PERSEUS MINING LIMITED — Major Shareholding Notification 2008

Jul 21, 2008

Form 603 Corporations Act 2001

Section 671B

Notice of initial substantial shareholder

To:	Company Name/Scheme	MANAS RESOURCES LIMITED
ACN/ARSN		128 42 606
	1. Details of substantial holder (1)
Name	ACN/ARSN (if applicable)	PERSEUS MINING LIMITED106 808 986

The holder became a substantial shareholder on 22/07/2008

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons' votes (5)	Voting power (6)
ORDINARY FULLY	25,000,001	25,000,001	42.02%
PAID SHARES

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
PERSEUS MINING LIMITED	Shares acquired under the	25,000,001
	terms of an asset sale	ORDINARY FULLY PAID
	agreement.	SHARES

4. Details of present registered holders

The person registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to beregistered as holder (8)	Class and numberof securities
PERSEUS MININGLIMITED	PERSEUS MININGLIMITED	N/A	25,000,001ORDINARY
			FULLY PAID
			SHARES

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial shareholder became a substantial shareholder is as follows:

Holder of relevantinterest	Date ofacquisition		Consideration (9)	Class and numberof securities
		Cash	Non-cash
Perseus Mining Ltd	17/10/2007	20		1
		cents		Ordinary fully
				paid share
Perseus Mining Ltd	15/07/2008		Manas Resources Ltd	25,000,000
			shares issued to	Ordinary fully
			Perseus Mining	paid shares
			Limited as vendor
			consideration for the
			sale and assignment of
			mineral assets in the
			Kyrgyz Republic. Sale
			consideration of
			$5,000,000 settled by
			the issue of 25,000,000
			ordinary fully paid
			shares and 12,500,000
			options exercisable at
			25 cents each on or
			before 31 December
			2010

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
PERSEUS MINING LIMITED	30 LEDGAR ROAD, BALCATTA, WESTERN AUSTRLIA 6021

Signature

Print name SUSMIT SHAH Capacity COMPANY SECRETARY

sign here date 22/07/2008

Directions

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. A corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting of shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person (eg. If the relevant interest arises because of an option) write "unknown".
• (9) Details of the consideration must include any an all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.