PERSEUS MINING LIMITED — Major Shareholding Notification 2012

Feb 1, 2012

MinterEllison

×

AURORA PLACE, 88 PHILLIP STREET, SYDNEY NSW 2000, DX 117 SYDNEY

$E \ R S$

To	Company announcements office ASX.	Facsimile	1300 135 638
	Company Secretary Perseus Mining Limited	Facsimile	+61 8 9240 2406
From	Henry Wong Email: henry.wong@minterellison.com	Facsimile Direct line Our Ref	$+61299218058$ +61 2 9921 8536 SSE:HLW:20-6818439
Date	2 February 2012		Number of pages (including this one): 7

Subject Notice of change of interests of substantial holder

Please find attached a notice of change of interests of substantial holder in relation to shares in Perseus Mining Limited from Van Eck Associates Corporation.

Regards MINTER ELLISON

If you do not receive all pages please telephone +61 2 9921 8536

ME_96454778 1 (W2003x)

IMPORTANT - The contents of this facsimile may be privileged and confidential. Any unauthorised use of the contents is expressly prohibited. If you have received the document in error, please advise us by telephone (reverse charges) immediately and then shred the document. Thank you.

			604	0000 2/2	15 July 2001
		Form 604 Corporations Act 2001 Seation 671B
		Notice of change of interests of substantial holder
To Company Name/Scheme		Perseus Mining Limited
ACN/ARSN	108 808 988			×
1. Details of substantial holder (1)
Name		Van Eck Associates Corporation (and its associates referred to in paragraph 6).
ACN/ARSN (if applicante)	N/A
There was a change in the interests of the
substantial holder on		30/01/2012
The previous notice was given to the company on		20/04/2011
The previous notice was dated		28/04/2011

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme thet the substantial holder or an associate (2) had a televani interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Perron's votes	Voling power (5)	Person's votes	Voting power (5)
Ordinary shares	26 420 809	5.23%	33.089.225	-- 7.23% .
			. _________	____ -----

3. Changes in relevant interesta

Particulars of each change in, or change in the neture of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holder notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation lo change (7)	Class and number of aecurities affected	Person's votes affected
	Eck - lVan I Corporation (VEAC)	Associates See Annexure A
			BARBARA ARASA ARASA ARASA ARASA ARASA	----------------

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting socurities after the change are as follows:

$\sim$

Holder of relevant interest	Registered holder ar securities	Person entitled to be realstared as holder (8)	Naturo of rolovant Interest (6)	Cinen and number of securities	Person's votes
VEAC.	Slote Stroot Bonk as custedian for Van Eck (Funds - International linvastors Gold Fund	(Van Eck Funds - linternational Investors Gold Fund (IIG)	IVEAC holds its relovant linterest by having the power to exercise, control ithe exercise of, or influence the exercise of . the voting powers or discosal of the securities to which the relevant iinterest relates in the iordinary course of investment management businoss.	lOrdinary shares 7,221,200	1.58%
NEAC	lBank of New York iMellon na cuatodian lfor Market Vectors Trust - Junior Gold Minera ETF	iMarket Voctors Trust ISame as above. - Junior Gold Miners IETF (GDXJ)		Ordinary shares 24.042.709	IS 26%

MEAC	Northern Trust as custodian for lLockheed Marlin !Corporation Maater (Relirement Trust	Lockheed Martin Corporation Master Retirement Trust lit Mi	iSame as above.	Ordinary shares 270.398	0.06%
MEAC	{Credit Agricole as icustodian for LODH linvest - The World Gold Expertise Fund	ILODH Invest - The World Gold Expertise (Fund (LODH)	Same as above.	Ordinary shares 1.554.880	0.34%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

. ---- ACN/ARSN ТQ Name and applicable) ________	$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ -------- Naturo of association ____ ---
	mm --------------------------------------- _________
----	------------ . ______ -- . _____

6. Addresses

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

Namo	Address
---- MEAC	[335 Madison Avenue, New York, NY 10017
Man Eck Securities Corporation	(335 Madison Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	1336 Madison Avenue, New York, NY 10017

Signature

Russell Brennan print name	copacity	Assistant Vice President
sign hore	-- ---- . date к. سرا . . ********	_________

DIRECTIONS

• 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 ann $(1)$
• $(2)$ 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 shares of a company constitute one class unless divided into separate classes.
• $(b)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 6718(4) applies, a copy (a) 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, scharne or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• 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 $\left( \mathbf{b}\right)$ securities to writch the relevant interest relates (indicating clearly the perticular securities to which the qualification applies).

