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 June 30, 2014 (the
"Quarter"). An executive summary is provided below. However, full details of
activities in the June Quarter, including reconciled production and all-in site
cash costs, are included in the Company's June 2014 Quarterly Activity Report
released to the market on July 29, 2014. The full report is available for
download from www.perseusmining.com, www.asx.com.au and www.sedar.com.


Edikan Operations 



--  Operating efficiency at Edikan continued to improve during the Quarter,
    particularly in terms of gold recovery and mill run time (excluding down
    time caused by abnormal events); 
    
--  Gold production totalled 42,543ozs, 86,330ozs and 180,519ozs for the
    Quarter, Half Year and full financial year respectively; 
    
--  Production costs and all-in site costs were impacted by unscheduled
    processing downtime and repairs to fire damage and as a result,
    production and all-in site costs averaged US$1,150/oz and US$1,324/oz
    for the Quarter respectively; 
    
--  45,767ozs of gold were sold during the Quarter at an average sales price
    of US$1,333/oz; 



EGM Production and Cost Guidance



--  Production and cost guidance for the EGM for the forthcoming six months
    to 31 December 2014 ("December 2014 Half Year") and the financial year
    ending 30 June 2015 ("FY2015") are as follows:  



FY 2015 Production and Cost Guidance



----------------------------------------------------------------------------
Parameter         Units    December 2014         June 2015            FY2015
                               Half Year         Half Year                  
----------------------------------------------------------------------------
                                                                            
Gold Production  Ounces   95,000-105,000   115,000-125,000   210,000-230,000
                                                                            
All-In Site                                                                 
 Cash Costs      US$/oz       1,160-1280       1,050-1,150       1,100-1,200
                                                                            
----------------------------------------------------------------------------

--  This forecast represents a material improvement in gold production in
    FY2015 relative to FY2014 which is expected to be driven largely by
    improved head grade of ore processed in the second six months of FY2015
    as high grade ore is mined from the AG pits. 



Exploration - Edikan



--  High grade drill intercepts recorded from a 37 drill hole programme on
    the Bokitsi South deposit confirm the potential for high grade mill feed
    to be mined earlier than envisaged in the current Edikan Life of Mine
    Plan; 



Development - Sissingue Gold Project, Cote d'Ivoire



--  Metallurgical test work and preliminary economic assessment of
    alternative project configurations and flow sheets has been completed
    and a selection of the preferred process route for detailed feasibility
    assessment is imminent; 



Corporate



--  VAT refunds totalling GH cents47.6M (USD15.8M) including GH cents30.0M
    during the Quarter and GH cents17.6M subsequent to the end of Quarter,
    have been received from the Ghanaian government; 
    
--  Available cash and bullion of $48.7M as at 30 June 2014 (excluding
    $10.0M of funds in escrow and GH cents17.6M VAT receivable received
    after end of the Quarter); 
    
--  125,000ozs of gold sold forward at an average price of US$1,468/oz,
    valued at US$19.0M at year end. 



Program for the September 2014 Quarter

Edikan Gold Mine 



--  Produce gold at a total all-in site cash cost that is 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; 
--  Continue drilling to delineate potential higher grade mill feed at
    Mampong South-west, approximately 1 km south of the Abnabna pit, and
    exploration targets on the Agyakusu licence; and 
--  Continue to implement business improvement initiatives across all
    departments of the EGM. 



Sissingue Gold Mine Development Project



--  Update Feasibility Study for the SGP based on preferred development
    configuration and flow sheet; 
--  Re-convene discussions with the Ivorian government about a Mining
    Convention covering the revised SGP; and 
--  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: 
Perseus Mining Limited
Jeff Quartermaine
Managing Director
+61 8 6144 1700
jeff.quartermaine@perseusmining.com (Perth)


Perseus Mining Limited
Nathan Ryan
Investor Relations
+61 (0) 420 582 887
nathan.ryan@nwrcommunications.com.au (Melbourne)
www.perseusmining.com
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