AYANFURI

Perseus Mining provided an update on the progress of exploration drilling at the Company’s flagship Ayanfuri Gold project in Ghana. Results to date have confirmed the continuation of gold mineralisation of generally similar tenor, except for the Fobinso deposit, where high grade gold mineralisation was encountered over a substantial width. Core hole FBDD041, the first deeper hole at Fobinso, returned 110.0 meters (true width) at 3.1g/t Au from 125.0 meters, including 32.0 meters (true width) at 6.8g/t Au from 126.0 meters.

Perseus Mining Limited provide an update of the progress of the company’s Ayanfuri Gold Project in Ghana. The eight-week long tender process for the ‘fixed lump sum’ construction of the 5.5mtpa Ayanfuri process plant ended on 29 September 2009. Three shortlisted companies have tendered combined design and construct periods that are shorter than the applicable schedule in the DFS and within the DFS limit of US$148M. Nine financial institutions submitted indicative financing term sheets received and negotiations have commenced. The draft Environmental Impact Statement has been submitted to the Ghanaian EPA and the DFS documentation has been submitted to the Minerals Commission for review with a request for a mining lease extension. The company is in the process of assembling its team for the construction and mining operation.

Perseus Mining Limited announce it has taken an initial step in the execution of its Ayanfuri Project finance strategy by purchasing gold put options (“Puts”) maturing over 2012 and 2013 for US$9.1 million. The Puts are over 100,000 ounces, representing approximately 22% of planned production in that period, enabling the company to sell those ounces at US$850/oz should the prevailing price be less, or at prevailing spot prices if they are higher. The company through its financing advisor Noah’s Rule is currently in discussions with leading project financiers in relation to securing debt funding for the 220,000 ounce per annum Ayanfuri gold project in Ghana.