14 June 2011 NEWS RELEASE Exploration Update Drilling Recommences in Côte d Ivoire Significant Drill Results in Ghana Highlights Drilling has recommenced at the Tengrela Gold Project, Côte d Ivoire with 1,962m completed to the end of May. Perseus drilled 35,240m on the Central Ashanti Gold Project ( CAGP ), Ghana, during April May. Significant results from deeper drilling at CAGP confirm continuity of mineralisation at depth and will be reflected in future resource upgrades: Fobinso - 28m at 2.7g/t Au in FBDD124 Esuajah South - 15m at 3.7g/t and 90m at 1.9g/t Au in ESDD037-21m at 3.0g/t and 24m at 2.3g/t Au in ESDD038-38m at 1.9g/t, 21m at 1.9g/t and 44m at 1.0g/t Au in ESDD039-34m at 2.7g/t Au in ESDD042 Esuajah North - 16m at 1.2g/t, 10m at 2.0g/t, 13m at 1.3g/t, 23m at 1.9g/t and 36m at 3.0g/t Au in ENRDD003-39m at 2.1g/t Au in ENRDD001-1m at 15.2g/t, 14m at 3.6g/t and 17m at 1.8g/t Au in ENRDD005 Fetish - 1m at 50.0g/t, 10m at 2.3g/t, 12m at 1.0g/t, 12m at 1.4g/t and 6m at 3.9g/t Au in EFRDD010-28m at 2.7g/t and 16m at 1.1g/t Au in EFRDD012-17m at 2.4g/t and 1.2m at 50.0g/t Au at bottom of hole in EFDD074 Significant intercepts from exploration drilling at the CAGP included: Chirawewa South Bokitsi South - 18m at 3.4g/t Au in CHRC067-13m at 4.3g/t in BKRDD017-9m at 12.9g/t in BKRDD020 Perseus Managing Director, Mark Calderwood s Comments It s good to be drilling in Côte d Ivoire again after a six month absence. The drilling contractors will build up to six rigs over the next few months, with the commissioning of two new rigs. In addition, we continue to obtain encouraging results from step out and exploration drilling on at least ` six prospects at CAGP. Drilling at the CAGP is currently focused on growing our gold reserves from 3.3Moz to 4Moz to allow the option of further increasing production rates. 12,000 drill samples now awaiting assay, a 50% increase from the end of March. 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@perseusmining.com Website: www.perseusmining.com 1
Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an exploration update on the Company s West African gold projects. CAGP, Ghana Perseus is continuing active and systematic infill and exploration drill programs on the CAGP in Ghana, drilling 35,240m in April and May. Significant extensional and infill drilling intercepts were encountered on the Fetish, Esuajah North, Esuajah South and Fobinso deposits. Exploration drilling at Chirawewa South and Bokitsi South continues to return strong results, including 9m at 12.9g/t Au and 13m at 4.3g/t Au from deeper drilling at Bokitsi South. Tables 1 and 2 contain details of recent significant intercepts. Tengrela Gold Project, Côte d Ivoire Drilling recommenced at Tengrela on May 25, with one core and one multi-purpose rig at the Sissingue deposit and a RAB rig operating at the Kakalogo North prospect. In the first week of operation 1,962 metres were drilled. A new multi-purpose rig will be commissioned soon, facilitating drilling at Podio, Kanakono, Wora and other prospects. The air core rig, once operating, will commence more sterilisation drilling over the proposed Sissingue gold plant site and tailings storage facility areas, and, as soon as authorisation is granted, the rig will move to test the prospective Kanadi anomaly on the Mbengue property. The second multi-purpose rig will shortly be shipped to Côte d Ivoire by the contractor, taking the number of rigs on site to six. Mark Calderwood Managing Director To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone +61 8 9240 6344 or email calderwoodm@perseusmining.com Nathan Ryan at telephone +61 3 9622 2159 or email nathan.ryan@nwrcommunications.com.au (media) Rebecca Greco at telephone +1 416 822 6483 or email fighouse@yahoo.com (Toronto) About Perseus Mining Limited Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of West Africa s most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a producer