PERSEUS MINING LIMITED — Investor Presentation 2007

Nov 12, 2007

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ASX RELEASE 13 November 2007

Significant Results Shambesai Prospect Kyrgyz Republic

Highlights

• Assay results have been received for several trenches and rock chip samples from the Shambesai prospect on the 100% Perseus-owned Isfairamsai licence in the Kyrgyz Republic.

• Significant intercepts were 57.7m (open ended) at 7.3g/t, 30m at 3.9g/t and 18m at 4.4g/t Au.

• Based on rock chip and trench results to date, insitu mineralisation appears to extend for 840m along strike and is open to the east and west.

• Significantly, the average grade of all Tolubai Suite samples assayed to date at Shambesai is 5.1g/t Au, with 80% of samples grading between 1.0g/t and 14.0g/t Au and no sample above 19g/t Au.

• Drilling has commenced at the western end of the prospect near trench IST-1-07, which is off the main Shambesai soil anomaly. The central portion of the prospect should be ready for drilling within the next 2 weeks.

• While both prospects appear to have similar Carlin style mineralisation, the Shambesai soil anomaly and surface gold mineralisation is significantly stronger than at the nearby Obdilla deposit.

Perseus Mining Limited (ASX:PRU) is pleased to provide an update on significant exploration results from the Shambesai prospect in the Kyrgyz Republic.

In July 2007 the Company reported the discovery of the Shambesai prospect on the Isfairamsai licence, located 7km south of Perseus’s Obdilla deposit. In October 2007 soil sampling defined an anomaly averaging 2,200ppb (2.2g/t) Au over 1,000m strike length, with the core zone averaging 4,500ppb (4.5g/t) Au over 700m strike length.

Trenching and rock chip sampling commenced in October and to date results have been received for 3 trenches and a number of rock chip samples. Trench IST-1-07 (previously reported) returned 11m at 3.7g/t Au, and trench IST-2-07 returned 57.7m (open ended) at 7.3g/t Au including 15.7m at 12.4g/t and 18m at 8.1g/t Au. Trench IST-3-07 returned 30m at 3.9g/t Au, and a channel chip sample traverse returned 18m at 4.4g/t Au . Ten other spot chip samples from areas of limited outcrop averaged 5.8g/t Au, ranging from 1.8g/t to 17.3g/t Au.

The Shambesai prospect is located on the same lithological contact as Obdilla, where it is exposed at surface by thrusting. Stratigraphy, alteration and degree of brecciation at Shambesai are similar to Obdilla.

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Obdilla, and probably also Shambesai are “Carlin-style” deposits. The Carlin deposits in Nevada are renowned for being very large tonnage low to high grade deposits and were company makers for world gold mining industry leaders Newmont Mining and Barrick Gold. Sino Gold’s 4.6Moz Jinfeng Deposit in China is also reported to be a Carlin-style deposit.

Results to date are highly encouraging and Perseus plans to mobilize at least one more diamond drill rig to site to progress drilling. Access to Shambesai is relatively easy and the prospect is able to be explored all year round.

To discuss any aspect of this announcement, please contact Mark Calderwood on +61 8 9240 6344 or 041 112 2170 or by email at calderwoodm@perseusmining.com.

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Mark Calderwood Managing Director

The information in this report that relates to exploration results, mineral resources or ore reserves 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.

Table 1: Trench and Channel sample Results - Shambesai Prospect - Kyrgyz Republic

Trench	North (m)	East (m)	Length (m)	Azm. **(˚) **	From (m) To (m) Width (m) Au g/t
IST -1-07	440338	251020	36.5	195	18 29 11 3.7
IST -2-07	440455	251336	71	355 incl. and	0 13.3 13.3# 0.6 13.3 71 57.7 7.3 13.3 29 15.7 12.4 35 53 18 8.1
IST -3-07	440474	251409	40	350	0 3 3# 0.6 3 33 30 3.9 33 40 7# 0.5
Channel -1	440489	251383	36	180	0 18* 18 0.5
				incl.	18 36* 18 4.4

• denotes ended in mineralisation

denotes intervals in Pyrkaf limestone

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