PRU Perseus Mining Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(ASX:PRU) reports
on its activities for the three month period ended 30 September 2013 (the
"Quarter"). An Executive Summary is provided below, however the full report is
available for download from www.perseusmining.com, www.asx.com.au and
www.sedar.com.


Operations - Edikan Gold Mine ("EGM"), Ghana



--  Gold production of 45,830oz in the Quarter. 

--  Relative to prior quarters, material improvements were recorded during
    the Quarter in the availability and metallurgical performance of the
    process plant; 

--  Total all-in site unit cash costs (including production, royalties,
    development and sustaining capital) were US$1,342/oz during the Quarter,
    5% less than the prior quarter; 

--  Implementation of business improvement initiatives commenced across the
    EGM site targeting improvements in the efficiency and the cost of the
    operation; 

--  An independent estimate of the Ore Reserves for the EGM as at 1 July
    2013 indicates Proved and Probable Ore Reserves totalling 82.7Mt of ore
    grading 1.1 g/t of gold and containing 2.925Moz of gold; 

--  A revised life of mine plan ("LOMP") for the EGM was prepared based on
    seven open pits designed using US$1,200/oz pit shells. Ore containing 6%
    less gold will be mined but total ore and waste movements will be
    reduced by15% compared to the previous LOMP; and 

--  The LOMP estimates average gold production of 230,000oz/year at an all-
    in site cash cost of US$937/oz from FY2014 to FY2024. Production
    guidance for FY2014 is unchanged but an intra-year adjustment has been
    made to production guidance to reflect the updated LOMP. 



Development - Sissingue Gold Project ("Sissingue"), Cote d'Ivoire



--  Discussions with the Ivorian government on fiscal terms to be included
    in the new Mining Code have advanced positively but Perseus remains
    committed to its decision to defer development of Sissingue pending an
    assessment of the mineral potential of the nearby Mahale prospect and or
    more favourable market conditions. 



Exploration - Ghana and Cote d'Ivoire



--  16,435m of drilling completed in Cote d'Ivoire resulting in significant
    drill intercepts from multiple prospects at the Mahale and Mbengue
    Projects. 



Corporate



--  Available cash and bullion of $27.3M as at 30 September 2013 (excluding
    $10.1M in escrow and VAT receivable). The Ghanaian government has
    refunded GHC3.0M of its GHC86.4M (approximately US$39.2M) VAT refund
    liability to Perseus. Discussions on monetising the outstanding
    receivable are advancing; 

--  Forward sales contracts for 147,000oz of gold at a weighted average
    price of US$1,432/oz were "in the money" by approximately US$14.4M at 30
    September 2013. 



Program for the December 2013 Quarter

Edikan Gold Mine 



--  Produce between 45-55,000oz of gold at a total all-in site cash cost of
    US$1,050/oz to US$1,250/oz in line with Half Year guidance; 

--  Continue to fine tune plant metallurgical performance and maximise SAG
    mill throughput; 

--  Continue training of operating and maintenance staff; and 

--  Continue to implement business improvement initiatives across all
    departments of the EGM. 



Sissingue Gold Mine Development Project



--  Review of project cost structure and development options; and  
    
--  Review project economics and financing alternatives. 



Tengrela Gold Exploration Project



--  Continue exploration for Mineral Resources on Mahale, Mbengue and Napie
    exploration licences. 



Jeff Quartermaine, Managing Director and Chief Executive Officer

FOR FURTHER INFORMATION PLEASE CONTACT: 
Managing Director:
Jeff Quartermaine
+61 8 6144 1700
jeff.quartermaine@perseusmining.com
www.perseusmining.com


Investor Relations:
Nathan Ryan
+61 420 582 887
nathan.ryan@nwrcommunications.com.au (Australia)


Investor Relations:
Rebecca Greco
+1 416 822 6483
fighouse@yahoo.com (North America)

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