by the third quarter of 2011 at its Central Ashanti Gold Project (CAGP) in Ghana. The Company plans to produce at the initial rate of about 220,000 ounces of gold in year 1 and to increase this to about 280,000 ounces per annum in year 2. Perseus is now also planning the development of its Tengrela Gold Project in Côte d Ivoire, with production targeted for 2013. Tengrela has the potential to become a significant contributor to the Company s goal to develop into a 400,000 ounce per year gold producer by 2013. Perseus will continue its strategy of rapidly increasing its resource and reserve base during the development of the CAGP and Tengrela. 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 ) and to qualify as a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects ( NI 43-101 ). 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. For a description of Perseus s data verification process, quality assurance and quality control measures, the effective date of the mineral resource and mineral reserve estimates contained herein, details of the key assumptions, parameters and methods used to estimate the mineral resources and reserves set out in this report and the extent to which the estimate of mineral resources or mineral reserves set out herein may be materially affected by any known 2
environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues, readers are directed to the technical report entitled Technical Report Central Ashanti Gold Project, Ghana dated May 30, 2011 and the technical report entitled Technical Report Tengrela Gold Project, Ivory Coast dated December 22, 2010 in respect of the Central Ashanti Gold Project and the Tengrela Gold Project, respectively. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on assumptions and judgments of management regarding future events and results. Such forward-looking information, includes but is not limited to information with respect to future exploration and drilling, procurement of financing, procurement of necessary regulatory approvals, the development of a mine at the Central Ashanti Gold Project, and development of a mine at Tengrela. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration,, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Figure 1. Deposit Locations, CAGP, Ghana 3
Table 1: CAGP, Ghana, Infill and Extensional Drilling Hole Deposit East North Depth Azm. Incl. From To Width Au (m) (m) (m) ( ) ( ) (m) (m) (m) g/t FBDD124 Fobinso 27,160 14,192 350.48 180-60 298 326 28 2.7 incl. 303 304 1 22.6 FBDD125 Fobinso 27,560 14,205 404.58 180-70 266 275 9 2.5 318 324 6 2.0 371 383 12 1.6 390 403 13 1.5 FBDD126 Fobinso 27,120 14,130 320.58 180-65 259 289 30 1.4 FBDD127 Fobinso 27,500 14,113 290.48 180-60 84 90 6 1.7 105 120 15 3.2 incl. 119 120 1 24.3 181 205 24 1.4 216 222 6 2.6 229 245 16 1.4 270 280 10 1.7 ESDD037 Esusjah S. 1,750 6,179 378.2 90-70 249 264 15 3.7 incl. 263 264 1 45.2 277 367 90 1.9 incl. 312 319 7 6.2 incl. 317 319 2 10.3 ESDD038 Esusjah S. 1,785 6,300 355 90-62 263 284 21 3.0 incl. 278 282 4 10.0 299 323 24 2.3 338 346 8 1.5 ESDD039 Esusjah S. 1,704 6,200 557 90-75 389 427 38 1.9 463 484 21 1.9 489 533 44 1.0 ESDD041 Esuajah S. 1,707 6,160 554 90-75 381 393 12 2.2 424 427 3 4.2 471 479 8 3.2 incl. 474 475 1 19.0 489 499 10 2.0 ESDD042 Esuajah S. 1,689 6,120 500 90-70 371 405 34 2.7 ENRDD001 Esuajah N. 2,205 7,160 366 90-55 227 266 39 2.1 incl. 247 250 3 15.9 275 282 7 1.5 314 335 21 1.1 ENRDD002 Esuajah N. 2,161 7,200 378 90-55 285 292 7 3.3 incl. 287 288 1 17.4 ENRDD003 Esuajah N. 2,235 7,240 297 90-55 165 181 16 1.2 188 198 10 2.0 incl. 190 191 1 13.1 203 216 13 1.3 224 247 23 1.9 incl. 227 228 1 15.4 251 287 36 3.0 incl. 256 258 2 33.2 ENRDD004 Esuajah N. 2,180 7,280 332.3 90-55 191 216 25 1.0 228 234 6 5.6 incl. 229 230 1 23.9 245 257 12 1.3 275 284 9 1.1 306 319 13 1.6 incl. 307 308 1 11.0 ENRDD006 Esuajah N. 2,205 7,360 327.3 90-55 173 192 19 1.2 incl. 185 186 1 10.5 198 212 14 2.4 239 249 10 1.1 285 312 27 1.1 4
