Perseus Mining Limited - Exploration update

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Significant intercepts from Ghana and Ivory Coast Projects

PERTH, Western Australia, Aug. 17 /CNW/ - Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an exploration update on the Company's gold projects in Ghana and Ivory Coast.

Highlights include:

    
    -   The 30,186m drilled in July, including 10,469m of core, is a Company
        record.

    -   Significant intercepts from step-out drilling at Abnabna-AF Gap,
        Fobinso and Fetish on the Central Ashanti Gold Project ("CAGP") in
        Ghana included 93m at 3.1g/t and 21m at 4.2g/t Au from Fobinso, 7m at
        19.2g/t Au from Fetish, and 41m at 3.1g/t, 95m at 1.4g/t and 13m at
        5.5g/t Au from Abnabna -AF-Gap.

    -   Other infill drill results from the CAGP in Ghana included 82m at
        3.8g/t, 119m at 2.5g/t and 75m at 1.7g/t Au from Esuajah South and
        36m at 3.2g/t Au from Chirawewa.

    -   Anomalous results from drilling on the Dadieso and Kwatechi licenses
        in Ghana included 8m at 13.5g/t, 12m at 4.0g/t and 10m at 3.8g/t Au
        from Dadieso and 10m at 3.0g/t Au from Kwatechi.

    -   Significant deeper core drilling results on the Sissingue deposit on
        the Tengrela Gold Project in Ivory Coast included 23m at 2.7g/t,
        39.7m at 2.2g/t and 6m at 8.0g/t Au.
    

Perseus is maintaining active and systematic infill and exploration drill programs on the Central Ashanti Gold Project in Ghana and the Tengrela Gold Project in Ivory Coast, to facilitate a number of resource and reserve upgrades during the next 12 months. The Company has targeted 250,000m of drilling for 2010 and, subject to success, has planned in excess of 300,000m of drilling for the 2010-11 fiscal year.

In addition to using consultants for resource and reserve estimates, the Company has employed a third mining engineer specifically focused on reserve updates and mine scheduling.

    
            Perseus Managing Director, Mark Calderwood's Comments
    

"July was the first month in three years where exploration drilling exceeded reserve definition drilling. It's pleasing to report anomalous to significant drill results from a number of deposits and prospects."

"Encouraging grades from deeper drilling on the Esuajah South, Fobinso and Abnabna deposits on the CAGP and at the Sissingue deposit, Tengrela Project highlight the potential for significantly deeper pits and potentially underground bulk mining."

"A maiden reserve estimate for Esuajah South is scheduled to be completed in Q4 2010. Esuajah South is expected to provide relatively high-grade feed for the CAGP."

Details of the significant intercepts are provided in the tables below. A complete tabulation of results is contained in a filing available at www.sedar.com and the Company's website, www.perseusmining.com.

    
    Table 1: CAGP Infill and Extensional Drilling Significant Intercepts
    --------------------------------------------------------------------

    -------------------------------------------------------------------------
      Hole    Deposit   East   North  Depth Azm. Incl.  From  To   Width  Au
                         (m)    (m)    (m)  (deg (deg    (m)  (m)   (m)  g/t
                                            rees)rees)
    -------------------------------------------------------------------------
    ABDD178    AF Gap   26160  13888    462  180  -70    331   378   47  1.4
                                                 incl.   341   342    1 10.7
                                                         384   425   41  3.1
                                                 incl.   394   395    1 64.9
    -------------------------------------------------------------------------
    ABDD180    AF Gap   26160  13735    205  180  -50     77    81    4  2.6
                                                         112   125   13  5.5
                                                 incl.   115   116    1 33.6
                                                         123   125    2  8.6
    -------------------------------------------------------------------------
    ABDD182    AF Gap   26420  13998    385  179  -55    277   372   95  1.4
                                                 incl.   337   338    1 14.4
    -------------------------------------------------------------------------
    AKRDD240 Esuajah S.  1800   6240  312.2   90  -60    199   281   82  3.8
                                                 incl.   205   206    1 14.9
                                                  and    234   242    8 16.2
                                                 incl.   237   238    1 56.5
    -------------------------------------------------------------------------
    AKRDD241 Esuajah S.  1799   6240    395   90  -68    218   231   13  1.3
                                                         239   358  119  2.5
                                                 incl.   250   255    5 25.9
                                                  and    309   310    1 14.0
                                                  and    353   354    1 16.3
    -------------------------------------------------------------------------
    AKRDD242 Esuajah S.  1798   6240  459.5   90  -76    247   272   25  3.5
                                                 incl.   249   251    2 12.0
                                                  and    263   265    2 20.5
                                                         292   320   28  2.4
                                                 incl.   315   316    1 26.8
                                                         326   401   75  1.7
    -------------------------------------------------------------------------
    EFDD001    Fetish    3380   5100    146  270  -55     55    62    7 19.2
                                                 incl.    60    62    2 61.7
                                                          73    77    4  4.2
                                                         123   124    1 12.0
    -------------------------------------------------------------------------
    FBDD088   Fobinso   27360  14085 248.51  180  -52    148   241   93  3.1
                                                 incl.   150   152    2 10.1
                                                  and    177   178    1 11.8
                                                  and    190   191    1 46.1
                                                  and    202   207    5 10.5
    -------------------------------------------------------------------------
    FBDD089   Fobinso   27440  14120    311  180  -60    164   198   34  1.3
                                                         258   259    1  9.3
                                                         277   298   21  4.2
                                                 incl.   293   294    1 60.5
    -------------------------------------------------------------------------
    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)  Only holes with combined intercepts of greater than 40 gram metres
        included.
    6)  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
        November 30, 2009.
    7)  The true width of intercepts from recent drilling at Esuajah South
        ranges from 55-80% of the intercept width.
    8)  The true width of intercepts from recent drilling at
        Abnabna-AF Gap-Fobinso ranges from 58-82% of the intercept width,
        averaging about 70%.
    9)  The true width of intercepts from recent drilling at Fetish ranges
        from 75-85% of the intercept width.
    10) The true width of intercepts from recent drilling at Chirawewa ranges
        from 47-77% of the intercept width.



