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 31 March 2014 (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.


Full details of activities in the March Quarter, including reconciled production
and all-in site cash costs, will be included in the Company's March 2014
Quarterly Activities Report that is scheduled to be released to the market on 29
April 2014.


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



--  The trend of improved operating performance at Perseus's EGM continued
    during the Quarter as indicated by increases in the run time of the SAG
    mill (88%) and gold recovery (86% in March 2014); 
    
--  43,787ozs of gold were produced, reflecting an expected short term
    decrease in the head grade and quantity of ore processed during the
    Quarter; 
    
--  The EGM's all-in site cost (including production, royalties, development
    and sustaining capital) was reduced during the Quarter but given the
    expected reduction in gold production, unit costs increased slightly to
    US$1,286/oz; 
    
--  43,873ozs of gold were sold during the Quarter at an average sales price
    of US$1,294/oz; 
    
--  A fire occurred in the cyclone cluster in the processing plant during
    routine maintenance following the end of the Quarter. Processing of ore
    was interrupted for seven days while repairs to fire damage were
    completed. 
    
--  The seven day shutdown of gold production due to the fire has
    contributed materially to a change to gold production and subsequently
    cost guidance for the six months ending 30 June 2014 ("the June Half
    Year"): 

----------------------------------------------------------------------------
                                         Six Months to     Twelve Months to 
Parameter                 Units           30 June 2014       30 June 2014   
----------------------------------------------------------------------------
                                                                            
Gold Production           Ounces        89,000 - 99,000    183,200-193,200  
                                                                            
All-In Site Cash                                                            
Costs                     US$/oz         1,150 - 1,300      1,200 - 1,300   
                                                                            
----------------------------------------------------------------------------



This represents a decrease in forecast gold production of approximately 10% and
an increase in all-in site unit costs of approximately 7%.


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



--  The Ivorian Government granted Perseus a two year extension to the date
    for completion of the Sissingue development; 

--  A new Mining Code introduced by the Ivorian Government provides a sound
    framework for obtaining fiscal stability for mining projects in the
    country; 

--  Work has started on optimising the Sissingue process route and
    development plan. 



Exploration - Ghana and Cote d'Ivoire



--  Significant drill intercepts from the Bele Central prospect at the
    Mahale Project in Cote d'Ivoire; 

--  Ground geophysics survey commenced on the Bele prospect and 2,094 metres
    of auger drilling completed 7 kilometres north-east of Bele. 



Corporate



--  Available cash and bullion of $47.6 million as at 31 March 2014
    (excluding $49.7 million in escrow and VAT receivable); 

--  A placement of about 68.7 million ordinary shares, representing 15% of
    the Company's existing capital to raise approximately $32 million was
    successfully completed on 17 February 2014. 



Program for the June 2014 Quarter

Edikan Gold Mine 



--  Produce gold at a total all-in site cash cost that is in line with
    amended 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. 
    
--  Continue exploration for Mineral Resources on Mahale exploration licence
    and the Sissingue exploitation permit. 

Jeffrey A Quartermaine                                                      
Managing Director and Chief Executive Officer                               



Caution Regarding Forward Looking Information: This report contains
forward-looking information which is based on the assumptions, estimates,
analysis and opinions of management made in light of its experience and its
perception of trends, current conditions and expected developments, as well as
other factors that management of the Company believes to be relevant and
reasonable in the circumstances at the date that such statements are made, but
which may prove to be incorrect. Assumptions have been made by the Company
regarding, among other things: the price of gold, continuing commercial
production at the Edikan Gold Mine without any major disruption, development of
a mine at Tengrela, the receipt of required governmental approvals, the accuracy
of capital and operating cost estimates, 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 are
cautioned that the foregoing list is not exhaustive of all factors and
assumptions which may have been used by the Company. Although management
believes that the assumptions made by the Company and the expectations
represented by such information are reasonable, there can be no assurance that
the forward-looking information will prove to be accurate. 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 PLEASE CONTACT: 
To discuss any aspect of this announcement, please contact:
Managing Director: Jeff Quartermaine
Telephone +61 8 6144 1700
Email jeff.quartermaine@perseusmining.com (Perth)


Investor Relations: Nathan Ryan
Telephone +61 (0) 420 582 887
Email nathan.ryan@nwrcommunications.com.au (Melbourne)

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