Table 1: CAGP, Ghana, Infill and Extensional Drilling (continued) Hole Deposit East North Depth Azm. Incl. From To Width Au (m) (m) (m) ( ) ( ) (m) (m) (m) g/t ENRDD007 Esuajah N. 2,215 7,400 270.3 90-55 135 163 28 2.1 incl. 156 157 1 34.5 ENDD005 Esuajah N. 2,250 7,080 320 184 185 1 15.2 242 256 14 3.6 incl. 252 255 3 12.4 290 307 17 1.8 ENDD006 Esuajah N. 2,345 7,060 210 90-55 42 48 6 2.9 120 129 9 1.5 134 159 25 1.1 ENRDD008 Esuajah N. 2,213 7,120 363 90-55 203 222 19 1.3 247 257 10 1.3 321 332 11 1.1 EFDD069 Fetish 3,521 5,380 344 270-55 268 275 7 3.0 incl. 272 273 1 11.2 284 293 9 1.2 321 341 20 1.1 EFRDD009 Fetish 3,559 5,340 393.3 270-55 298 302 4 8.9 incl. 300 301 1 25.4 350 367 17 1.8 incl. 360 361 1 11.5 EFRDD010 Fetish 3,569 5,320 417.4 270-55 258 259 1 50.0 308 318 10 2.3 incl. 311 312 1 15.5 324 336 12 1.0 382 394 12 1.4 400 406 6 3.9 incl. 403 404 1 16.7 EFRDD011 Fetish 3,560 5,240 435.4 270-60 301 351 50 1.3 incl. 324 325 1 12.8 397 418 21 1.3 incl. 403 404 1 11.4 EFDD070 Fetish 3,405 5,460 245 270-50 207 224 17 3.3 incl. 219 222 3 8.3 EFDD074 Fetish 3,329 5,460 155.2 270-45 119 136 17 2.4 incl. 125 127 2 15.3 154 155.2 1.2 50.0 EFRDD012 Fetish 3,130 5,240 332.8 90-58 181 209 28 2.7 incl. 206 208 2 17.4 269 285 16 1.1 Notes 1) All holes were core drilled through the mineralised zone. 2) Core holes sampled at 1m intervals. 3) Oxide samples or low sulphur fresh rock samples analysed using 50grm fire assays by independent laboratory, Intertek Minerals Limited in Ghana. 4) High sulphide content samples analysed using 25gram fire assays by Intertek Minerals Limited in Ghana. 5) RC precollar through hanging wall was sampled at 1m intervals and composited to 4m and analysed by 50gm fire assay by ALS Ghana Limited in Ghana. 6) Only holes with combined intercepts of greater than 40 gram metres included. 7) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled Technical Report Central Ashanti Gold Project, Ghana dated May 30, 2011. 8) The true width of intercepts from recent drilling at Fobinso ranges from 70-80% of the intercept width. 9) The true width of intercepts from recent drilling at Fetish ranges from 55-75% of the intercept width. 10) The true width of intercepts from recent drilling at Esuajah South and North ranges from 60-75% of the intercept width 5
Table 2: Recent Anomalous Exploration Intercepts, CAGP, Ghana Hole Deposit East North Depth Azm. Incl. From To Width Au (m) (m) (m) ( ) ( ) (m) (m) (m) g/t CHRC067 Chira. S. 3,800 4,000 115 270-55 68 86 18 3.4 incl. 82 84 2 11.1 CHRC070 Chira. S. 3,820 4,080 130 270-55 116 128 12 1.6 BKRC026 Ext. 2,470 4,400 80 270-50 58 64 6 5.4 BKRDD015 Ext. 2,800 4,360 117 270-55 85 96 11 3.4 incl. 89 92 3 7.1 BKRDD017 Ext. 2,820 4,240 147 270-54 87 100 13 4.3 incl. 93 97.5 4.5 7.7 BKRDD020 Ext. 2,815 4,400 135 270-50 104 113 9 12.9 incl. 105 109 4 24.3 Notes 1) All CHRC and BKRC are RC holes. 2) All BKRDD holes are core holes. 3) RC holes were sampled at 1m intervals and composited to 2m intervals. 4) Core holes were sampled at 1m intervals. 5) Oxide samples or low sulphur fresh rock samples were analysed using 50grm fire assays by Intertek Minerals Limited in Ghana. 6) High sulphide content samples were analysed using 25gram fire assays by Intertek Minerals Limited in Ghana. 7) RC samples were analysed by 50gm fire assay by ALS Ghana limited in Ghana. 8) Only holes with combined intercepts of greater than 10 gram metres are included. 9) The true width of intercepts from recent drilling at the new Chirawewa South, is currently unknown. The true width of intercepts along the Bokitsi zone is about 80-95% of the intercept width. 10) The type of analytical or testing procedures utilized and sample size and the quality assurance program and quality control measures are consistent with those described in the technical report entitled Technical Report Central Ashanti Gold Project, Ghana dated May 30, 2011. 6