ASX/MEDIA RELEASE 27 November 2008 Highlights Initial Gold Resource at Sissingue Tengrela Project (Ivory Coast) Indicated and Inferred resources total 970,000 ounces at 1.9 using 1 cut-off (15.7 million tonnes at 1.9). The high grade component is 5.1 million tonnes at 3.1 for about 500,000 ounces. The resource has been estimated on only 1km of the 5.6km soil anomaly, where broadspaced drilling has to date confirmed significant gold mineralisation over a 4km strike length and widths of up to 750m. Metallurgical testwork is continuing, with initial very high recoveries indicating fresh and weathered rock is free milling. Sissingue is the first of the nine strong anomalies to be resource drilled, highlighting the potential for the Tengrela project to host a multi-million ounce gold endowment. Wide spaced RAB drilling has identified significant gold mineralisation on the 4 other anomalies drilled to date. Sissingue is located 8km south of the Tabakoroni deposit (0.7Moz), 40km south of Syama (6.5Moz), 80km NW of the Tongon deposit (4.3Moz) and 150km SSE of Morila (7.0Moz). Perseus Mining Limited (ASX: PRU) is pleased to announce an initial resource estimate for its Sissingue gold prospect on the Tengrela Gold Project in Ivory Coast. The resource covers only a 1km portion of the 4km-long Sissingue prospect where RC and diamond drilling is of sufficient density to enable estimation. Mineralisation remains open to the north and south and at depth. Limited RC drilling undertaken along strike confirms the presence of significant mineralisation not included in the estimate. The maiden resource estimate, tabled below totals 15.7Mt at 1.9 containing 970,000 ounces of gold including: 8.4Mt at 2.5 containing 680,000 ounces of gold at a 1.5 cutoff; or 5.1Mt at 3.1 containing 500,000 ounces of gold at a 2.0 cutoff. The Sissingue deposit is hosted within a granitoid intrusive, porphyritic dykes and adjacent alteration halos within Birimian metasediments. Infill drilling is expected to allow improved definition of very high grade gold zones which to date have been appropriately heavily top cut at 15 or 20, depending on the model domain. Perseus Mining Limited ABN 27 106 808 986 30 Ledgar Road, Balcatta, Western stralia 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
High gold recoveries and favourable metallurgy from initial test-work (announced on 18 June 2008) enhance the potential of the resource. A more comprehensive metallurgical assessment is progressing as part of an Options Study expected to be completed in January 2009. The study will evaluate processing options, including those with low initial capital requirements. Table 1: Resource by Classification and Weathering Sissingue Prospect Mineral Resource Estimate (Gold) >1.0 Indicated Inferred Total * Oxide Transition Grade Grade Grade 830,000 2.1 56,000 2,490,000 2.1 170,000 3,320,000 2.1 226,000 Fresh 5,210,000 1.9 323,000 7,130,000 1.8 421,000 12,340,000 1.9 744,000 Total 6,040,000 2.0 379,000 9,630,000 1.9 591,000 15,660,000 1.9 970,000 * Rounding applied The majority of resources are fresh rock. Test-work to date suggests gold is extractable by normal cyanide extraction methods ( free milling ). Notes to the estimate are contained in the attached Appendix 1. Table 2: Resource by 1.2, 1.5 and 2.0 cut offs Cut off Indicated Inferred Total* () (,000) 0.8 7,150,000 1.8 411,000 12,430,000 1.7 672,000 19,580,000 1.7 1,083,000 1.2 4,945,000 2.1 340,000 7,460,000 2.1 514,000 12,400,000 2.1 853,000 1.5 3,588,000 2.5 283,000 4,850,000 2.6 401,000 8,440,000 2.5 683,000 2.0 2,108,000 3.0 200,000 2,960,000 3.1 298,000 5,070,000 3.1 498,000 * Rounding applied ~1km 3D of resource wireframes 2
Background to the Tengrela Gold Project (80% PRU) Tengrela is the Company s most advanced gold project in the Ivory Coast. It is strategically located on a greenstone belt along the same structural corridor as the 6.8 million ounce Syama Gold Project being developed by Resolute Mining Limited. It lies 150 km SSE of the Morila Gold Mine (7 Moz) and 65 km WNW of the Tongon gold deposit (4.3 Moz). Activity has focused on the Sissingue prospect, which has now been fenced drilled over a 1,000m strike length of a 5.6 km soil anomaly. The up to 750m wide zone of interest contains multiple lodes, ranging in width from 4m to 100m, associated with altered granite, porphyritic dykes and sills and host meta-sediments. Higher grades are associated with quartz veins. The gold mineralization outcrops in flat-lying topography. The zone of oxidation generally extends to depths of around 50m. There are indications of partial depletion of gold in the oxide zone with possible increased occurrences of very coarse gold in the lower oxide and transition zones. Mineralisation has been traced to at least 300m depth. RAB drilling of other soil anomalies on the 884sq km Tengrela project has identified significant gold mineralisation, highlighting the potential of this under-explored structural corridor. 3
