside resource areas commenced intercepts include: $21m$ @ 4.4g/t Au from 4m 10m @ 6.3g/t Au from 48m
• Option exercisable by issuing 2.5M Perseus shares and 2.5M unlisted options exercisable at 40c (additional shares and options on JORC reserve of over 500,000oz)

, akana

West Africa - Ghana Ayanfuri (option for $90%$ )

• Feasibility commenced for a 2Mtpa CIL plant
• Potential 90-110koz p.a. operation
• Existing mining leases
• Good Infrastructure estimated US$60M capex cost
• Low waste: ore ratio $(\sim 2.5:1)$
• Cash cost $\sim$ US$350/oz
• Potential cash flow US$19Mpa at US$550 gold price
• Exploration targeting ore for $\pm 10$ year mine life

Concine

West Africa - Ivory Coast Tengrela (80%)

Perseus has identified 9 strong gold anomalies located on the border of Ivory Coast and Mali in an area known for:

• A high conversion rate of strong anomalies to large gold deposits and gold deposits to mines, including -Morila, Syama, Tongon, Tabakoroni $(total 17Moz)$
• Being an under-explored region

The Tengrela project covers 65km strike of the Syama gold belt

BACK

West Africa – Ivory Coast Tengrela (80%)

Drilling has commenced on 3 of 9 regionally significant soil anomalies:

• 12kms of strike tested hits on every traverse
• Results include 33m* at 11.1g/t, $25m^$ at 3.2g/t, 4m at 42.6g/t, $31m^$ at 1.4g/t Au from wide spaced drilling (*ended in mineralisation)
• Continuous reconnaissance drilling in progress
• RC rig about to start infill drilling

Sissingue Prospect - RAB drilling

Central Asia Kyrgyz Republic Tolubay $(100%)$

• Initial 10.4Mt at $1.9g/t 618,000oz$ resource from first 20% of strike drilled at Obdilla prospect
• Drilling from most recent section included 213m $\omega$ 1.8g/t

LONG SECTION OF INTERPRETIVE GEOLOGY - OBDILLA GOLD PROSPECT

Central Asia Kyrgyz Republic Tolubay $(100%)$

• Confirmed Carlin-style deposit discovered at Obdilla in 2005
• Recognition of untested Carlin Style mineralisation presented a unique opportunity that led Perseus to expand its holding from 46 to 4,846 sq km, covering a number of historic anomalies
• Other mines in Southern Tien Shan belt include Muruntau (170Moz) and Kumtor (17Moz)
• Regional stream sediment sampling is expected to identify numerous additional targets

Central Asia Kyrgyz Republic Savoyardy $(100%)$

Reference

• Also located in emerging gold rich Tien Shan belt
• High grades from recent underground adit sampling:
  • 7m @ $12.9$ g/t Au
  • 2m @ 38.9g/t, 2m @ 37.3g/t Au
• Soil sampling defined a 3,500m long 500m wide target zone east of high grade lodes

Short term objectives 3Moz by March 2007

• Upgrade and increase resources from 1.4Moz to 2.0Moz on two Ghana projects - Grumesa & Ayanfuri
• Increase Tolubay (Kyrgyz Republic) resources from $0.6Moz$ to $>1.0Moz$
• Progress feasibility studies on 3 projects outlined above
• Commence resource drilling at Tengrela (Ivory Coast)

Target objectives

• Production at Grumesa-Ayanfuri (Ghana) gold projects of 150,000oz p.a.
• Resources of > 3Moz at Tolubay (Kyrgyz Republic)
• Resources of $\geq$ 2Moz at Tengrela (Ivory Coast)
• Reach mid-tier producer status with low cost, long life operations

Capital Structure

9 October 2006

Ordinary Shares (PRU)	88.88M
Listed Options (PRUO)	23.28M
Unlisted Options	7.53M
$\log 20$	$69.0%$
CIG/Directors	29.5%
Macquarie Bank	$10.4%$
Cash at 30 Sep 2006	A$4.3M
Monaro Shares & Options	A$1.3M
Market Capitalization	A$40M

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

Trading in Frankfurt, Berlin-Bremen and Munich code: P4Q

Senior Management

Reg Gillard (Chairman)

20 years as Director/Chairman for Mount Edon, Moto, Tiger, Lafayette, Pioneer and others

Mark Calderwood (Managing Director)

20 years in exploration management including 11 years in Africa and Kyrgyz Republic, several large discoveries for Perseus, Mount Edon and Moto

Colin Carson (Executive).

20 years in public company management

Rhett Brans (Non Executive Director) 30 years in feasibility and mining treatment facility engineering

Neil Fearis (Non Executive Director)

29 years as commercial lawyer in UK and Australia

Stephen Shelton (Exploration Manager)

27 years in exploration, resource and engineering geology

Tony Smith (Feasibility Manager)

25 years in metallurgical engineering, feasibility, mine construction and commissioning

Steffen Brammer (Resource Geologist)

11 years in West Africa, Congo and Kyrgyz Republic including several large discoveries

Why Invest in Perseus?

• Three projects at varying stages of production feasibility
• Recent increase of Resources to 2Moz targeting 3Moz by March 2007
• Undervalued current US$18/oz* market cap
• Experienced management
• 5 to 8 drill rigs operating strong information flow

* Fully diluted, equity ounces, excludes cash and liquid assets

• All persons should seek appropriate professional investment advice in reviewing or ◈ considering this presentation and all other information with respect to Perseus Mining Limited's business, financial performance and operations. Neither the provision of this presentation nor the information contained herein, or any associated communication to any persons, should be taken as constituting financial advice regarding the purchase of dealing of shares in Perseus Mining Limited. This presentation does not purport to provide all information that might reasonably be required to complete a detailed assessment of Perseus Mining Limited. Individuals should conduct their own investigation of investment and financial parameters relevant to their personal requirements for investment purposes.
• The presentation may contain forward-looking statements regarding the intentions of the ◈ Company, and these will be affected by movements in share markets, commodity prices and many other factors beyond the control of Company personnel. The presentation must be considered in the light of these uncertainties and investment in Perseus Mining Limited should be considered as speculative in nature.
• The presentation is not a prospectus or similar disclosure document and does not ◈ constitute an offer or invitation to apply for shares.

www.perseusmining.com