PERSEUS MINING LIMITED — Share Issue/Capital Change 2009

Feb 25, 2009

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24 February 2009

Dear Optionholder

The Company’s records indicate that you are the holder of options to subscribe for fully paid ordinary shares in the Company (PRUO Class). These options expire on 31 March 2009. In accordance with ASX listing rules, the following information is provided in respect of the expiry of these options:

1. The number of options held by you is shown at the top of this letter. You will receive one fully paid ordinary share for every one option that you choose to exercise.

2. The exercise price of your options is $0.20 each. At the date of this notice, the market price of the Company’s shares is $0.68.

3. The due date for payment is 5 pm (Perth time), 31 March 2009.

4. If you choose not to exercise your options by the due date, the options will lapse and you lose all your rights as an optionholder.

5. The last day for quotation (trading on ASX) of the options is Tuesday, 24 March 2009.

6. The latest available market sale price of the Company’s shares quoted on ASX on 24 February 2009 was $0.68. In the three months prior to the date of issue of this notice, the highest market price was $0.835 (on 9 February 2009) and the lowest market price was $0.20 (on 24 November 2008).

If you decide to exercise your options, you should complete the option exercise form and send that together with your exercise monies direct to the Company's share registry, to arrive there before 5pm, Tuesday, 31 March 2009:

Advanced Share Registry Services OR Advanced Share Registry Services 150 Stirling Highway P O Box 1156 Nedlands WA 6009 Nedlands WA 6909 Telephone: (61 8) 9389 8033

For your convenience, a reply paid envelope is enclosed (not applicable if you are overseas).

The Company encourages you to seek your own independent professional advice in deciding whether or not to exercise your options. Please contact Advanced Share Registry on the number listed above in case of any queries.

Yours faithfully

Susmit Shah Company Secretary

Perseus Mining Limited

ABN 27 106 808 986 30 Ledgar Road, Balcatta, Western Australia 6021 PO Box 717 Balcatta WA 6914 Telephone: (618) 9240 6344 Facsimile: (618) 9240 2406 Email address: info@perseus.com Website: www.perseusmining.com