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Press release from CNW Group

Perseus Mining Limited - Commissioning Update Edikan Gold Mine, Ghana

Wednesday, October 05, 2011

Perseus Mining Limited - Commissioning Update Edikan Gold Mine, Ghana00:07 EDT Wednesday, October 05, 2011NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPERTH, Western Australia, Oct. 5, 2011 /CNW/ - Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an update on commissioning at its Edikan Gold Mine (EGM) in Ghana.The process plant has been performing to expectation during the commissioning stage with improvements to recoveries and production rates. Key commissioning statistics for September were:Throughput - 331,700 dry tonnes, target 314,000;Operating hours - 570 hours, target 500 hours;Gravity recovery - 27.5%, target 30%;Post gravity float recovery - 77.2% with a mass pull of 1.9%, target 70% with a mass pull of 3.5%;Overall calculated recovery - 77.5%, target 73.5%; andGold recovered - 8,960 ounces.Mining volumes were impacted by heavy rain but stockpiles have increased to about 1,000,000 tonnes of ore.Mark Calderwood, Managing Director's Comments"Mill performance at EGM continues to improve with average recoveries for the past 10 days of September at around 82%, an excellent result given that we are blending lower recovery oxide and transition ore with the high recovery fresh ore."About Perseus Mining LimitedPerseus 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 has joined gold producer ranks at its Edikan Gold Mine in Ghana.  The Company plans to produce at the initial rate of about 220,000 ounces of gold in the first 12 months of commercial production and to increase this to about 280,000 ounces per annum in the following year.Perseus is 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 in 2013.Perseus is pursuing its strategy of rapidly increasing its resource and reserve base at the Edikan Gold mine and Tengrela.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 commissioning and commercial production at Edikan Gold Mine 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.For further information: To discuss any aspect of this announcement, please contact: Mark Calderwood at telephone +61 8 9240 6344 or email Nathan Ryan at telephone +61 420 582 887 or email Rebecca Greco at telephone +1 416 822 6483 or email (Toronto)