Slide 1: October 2006
www.perseusmining.com ASX: PRU October 2006
Slide 2: Introduction
Introduction Perseus Mining listed on the ASX in September 2004 to explore for and develop large gold deposits within regions that host numerous “World Class” gold deposits Perseus has two gold projects in West Africa and one gold project in the Kyrgyz Republic at varying stages of feasibility study
Slide 3: Performance
Performance Perseus has proven its exploration credentials over last 12 months: Drilling up 160% to 24,000m Resources up 350% to 2.0Moz Land holding up 180% to 7,483sq km Significant drill targets* outside current resource areas, up from 7 to 14 Seven rigs currently on site * areas of mineralisation
Slide 4: Project Locations
Project Locations West Africa – large number of gold The Kyrgyz Republic - the discoveries in last 15 years gold rich Tien Shan belt Ivory Coast Ghana • Newmont, Randgold, • An African success • Good infrastructure, mining Golden Star, Equigold, story history Etruscan, Cluff are • Anglogold-Ashanti,
Slide 5: Key Project Highlights
Key Project Highlights Grumesa & Ayanfuri - Ghana - West Africa (90%*) Feasibilities started, 15,000m drilling campaign underway to upgrade and expand existing 1.4Moz resource base Tengrela - Ivory Coast - West Africa (80%*#) Strong results from early drilling. Second rig en route, 6,000m per month
Slide 6: West Africa Ghana
West Africa Ghana • Three projects (Grumesa, Ayanfuri and Kwatechi), located in Central Ashanti belt 25-65km from Anglogold Ashanti’s 60Moz Obuasi deposit: Current JORC gold resources 268,000oz Indicated 1,140,000oz Inferred • Total tenement area of 650 sq km, 70% under-explored • Resources yet to b
Slide 7: West Africa - Ghana Grumesa (90%)
West Africa - Ghana Grumesa (90%) • 800,000oz resource, potential for large upgrade • Low grade mineralisation, but suitable for low cost heap leach extraction • Deposit 4km long by 500m wide and only drilled to average of 30m depth. Most holes end in mineralisation • 7,000m of infill drilling almos
Slide 8: West Africa - Ghana Grumesa (90%)
West Africa - Ghana Grumesa (90%) • Pre-feasibility for a 2Mtpa gold heap leach to be completed in Dec 06 • Potential 45-50koz p.a. operation • Very low waste: ore ratio (<1:1) • Estimated US$10M capex cost • Favorable metallurgy • Target cash cost ~US$300/oz (at 0.9g/t head grade) • Potential opera
Slide 9: West Africa - Ghana Ayanfuri (option for 90%)
West Africa - Ghana Ayanfuri (option for 90%) • 306,000oz gold produced from shallow oxide pits 1994-2001 and heap leach; closed when gold price was US$270 per oz • Current gold resources 268,000oz Indicated, 340,000oz Inferred • Drilling outside resource areas commenced - intercepts include: 21m @
Slide 10: West Africa - Ghana Ayanfuri (option for 90%)
West Africa - Ghana Ayanfuri (option for 90%) • Feasibility commenced for a 2Mtpa CIL plant • Potential 90-110koz p.a. operation • Existing mining leases • Good Infrastructure - estimated US$60M capex cost • Low waste:ore ratio (~2.5:1) • Cash cost ~US$350/oz • Potential cash flow US$19Mpa at US$550
Slide 11: West Africa – Ivory Coast Tengrela (80%)
West Africa – Ivory Coast Tengrela (80%) Perseus has identified 9 strong gold anomalies located on the border of Ivory Coast and Mali in an area known for: • A high conversion rate of strong anomalies to large gold deposits and gold deposits to mines, including – Morila, Syama, Tongon, Tabakoroni (t
Slide 12: West Africa – Ivory Coast Tengrela (80%)
West Africa – Ivory Coast Tengrela (80%) Drilling has commenced on 3 of 9 regionally significant soil anomalies: • 12kms of strike tested - hits on every traverse • Results include 33m* at 11.1g/t, 25m* at 3.2g/t, 4m at 42.6g/t, 31m* at 1.4g/t Au from wide spaced drilling (*ended in mineralisation)
Slide 13: Central Asia Kyrgyz Republic Tolubay (100%)
Central Asia Kyrgyz Republic Tolubay (100%) • Initial 10.4Mt at 1.9g/t - 618,000oz resource from first 20% of strike drilled at Obdilla prospect • Drilling from most recent section included 213m @ 1.8g/t
Slide 14: Central Asia Kyrgyz Republic Tolubay (100%)
Central Asia Kyrgyz Republic Tolubay (100%) • Confirmed Carlin-style deposit discovered at Obdilla in 2005 • Recognition of untested Carlin Style mineralisation presented a unique opportunity that led Perseus to expand its holding from 46 to 4,846 sq km, covering a number of historic anomalies • Oth
Slide 15: Central Asia Kyrgyz Republic Savoyardy (100%)
Central Asia Kyrgyz Republic Savoyardy (100%) • Also located in emerging gold rich Tien Shan belt • High grades from recent underground adit sampling: • 7m @ 12.9g/t Au • 2m @ 38.9g/t, 2m @ 37.3g/t Au • Soil sampling defined a 3,500m long 500m wide target zone east of high grade lodes
Slide 16: Short term objectives 3Moz by March 2007
Short term objectives 3Moz by March 2007 • Upgrade and increase resources from 1.4Moz to 2.0Moz on two Ghana projects - Grumesa & Ayanfuri • Increase Tolubay (Kyrgyz Republic) resources from 0.6Moz to >1.0Moz • Progress feasibility studies on 3 projects outlined above • Commence resource drilling at
Slide 17: Target objectives
Target objectives • Production at Grumesa-Ayanfuri (Ghana) gold projects of 150,000oz p.a. • Resources of >3Moz at Tolubay (Kyrgyz Republic) • Resources of >2Moz at Tengrela (Ivory Coast) • Reach mid-tier producer status with low cost, long life operations
Slide 18: Capital Structure
Capital Structure 9 October 2006 Ordinary Shares (PRU) 88.88M Listed Options (PRUO) 23.28M Unlisted Options 7.53M Top 20 69.0% • CIG/Directors 29.5% • Macquarie Bank 10.4% Cash at 30 Sep 2006 A$4.3M Monaro Shares & Options A$1.3M Market Capitalization A$40M CIG = Caspian Oil & Gas Limited – ASX list
Slide 19: Senior Management
Senior Management Reg Gillard (Chairman) 20years as Director/Chairman for Mount Edon, Moto, Tiger, Lafayette, Pioneer and others Mark Calderwood (Managing Director) 20 years in exploration management including 11 years in Africa and Kyrgyz Republic, several large discoveries for Perseus, Mount Edon
Slide 20: Why Invest in Perseus?
Why Invest in Perseus? • Three projects at varying stages of production feasibility • Recent increase of Resources to 2Moz - targeting 3Moz by March 2007 • Undervalued - current US$18/oz* market cap • Experienced management • 5 to 8 drill rigs operating - strong information flow * Fully diluted, equ
Slide 21: www.perseusmining.com
• All persons should seek appropriate professional investment advice in reviewing or considering this presentation and all other information with respect to Perseus Mining Limited’s business, financial performance and operations. Neither the provision of this presentation nor the information contain