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Press release from CNW Group

Perseus Mining Limited - Exploration update

Monday, August 16, 2010

Perseus Mining Limited - Exploration update23:01 EDT Monday, August 16, 2010/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./Significant intercepts from Ghana and Ivory Coast ProjectsPERTH, 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 CalderwoodManaging DirectorAbout Perseus Mining LimitedPerseus 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.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