To discuss any aspect of this announcement, please contact Mark Calderwood on telephone +61 8 9240 6344 or mobile 04 111 22 170 or email calderwoodm@perseusmining.com Mark Calderwood Managing Director The information in this report that relates to mineral resources at the Sissingue deposit is based on resource estimate that have been compiled by Mr Steffen Brammer, who is a full time employee of the Company. Mr Brammer is a Member of The stralasian Institute of Mining and Metallurgy and 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 stralasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Brammer consents to the inclusion in this report of the matters based on their information in the form and context in which it appears. Table 3: Mineral Resources (Gold) - Perseus Mining Limited Projects Indicated Inferred Total Deposit Ayanfuri >0.8 (1) 31,399,000 1.5 1,478,300 37,522,000 1.5 1,825,000 68,921,000 1.5 3,303,300 Ayanfuri 0.4-0.8 (1) 11,799,000 0.6 240,200 18,296,000 0.7 386,800 30,095,000 0.7 627,000 Tengrela >1.0 6,040,000 2.0 379,000 9,630,000 1.9 591,000 15,660,000 1.9 970,000 Grumesa Sth >0.4-0.6 (2) 7,118,000 0.9 195,000 1,900,000 0.8 46,000 9,018,000 0.8 241,000 Grumesa Nth >0.4 (3) 21,400,000 0.8 573,000 21,400,000 0.8 573,000 Totals >0.8 37,439,000 1.5 1,857,300 47,152,000 1.6 2,416,000 84,581,000 1.6 4,273,300 Totals >0.4 56,356,000 1.3 2,292,500 88,748,000 1.2 3,421,800 145,094,000 1.2 5,714,300 Notes 1 Last updated on 2 May 2008 2 Last updated on 30 April 2007 3 Last updated on 29 September 2006 4 The company holds 90% of Ayanfuri, 90% of Grumesa and 80% of Tengrela after allowing for Government equity at mining stage 4
Appendix 1 Notes on the Sissingue resource estimate 1) The Mineral Resource estimate for the Sissingue gold deposit of the Tengrela Gold Project was completed in November 2008 by Perseus Mining Ltd. 2) The deposit is located within altered Lower Proterozoic Biriman (2.17-2.18 billion years) granitoid and numerous porphyritic dykes emplaced in meta-sediments of the Birimian Supergroup which are mineralized within alteration halos of the intrusives. The granitoid appears to be pervasively mineralized with higher grades (>3) with higher grades associated with sheeted quartz veining. 3) The drill database for Sissingue contains 372 Reverse Circulation ( RC ) drill holes totalling 20,841m and 67 diamond drill holes totalling 17,293m. Sample recovery and quality is considered to have been to industry standard for both RC and diamond cored drilling. 4) The drill database within the model constraints contains intervals from 105 RC drill holes totalling 1,824m and from 38 diamond drill holes totalling 3,130m. The vertical extent of the model was about 200m. 5) RC and diamond drilling samples were predominantly analysed for gold by 50g fire assay method. Standards, spikes, blanks and repeat samples have been randomly submitted during all drilling programs. Sufficient QAQC and data validation has been carried out to verify the integrity of the assay data. 6) The relative position of most RC and diamond drill-hole collars have been surveyed by differential GPS in WGS84 Z29N grid. The surface topography of the deposit used for resource modelling was generated using lattice gridding of survey data points and is considered to be sufficiently accurate for the generation of an indicated and inferred mineral resource estimate. Down hole surveying is routinely used in diamond core holes. The down-hole sample location data for the Sissingue gold deposit is considered adequate to allow for the estimation of an indicated and inferred mineral resource. 7) Although the deposit has not been not exploited by modern mining, but there are indications of shallow ancient workings. 8) Drilling was carried out along east-west fences which were nominally spaced at 40 to 80m grid north intervals and 20 to 40m between holes. Drill-holes were inclined at between 50 and 60 at grid east and west azimuths. The gold value used for plotting and grade estimation was the first fire assay determination presented by the laboratory. 9) Bulk densities were adopted from the Sissingue database comprising 97 bulk density determinations recently conducted by Perseus. Bulk Density Assignment Granite t/m³ Porphyry t/m³ Sediments t/m³ Laterite - 2.0 2.0 Oxides - 1.8 1.7 Transition 2.4 2.4 2.3 Fresh 2.7 2.7 2.7 10) Wireframes were constructed using cross sectional interpretations based on geology or a 0.5 cut-off grade. 5
11) Samples within the wireframes were composited to 2.0m intervals. A 20 high grade top cut was applied to the granite and dyke domains and a top cut of 15 was applied to sediments domains. The significantly reduced mean grades of the dyke and sediment domains (by as much as 50%) is a result of the current drill spacing, the resulting population sizes and very high grade outliers. Global Mean Grades Data drill model Uncut Mean 1.93. Cut Mean 1.38 1.35 12) Two Surpac block models were used for the estimate with a block size of 20m NS x 10m EW x 10m vertical. 13) The deposit was interpolated using Ordinary Kriging (OK) grade estimation technique. The estimate was run in separate passes for each geological and weathering domain. The search ellipses were based on kriging parameters defined from directional variography. 14) The Mineral Resource was classified as Indicated and Inferred based on the quality of the drilling data and the demonstrated geological and grade continuity defined by recent drill programs. No assumptions have been made about the mining and processing methods likely to be employed at the deposit. 6