Slide 1: Presentation May 2008
www.perseusmining.com ASX: PRU Presentation May 2008
Slide 2: Introduction
Introduction Directors and Senior Officers As at April 1 2008 Ordinary Shares (PRU) 161.5M Reg Gillard (Chairman) 22yrs director/chairman, public companies Listed Options (PRUO) 12.7M Unlisted Options (avg. $0.61) 9.7M Mark Calderwood (Managing Director) Top 20 73.8% 22yrs exploration management CIG
Slide 3: Objectives
Objectives Objectives for 2008 Drilling 160,000m Resources targets: Ghana 5.0Moz (+40%), incl. 2.5M Meas. Ind. Ivory Coast 1.0Moz Reserve target 2.0Moz in Ghana with completion of Ayanfuri and Grumesa detailed feasibilities Production time tables and long lead items on order Vision for 2009 Commence
Slide 4: Perseus 2007
Perseus 2007 One of the most successful junior explorers in West Africa +100,000m of drilling 2Moz resource increase to 4Moz $6/oz discovery cost Corporate Decisions - Spin out Kyrgyz projects to focus on West African Projects Dual list on TSX
Slide 5: Projects
Persegys Projects MINING LIMITED
Slide 6: Ghana
Ghana • Ashanti-Sefwi Belts (Ghana) - One of the world’s most prolific regions over the past two decades
Slide 7: Ghana
Ghana • 6 licences & 2 mining leases 650sq km • Central Ashanti belt near 60Moz Obuasi mine • Resources 4.7Moz – 1,913,500oz Indicated – 2,856,100oz Inferred • 2008 target resources +5.0Moz – 2,500,000oz Meas. & Ind. – 2,500,000oz Inferred
Slide 8: Ghana Ayanfuri
OPverse 13680mN RAB593A / / chee MINING LIMITED /AABNABNA DEPOSIT ection 25930 = ABDDO08 AD20 ADO02 13600mN ADO5 AD23. -RAB593B | 13520mN 160mRL = |_| ide Pit Limit (mined) Old drill hole (mined out) Old drill hole (not mined) Recentintercepts metres / g/t Au Granitoid Ghana Ayanturi -— 160mRL 13840
Slide 9: Ghana Ayanfuri
O Perseus enane MINING LIMITED Ayanfuri Jun ye Drilling for first 40Mt - 2Moz and ) “) _ pre-feasibility j Sep - Complete pit designs & draft EIS . ~\\ * Long lead items ordered J Nov * Complete Detailed Feasibility Study ¢ Project Construction * Commence mining and processing ¢ First full year of p
Slide 10: Ghana Ayanfuri
Ghana Ayanfuri Production targets • 180,000 - 200,000 oz per ann. • 15yr+ mine life • Cash cost ~50% of gold price • Target operating margin US$58M/pa at US$750 gold US$76M/pa at US$850 gold • Increase throughput and production year 3?
Slide 11: Ghana Ayanfuri
Ghana Ayanfuri Abnabna -Fobinso trend 8km long, under explored 2km strike drilled, 1.55Moz to date New Mampon discovery
Slide 12: Ghana Ayanfuri
O Perseus Ghana MINING LIMITED Ayanturi Abnabna - AF Gap Long Section April 2008 . tical limit of *S a practical limit of \. ar_Gap. x \\open pit target AP Gap % |— -160 mri . Abnabna \ =290m vert. ™ Cu rfe Jurrent surface 7 w z e —_Drillhole (avg. position centre rs} s of mineralised zone) 2 (e} 20
Slide 13: Ghana Ayanfuri
Ghana Ayanfuri • Ayanfuri and adjoining licences - under explored • More than 20 targets awaiting drilling • A number of intercepts in recent drilling including 24m @ 24g/t at Poku • 4 rigs on site
Slide 14: Ghana Ayanfuri
@ Perseus Ghana Ayanturi ewes > 160mRL mn . Oxide Pi Caw CS (s 5 5 -— 80mRL 0 50m ———— \ sat hee ‘Au od dil fl ORAL (not mined) Recent intercepts metres / g/t Au | Granitoid 6 § Shear zone PERSEUS MINING LIMITED somal FETISH DEPOSIT Section 5240N 1
Slide 15: Ghana Grumesa (90%)
Ghana Grumesa (90%) • Potential satellite production managed from Ayanfuri • 195,000oz Indicated 619,000oz Inferred resources • Low grade mineralisation, but suitable for low cost heap leach extraction • Deposit 4km long by 500m wide and only drilled to average depth of 40m • Significant infill dril
Slide 16: Ivory Coast Tengrela (80%)
Ivory Coast Tengrela (80%) • Morila - Tongon (Mali - Cote d'Ivoire) Under explored region renowned for large gold deposits; Morila, Syama, Tongon, Tabakoroni (total 19Moz)
Slide 17: Ivory Coast Tengrela (80%)
Ivory Coast Tengrela (80%) • Tengrela located on border of Ivory Coast and Mali • Project covers 65km strike of the Syama gold belt • 9 strong gold in soil anomalies identified • Area known for a high conversion rate of strong soil anomalies to large mines
Slide 18: Ivory Coast Tengrela
Ivory Coast Tengrela Sissingue: 1st of 9 anomalies to be drilled: • RAB drilling in 2006 – strong mineralisation over 4km strike tested to date of 7km anomaly • Early RC/DD drilling highlights the potential of 800m by 250m Eastern Zone, including: 142.5m at 1.8g/t 24m at 4.3g/t 105.5m at 1.7g/t 64m
Slide 19: West Africa – Ivory Coast Tengrela
West Africa – Ivory Coast Tengrela
Slide 20: West Africa – Ivory Coast Tengrela
West Africa – Ivory Coast Tengrela Resource Potential • Sissingue East similar size footprint to 6.4Moz Syama mine along strike to the north • Diamond drilling to 250m commenced Jan 2008 18 holes completed results from 6 • Targeting resource from Sissingue east zone in 2008, potential 1Moz ounces to
Slide 21: Tengrela Resource Potential (outside Sissingue)
West Africa – Ivory Coast Tengrela Resource Potential (outside Sissingue) • Sissingue - Kanakono +20km long, under-explored corridor • Number of other quality targets to be drilled in 2008, 3 rigs on site another rig due in May
Slide 22: Central Asia Kyrgyz Republic
Central Asia Kyrgyz Republic Perseus to spin out projects in the Kyrgyz Republic Perseus plans to hold +40% in ASX hopeful Manas with significant “Carlin Style” projects with resources and recent high grade exploration results from new areas
Slide 23: Corporate Activities
Corporate Activities Proposed Kyrgyz Assets Spin-off • Spin out transaction from Perseus to Manas - May 2008 • Manas lists - June 2008 Proposed TSX listing • Completion of NI 43-101 reports - April 2008 • File preliminary prospectus - May 2008
Slide 24: Value
Value • Most peers are TSX listed • TSX values West African ounces fairly
Slide 25: Summary
Summary Perseus an advanced West African gold explorer Quality projects – favourable locations Under valued ounces Aggressive exploration & feasibility studies Continued resource growth Reserves in 2008 - becoming “Emerging Producer”