    Table 2: Recent Anomalous Exploration Intercepts on Dadieso, Dunkwa, and
    ------------------------------------------------------------------------
    Kwatechi Licenses in Ghana Significant Intercepts
    -------------------------------------------------
    -------------------------------------------------------------------------
      Hole    Deposit   East   North  Depth Azm. Incl.  From  To   Width  Au
                         (m)    (m)    (m)  (deg (deg    (m)  (m)   (m)  g/t
                                            rees)rees)
    -------------------------------------------------------------------------
    DKRC065   Dadieso     -60  -9460    105  270  -50     66    74    8 13.5
                                                 incl.    70    72    2 48.2
                                                         104 105*   1  5.8
    -------------------------------------------------------------------------
    DKRC074   Dadieso    -160  -9260     90  270  -50     72    82   10  3.8
                                                 incl.    80    82    2 11.6
    -------------------------------------------------------------------------
    DKRC080   Dadieso    -300  -9180     90  270  -50     24    36   12  4.0
                                                 incl.    32    34    2 10.6
                                                          82    90    8  3.4
                                                 incl.    86    88    2 10.3
    -------------------------------------------------------------------------
    KTRC031   Kwatechi  68000   78300    74   92  -60     22    30    8  1.7
                                              92  -60     44    54   10  3.0
                                                 incl.    50    52    2 10.6
    -------------------------------------------------------------------------
    Notes
    1)  All holes are RC holes.
    2)  RC holes samples sampled at 1m intervals and composited to 2m
        intervals.
    3)  Oxide samples or low sulphur fresh rock samples analysed using 50grm
        fire assays by Intertek Minerals Limited in Ghana.
    4)  High sulphide content samples analysed using 25gram fire assays by
        Intertek Minerals Limited in Ghana.
    5)  Only holes with combined intercepts of greater than 10 gram metres
        included.
    6)  * denotes open ended intercept.
    8)  The true width of intercepts from recent drilling at the Dadieso
        deposit, Kwatechi and Dunkwa liecnses is currently unknown.
    9)  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
        November 30, 2009.


    Table 3: Significant Intercepts Tengrela Gold Project, Ivory Coast
    ------------------------------------------------------------------
    Significant Intercepts
    ----------------------

    -------------------------------------------------------------------------
    Hole   Deposit   East   North  Depth Azm. Incl.  From      To  Width  Au
                      (m)    (m)    (m)  (deg (deg    (m)      (m)  (m)  g/t
                                         rees)rees)
    -------------------------------------------------------------------------
    SD106 Sissingue 806720 1154596 224.7  271  -56     67      73     6  8.0
                                              incl.    68    68.6   0.6 55.1
                                               and     72      73     1 13.0
                                                      127     131     4  2.0
                                                      147     170    23  2.7
                                              incl. 168.3     169   0.7 67.9
                                                      185   200.6  15.6  1.2
    -------------------------------------------------------------------------
    SD111 Sissingue 806500 1154220 204.7   90  -51    138     144     6  1.7
                                                      165 204.7* 39.7  2.2

                                              incl.   200 204.7*  4.7  7.7
                                              incl.   204 204.7*  0.7 28.4
    -------------------------------------------------------------------------
    Notes
    1)  KATRC holes are reverse circulation drill holes, SD holes are core
        drill holes.
    2)  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 - Tengrela Gold Project, Ivory Coast" dated
        November 30, 2009.
    3)  Drill samples were assayed by 50g fire assays by Intertek Minerals
        Limited, an independent laboratory in Ghana.
    4)  True width of intercepts from the current program at the Sissingue
        deposits is about 55-77% of the intercept width.
    5)  The true width of intercepts from the current program at the Katara
        prospect is currently unknown.
    6)    * denotes open ended intercept.
    7)  Only holes from Sissingue with combined intercepts of greater than
        40 gram metres included.
    8)  Only holes from Katara with combined intercepts of greater than
        10 gram metres included.
    

Mark Calderwood

Managing Director

About Perseus Mining Limited

Perseus Mining Limited (ASX/TSX: PRU) has forged a reputation as one of the West Africa's most successful gold explorers. Focused on under-explored gold belts in West Africa, Perseus is on track to become a producer during 2011 at its Central Ashanti Gold Project in Ghana. It is also working on a definitive feasibility study at its Tengrela Gold Project in Ivory Coast, subject to which production is targeted for late 2012.

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 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 November 30, 2009 and the technical report entitled "Technical Report - Tengrela Gold Project, Ivory Coast" dated November 30, 2009 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, completion of a definitive feasibility study at Tengrela and development of a mine at Tengrela subject to the results of that study .

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.

SOURCE Perseus Mining Limited

For further information: For further information: 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

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