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

Details of the consideration must include any and all benefits, money and other, that any person from whom a relovant interest was acquired has, or may,
become entitied to receive in rolation to that acquisition. Details m $(7)$

• $\langle \Theta \rangle$ 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".
• $\left( 0\right)$ Give details. If appropriate, of the present association and any change in that association since the last substantial holding notice.

604 GUIDE

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 604.

Signature	This form must be signed by either a director or a secretary of the substantial holder.
Lodging period	Nil
Lodging Fee	Nü
Other forms to be completed	NII.
Additional Information	If additional space is required to complete a question, the information may be included on a separate piece of (a) paper annoxed to the form.
	This notice must be given to a listed company, or the responsible entity for a listed managed investment schome, (b) A copy of this notice must also be given to each relevant securities exchange.
	The person must give a copy of this notice: $\left($ c)
	within 2 business days after they become sware of the Information; or (I)
	by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the (ii) information if:
	(A) a takeover bid te made for voting shares in the company or voting interests in the echemo; and
	the person becomes aware of the information during the bid period. $\left( \mathsf{B}\right)$
Annexures	To make any annexure conform to the regulations, you must
	use A4 size paper of white or light pastel colour with a margin of at least 10mm on all sides 1.
	show the corporation name and A C N or ARBN 2.
	number the pages consecutively $\mathbf{3}$
	print or type in 8LOCK letters in dark blue or black ink so that the document is clearly legible when photocopied 4 identify the annexure with a mark such as A, B, C, etc. 6.
	θ endorse the annexure with the words:
	This is ennexure (mark) of (number) pages referred to in form (form number and title) 7. sign and date the annexure.
	The ennexure must be algned by the same person(s) who signed the form.

Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice.

Holder of relevant	Date of		Consideration	Consideration Non-
Interest	Acquisition/Disposal	B/S	Cash	cash	Number of Securities
GDXJ	9/30/2011 5		\$	In-Kind	58,656
GDXI	10/3/2011 B		\$	In-Kind	58,644
GDXJ	10/4/2011 B		ś	In-Kind	29,326
GDXJ	10/6/2011 8		\$	In-Kind	58,652
GDXJ	10/7/2011 B		\$	In-Kind	73,315
GDXJ	10/11/2011 5		Ś 44,599	Ś	12,788
GDXJ	10/11/2011 B		Ŝ	In-Kind	131,967
GDXJ	10/13/2011 S		\$	In-Kind	29,330
GDXI	10/14/2011 B		\$	In-Kind	14.663
GDXJ	10/18/2011 S		\$	In-Kind	234,608
GDXJ	10/19/2011 S		\$	In-Kind	73,310
LODH	10/20/2011 B		$\overline{\mathbf{s}}$ 831,491	\$	272,058
GDXJ	10/20/2011 5		\$	In-Kind	73,315
LODH	10/21/2011 B		$\mathsf{S}$ 355,472	$\mathfrak{S}$	117,662
GDXJ	10/21/2011 5		$\overline{\boldsymbol{\mathsf{s}}}$	In-Kind	117,296
LODH	10/24/2011 8		\$ 526,279	$\overline{\mathsf{s}}$	170,280
GDXJ	10/24/2011 S		\$	In-Kind	58,648
GDXJ	10/25/2011 8		\$	In-Kind	219,915
GDXJ	10/26/2011 B		Š	In-Kind	395.793
GDXJ	10/27/2011 B		\$	In-Kind	146,620
GDXJ	10/28/2011 S		Ξ	In-Kind	117,296
GDXJ GDXJ	10/31/2011 B		\$ Ś	In-Kind	263,916
GDXI	11/1/2011 B			In-Kind	102,634
GDXJ	11/2/2011 S 11/3/2011 B		\$ $\overline{\boldsymbol{s}}$	In Kind In-Kind	14.662
GDXJ	11/4/2011 5		\$ 31,563	$\overline{\mathsf{s}}$	161,282 9,659
GDXJ	11/4/2011 B		\$	In-Kind	14,661
GDXI	11/7/2011 B		\$	In-Kind	410,508
GDXJ	11/8/2011 S		\$	In-Kind	14,660
GDXJ	11/9/2011 5		\$ п,	In-Kind	43,938
GDXJ	11/10/2011 B		\$	In-Kind	14,646
GDXJ	11/11/2011 B		$\overline{\mathbf{s}}$	In-Kind	131.814
GDXJ	11/14/2011 8		\$ $\overline{\phantom{a}}$	In-Kind	58,584
GDXJ	$11/16/2011$ S		ड	In-Kind	14,645
GDXJ	11/17/2011 B		\$	In-Kind	58.580
GDXJ	11/18/2011 S		\$	In-Kind	102,515
GDXI	11/21/2011 5		\$	In-Kind	43,932
GDXJ	11/22/2011 5		\$	In-Kind	43.932
GDXJ	11/23/2011 5		\$	In-Kind	73,220
GDXJ	11/29/2011 5		$\overline{\boldsymbol{s}}$ 51,985	\$.	18,253
GDXJ	11/29/2011 5		\$	In-Kind	14.643
GDXJ	12/1/2011 B		\$	in-Kind	58,568
GDXJ	12/2/2011 5		Ş	In-Kind	29,284
GDXJ	12/5/2011 5		$\mathsf{S}$	In-Kind	14.642
LODH	12/6/2011 B		\$ 196,170	\$.	63,000
GDXJ	12/6/2011 B		Ş	In-Kind	439,230
GDXI	12/7/2011 B		\$	In-Kind	102,487
GDXJ	12/8/2011 S		\$	in-Kind	58.564
			Page 1 of 2		1/2/20012

This is Annexure A of 2 pages referred to in Form 604 -Notice of change of interests of substantial holder

Page 1 of 2

Holder of relevant	Date of		Consideration	Consideration Non-
Interest	Acquisition/Disposal	B/S	Cash	cash	Number of Securities
GDXJ	12/9/20115		\$	In-Kind	14,641
GDXI	12/12/2011 5		\$	In-Kind	73,205
GDXJ	12/13/2011 5		\$	In-Kind	43.920
GDXJ	12/14/2011 B		Ś 113,936	Ś	42,266
GDXJ	12/14/2011 5		\$	In-Kind	263,520
GDXJ	12/15/2011 B		\$ 128,834	\$	50,919
GDXJ	12/15/2011 5		\$	In-Kind	336,720
GDXJ	12/16/2011 B		\$ 1,519,317	S	596,025
GDXJ	12/16/2011 S		5	In-Kind	43,926
GDXJ	12/19/2011 5		\$ 255,925	$\mathsf S$	100.496
GDXJ	12/19/2011 0		इ	In-Kind	45,165
GDXJ	12/20/2011 B		Ŝ	In-Kind	15,040
GDXJ	$12/21/2011$ S		\$ 364,330	$\mathbb{S}$	138,536
GDXJ	12/21/2011 B		\$	In-Kind	165,440
GDXI	12/22/2011 S		Ś 3,295,715	Ś	1,315,841
GOXJ	12/23/2011 B		\$	In-Kind	60.184
GOXJ	12/28/2011 5		\$	In-Kind	14,106
GDXJ	12/30/2011 B		\$	In-Kind	141,110
GDXI	$1/3/2012$ [8		\$	In-Kind	98.770
GDXJ	1/4/2012 B		\$	In-Kind	56,400
GDXJ	$1/5/2012$ B		Ŝ	In-Kind	126,909
GOXJ	$1/9/2012$ S		$\overline{\mathsf{s}}$ 49,950	\$	19,602
GDXJ	1/9/2012 B		$\overline{\boldsymbol{\mathsf{s}}}$	In-Kind	239,734
GDXJ	1/10/2012 B		\$	In-Kind	423,030
GDXJ	1/11/2012 B 1/12/2012 B		$\overline{\mathsf{s}}$ \$ 109,110	In-Kind Š.	84,606
LM IIG	1/12/2012 B		\$ 2,477,844	$\overline{\mathfrak{s}}$	37,200 844,800
LODH	1/12/2012B		\$ 627,674	\$	214,000
GDXJ	1/12/2012 B		Ş	In-Kind	126,909
LМ	1/13/2012 6		\$ 86,195	\$	28,800
IIG	1/13/2012 B		\$ 1,960,931	Ś	655,200
LODH	1/13/2012 B		\$ 496,817	\$	166,000
GDXJ	1/17/2012 S		5	In-Kind	14,101
GDXJ	$1/18/2012$ 8		5	In-Kind	98,700
GDXJ	1/25/2012 B		\$	In-Kind	42.297
GDXJ	1/26/2012 8		\$	In-Kind	155,078
GDXJ	1/27/2012 B		$\overline{\mathsf{s}}$	In-Kind	408,842
GDXJ	1/30/2012 B		$\overline{\mathsf{s}}$	In-Kind	70.490
	In-Kind transactions result from GDXJ receiving a basket of securities (including Perseus Mining Ltd) in exchange for
securities in GDXJ.

This is Annexure A of 2 pages referred to in Form 604 -Notice of change of interests of substantial holder

$RB$ $1/2/3012$

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